<p>After being accepted to UVA, UCLA, and Berkeley, I had hoped to attend the one of my choice next year.</p>
<p>I realized before applying how expensive these schools were, but my parents continually told me they would be able to figure out the money issue.</p>
<p>Until they saw the financial aid...I only received a couple thousand dollars in loans from each UC school and expect the same from UVA. Apparently my mom and dad were under the assumption that more money would be coming our way.</p>
<p>My parents have about $100,000 saved up; thus, the first two years will be paid for. After that, they're not quite sure what to do. They can save portions of their income, but unless they really take a hit to their living standards, what they save will not come close to the amount needed.</p>
<p>So, does anyone out there have advice for how one might pay for college in my situation? Will the amount of of financial aid I receive increase after my parents' savings is down to $0? Can I appeal for more aid now?</p>
<p>As an FYI, each of these schools costs about $50,000 per year. And I have a financial safety as an option, but I get horrified every time I think about going there...So it would be best if we could talk about paying for one of these three schools, rather than why the safety is the best option.</p>
<p>Thank you for any advice!</p>
<p>You applied to several public flagships, which are known for not giving significant financial aid to out-of-state students. UVA will meet demonstrated need, but Cal and UCLA will not. At this point, I would write off those two and focus on Virginia.</p>
<p>What is your EFC and parents’ income?</p>
<p>If you’re OOS for the UCs, they expect YOU to pay to go there. They only have some aid for their instate low income kids. </p>
<p>Frankly, I don’t understand why people think that an OOS school is going to cover their high OOS fees with financial aid. What would be the point of charging OOS fees if the school is going to cover the costs with FA??? </p>
<p>Besides, it sounds like your family has a good income anyway, so your EFC is likely highish…so even after spending down your acct, your EFC will be high anyway. Your EFC may be too high for aid even from UVA. </p>
<p>If your parents do not want to take out loans to pay for the rest, then you’ll need to go elsewhere.</p>
<p>What is your EFC?</p>
<p>What is your safety school?</p>
<p>What are your stats? Are you a NMF?</p>
<p>First of all, you are only eligible for financial aid if your family has need. What is your FAFSA EFC? That number will give you some idea as to what kind of aid you can get. Unless you come from a low income family, chances are you are not going to get the PELL grant which is only about $5K max andways. FAFSA also makes you eligible to borrow up to $5500 yourself through the Stafford loans. With need, some of those loans will be subsidized.</p>
<p>As others have said, when you apply to other OOS schools, they do not tend to meet need. Unless you are one of the very high stat kids that may get a merit award, you are not likely to get anything since they have to provide for their own kids first. UVA does meet full need, but I believe they use PROFILE or their own calculator for need. Your family income is the biggest indicator for need, so though,yes, when the $100K is depleted, some more need could be generated for your parents, it’s really more income based. For instance FAFSA takes about 5.6% of assets over about $50K protection. So you can get some idea what effect assets have on EFC. It’s the income that matters. </p>
<p>It’s late right now, for your parents to say they cannot pay. It looks like they have about $25 per year for you in savings. What can they give you out of current income? What can they comfortably borrow? Those three pieces will comprise what your parents can pay. Then you have to ask yourself the same questions. You know that your loan max in your own name is $5500. What can you earn per year including this summer, and what do you have saved for college? </p>
<p>If your family truly cannot afford any of these schools, you may want to look into commuting to a local school for a few years and then transferring to a full pay school. With what your parents have saved, that is very doable. Also a state school is a good possibllity. Taking a gap year and working mght be the way to go if admissions is closed for your major state schools.</p>
<p>If you can finish a 4 year degree only using Federally subsidized loans, that is not bad. You need to take out the maximum each year, because there is a limit per year. You can’t wait until the last year, and then take out $10,000 of subsidized loans, for example. </p>
<p>The maximum for most students of subsidized loans over 4 full years is about $23,000. That is not an unreasonable burden to pay off for a high quality education. However, if you need other types of loans, the costs rapidly rise because of higher rates and because the interest accrues right away.</p>
<p>In response to comments above, UVa is unlike many public universities - they also meet 100% of demonstrated need of out of state US students.</p>
<p>Also, in addition to work study, many colleges offer other part-time jobs for students. Some are really easy - such as working at a library circulation desk, which allows you to study while you get paid.</p>
<p>As others have mentioned, to help you out, we need to know your current EFC number. Then, if you really want to go to UCB or UCLA, you would be better off spending down the #100K in savings for college in the first two years. Depending on your parents’ income, it will reduce your EFC for the subsequent 2 years.</p>
<p>CameronSeib, consider that UC fee increases might be larger than the “typical” 3-4% a year, especially for OOS students. Your $100k savings account is wonderful, but it won’t last you even two years. UC will not meet need for OOS, so emptying the account won’t help. </p>
<p>California is facing huge budget issues. Budget talks have broken down, and the state is facing the specter of enormous and devastating cuts. It would be utterly demoralizing to be attending Cal or UCLA after two years, paying perhaps $60k a year as an OOS student (covered with loans), for a stripped-down academic experience. I love both schools, still recommend them to those in-state or those for whom price is no object. These aren’t going to work for you.</p>
<p>What is your family contribution per FAFSA? As noted, UVA does meet full need but you have to HAVE need for them to consider you for need based financial aid. In addition to the FAFSA, UVA also requires completion of the CSS Profile which delves deeper into your family finances than the FAFSA.</p>
<p>You will just have to wait and see what UVA offers you…and then look at other options if the money doesn’t work out.</p>
<p>You could consider going to a local community college for a year and taking general education requirements…and then transferring to a four year residential college. If you go that route, your $100,000 in family savings will go a LOT further, especially if you enroll at an instate public university in your own state.</p>