Not sure what to do...

<p>I've been accepted to both Boston College and U Chicago, two of my top choices. However, both "regret to inform me" that I do not qualify for any need-based aid. I currently have $100k in some fund for college. While I understand that that is an AMAZING amount, taking out just that amount in loans to cover the other half of tuition is just impossible.</p>

<p>What do I do? Appeal?</p>

<p>Depending on your parent's income and assets, when you spend down the $100K you would perhaps be eligible for some aid. You would have to specifically ask your schools whether you can get aid later.</p>

<p>Run the numbers in one of the Financial Aid calculators to see what's contributing to the EFC that exceeds the cost of attendance. It's probably mostly parent's income, and if the parental contribution to the EFC alone matches or exceeds the COA, there's not much you can do.</p>

<p>If, on the other hand, the student asset contribution (that's probably about 20K or so from the 100K in college savings) is contributing a big chunk to an EFC that otherwise would be significantly less than the COA, you could consider moving the 100k to a 529 college savings account, where it will count as a parental asset. Parents get an asset protection allowance, and funds over the asset allowance are assessed much less than student assets.</p>

<p>Probably too late for this year, but might help make you eligible for aid in the subsequent years.</p>

<p>The 100k is still considered one of my parents' assets.</p>

<p>You can appeal but but it won't work. What about merit scholarships?</p>

<p>If you are not willing to take out loans for the balance (if you can even get them now), your only other choices are to take a gap year and earn money or go to a school you can afford.</p>

<p>sblake,</p>

<p>Boston College and U Chicago both require CSS Profile in addition to the FAFSA. This year student owned UGMA/UTMA 529 accounts are reported as parent assets on FAFSA, but as student assets on Profile. From the Profile instructions...
[quote]
SA-110A - ... If you are required to provide parent data, assets that are held in Section 529 prepaid tuition or college savings plans or Coverdell savings accounts should be listed as parent assets in PA-120. If parent data are not required, report these assets here. If you (and your spouse) have assets owned jointly with someone else, give only your (and your spouse's) portion of the assets. If you have a 529 plan as part of a Uniform Gift to Minors Act (UGMA) account or Uniform Transfer to Minors Act (UTMA) account or that was funded from assets from an UGMA/UTMA, it is considered a student asset and should be reported here.

[/quote]
</p>

<p>I just don't want to be 100k in debt, still having to go to grad. school. Argh.</p>

<p>Then you need to go to a cheaper school.</p>

<p>Full of awesome.</p>

<p>toastmaster...as you know, you are very fortunate to have $100,000 set aside for your college expenses. That amount would be equal to or very close to the cost of your flagship public university in most states. If you really don't want debt, you might want to look into that kind of option.</p>

<p>That $100,000 is assessed at 20% (I think that is correct) if the money is in your name. That would be $20,000 for this year. If it's in your parents' name it would be 5.6% (I think those numbers are accurate) and that is $5600. Neither of those amounts is close to the cost of attendance at U of Chicago or BC. In addition to your college fund, it seems that there are either other assets or significant parent or student income that is also contributing to the equation.</p>

<p>Sorry Toastmaster, but that is reality. I would like to drive a BWM, but don't want to pay for it. Life if full of hard choices - this is just the beginning.</p>

<p>If you're looking at having to borrow the difference between the full COA at one of those schools and $100,000 (i.e., no other funds available), and you're planning on going to grad school, then I think it makes sense to look at different schools. If you got into U of C and BC, I'm guessing you have good stats that would probably get you a good merit scholarship at a less competitive college. Of course, it might be too late to get some of those scholarships (some have December or January deadlines), but there's no harm in looking into it. Your state flagship is probably another good alternative - what state are you from? If it were me, I'd try to avoid undergrad debt and focus on going to an excellent grad school. Actually, that is exactly what I did way back when. I went to an inexpensive college and then a top 10 law school. My debt was manageable and employers were looking at my law school degree, not my undergrad.</p>

<p>There aren't any schools out there, of some quality, that I can still apply to, are there?</p>

<p>Toastmaster...it looks like your pending applications are with Harvard, Columbia, Cornell, Brown, Johns Hopkins, MIT, and UMD College Park (as an out of state student). All of these schools are quite pricey. Some (Harvard, Columbia, Cornell, Brown, MIT) meet full need. The others don't. With the exception of UMD, they all use Profile as well as FAFSA, I believe. </p>

<p>Have you considered applying to your flagship state university? It's not a bad school...and would be well within the amount your family has saved for your education.</p>

<p>Have you run your family's finances through a financial aid calculator to get a "guestimate" of what schools using the IM might award you?</p>

<p>Boston College and University of Chicago also claim to "meet full need" and both determined, independently of each other, that the OP has no need. So in addition to the $100K college fund, there are apparently substantial parental resources (current income, assets, etc.). In that case, Harvard, Columbia, etc. are not likely to offer financial aid either.</p>

<p>Well....if the family income is $100,000...the EFC on that alone would be about $25,000 or so. Add to that 20% of the college savings (if it is in the student's name)...and that is a total of $45K.</p>

<p>BUT...Harvard does have a very generous financial aid policy. I believe that folks pay 10% of their income up to a certain amount (I believe $100K is within that range). I do NOT know how they treat additional assets such as the college savings account. BUT it is possible that this OP would get some aid from Harvard...because their institutional financial aid policy is SO generous. BUT of course...gotta get accepted there first.</p>

<p>Congratulations! Welcome to great school and hard choices. Something tells me you will be fine -- with family helping you throughout.</p>

<p>Congratulations! Welcome to great school and hard choices. Something tells me you will be fine -- with family helping you throughout.</p>