Paying for college is stressing us out...advice needed

Paying for College
1

<p>Hello all,</p>

<p>I come to you all as it seems you are able to give good insight on all college related subjects..given the following facts below, how would you suggest we can realistically pay for college? We are not rich and not poor but feel very stuck for options to pay for college</p>

<ul>
<li>currently a one income family ( was thinking about going back but not sure if that hurts us financially in eyes of colleges), making over 85k a year</li>
<li>have some savings </li>
<li>have one going to college Fall 2014, another going Fall 2017</li>
<li>we are freaking out over how we can live and afford college</li>
<li>trying not to take too many loans out to burden DD, but could take some</li>
<li>DD wants to go OOS... Currently likes Case, Clemson, Vanderbilt, Boston Univ, Drexel</li>
</ul>

<p>How have you all done it? What sort of aid do schools give for some one like me? Who gets aid?</p>

<p>Thanks in advance for all insight...</p>

2

<p>Most schools do not give enough aid. Most can’t afford to “meet need”. Most schools will see that you can’t afford to pay much, but there won’t be anything they can do to help you. They just don’t have the money.</p>

<p>If your D wants to go OOS, then she has to:</p>

<p>apply to schools that will meet need (some on your list do not…BU, Drexel, etc)</p>

<p>Apply to schools that will give you huge merit for her stats. Not likely Clemson or BU. Case might if stats are really high.</p>

<p>If you get a job, you’ll still come out ahead and likely have more options. </p>

<p>With your income, your choices are more limited because it sounds like you can’t pay much for college. How much can you pay each year? </p>

<p>You need a strategy otherwise your child may have acceptances, but no affordable schools. </p>

<p>What are her test scores (SAT breakdown or ACT) and GPA? What is her major and intended career?</p>

<p>“Who gets aid?”</p>

<p>Well, if a student has high stats, and gets accepted to a school that meets need, and qualifies for aid, then that student gets aid.</p>

<p>If a student has a modest income and lives in a state that gives generous aid to attend an instate school, then that student gets aid.</p>

<p>If a student has high stats and gets a large merit award, that student gets aid.</p>

<p>Your issue isn’t so much of “getting some aid”…your issue will be getting enough aid so that you can pay your EFC and any gap.</p>

3

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<p>Case does give merit, but from what I remember of the last admissions cycle, their most common automatic merit topped out at a little over 30k/yr. Many CC posters were not finalists for the big full-tuition/full-rides that Case offered (and I don’t remember many who are). My out of pocket for Case would have been close to the 30k that was remaining after the merit, in a collection of Stafford, Perkins, and PLUS-- and this was packaged for a candidate they liked (more or less; of CC reports, I had one of the highest automatic merits).</p>

<p>Especially because you are not sure how much you can pay for college, you need to look at the scholarships here: <a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/1348012-automatic-full-tuition-full-ride-scholarships.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/1348012-automatic-full-tuition-full-ride-scholarships.html&lt;/a&gt;. Find at least two schools with automatic merit, really.</p>

<p>Run the Net-Price Calculators at each of the schools your DD is interested in and see what the schools will expect you to pay-- and then see if you can do that. Case is not particularly good for students needing FA; Clemson’s scholarship listing indicates that while they do give merit, it’s not terribly substantial (combined with an OOS premium); Vandy meets full-need-- your D just needs to get in, which is the difficult part; and both BU/Drexel will probably gap, so that you are on the hook for the EFC and then some.</p>

<p>

Depending on your daughter’s stats, if she’s a good contender for full need schools (such as the one I’m at now), apply there and hope. Otherwise, she needs a list of schools that offer heavy merit (and full-tuition/full-ride scholarships) and two or three automatic safeties, which oftentimes include the IS flagship, where you know she can both get in and pay without a problem. Not every student can go OOS-- some simply can’t afford it.</p>

4

<p>D has worked hard, taken pretty rigorous courses (AP and honors), currently top 10%, 95 average, earned good grades throughout, good ECs, wants to study biomedical engineering…so she is a good student though not sure she can win any scholarships as her stats aren’t over the top! Sat is around 1800, first pass without studying and taking again shortly. act is 28, same thing here taking again. What would you guys recommend for a student like her?</p>

5

<p>Look at Lafayette if she’ll consider a smaller school. From what I understand it’s a LAC with a strong engineering component. One of my D’s friends had almost identical stats, similar income, and got a great package there. She did apply Early Decision, though.</p>

6

<p>“earned good grades throughout, good ECs, wants to study biomedical engineering…so she is a good student though not sure she can win any scholarships as her stats aren’t over the top! Sat is around 1800, first pass without studying and taking again shortly. act is 28,”</p>

<p>Right now, her test scores won’t get her merit at likely any of the schools on her list. That means at schools like Drexel, BU, Clemson, she would likely get largely gapped. And, likely, her scores aren’t high enough for the schools that “meet need.” </p>

<p>I would encourage her not to focus on BiomedE. It’s NOT a necessary undergrad major even if the goal is biomedE for grad school. That major isn’t offered at many schools, so with her stats and need for aid, limiting to that major might mean no affordable schools. </p>

<p>If her goal is BioMedE for grad school, then MechE, EE, ChemE, BioE can also work as an undergrad degree and those majors are offered at many, many more colleges.</p>

<p>How much can you pay each year? </p>

<p>I think you might consider getting a job because right now, it looks like she might be gapped at her schools. Lafayette might work. UAB might work, but I don’t remember what an ACT 28 gets.</p>

<p>What state are you in?</p>

<p>BTW…be sure to be clear with her that you can only pay X and if the money doesn’t happen at her schools, then she’ll need to attend one of her safeties. What are her safety schools (these are schools that you KNOW for sure that you can afford and have all costs covered.).</p>

7

<p>At this point, that SAT score is not going to get her merit aid at the schools you have listed. There is a thread at the top of this forum for guaranteed merit awards. Read that thread and see if your daughter qualifies for any. </p>

<p>Pull out your tax returns and run the Net Price Calculators for EACH school she is interested in applying too. You will get an estimate of your payments to attend for freshman year. </p>

<p>If you are self employed or own real estate that is not your primary residence, the NPC won’t be particularly accurate.</p>

<p>With an $85,000 income, the only federally funded aid you will receive will be $5500 Direct Loan for freshman year. The ONLY places where your daughter might qualify for significant institutional need based aid would be at schools like Harvard, Yale, Princeton, Stanford…but acceptance for her would not be likely with the info you have posted.</p>

<p>Your daughter can go OOS only if you can find a college that is affordable. The schools you list hover in excess of $50,000 per year.</p>

<p>What is her CR/Math SAT score? </p>

<p>What are your instate options? Check those.</p>

<p>In this household, both parents worked. My WHOLE income went towards paying college costs for our two kids, but my job and income made it possible for them to attend the schools of their choice. We were basically full pay (kids did get small-medium merit awards). Our son is a BU grad…so I’m very familiar with paying those bills. </p>

<p>With an income of $85,000, and that list of schools, adding another income is only going to help you pay the bills. Your prospects for need based aid are low.</p>

8

<p>UAB raised their score requirements this year, so 28 ACT doesn’t get the top award any more.</p>

<p>In state public is probably going to be your best option for a reasonably priced engineering school, although it depends on your home state.</p>

9

<p>Thanks all… It is rather disheartening that the schools she is interested in may be out of reach money wise…will do the NPC…we are in NJ, so it seems Rutgers is our only reluctant option.I say reluctantly as she wanted to get away from NJ and NY to meet different people and not too excited about the campus where she would theoretically live for 4 years… </p>

<p>So what is the profile of students who are going to school OOS? Is everyone ultra wealthy? Or really poverty stricken? When visiting said campuses we didn’t get the sense that there was a great divide… All seemed to be like people like us… Such a conundrum…</p>

10

<p>You’re the prime example of how this system really soaks the middle class.</p>

<p>You make over the threshhold for need based aid, but don’t have the income to support full boat tuition.</p>

<p>Your D’s stats make it so she should absolutely good to college, but doesn’t have the scores to get auto scholarships from a lot of out of state publics. I’d determine the amount you’re willing to contribute to college (come up with an absolute number). Keeping with savings and retirement schedules, I’d say 10-15k is the absolute max you can reasonably afford since one of the years you’ll have two kids. That means 10-15k for both living expenses and tuition, which will severely limit the range of colleges she can go to if she does.</p>

<p>Theres no reason she should need to spend >60k (your 40 + her loans) over 4 years, so I would not do any non federally funded loans.</p>

11

<p>While not necessary, it seems like a good major she is interested in and cou.ld get a job right out of undergrad with, as fas as we are told by the various schools. If not biomedical major, what schools would you all suggest for a reasonable engineering experience that will allow for good research experience, well rounded college experience and study abroad programs… Any and all thoughts would be really welcome and appreceiated, really…this whole process is so daunting… THANKS.</p>

12

<p>The OOS students at public schools either have super stats (so earn merit aid) or can afford to pay. And those who can afford to pay aren’t necessarily “ultra wealthy” – heck, most of their “wealth” may be in 529 accounts they have been stowing savings in since the kids were born. Just saying that some people come into this with quite a bit of savings earmarked already for college.</p>

<p>At private schools, some have great stats (and get good merit aid), some come from families that can afford to pay, and some are from low income families and get need based aid (but often are taking out significant loans along with that need based aid).</p>

<p>As others have mentioned, running the net price calculators is important.</p>

13

<p>Sorry i misread something/confused this thread with another one- you may very well have to spend more than 60k total if your state is NJ. I thought you were in the Southeast</p>

14

<p>She definitely wants to go to college and that has always been the case…what schools could she go to that will challenge her as she has been in high school, yet give her the college experience she desires, and lets her study the program she wants-- biomedical engineering and gives her good undergrad research opportunities? All insight would be appreciated.</p>

15

<p>If schools are that cost effective in the South, I wish we lived there…it would be a much easier decision</p>

16

<p>Could you explain what “gap” is? I am assuming it is the additional money we need to provide above what school would give and what the EFC is?</p>

17

<p>Ontocollege…do you have a price limit for paying for college…which you have stated in other threads? You say paying $50,000 or more a year is not possible.</p>

<p>My daughter was a bioengineering major and was given very different advice…she was told that a graduate degree was essential. And she went to college smack in the middle of the Silicon Valley where bio engineering jobs can be found.</p>

<p>There are many schools with good programs that would meet your daughter’s needs IF you can pay for them, and she can substantially increase that SAT or ACT score.</p>

<p>If you are looking for a private university or OOS public with a price of greater than $50,000, I’m going to stick my neck out and say you will be paying the vast majority of that out of pocket.</p>

18

<p>Your best bet is raising her test scores. A 32+ on the ACT opens a lot of options. Full tuition at the University of Alabama for example. Do whatever it takes to raise that score. Tutoring. Practice tests. It could be worth a lot of $$</p>

19

<p>First run your numbers through the net price calculator (breathe, when you see what the school determines your EFC to be).</p>

<p>Have a serious discussion with your daughter now as to how much you are willing to pay/borrow for her education.</p>

<p>D should get an afterschool job now and a summer job (or 2 if necessary) to start saving to help defray some of her college costs.</p>

<p>Your EFC will probably be ~ 15-20k a year. </p>

<p>How comfortable are you about paying/borrowing this?</p>

<p>If she gets scores/grades that put her in a position for full tuition scholarships (few and far between but look at the top threads), you will probably have to pay between 10-15k for room, board, travel and misc. expenses (she can use her 5.5 k in loans to offset some of this expense). </p>

<p>Again, is this an affordable option for your family?</p>

<p>If you feel that standardized test is not an accurate reflection of the work that your D is capable of doing consider looking at SAT optional schools, may be better for your child. Go to [The</a> National Center for Fair & Open Testing | FairTest](<a href=“http://www.fairtest.org%5DThe”>http://www.fairtest.org) for the list of test optional schools. However, read the fine print as some schools may require SAT scores for merit consideration.</p>

<p>Don’t sleep on the Womens colleges. Look at Mount Holyoke and Smith, which are both SAT optional and offer both merit and need based aid. Bryn Mawr is also SAT optional (but I think you must still include SATII/AP scores).</p>

20

<p>Thanks everyone…Paying 50,000 out of pocket per year is not doable, though we wish we could…still need to do NPC, but off the top of my head, perhaps 20kish could work…Not sure what to think now about the whole biomedical thing, something D wants to study… Advice? She s planning on retaking both ACT and SAT this Fall</p>