No money and no financial aid. What now?

Paying for College
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<p>I'm accepted, Early Decision, to a fairly competitive private school which costs about $23k a year. While that's about half the national average, I still am at a loss on how I will pay for it this coming fall.</p>

<p>My parents have an above average income, around $130k a year. However, due to the exorbitant overhead costs of their business, a slew of poor financial decisions in the past, and a bucket-load of debt, (not to bring up the dismal economy) they are fully and entirely incapable of supporting me in any monetary way at this point in time. They desperately wish to support me, but they have no capacity to do so. (At this point, we're just praying we'll be able to keep the house.)</p>

<p>Nevertheless, no doubt a result of the high income, my estimated EFC is at approximately $20k a year.</p>

<p>My school doesn't accept federal aid. (I'm not sure how much I can reasonably expect in state grants..)</p>

<p>My school offers little financial aid and virtually zero merit scholarships--I don't think I can expect much, if anything, from the school itself.</p>

<p>My school has a guaranteed loan program, which will ideally get me at most $12k for the first two years and $17k the final two years, with a lifetime cap of $58k a year. So, on average, in the best scenario, that's $14.5k a year--not enough to get me all the way.</p>

<p>I've been completing independent scholarship applications the best I can, however, it's challenging to get a substantial number submitted while juggling a full course load and other responsibilities. It's little better than playing the lotto, I feel.</p>

<p>My parents are entirely unsure whether they will even be able to co-sign a loan, which is just about always necessary for private loans, is it not?</p>

<p>Perhaps, if it comes close, my grandfather may consider contributing, probably at most, $1000 a year.</p>

<p>I intend on working this entire summer, (much to the detriment of my personal, educational development..) but I think it's unrealistic to expect to make much more than $1500-2000, depending on what job I'm able to find.</p>

<p>What else can I do? Am I missing something? I don't know of anyone who is knowledgeable enough to speak to of these things, either. Is this a situation where declaring myself independent will be of value?</p>

<p>I'm just searching for further options to make it come together this next fall.</p>

<p>I greatly appreciate any and all advice or suggestions. Thank you!</p>

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<p>What kind of school doesn’t accept federal aid?</p>

<p>Do you have other options?</p>

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<p>The school doesn’t accept federal aid? Is it unaccredited? I would be very hesitant to take out any substantial loan in that case.</p>

4

<p>???</p>

<p>What school is this? What ED school has such a low COA and is private???</p>

<p>Something is not right. If the school doesn’t do Fed aid, then how do you know what your EFC is? Is that what the school says your “family contribution” is? That’s quite low for that income.</p>

<p>yes…your parents would have to co-sign the private loans. </p>

<p>What are your stats? Are you a NMF? You may need to take a gap year and apply to affordable schools.</p>

<p>You live in PA…you may have to go to a CC and then transfer to a local public when you can. Do you live near any CCs or PA publics?</p>

<p>(Why would anyone with that income and large money problems apply to an ED school that only gives need-based aid???)</p>

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<p>There are a couple of pretty good colleges that do not accept federal aid. Hillsdale in Michigan has never accepted federal aid. I think there is one in PA but I can’t remember the name.</p>

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<p>Grove City?</p>

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<p>OP, why in the world would you apply ED to a school when you KNOW you cannot afford your EFC? What other schools did you apply to? You cannot afford this school.</p>

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<p>You can’t afford this school. Sounds like you need to start at a CC or state school you can commute to. You are not alone, this is the situation for more and more kids.</p>

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<p>Yes, Grove City College, as a matter of fact. For those that don’t know, they won a landmark Supreme Court case in order to retain full ability to manage the school as they saw fit, without government intervention. Of course, the trade-off is that they do not take federal aid. GCC has a solid academic reputation.</p>

<p>I did complete the FAFSA, which is where I pulled my estimated EFC. (I’m assuming I’ll receive knowledge of the actual EFC soon.)</p>

<p>My stats, quickly stated:</p>

<p>18 years old
Caucasian
2080 SAT
No tremendous hooks to speak of.</p>

<p>However, for what it’s worth, I feel the strength of my profile lies in my extra-curriculars and expansive interests and involvement. I’d like to think I’m a particularly well-rounded individual. I intend on majoring in Philosophy and Economics, and hopefully at some point down the road, attending law school. </p>

<p>As for other options, I am accepted to Penn State Main Campus, and am awaiting an admission decision to their Schreyer’s Honors College. I’ll receive that decision tomorrow, actually. (I’m hopeful! Their decision is almost entirely based off of three submitted essays, which is definitely where I shine.) However, Grove City College is definitely my first choice, as described by my ED status. (If I must back out of the ED, can I still attend PSU this fall? I’m not even sure how that process works.)</p>

<p>As to why I didn’t apply to other schools with lower tuitions? The easiest answer is that I was unaware of my parents financial situation. Indeed, it’s gotten worse since I applied. I think it might even be fair to say that my parents ignorance of the higher educational system may have, ah, disadvantaged me in the process. As far as it goes, I didn’t receive any kind of mentoring, throughout this process.</p>

<p>There is a nearby CC. Worst case scenario, I could attend there two years, and then transfer to a more reputable school. I’ll be honest, I’d rather exhaust my options first.</p>

<p>Thank you, all, for your quick responses!</p>

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<p>@ Erin’s Dad & Waverly: I was unaware of what my family’s EFC would be when I applied. I was uninformed as to how the EFC was calculated, and, truly, I didn’t imagine it would be as high as $20k considering my family’s financial situation.</p>

<p>I very much appreciate your candidness in suggesting I cannot afford the school’s rate. That’s the kind of bluntness that I haven’t been able to receive from anyone.</p>

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<p>From what I’ve read (mostly here), ED is binding unless the financial aid package is unaffordable. If GCC has that caveat then you can go to PSU if it’s affordable, or do something else like a CC or whatever.</p>

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<p>Why did you apply ED to a school when you knew that your parents would not be able to contribute much, if anything, to your college costs?</p>

<p>You will have to decline the admissions offer if GCC does not come up with some very significant MERIT aid for you. With a family income in the range you are posting, it is highly unlikely they will give you need based aid. You need to find out if you are in the running for any merit aid there.</p>

<p>The school does not accept federal aid. They will use the FAFSA to determine what kind of aid to give to you. If it is not sufficient, you will not be able to go there.</p>

<p>Penn State is a fine school. Do you have the money to pay the cost of attending there? Are you in the running for any merit awards at PSU? Your family income/EFC will NOT put you in the running for need based aid there either.</p>

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<p>@ohiobassmom: That, too, is my understanding of the ED process. I suppose I will discuss the particulars of that sequence with GCC financial aid staff.</p>

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<p>You don’t have to hold to the ED commitment if you can’t afford the school. Also, public schools don’t even care about them. If you do break the commitment, don’t go trying to attend UPenn any time soon.</p>

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<p>Another thought…check your community college. It is very possible it has an articulation agreement with one of the PA public universities. This means that you would take your two years at the CC but would then automatically be accepted at the four year school with the articulation agreement. And your courses would transfer.</p>

<p>Worth checking.</p>

<p>OR…you could take a GAP year…and reapply next year to some schools where you might garner enough merit aid to help pay for your college costs.</p>

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<p>Definitely talk to them. Who knows, they may come up with more $. But at least you open the spot for someone else if you turn them down soon.</p>

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<p>If your family income is $130, then there’s no way that your EFC is $20k…that’s tooooo low for that income…unless you have a sibling in college, which is unlikely since your family is naive about college stuff.</p>

<p>While it would be nice if you got accepted to Shreyers, I don’t see how you’d afford that school either. PSU is going to expect your family to pay all costs…which is over $20k.</p>

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<p>I appreciate all of the submitted perspectives. They were a great reorientation, and have encouraged me to reevaluate the current situation of things. If I have any further questions, or would appreciate any further advice, I will return with updates.</p>

<p>Thank you, all, for your time.</p>

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<p>Thimble…you are not (sadly) the only student who faces these tough decisions every year. You will go to college and you will get your degree…the journey might just be a little different than the one you originally thought about.</p>

<p>Good luck to you…and please let us know how it all works out.</p>