<p>I am new to CC and this is my first post, so pardon my ignorance please.</p>
<p>We are parents of 3 children. My oldest (son) is in junior year and we are planning campus visits for next month during school recess.</p>
<p>He's an accomplished student with very strong board scores in both SAT & ACT (2380, 35), high GPA with rigorous classes/APs, and although state thresholds aren't set yet, looks to be comfortably above level for Natl Merit Scholarship semifinalist based on historical data for our state (NY). As such, our plan has been to visit some selective schools in our search to narrow down and find a fit.</p>
<p>We are planning to visit Mid-Atlantic region and check out JHopkins, Georgetown, UVA, Richmond and W&Mary. Went to the Net Price Calculators on each website last night and am SHOCKED with the estimate remaining cost amounts that are coming back for all of them!! All are 40K+ and we are far from independently wealthy.</p>
<p>Without taking on substantial loans annually, we cannot afford the amounts listed, particularly with two more kids to follow. I don't want to waste time visiting schools that are financially out of reach (or worse yet, have my son fall in love with a school where we are priced out). Several of the websites indicate there are different scholarship oppys available, but how likely are they really? A handful of scholarships among 1000+ entering kids is no sure thing. I like what schools like UAlabama, Auburn and MiamiOH are doing for Natl Merit Scholarship winners, but have to do much more research on them as they weren't on academic radar screen otherwise.</p>
<p>How can I validate if I am completing the NPC correctly? If it is correct (gulp), is it worth calling the financial aid office to ask how likely scholarship oppys are to lower the out-the-door price? Thanks in advance.</p>
<p>You are very fortunate, in that your son will have many opportunities for merit scholarships. It is true that most top schools do not have merit - some do, such as Vanderbilt and Rice, and there are others. Do your research (you have time!) - he should focus on schools with merit. He should apply to some top schools, knowing that the competition for the big scholarships will be keen - so he should also apply to some schools where merit is guaranteed (such as Alabama, Louisiana Tech, etc). You can also apply to some mid-level schools where he might not get a full ride, but he would have a chance at a nice scholarship that will bring the cost to an affordable level.</p>
<p>The real experts will be along shortly, but many top schools no longer give merit (or much merit) rather focusing on need. </p>
<p>The best piece of advice I can give you is to make sure your son understand’s the finances before you start touring. It is important for him to understand that there isn’t just 1 school out there for him. The second piece of advice is to find a financial safety that he likes/loves. A school isn’t a safety if 1) it isn’t affordable or 2) he doesn’t like it – even if can easily get in.</p>
<p>There are lots of schools that will give him merit, so expend some energy on finding those.</p>
<p>If your family contribution is about $40,000 per year, it is very likely that your income exceeds $150,000 a year, or you also have some significant assets. With an income in that range, it is possible for your student to get some need based aid at the MOST generous schools (some of the Ivies, Stanford) if he were to be accepted. </p>
<p>However as noted, with your son’s excellent academic record, he would be well positioned to get some excellent merit aid at schools that offer it. You should look at the stickie above for merit awards…and see where he might qualify, there are some wonderful gems in that list.</p>
<p>You should also check your instate flagship university, many have honors colleges. Some have scholarships for instate students with high academic stats.</p>
<p>Northeastern University gives full scholarship to students admitted to its University Scholars Program(about 75 according to the website). $30,000 to National Merit Finalist. My DS is a senior, applied before the Dec. 01 deadline, and is awarded $25,000 for being NMSF. USC has a number of merit scholarships on its website(including half and full scholarship), same as Vanderbilt. I am also shocked with the NPC’s EFC even after considering half scholarship at the universities that offered it.</p>
<p>Eta…I noticed you live in NY. There are some fine SUNY schools. I am from CT and many students from here look at Binghamton, Stonybrook, and Geneseo. they are great schools at a real bargain cost for instate students. </p>
<p>But I do agree with others…look at those merit schools. As a NMF, your son would get a huge merit award from Alabama with his academic stats. You. Ight also consider having him apply for the McNair Scholarship at University of South Carolina.</p>
<p>*but many top schools no longer give merit (or much merit) rather focusing on need. *</p>
<p>Right…because ALL of their students have very high scores…so who would get the merit? lol The ones that give some merit, often target students from rare states or add ethnic diversity.</p>
<p>You’re lucky to find this out NOW…before a bunch of visits and before your son falls in love with an unaffordable school.</p>
<p>Yes, MANY people have unaffordable “family contributions”…and if there are younger kids, loans aren’t attractive because you’ll end up with waayyyy toooo much debt. </p>
<p>There are many schools that will give huge merit to your son.</p>
<p>What is his major and career goal?</p>
<p>BTW…at a $60k+ school, with a $40k “family contribution”, a merit scholarship would get applied to NEED first. </p>
<p>Do not make the mistake and think that you can take merit and just subtract it from the $40k that you’re supposed to pay. NO. It will get subtracted from the $60k. so, if the merit is $20k, you’ll still be in the same boat. If the merit is for $25k per year, then you’ll have to pay $35k.</p>
<p>How much CAN you pay each year? That answer will determine which strategy will work for you.</p>
<p>For instance, if you can only pay $15k-17k per year, then your child needs a FULL TUITION scholarship so that your contribution can pay for room, board, fees, books, etc.</p>
<p>All, thanks for the thoughts you’ve provided. Sobering thought for merit to be applied to need first when the expected contribution is as big as it is, but definitely helpful to know this now.</p>
<p>I was hoping to see numbers in the 25K range, and then when 2nd son enters college two years after 1st son, was hoping they may ease up a touch on personal contribution with two kids in school.</p>
<p>Thumper1, you mentioned “You should look at the stickie above for merit awards”. I’d like to, but what is a stickie, please? Also, Geneseo and Binghamton are on our in-state list - thanks. </p>
<p>Not decided yet on major yet. Math and science are strengths, but not keen on engineering or medicine (at least right now). Interests lean more toward math/finance/business, but the net is still quite broad, so I’m hoping some visits will help.</p>
<p>I was talking about merit awards from the schools themselves. The OP has an unaffordable EFC and was is now considering schools that give merit to reduce costs. Unless those merit awards are very large, they’re not going to reduce what the parents need to pay.</p>
<p>I wasn’t addressing outside private scholarships (which tend to be quite small).</p>
<p>However, in the case of Cal and Stanford, even if they put those (usually small) awards towards the student contribution first, that’s still not going to reduce the parent contribution.</p>
<p>I was hoping to see numbers in the 25K range, and then when 2nd son enters college two years after 1st son, was hoping they may ease up a touch on personal contribution with two kids in school.</p>
<p>Since you need quite a lot of merit to get down to that cost, I’m not sure that the strategy will work when the second goes to college. </p>
<p>It looks like you need to get enough merit “from the get go” so that the remaining costs are low enough to pay for two in college. Otherwise, you’ll pay at least $25k for each child during the same years.</p>
<p>UAz and AzSU both were offering full tuition scholarships, but haven’t kept up on whether they still do. </p>
<p>As others have indicated, USoCal can offer merit awards of 1/2 to full tuition or more to students they really want. Our S was lucky enough to get one and studied EE there.</p>
<p>It is good that you are aware now and your S can plan accordingly. Some Us may give you merit if you have them as your 1st choice with College Board and are a NMF but not if you are undecided. Our S was honestly undecided and did NOT get offered any merit from some Us.</p>
<p>Agree that the threads suggested should give you good places to start. Good luck & congrats on your S! He sounds like a wonderful student!</p>
<p>“stickie” refers to a thread that is permanently “stuck” at the top of this forum. If you are reading this on a computer, they have images of push-pins to the right of the title of the thread.</p>
<p>As others have written, your kid has lots of options because of his stats. What you need to do is get completely honest with yourself about what your family can afford, given the other kids who are following behind him, and given all of your other financial responsibilities. When you have that figure, let him know the number so that he can find a place that will be affordable for your family.</p>
<p>And if you are reading this on an IPad using the CC application, at the top of the financial aid forum…you will see “topics” on the left, and “stickies” in the middle. Click on “stickies”.</p>
<p>*I was hoping to see numbers in the 25K range, and then when 2nd son enters college two years after 1st son, was hoping they may ease up a touch on personal contribution with two kids in school.</p>
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<p>Since you need quite a lot of merit to get down to that cost, I’m not sure that the strategy will work when the second goes to college. </p>
<p>It looks like you need to get enough merit “from the get go” so that the remaining costs are low enough to pay for two in college. Otherwise, you’ll pay at least $25k for each child during the same years.*</p>
<p>I don’t know if I explained the above correctly. When you have an unaffordable EFC (by a LOT), you shouldn’t have the strategy to get merit down to one number …and then hope to get it further down when the second goes to college. Chances are, you won’t see a drop because your contribution for ONE CHILD would ALREADY be at the “two child” mark. </p>
<p>Right now, your contribution is over $40k. You want to get it down to at least $25k. That is about the 2 child mark (paying $50k for 2 kids). You won’t see a reduction when the second goes to college if you ONLY get your cost down to $25k.</p>
<p>How much do you want to pay each year when BOTH kids are in college? $40k? $35k? </p>
<p>If so, then you need to get enough merit FROM THE GET GO to get your first child’s net cost down to $15k-20k per year (which essentially means a full tuition scholarship).</p>
<p>keep in mind that costs go UP every year. Right now, the prices that you’re seeing are for CURRENT freshmen. By the time your oldest goes as a frosh, there will be 2 more increases. By the time your younger child goes, there will be SEVERAL increases.</p>
<p>When we started looking into this when my DD was a sophomore, the reality sunk in that just because she could get into a school, didn’t mean it would be financially affordable to us. I ran the FAFSA 4 Caster and was dumbfounded at the amount it indicated that we were supposed to be able to afford. Right then, I decided we would have to look at this, just as if we were buying a house, in that we wouldn’t even consider schools that were not going to be affordable. We considered schools that gave extremely high merit aid, and luckily for us, she is interested in serving in the military, so schools with ROTC, opened up some additional possibilities. She ruled out the Military Academies, but they would have been an excellent option, as well. In the end, every school she applied to offered her a minimum of full-tuition and for those that didn’t, she was awarded an ROTC Scholarship that offers full-tuition. For us, a big name school that would have required high debt was simply not going to be an option. Each family will need to weigh this on their own.</p>
<p>Some schools give major scholarships for National Merit finalists. I think Fordham is one of them. </p>
<p>
So important to do as much research as possible. S and D both had financial reaches in their applications, but they knew that if the merit offered was not enough that they would not be options in the end. It’s fine to have a few of your schools be “too expensive unless…” as long as the kid is well aware of this. Some schools also have additional scholarship opportunities for the accepted students that they compete for in February or March. Your S would likely qualify for these as well, so don’t rule a school out because it appears unaffordable at first blush. But do lots of research and make sure everyone is on the same page.</p>