Home equity is the least of your problems.
Let us know exactly what your mom plans to pay per year (i.e. Freshman year times four, assuming that costs go up every year). Then we can help you figure out a strategy.
Are you an instate resident for Indiana?
No I’m not a resident of Indiana. I don’t know how my mom is going to pay… I’m just trying to get an admission.
Why home equity is the least of my problems?
I understand the difference between the gap year and the deferral. My mom is very stressed and so am I. I just don’t want to add more stress to her. My first choice just rejected me.
Admission doesn’t matter if you can’t pay. That will just cause more stress. Does your mom have any idea how much she can afford to pay? If she doesn’t know or can’t afford much, you need to look for merit aid. We can help make suggestions if you give us some basic information.
What’s your SAT/ACT score?
What’s your UW GPA?
What state are you from?
What’s your FAFSA EFC? If you don’t know, can you find put a ballpark estimate of what your mom earns?
Home equity is the least of your problems because if your application list is scattershot and filled with schools that you can’t afford even with the MAXIMUM merit aid, or maximum need based aid (according to the school’s calculation), you just plain can’t afford it. The difference of a few thousand here or there in need based aid with the inclusion of home equity won’t make a difference in the overall affordability if your mom doesn’t know how much she can spend each year, for four years out of pocket. That’s the easy part. She can come up with 10K per year. Or 12K per year.
Then you need to figure how much you can borrow (there’s a cap), how much you can earn-- and that’s your budget. You can’t just assume that because a school gives merit aid (and you might get some) that you can afford that school. Many colleges give out 10K or 12K which feels great… until you look at the sticker price and fall over.
Start at the beginning- Austin made a great suggestion. Answer those questions and we can help you.
Here are my stats:
What’s your SAT/ACT score? 1240
What’s your UW GPA? 3.41
What state are you from? CA
What’s your FAFSA EFC? I think it is about 27K if my mom does’t include my dad on it. If she does, it is probably double.
Your mom wrote the above post on 12-11…saying “DD got admitted to BORNS JSP.”
Then YOU wrote this today:
So…which is true…that you have been admitted to BORNS JSP at Indiana, or that you haven’t been accepted to ANY colleges?
How would you pay OOS costs for Indiana?
I got an email from BORNS UI… I wasn’t sure I was admitted, the envelope arrived today. I’m in. I don’t know if I will go there if I have to pay the sticker price. They have some scholarships, and I will be applying. I also applied in state, but didn’t hear back yet.
If you are in CA you could do 2 yr community college and then UC or CSU.
It is getting harder and harder to transfer to UCs from the community colleges. But this is always an option too.