Hello. I am a US citizen, living abroad in India. I have filed the FAFSA, and have received an EFC of 17,000. I know that my out of pocket cost for college will likely be around 25,000. Due to circumstances, my family cannot pay the 17,000. They can only pay maximum 8,000.
I have applied to a bunch of schools, and have applied ED to Vanderbilt University. I think I have a decent chance for admission. However, I am looking for an alternate solution for college that doesn’t involve me taking out loans. Should I look into going to CC for a year, and transferring to a state school after one year? Is that possible? If so, what would the procedure be? Or are there schools where the coast of attendance is low?
I really don’t know much about this process, so any help would be appreciated. Thanks
My stats:
1470/1600 SAT (2180-Old SAT)
39/45 IB Predicted Grade
Four internships, two research work, one at a hospital, and one at a PR Firm
Many extracurricular activities
I’m curious what you mean when you say “out of pocket” cost will be about $25K. With a $17K EFC, a school that meets full need while including loans (there are maybe 60 of these) will expect you to pay the $17K, borrow about $5K yourself, and work at school for about $3K. So that’s about $25K, if that’s what you mean.
If you are fortunate enough to get into Vanderbilt, they are one of the 15 or so schools that might not include loans in packages, so they hopefully would just expect you to pay the 17K and work for $3K more during school for your expenses. If your parents pay the $8K and you borrowed $5500, there would be a gap of $3-4K to make up to pay them the $17K. Seems like this possibly could be done by working harder or taking on somewhat more debt (either you or your parents). It might be worth it for Vanderbilt.
If you don’t want to take on any loans at all, making up a $9k gap between your EFC and what your parents can pay seems impossible to me. And if you get into a school that meets full need but includes loans, it would be even more impossible, as you’d probably already have a $5500 loan in the package before you started working on the $9K gap.
Basically, I think you might be able to make things work at a full need without loan school like Vanderbilt, but otherwise would have to consider only places with quite large merit aid, or a state school (don’t know if your situation makes in-state tuition impossible for anywhere), or something like a community college.
$8,000 parental contribution plus $5,000 to $10,000 student contribution (federal direct loan plus some part time work earnings) means that you need a net price of $13,000 to $18,000 or less. Because you are not a resident of any state in the US, you will not be able to benefit from lower tuition for state residents. A few state universities in low cost areas may come close (e.g. South Dakota State at around $19,000).
Most colleges do not base their financial aid on FAFSA EFC. Often, the colleges’ own EFC calculations result in a higher EFC than the FAFSA EFC. A few “super aid” colleges may give lower EFC than the FAFSA EFC and offer better financial aid based on that. However, these are extremely selective (e.g. Harvard, Yale, Princeton, Stanford). Use net price calculators on college web sites to get net price and financial aid estimates for each college.
Basically, you need to look for large merit scholarships to attend college in the US. Unfortunately, many deadlines have passed, but some may still be available. Check on school web sites since some may have changed:
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Should I look into going to CC for a year, and transferring to a state school after one year? Is that possible? If so, what would the procedure be?
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NO don’t do that! You’d lose your merit aid chances!!! You wouldn’t be able to afford the last 3 years!!
Did you apply anywhere that gives assured big merit? You’ve missed some deadlines if you haven’t!
Don’t forget, that estimate doesn’t include the $2000 you’d be paying annually for health insurance PLUS int’l travel costs!
With a 1470 from a SINGLE sitting of the OLD SAT, there are some schools that will give you substantial merit, but you’ve missed some deadlines.
Depending on your intended major…
If eng’g or similar…then apply to UAH
If PreHealth (premed/predental, etc) then apply to UAB
Since your parents will only pay $8k, and a CHUNK of that will already be spent on health insurance and int’l travel costs, you will have to borrow that $5500 for freshman AND work part time…either thru Work study or other job.
@Wilson98 <<<
I’m curious what you mean when you say “out of pocket” cost will be about $25K. With a $17K EFC, a school that meets full need while including loans (there are maybe 60 of these) will expect you to pay the $17K, borrow about $5K yourself, and work at school for about $3K. So that’s about $25K, if that’s what you mean.<<<
No, it doesn’t work that way. Vandy uses CSS Profile, not FAFSA EFC.
Also…this student will have another $2k in health insurance AND probably $2k in int’l travel costs.
Drop the idea of transferring to a state school, since even though you are a US resident, you live out of the country so have no “in-state” residence and will be looking at OOS tuition wherever you consider attending.
Yes, you’re right that assuming, as I did, that Vanderbilt would have the same EFC of $17K that the FAFSA states was not correct. The OP can’t count on that.
On the other hand, I just ran the Vanderbilt NPC for my daughter, who has a FAFSA EFC of $14K, and it comes up with essentially an $11K expected contribution. So Vanderbilt might well expect the OP’s family to contribute $17K, or $14K, or $20K. Whether going to Vanderbilt is doable depends on what the actual number is, what any added expenses that you mention are, and what the OP and family are reasonably able to do to close any gap. It might work or it might not. In any case, the OP definitely needs other options, such as those you mention.
Thank you all for your help. I intent to do Pre Med. These are the list of schools I have applied to:
Vanderbilt
Rice
Johns Hopkins
Northwestern
UPenn
Colby College
Washington and Lee
Pomona
9.U Michigan
UW Madison
Harvard, Yale, and Princeton (These are just dream colleges, I know I'm not going to get admission)
Do you think that I might get some aid from these schools? I’m sorry if I’m not very knowledgeable, this whole process is new for my family, and it seems like I’ve missed some deadlines. I just want to take out as little loans as possible for my undergrad, as Medical School is expensive.
“Getting some aid” isn’t the issue. Getting enough aid that your family only has to pay about $4k per year is extremely unlikely.
UW Madison certainly won’t be affordable.
Which schools are your financial safety schools? Those would be the schools that you know FOR SURE that you have all costs covered and would accept you?
To be honest, I don’t really have financial safety schools. I’m on my own for the college applications, as my parents don’t know anything about the process. As such, I didn’t think to have some financial safety schools. Would you be able to recommend some to me, if that’s okay?
If any of the full ride schools in http://automaticfulltuition.yolasite.com/ that you qualify for have not passed the scholarship deadlines yet, they can be possible financial safeties.
You will need to figure out how to convert your high school grades to the 4.0 scale commonly used in the US.
This may not be what you want to hear, but your list is really reach heavy, with only W&L as a potential match, and UW-Madison as a safety but because they don’t offer much aid, you won’t be able to afford going there so its not really a safety. Focus on the list from ucbalumnus - if all the deadlines have passed, do not go to CC. Instead, take a gap year, focus on polishing your profile (take more SAT2 tests for example), apply early to schools that full need and/or offer full ride, and your chances of getting into a good school at the amount you can afford will be much higher.
Do not go to a CC. You’ll ruin your future merit chances.
Your app list is just a prestigious list. It’s not practical for someone with an unaffordable EFC…NOR is it practical for someone who will be premed.
Going to a tippy top school is not advisable for many/most premeds. A premed who truly wants to become a doctor should choose a school where he/she can be a standout…not a school where he/she may likely get weeded out.
Again, about four thousand of your parents’ contribution will be eaten up with health insurance and int’l travel costs.
You need HUGE merit…more than free tuition. Hear that? MORE than free tuition.
You’ve missed many important deadlines, so unless you go to somewhere like UAB, Miss State, UAH, or similar AND they offer you more than free tuition, you’re going to have to take a gap year.
