<p>I am applying to several good private schools with high COA (chicago, pomona, colorado college, and others) as well as UVA (instate) </p>
<p>i have one parent, my dad, who makes 170k+ in salary. The thing is he has other sources of income that I'm fairly certain at least double that figure</p>
<p>also, my sister already got her undergrad degree if that matters.</p>
<p>I will be paying for college out of a trust that my dad can authorize me to use for such expenses. It will easily cover COA anywhere, but not without significant damage. this changes things, because while I am comfortable "splurging" on an undergrad degree, it is my (future) money, and I am normally a pretty frugal person - so this will really make my decisions more interesting. </p>
<p>the first thing I'm wondering: Common sense would dictate that, given my dads salary and net worth, I don't have a shot in hell at any need-based aid. Is this true? A quick "yes" would save me some time. Basically, with the way EFC is calculated, is there some cutoff that excludes one from need-based aid entirely?
second: If you were in my position, would you write off the "retirement" money in your trust and never look the other way, or would you very seriously consider UVA over one of your tippy-top choices - assuming you get into both?</p>
<p>Doin school…it sounds like you have some significant assets (if you have a trust that can pay your costs anywhere…and yes…your share of the value of that trust MUST be reported on all of the finaid applications whether or not you have actual access to the money). You have lots of options. As noted, a school with good merit aid would be a start. The instate costs of UVA are good compared to the private schools you have listed. There are other schools in VA that might also be good choices for you depending on your interests (VA Tech for example would be an excellent choice if you are interested in engineering).</p>
Various factors come into play (other kids in college, etc.) and different schools have different interpretations. A very few top schools (like Harvard) have raised the ceiling higher than others (as high as $180K, or even more in some circumstances). However, with your trust and other assets in addition to your dad’s income, I think your chances at n-b aid would still be zilch.</p>
<p>Even though Chicago and Colorado College are two of my favorites (I graduated from one and have a kid at the other), and Pomona is great too, I would absolutely consider UVa over any of them. But you have to wait and see if you are offered any merit money. If the spread were fairly close (and only you can decide what that means) it could be a tough choice. Even if the out-of-pocket cost were equal for all, any one of them could be the right school for the right person.</p>
<p>Be sure to investigate whether merit awards require aid applications at each school.</p>
<p>As to the issue of conserving assets – I think in your position that IF you have a private school that you strongly want to attend – go for it – but if it’s just a matter of worrying about prestige and you don’t have a strong attraction to the private college… then obviously UVA is the better value. </p>
<p>Put it this way: a private college is a luxury that you CAN afford – but the analysis is the same as for any other luxury item. You would choose to buy a more expensive car or house if it had specific amenities that you wanted and felt strongly about – but you aren’t going to throw away your money just to impress the neighbors.</p>
<p>I agree that you don’t have a shot at financial aid. And that you can get a great education at UVA.<br>
BUT, if you really really wanted a certain kind of experience that was available only somewhere else, I think you could spend the money in your trust. At the end of college, you would be just like most other college grads-broke! And you would be ready to start “real life” and make your own money.<br>
If this trust is an inheritance from a grandparent, what would that person have loved to see you do? If I was able to leave a chunk of money for a young person, I would hope that they spent it on education and seeing the world before they settled down. I wouldn’t expect an 18 year old to be saving for retirement, or buying a home! That’s very practical, for sure, but I, personally, would want that young person to do something wonderful that they would have otherwise been unable to do. Just my two cents!</p>
<p>I learned from others on CC, and will pass on to you: As I understand it, there are two reasons to apply for need-based aid even if you feel you won’t receive any. First, some colleges require application for need-based aid in order to be considered for merit aid, and second, some require application as a freshman if you wish to apply in a later year (for example, in case your father loses his job). I am in the process of calling the financial aid offices of the colleges my daughter is considering. So far, the ones I’ve called haven’t had policies that would require us to apply for financial aid this year.</p>
<p>I think that is one of the exceptions. Typically the few schools that require you to apply the first year, do have exceptions…such as death of a parent or serious drop in income.</p>
<p>Hmm, well without revealing more about my personal finances than I am comfortable with, let me say that I would be far from broke at graduation.
It is inherited (actually, there are two trusts) from a combination of my mother and grandmother’s estates (rest in peace). What they would want me to do with the money is a very good question. I know for a fact my grandmother wanted that money to be used for fun, not for paying bills…my mother, I don’t know. She was a bit of a wanna-be helicopter mom, lol, but I was way too much of a stubborn teen to appreciate it. She was also very much a woman of society and would probably like to see me go somewhere prestigious…but UVA certainly fits the bill in that regard.
Where I stand now? I would be thrilled to pay tuition at pomona. The hardest decision would probably be if I get into Reed, Chicago, AND UVA. Reed, because I am in love with the intellectual lifestyle there; chicago, because I would find it extremely difficult to pass up the world’s best econ program; UVA because its such a bargain…but hey, all I can do is wait until I know where I stand with my acceptances, and hopefully there will be an obvious decision to make when that time comes
thanks everyone for the advice.
Also, thanks for the point about why it might be helpful to file need-based aid anyway. However, I think all of those points are void in my situation unless the DJIA drops below 5k…with the exception of merit aid, which I will research at each school individually</p>
<p>I would disagree: it seems to me you have UNlimited choices…which is why this is going to be a difficult decision for you to make.</p>
<p>And in defense of the poster-I think he was trying to answer my question about what his relatives might want for him to do with the trust. I don’t think he was saying he wanted to collect financial aid and use all his own money for fun.</p>
<p>The question is would there be any possible reason for him to spend the time filling out the FAFSA and the Profile?</p>
<p>to the OP: You have options that many people don’t have-and I think you realize that. Now you need to think hard about some questions like
How much do you want to leave your home state and see another part of the country?
Is that worth 250,000 dollars to you?
Do you crave small classes? What is the difference in class sizes at the different schools you are interested in? Is that difference worth a hefty price difference?
You have a certain intellectual environment in mind. You will need to visit again all of the schools you are accepted to, and try to figure out if the environment there is what you desire. If it is, is it worth the additional cost?</p>
<p>For our daughter, we began the process by talking a lot about what academic environment she wanted. She had options of excellent in-state publics like UCLA and Berkeley, as well as schools which gave generous merit aid. In the end, we chose an expensive private school out of state that had a low faculty-student ratio and the type of environment that she wanted. We can afford it with some sacrifices. </p>
<p>I’m absolutely certain many people in our circumstances would have made a different decision. </p>
<p>If you will graduate with plenty of money left over, and if you can still afford grad school or law or medical school, I say go where you feel you will thrive and be the happiest. Use this gift to get a great education, to travel, and to do good.</p>
<p>Oh man, I wish :D. pomona, chicago, and uva are all reaches for me </p>
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<p>A lot. I am so tired of virginia and would love to go somewhere new with all new people and reinvent myself</p>
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<p>Maybe, depending how fiercely I rationalize it</p>
<p>I am looking for an intellectual environment. basically, I just want to make the world a better place (my very broad life goal, which I want to narrow down in college)</p>
<p>thanks for sharing your daughters story. I am also inclined towards going where I feel is the best match, regardless of cost. I don’t think 200+k is a fair price for a bachelors degree education, but its a better thing to splurge on than most things, and will probably be the most formative years of my life.
no matter where I end up at school, I know I am very blessed to be in this position.</p>
<p>Econ / Philosophy / Neuroscience / Poli Sci are my main interests currently</p>
<p>Please see this thread for my current college application list and any suggestions. I don’t think I’m interested in rochester or uminn, but thanks for helping out with your time</p>
<p>3.5 uW, 11 ap credits, 2160 (700 cr 700 w 760 M) great essays, great rec’s, unique but not amazing ec’s, and my family tragedy (moms passing) in sophomore year will cut me some slack hopefully</p>
<p>My children also inherited money from grandparents. The absolute first thing they’d spend it on is a top notch education. You have a lifetime to work and make all they money you want. </p>
<p>This is your choice, but consider the value of a great education vs. Temporary fun.</p>
<p>Also, is your dad willing to help? We are paying for our kids’ undergrad education despite their inheritance.</p>
<p>Colorado College
Davidson College
Kenyon College
Pomona College
Reed College
University of Chicago
University of Virginia
Whitman College
Willamette University
MIT</p>
