<p>Hi everyone, I'm new to the financial aid game and am wondering how I much aid I can get and how much I can maximize it by. As I'm new, I'll have many misunderstandings I'm sure.</p>
<p>To start it off,</p>
<p>My stats in a nutshell: 2200+ SAT (trying for a 2300+ in Oct), top 2% of class, hardest course load, science fair awards, club leadership, and music stuff - and I'm asian.</p>
<p>FA Information:</p>
<p>-House of 4, one younger brother
-Mom makes ~90k/year (has steadily increased since I entered HS)
-Dad made 90k, but has not had a job for 2 years (recently he has received a chance of resuming work)
-Home is paid off
-I don't think we own any other significant assets..
-Anything else to know?</p>
<p>I want to go to UPenn. All Ivy Leagues seemed to reassure students that if they got in, they would be able to pay. However, this board doesn't seem to think so? That's the impression I get and am rather worried. I am eligible for some merit based aid but I would rather attend UPenn (early decision) and run under some need-based aid. How much would my family be expected to pay? How can I make this number lower? </p>
<p>Please help me out! You guys seem like experts</p>
<p>The way financial aid works is that you need to fill out FAFSA to see what you can get in terms of government money. There are on line estimators for FAFSA that will give you your Expected Family Contribution (EFC). That number is used for PELL grants, and it looks to me that your mother makes too much for you to get that, and for eligibility for Stafford, PLUS and other programs depending on whether the college participates in them.</p>
<p>Schools like UPENN do not give out their own money based on the FAFSA EFC. They use PROFILE which is another application and calculator tht goes into more detail and often includes the primary home value, which may cause you some problems in terms of getting financial aid, depending on the value of that paid off house and how the school counts it. </p>
<p>What you consider affordable and what the school defines as need can differ widely. The school might think your parents should draw on that home equity to pay for your college and they may not be able to do so or want to do so, for example. You need to run your numbers through an institutonal calculator and talk to PENN financial aid office about how they will look at your family asset/income picture. That way you can get an idea as to what PENN will expect your family to pay.</p>
<p>-Mom makes ~90k/year (has steadily increased since I entered HS)
-Dad made 90k, but has not had a job for 2 years (recently he has received a chance of resuming work)
-Home is paid off
-I don’t think we own any other significant assets…</p>
<p>Many CSS Profile schools consider home equity, and since your home is paid off…that’s a bunch of home equity. </p>
<p>With your mom’s income and your dad possibly returning to work soon, that could mean that by the end of year, their income could be about $150k.</p>
<p>You need to ask your parents…</p>
<p>How much they can afford to pay each year? (this will be tricky since much will depend on whether your dad returns to work. Also, assuming that your dad returns to work at some point within the next year or so, whatever a school determines to be your “family contribution” for fall 2012, will rise A LOT once your dad is fully employed. You probably will not receive ANY aid once your dad is fully employed and the money shows up for FA application purposes.)</p>
<p>If they have any assets/savings/investments/stocks other than the house. </p>
<p>Definitely make sure that you have a few financial safeties schools!!!</p>
<p>@Above posters, thank you very much. This is more tricky than I thought, which is what I predicted (paradoxically :D)</p>
<p>What is this PELL, Stafford, and PLUS mumbo jumbo? Can someone please give me a quick tour? </p>
<p>Would you recommend that I compare my situation with other UPENN kids in the UPENN forum to see how much aid I could get? I don’t think my parents will sit through the process of doing a FA calculation.</p>
<p>While what UPENN thinks is appropriate may differ from what my family thinks is appropriate, I hope the gap isn’t too big. I mean, some debt is okay right?</p>
<p>Pell is for low income students. Your mom earns too much for you to qualify for Pell.</p>
<p>Stafford loans are federal student loans. You can borrow the following amounts.</p>
<p>frosh 5500
soph 6500
jr 7500
sr 7500</p>
<p>Plus loans are for parents to borrow (if they want) and for **them **to pay back.</p>
<p>You should start by asking your parents how much they are willing to pay. Pell – you won’t qualify for - that is a grant for low income families. Stafford’s are student loans that you can take out (approx. $5500 for freshman), you must have a filled out FAFSA to get Staffords. PLUS loans are loans for parents, there is a minimal credit check but parents can borrow a significant amount but parents generally make the decision to take out loans based on their cash flow, the interest rate, and what other resources they have. </p>
<p>If your parents don’t want to fill out the financial aid forms then you will be a “full pay” student. There are parents who simply pay the tuition, room and board and don’t “bother” with the financial aid forms if they can afford the costs. </p>
<p>The only way to “guess” how a college will view your family situation (a college using the Profile forms in addition to the FAFSA) is to run the calculators - Federal for FAFSA and the institutional calculators for the Profile colleges. It might be wise for your parents to spend a few hours going through that before you start putting your list of colleges together for applications.</p>
<p>You can try and “compare” to other kids on the Upenn forum but remember it’s income + assets and most kids who might know what their parents’ income is might not know what the assets are worth.</p>
<p>My suggestion is to apply to Penn, but know it might not work out in terms of financial aid. You would also be wise to apply to some schools where you could get good merit aid (there are quite a few), so you will have some good options. $90k is a lot of money, and at many schools all you will get is loans … and many schools only have smallish merit scholarships. Schools like Penn can be a good deal for a family in your situation, but sometimes they are not … it depends on a lot of things. AND you have to get accepted, which is never a slam-dunk.</p>
<p>Cast a wide net. Check out the great suggestions all over CC regarding merit aid.</p>