I am brand-new to the site – did not know there would be great help here! THANK YOU everyone. I considered looking at a consultant because of trying to figure out how to deal with the EFC. I am losing lots of sleep over this. The following may be way TMI but I am taking you all at your word about help!
A little about our financial situation – married couple, income about $120K before deductions. We are older parents – I will be nearly 62 when DD #1 enters college, DH will be almost 61. DD#1 finishes sophomore year of HS next week, DD#2 finishes freshman year. He’s a civil servant, I work for a nonprofit.
Though we have a middle-class income now – I was unemployed for six years and have been employed now for a year. We lost a house. I have not a dime for retirement (DH has a plan through the city he works for). We will not be eligible for some federal loans because we had to file Chapter 13 (our five-year plan will be completed in a May 2018; DD will start college apps the following fall); in any case, we are really hesitant, because of our ages and lack of retirement income, to take on debt. We are currently renters. Will likely own a modest home (FHA) with about 3-4% equity in in when she starts applying.
Both DD’s are scholarship students at elite private school where 100% of grads attend college. Low student to college counselor ratio – each counselor has about 35 juniors and 35 seniors. DD #1’s GPA is 3.85/4 – which is great for this demanding, very academic school – and may be as high as 3.9 when she starts applying. School does not weight so this is a “clean” GPA. Has not yet taken PSAT, SAT or ACT. Her school brings in a college prep tutor who runs an 8-week prep test, 4 weeks prior to PSAT and 4 weeks prior to SAT, or 8 weeks prior to ACT. Based on a pretest and knowing my kiddo, I’m guessing she can score between 1480-1520.
She has worked for the past three summers (starting at age 14) as a production assistant for a local cable access TV station. Certified on several types of video equipment, has been nominated for several awards for short films. Not interested in this as a career. She has volunteered on several political campaigns, was a fellow on Hillary Clinton’s campaign, has an internship at the state Historical Society. Is news editor (had to interview for it and was chosen) on award-winning school paper; hopes to be editor in chief as a senior. In a couple of school clubs but nothing of real note though that may change as the school is quite savvy when it comes to positioning upper classman for college apps – leadership roles, etc.
She is passionate about history and political science. Is willing to go rural, suburban or city – she looked the college counselor at school and said, “I will go wherever they give me the most money.” A conservative school or one that is overly religious would not be a fit. Most schools in the deep South would not be either. Prefers small-medium schools but it also very interested in GWU. DH is a Mason and she would qualify for their Scottish Rite scholarship (1/2 tuition); I don’t know how competitive this is. Would love a Grinnell (understand they have cut merit aid), Bryn Mawr, Mount Holyoke, etc.
Will be considered a first-gen college student as neither DH or I finished college. DD is Asian but because she’s Chinese, that doesn’t help and may hurt with financial aid.
She’s a really good writer and will likely knock it out of the park with her essays. If college is one of the few that do interviews, she would do very well – a “personality” kid.
She will spend time this summer researching independent scholarships, too.
TIA for any help. I’d like to quit waking up at 4 a.m. trying to figure this out.