<p>(Note: I'm still a junior in highschool, so I've got "time" to figure this out...)</p>
<p>So we did that EFC calculator on collegeboard.com, and they expect my family to pay $30,000 a year for college. BUT, my parents aren't going to pay over $5,000 (they'll try to contribute more as possible, but it's really not going to make up the difference). The problem is that we really wouldn't have any way to appeal for more aid (ie, sending additional materials showing WHY we can't pay that much).</p>
<p>Most of the schools I want to attend are about $35,000 a year plus room and board and offer ZERO merit based scholarships. I don't want to give up the "dream schools" and go to the in-state university (i could not function at a place with 50,000 students and classes of 100+). </p>
<p>Even though i'm entering essay contests and such, there's no way I could cover the $25,000 gap between my EFC and my actual family contribution. I</p>
<p>How do most people bridge the gap? Do schools recognize the huge inflation of these EFCs that don't factor in living expenses? I don't want to be $100,000 in debt after getting my undergraduate stuff finished.</p>
<p>Any advice would be greatly helpful. I've been browsing through this board but I haven't really found the solution yet.</p>
<p>Students handle such situations as yours -- which are quite prevalent -- by going to colleges that their parents are willing to pay for, which typically means going to in-state 4-year or two-year public universities, living at home and commuting to college, participating in ROTC or going to colleges that offer merit aid and are about a tier below the schools that are match schools for the students (meaning the students would be top candidates at the colleges, so would have decent chances of merit aid).</p>
<p>Most students are wise enough not to take out $100,000 in loans -- a crippling amount of debt -- for 4 years of undergrad when they can go to college cheaper elsewhere.</p>
<p>In other words, most students handle your kind of situation by adjusting their dreams.</p>
<p>This question is asked over and over again here. There is no answer other than going to a school you can afford or take time off and make money. Some people get huge outside scholarships, but not many, especially if you don't have need. </p>
<p>There are top schools that give merit aid, Duke and Vandy to name 2.</p>
<p>If you have high stats there are private colleges which have cut and dried merit scholarships based on stats. These aren't top tier schools but they may meet your needs for smaller size, etc. It's very hard to get the merit scholarships at top name schools, check out schools where you are clearly well above the 25-75% score range. It may help to look for schools where you would bring geographic diversity. Your summer earnings combined with $5000 should be enough to cover room and board and spending money. Finding merit to cover the rest, essentially full tuition, will require you to have some non-dream schools included in your mix. What you need to think long and hard about is whether you are better off there or at your instate public which probably has higher achieving students. If the large classes and TAs are a deal-breaker, consider the smaller privates where you might get merit aid.</p>
<p>30K EFC is pretty high-- and usually implies pretty high parental income (or huge parental assets).</p>
<p>But if your parents are sure they can't handle those costs, then the bottom line is that your dream car may be a Mercedes, but you may have to settle for the Chevy you can afford. That's how life is sometimes.</p>
<p>I know that they make like between 120k and 140k. </p>
<p>But 30k in EFC is like 1/4 of what my parents make every year. Isn't that really ridiculous? </p>
<p>Especially since my dad is planning to retire soon and the school my parents send us to currently is like 6k a year (my sister will still be there for highschool during my first three years of college).</p>
<p>tohelp get some perspective
EFC is indeed from savings/loans and income.
Also I expect students to contribute their summer earnings to EFC, as well as have reasonable choices in schools.
Have some schools that are within range without aid, as well as some schools that are within range for merit.</p>
<p>We live in an expensive area- our housing costs are high- and we sure couldn't live here if we didn't already own our house.
However, that wasn't really taken into consideration, when looking at our EFC.
My older daughters EFC was about $14,000. Our income was about $60,000
after EFC, that left us with less than $50,000 for living expenses.</p>
<p>If your families income is between $120,000 and $140,000
(say $130,000) and your EFC is $30,000, that is roughly same percentage as our EFC/income.
However, what would you rather have available for living expenses?
$100,000 or $50,000?</p>
<p>it seems that your parents are too stingy. If they are going to pay only 5k with an income of 130k.</p>
<p>But in any case, do have an honest discussion with parents and determine how much they are willing to contribute. That will help you focus on schools that you can attend to. There is no college in the world who would match your parent's number.</p>
<p>
[quote]
BUT, my parents aren't going to pay over $5,000
[/quote]
</p>
<p>See, I read that and I think a little something. I think that, worse case scenario, you could go to Community College for two years on your parents dime. You would not have to worry about paying for books or anything as near as I can see. </p>
<p>I know that some folks are not ones for Community College. But, I tell you something. You make a list of schools in your home state which accept Community College transfer credits for sure. Look for something called a transfer articulation agreement. </p>
<p>Then, if you want to, you can do a University Parallel AA or AS degree in Liberal Studies. Liberal Studies at the Community College level is the type of degree program where you do all of your Freshman and Sophomore level work and you also take electives relevant to what your major will be at University.</p>
<p>While you are doing that, you can just work and bank your money for University. Maybe you could pull off a scholarship for University after kicking rear at Community College? Maybe, your parents money is always going to be the same, like are they both in stable fields at their jobs? If it is, you could just go to University part time after you do Community College. Then you could do a payment plan where your parents pay half and then you pay from your savings. I do not know! I am just trying to be realistic. </p>
<p>golddustwoman I also think that sitting down with your guidance counselor now would not be a bad idea. Speak of what you learned with that high EFC. And, ask for assistance in learning of anything you can do now in order to best prepare for the financial burden of University. Also, have you been studying extra hard for the SAT(S) and the ACT? You can save a lot of bucks on University if you earn a really high score on those tests. It does not kill you to study for them either. You just have to make it like an extra class, really. </p>
<p>Good luck! You have more viable options that maybe you figured on having, dear.</p>
<p>
[quote]
o we did that EFC calculator on collegeboard.com, and they expect my family to pay $30,000 a year for college. BUT, my parents aren't going to pay over $5,000</p>
<p>But 30k in EFC is like 1/4 of what my parents make every year. Isn't that really ridiculous?</p>
<p>Especially since my dad is planning to retire soon and the school my parents send us to currently is like 6k a year (my sister will still be there for highschool during my first three years of college).
[/quote]
So your parents are willing to pay 6K a year for a High School, but at college they draw the line at 5K? Interesting ...</p>
<p>Furthermore, I imagine you weren't born 17 years old but have been around a while. Had your parents been putting away money for college over the years they could have saved up a tidy sum. As for your parents affording it out of current income alone, that's not the way it works for most people. Paying for college isn't like paying for this months groceries, it's an expense you budget for over time just like any other large planned purchase.</p>
<p>As for dad retiring soon, he faces a clear choice. He can keep that 120K a year coming in for a few more years and use the extra money above what he was planning on earning before retirement to pay for the college you want, or he can retire soon.</p>
<p>Northstarmom's advice was on target. How you handle it is up to you. You can be bitter the world isn't willing to pay for your dream colleges, or you can thank your lucky stars that you'll still be able to get a college education.</p>
<p>If $5k is all your parents are willing to pay, then you need to consider your state flagships (ASU or UofA). Also, prep hard for the SAT and retake in October.</p>