<p>Hi, my parents make over 200,000 a year so I'm not qualified to get good need-based scholarships but they aren't willing to pay more than 10,000 a year. I want to go to a private 4 year around 48,000. It seems really unfair that I don't qualify for financial aid because colleges think my parents can afford it but I can't actually afford it on my own. What should I do? Is there a loophole? Can I make them not count on my applications for aid?</p>
<p>Nope you can’t. That is the way the rules are written.</p>
<p>Sorry <em>hugs</em></p>
<p>Hopefully you have applied to schools that have merit scholarships. That is the “loophole” many in your situation find. Otherwise, you will need to focus on schools that you know will be affordable given the amount your parents have indicated they will pay. As a freshman, you will be able to borrow $5500 in student loans (probably all unsubsidized). That means you will be guaranteed $15,500 toward school between parents & loans.</p>
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<p>No loopholes and you can’t leave your parents off of the financial aid applications.</p>
<p>What you SHOULD be doing is talking to your parents about your after high school plans. What do they expect you to be doing next year? What do they hope to be spending their $10K on? Is there a school they know of that costs within their financial range? </p>
<p>With their $10K, and a $5500 Stafford loan (which you will get by completing the FAFSA), and a summer job and working during the school year, you should be able to pay for one of the public universities within your home state. Perhaps that is what your parents are able and willing to fund. </p>
<p>Are your GPA and SAT scores sufficiently high that you might qualify for merit aid someplace? </p>
<p>I would discuss college with your parents. Hopefully you have a variety of schools on your list in addition to those $48K a year schools. Having a financial safety school or two on your list will be important.</p>
<p>OP, I see from your other post that you’re looking at tech schools like Harvey Mudd and you’re a minority woman. There will definitely be schools around that would be interested in you enough to give you substantial merit money. You should start a new thread on the College Search forum asking for suggestions for Mudd-like schools that would offer you merit aid. </p>
<p>Have you looked at Olin? USC?</p>
<p>Thanks everyone! I just did the FAFSA4caster and my EFC is 18,395
What does this mean? That colleges think my parents can afford up to that amount?</p>
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<p>That should be viewed as the MINIMUM your parents will be expected to contribute each year. MOST colleges do not meet the full need of all of their accepted students, and many schools package loans into their aid packages.</p>
<p>???</p>
<p>How can your EFC be that low if your parents earn more than $200k per year?</p>
<p>Do you have a large family?</p>
<p>Do you have a sibling in college?</p>
<p>If not, then you may have made a mistake.</p>
<p>For a family of 4, with only one going to college next year, your FAFSA EFC should be around $50k per year (that is with little to no assets). </p>
<p>Since you say that your parents earn MORE than $200k, then your EFC could be higher.</p>
<p>What minority are you?</p>
<p>Unless you have a large family or 2 siblings in college at the same time as you, there is no way your EFC will be 18,000 with parent income of $200,000+</p>
<p>Make sure taxes paid are from line 55. Overstated taxes paid is often the culprit in a too-low EFC.</p>
<p>And check to see that you included contributions to qualified retirement plans as well. Some students do NOT include these when they do the online calculators. For financial aid purposes, pretax contributions are added back in as income.</p>
<p>I did the 4caster so it wasn’t exact. I think the big one was that once I’m in college, we will have a total of 3 people in college (including me). That was one of the questions.</p>
<p>Yes, three in college will make a difference. Don’t include any parents in college, though (they can include themselves & their kids … their kids can only include the kids).</p>
<p>I would not necessarily count siblings getting a second degree or in graduate/professional school. While some schools may factor this in, many do not factor siblings in grad school.</p>
<p>I didn’t think of that, but you are correct. Where I work, if a student would be considered independent for financial aid purposes (over 24, or in grad school), we do not allow them in the household size or number in college … since they are receiving aid based on being their own household and number in college.</p>
<p>*I did the 4caster so it wasn’t exact. I think the big one was that once I’m in college, we will have a total of 3 people in college (including me). That was one of the questions. *</p>
<p>Are you saying that you’ll have 2 siblings who will be undergraduates when you start school in the fall? If any of the 3 people are parents or are going to grad school, you can’t count them.</p>
<p>Are you interested in engineering? </p>
<p>Clarkson University (NY) wants more female engineering students.
May be some merit aid there for you.</p>
<p>iliketolearn…</p>
<p>Even if you have 2 siblings in undergrad and your EFC is lowish for a year or so, you will have some years where your EFC will be high. That will be a problem.</p>