New to the whole scholarship business...

Paying for College
1

<p>I'm like overloaded with the common / supplementary application process and on top of that I have my dad barking at me to start looking at financial aid. I'm planning to apply RD. I'm a senior right now. Here's my stats:</p>

<p>GPA (weighted): 4.56/5.4 (highest in class is 4.9ish)
Rank:6/400
M:740 CR:710 W:650
MII:730 USH:770 (Going to take Chem in Dec)
Subpar ECs...</p>

<p>Family income: About $53,000 combined (We live near Boston so it's pretty expensive here...)</p>

<p>Schools I'm applying to:
Cornell
CMU
RPI
WPI
NEU</p>

<p>Where to begin? I'm completely new to this and have no idea what to do. </p>

<p>I've heard about merit / need based scholarships. How do I apply for them? Don't they come from the colleges you've actually applied to?</p>

<p>I've heard about those numerous "scholarships" at the scholarships site but you have to write essays for them...as if I don't have enough to write already, I really don't have the time to do that...</p>

<p>HELP!</p>

2

<p>A couple of questions: </p>

<p>Are you a national merit finalist? What kind of course load (how many APs or IBs)? </p>

<p>Is that income for all your parents or is there a non-custodial parent in another household? And also, do your parents have significant assets (money in the bank, rental property) including home equity (not what the market value of your family residence is but what their equity is)? By the way, retirement funds in a designated retirement account do not count towards your assets. </p>

<p>Most scholarships come from the schools but you need to choose the schools that give money for your situation. Some colleges give money to attract top students and top scores. Others give money to help needy kids. It looks like you might be both but I want to know a few of those details so we can point you in the right direction.</p>

<p>There isn’t much money in the essay scholarships== certainly not what you’ll need.</p>

3

<p>*I have my dad barking at me to start looking at financial aid. I’m planning to apply RD. I’m a senior right now. Here’s my stats:</p>

<p>GPA (weighted): 4.56/5.4 (highest in class is 4.9ish)
Rank:6/400
M:740 CR:710 W:650
MII:730 USH:770 (Going to take Chem in Dec)
Subpar ECs…</p>

<p>Family income: About $53,000 combined (We live near Boston so it’s pretty expensive here…)</p>

<p>Schools I’m applying to:
Cornell
CMU
RPI
WPI
NEU
*</p>

<p>Since you’re low income with good stats, I think you need to follow this strategy…</p>

<p>1) Apply to reaches that meet need (like Cornell. etc)</p>

<p>2) Apply to matches that meet need. (hopefully, someone here can suggest some).</p>

<p>3) Apply to safety schools that give big merit scholarships. </p>

<p>I’ve heard about merit / need based scholarships. How do I apply for them?* Don’t they come from the colleges you’ve actually applied to**?*</p>

<p>Yes, the ones that you would need (large and for all 4 years) will come from the schools that give them. </p>

<p>There are 2 types…competitive merit and assured merit . It’s ok to apply to some with competitive merit…but…you also need to apply to a couple of schools with **assured BIG merit for your stats. **</p>

<p>*There isn’t much money in the essay scholarships== certainly not what you’ll need. *</p>

<p>Very true.</p>

<p>Are you an engineering major?</p>

<p>Is that the income of both parents?</p>

4

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<p>Nope. My PSAT scores were pretty miserable (174 soph, 190 jr).</p>

<p>Yes, that is the income for both of my parents.</p>

<p>Home equity? I just looked it up: is it market value of household - amount already paid? Well, our house is worth about $400k now (bought it at $300k). I don’t know how much my parents paid it off, but we’ve been living here about 8 years now and the monthly mortgage is $2k…so we’ve at least paid $192k off? That would make the home equity about $208k??</p>

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What a relief.</p>

<p>

Yes, it seems to be the most appealing and fitting major to me at the moment. I am still undecided on what specific type of engineering.</p>

<p>If you guys are planning to recommend me some generous schools (thank you), please be aware I would very much prefer to stay in the Northeast area.</p>

5

<p>No, in 8 years if it’s a standard 30 year mortgage chances are you’ve paid mostly interest and the equity would be the difference between what you paid and current value.</p>

<p>Your list is unfortunately not the best for someone who needs aid. Only Cornell meets full need and that’s a reach. The others may give you some merit, but probably not enough to make them affordable.</p>

<p>You should consider looking for schools that meet need that are less competitive than Cornell and looking at schools that offer substantial merit aid where your stats make yup stand out, schools below the top 100.</p>

6

<p>No, you wouldn’t have paid that much of the home equity off because in the first few years, most of the money goes towards interest. Your parents will have an income protection (an amount of assets/savings that fafsa doesn’t consider because it’s a ‘cushion’) and, since your parents are together, that may encompass most of your equity. </p>

<p>Based on what you said, I would target some generous schools that offer plenty of aid. I guess you’re interested in engineering? </p>

<p>Are you considering Cooper Union? Harvey Mudd? There should be some threads about techy schools that are good about need-based aid. Your list isn’t great-- Cornell is the only one that meets full need but tends to include quite a bit of loans.</p>

7

<p>^As you two can see, I am indeed a beginner to all of this (based on my list).</p>

<p>So from what I’ve gathered, what I need to do first and foremost is look for more generous schools?</p>

<p>Is that where most of my potential aid would be coming from? Does this mean that I would only get to know how much aid I am getting AFTER I apply regular decision?</p>

8

<p>Yes, you only find out your need-based award after you are accepted but some top schools are pretty generous. By the way, I just checked and Cornell doesn’t give out loans at your income level. :slight_smile: If a school has “guaranteed merit” then you will know quickly that you can get merit aid-- but it may not be all that you need.</p>

<p>Some other schools that are generous to low income students and have engineering include Columbia, Duke, Emory.</p>

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<p>Wow, we aren’t poor enough?? Haha. And what’s with the smile?? =(</p>

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<p>Columbia is a huge reach…
The other two are a bit far for my tastes D:</p>

10

<p>It’s GOOD news that Cornell won’t give you any loans at your income level!!!</p>

<p>*Some other schools that are generous to low income students and have engineering include Columbia, Duke, Emory. *</p>

<p>Yes…</p>

<p>…so these schools (along with Cornell) can be your “reach” schools. Also, include Tufts and BC.</p>

<p>Folks…what “match schools” would give a student like this full aid? </p>

<p>As for “Financial Safety schools”…these can be the toughest to find because safety schools rarely give much “need-based aid” and many don’t give much in merit either.</p>

<p>Financial safety schools are schools that you know FOR SURE that you can afford to cover all costs because of ASSURED grants, ASSURED merit, small federal loans, and/or family funds.</p>

<p>You may have to consider applying out of the Northeast area for financial safety schools.</p>

<p>Since your family income is rather low considering how high their mortgage is, can your parents pay for any of your college costs? If you don’t know, ask them how much they can pay. I wouldn’t be surprised if they can’t pay much because their housing costs are quite high (when also considering how much they must be paying in property taxes). :(</p>

11

<p>*The other two are a bit far for my tastes D: *</p>

<p>When finances are an issue, you sometimes have to be open to a greater geography. The point is that you don’t want to end up in the spring without any affordable choices. It’s better to have some affordable choices…even if some are further away…than to have no affordable choices.</p>

<p>Your affordable choices that are near you are all high reaches. That’s why you have to be open-minded about other areas.</p>

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<p>The problem with applying to so many reaches like Tufts, Columbia, and Duke…the amount of SUPPLEMENTS I have to write! :cry: I wish I had that kind of time. I’m not particularly a fast writer when it comes to these college essays.</p>

<p>By the way, I wasn’t too sure about BC because they don’t offer much in engineering.</p>

<p>However, I DID recently get a $1.6k/year scholarship (for doing well in MCAS) to UMass Amherst, which is an ok school I guess. I’d really like to do better - if I can, that is. I know many have stressed the importance of financial security over school prestige, and I intend to follow that advice.</p>

<p>In other words, though, are the schools I’ve listed really aren’t all that generous? I mean, if I do have to go a bit farther to get into a good, generous school, I would do it.</p>

13

<p>The smile is because they meet your need with grants, not loans-- that’s better. You could still take out guaranteed loans if you need them to meet what the school will expect you and your parents to contribute. (They’ll expect you to work summer and school year and I don’t know what they’ll expect from your parents.) </p>

<p>The choice about where to apply is yours and you shouldn’t apply to schools you won’t attend… but realize that it will be hard for you to get full funding close to home. When schools give you that much money, it is because they want you. You said your ecs aren’t great so going to a school that is far away may give you more money. Nearby schools may not meet need. At your income level, your parents will probably need just about all of your schooling to be covered by financial aid.</p>

<p>mom2collegekids, Does BC meet full need?</p>

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<p>Just a couple of questions
Are you female? (RPI might really want you) Are you an URM or first generation student? These are factors to consider too.</p>

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<p>I’ve really got it going for me - I’m an asian male. :cry: First generation.</p>

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<p>However, I DID recently get a $1.6k/year scholarship (for doing well in MCAS) to UMass Amherst,</p>

<p>That may be…but if I remember correctly, UMass-A is one of those schools that has LOW tuition, yet has really high “fees” The fees are about $10k per year, so that “scholarship” only covers the “tuition” (ha ha) which is really nothing. </p>

<p>UMass-A has a COA of about $25k per year, so you’ll be gapped.</p>

<p>Tuition and fees…$12k
Room and board…$10k
books…$1k
personal expenses and transportation…$2k.</p>

<p>You’re right about BC and engineering… I forgot about that. :frowning: </p>

<p>I was just thinking about meeting need… Boston College is committed to meeting your full demonstrated financial need throughout your undergraduate years.</p>

<p>The problem with applying to so many reaches like Tufts, Columbia, and Duke…the amount of SUPPLEMENTS I have to write! :cry: I wish I had that kind of time. I’m not particularly a fast writer when it comes to these college essays.</p>

<p>:) Ok, I can understand that. So, take off Columbia. Keep Tufts. So, apply to Tufts and Cornell as your reaches.</p>

<p>In other words, though, are the schools I’ve listed really aren’t all that generous? I mean,.</p>

<p>Cornell and Tufts are generous. Those other schools will gap you and that will be a problem.</p>

<p>* if I do have to go a bit farther to get into a good, generous school, I would do it*</p>

<p>I think to get big merit safeties, you have to go away from the NE. Financial safeties can be very hard to find for those with low incomes because NE schools that you’re assured admittance don’t tend to give HUGE merit…which is what you need.</p>

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<p>“I think to get big merit safeties, you have to go away from the NE. Financial safeties can be very hard to find for those with low incomes because NE schools that you’re assured admittance don’t tend to give HUGE merit…which is what you need.”</p>

<p>Do you know of any HUGE merits at top schools that aren’t Natl Merit? Frankly, given the information, I think unless this student can find guaranteed merit somewhere, he should aim for meet-full-need schools. He may end up with a list that is heavy on super safeties (for merit) and reaches (for meet full needs), but that may be the best way to go.</p>

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<p>Do you know of any HUGE merits at top schools that aren’t Natl Merit?</p>

<p>Well, it depends on what you call HUGE merit and what you mean by “top schools”. Top, top schools aren’t financial safeties.</p>

<p>Bama (ranking #79) would give him full tuition plus $2500 per year…this is assured money for his stats. This is worth $90k…which is huge merit since it covers tuition plus.</p>

<p>He’d also have a good chance at more money. </p>

<p>He could also get some Pell money…depending on EFC. Assuming 4 in the family, little assets, then his EFC would be about 3000. So, he’d get about $2600 in Pell as well. </p>

<p>So, with full tuition, $2500, $2600 Pell, a $5500 Stafford loan, and $3000 parent EFC, then tuition, room, board, books, etc, would be covered.</p>

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<p>I think Alabama should be his safety then… but I think he will do better targeting certain schools if he gets in. They would come closer to covering not just tuition but room and board too. So, if this were my son, I would advise him to cast a wide net among schools that are generous for needy students.</p>

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<p>Cornell would be great.<br>
Casting a wide net is the way to go.</p>

<p>OP: Find safety schools you can live with so you have a good back up plan. CWRU might be an option; they give good merit aid and reasonable financial aid. Or how about Pitt?</p>