Should I even apply?

Paying for College
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<p>My dad calculated our EFC yesterday and it came out to $150K. My question is, is it even worth applying for need-based financial aid? </p>

<p>When I went on campus tours, most colleges said that around 50-75% of students are on financial aid. I can't imagine that my family is richer than 75% of college students. If I apply will I get any aid? In addition, I heard that putting down that you are applying for financial aid can influence decisions, even at need-blind universities. </p>

<p>Still, my parents are getting pretty upset b/c I'm applying to 19 colleges, and it's costing us lots of money. In addition, I have 3 younger siblings and they all do art/dance/sports which also costs a lot of money. In other words, we are no way filthy rich, and this whole college application process is causing a lot of stress. Any tips? Thanks so much.</p>

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<p>???</p>

<p>I thought the highest a number could be is $99,999. But I could be wrong. Anyway, since your family isn’t appalled, that probably means the number is correct and their income must be in the $350k+ range and maybe with assets.</p>

<p>*When I went on campus tours, most colleges said that around 50-75% of students are on financial aid. I can’t imagine that my family is richer than 75% of college students. *</p>

<p>Uh, yes, you are… You’re probably richer than 95-99% of the kids on campus.</p>

<p>What do your parents do for a living?</p>

<p>No, you won’t get any aid from ANY school.</p>

<p>There are only a few options…</p>

<p>1) pay full freight…which is about $55k per year</p>

<p>2) go to a school where your stats will give you big merit scholarships (what are your stats?)</p>

<p>3) go to a school that has a low Cost of Attendance.</p>

<p>At a minimum,you absolutely need to apply to some schools that will give you big merit if your parents have no intention of paying $55k per year.</p>

<p>How much did your parents say that they would pay?</p>

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<p>I might be wrong as well, that’s just what my dad told me. </p>

<p>Really? Richer than 99% of kids?? Only my dad works (he’s the VP of a small 10 person biotech company) and with 4 kids, money is actually really tight. </p>

<p>That’s pretty depressing. So I’m not going to get any need based aid for sure? Not through CCS or FAFSA?</p>

<p>I could apply for merit based aid, but from what I understand that isn’t that substantial. And, of the schools I’m applying to, many don’t offer any (Caltech) or only give it out to a select few (WUSTL). My stats are 2370 SAT, 36 ACT, 4.0UWGPA, 3APs, and lots of ECs (Siemens Semi). </p>

<p>Thanks for your response.</p>

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<p>How did your dad do this computation? Did he use one of the online calculators?</p>

<p>The maximum FAFSA EFC is $99,999. If you’re EFC is that amount, your family income is probably about $500K per year…or more. Did your family think you would qualify for need based aid? If so, how much did they hope you would get in need based aid.</p>

<p>I hope in that list of 19 schools there are two things…one a financial safety which is a school that is within your family budget regardless of aid. The second would be schools where you might be eligible for merit aid of somes sort.</p>

<p>If the stats you are reporting are really what yours are, you would be eligible for merit aid in a substantial amount at a lot of schools. Unfortunately, many of those very generous merit awards have deadlines of December 1 and some actually have special applications that need to be completed by that time…as well as your admissions application.</p>

<p>If your EFC is really that high…you would not qualify for need based aid anywhere.</p>

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<p>You will not get any merit aid if your EFC is over the cost of attendance…Period… CSS …FAFSA…doesn’t matter. </p>

<p>BTW…CSS and FAFSA don’t give ANY money. Those are just forms that tell schools what your EFC is. And, your EFC is toooooo high for aid.</p>

<p>For being really smart, you’re VERY NAIVE about money. Yes, people who have high EFCs make more money than MOST people. </p>

<p>Money may be tight because your parents may have a really high mortgage, nice cars, and other luxury-like expenses. High income people who live rather expensive lifestyles can have tight money situations. </p>

<p>You absolutely need to get an answer from your dad about how much he’ll pay.</p>

<p>If he won’t pay the $55k per year for you to go to your fav schools, then you can’t go there.</p>

<p>Find out how much he’ll pay and come back here.</p>

<p>I know this is disappointing, but at least you’re learning this NOW.</p>

<p>You need to apply to USC and we’ll think of some other schools based on what your dad says.</p>

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<p>Quick EFC - this is a rough estimate<br>
[FinAid</a> | Calculators | QuickEFC](<a href=“Your Guide for College Financial Aid - Finaid”>Quick EFC - Finaid) </p>

<p>I do see that the EFC calculators on this website do give EFCs in excess of $99k. That’s probably so that those with 1 child in college will have a more clear idea of what their EFC will be when they have 2 or more in college.</p>

<p>Anyway…with an income of about $550,000 with no assets, your EFC is about $140k.</p>

<p>So, either your parents make less than that and have a lot in assets, or your parents earn a very high amount.</p>

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<p>

Did you mean need based aid? A lot of merit aid does not take into account the student’s EFC. I know my daughter’s merit aid was awarded before we even applied for aid. Though some top schools do not offer merit aid.</p>

<p>OP, if your EFC is really that high then your parent’s income and assets must be extremely high. Much higher than most peoples. Is your dad sure he calculated it correctly?</p>

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<p>matlas…please have your parents check their numbers and use an online finaid calculator. Use the IM…institutional methodology when you do the computations.</p>

<p>Is it possible that your parent put the balances in their retirement accounts (TSA/IRA) as assets? Could they have put the value of their home instead of the equity? Did they possibly put an extra zero someplace on the income/asset lines? Do they own a business? Do they have a second or third home…or other real estate such as rental properties? </p>

<p>Or is it possible that their income exceeds $350 thousand-$400 thousand dollars a year?</p>

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<p>You don’t need to make half a million to have a $99,999 EFC. Good salary-say $250 plus assets if you’re a moderate saver on that can get you there.</p>

<p>The OP faces what many smart kids do. Many schools will pay him to come, but they are not the schools he had in mind. Like so many the family will face the hard choice of biting the bullet to send him to a top school or accepting that merit aid will mean a much lower ranked school.</p>

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<p>I don’t know everything about my family’s financial situation, and yes, I am naive when it comes to financial aid and that is why I am asking for help.</p>

<p>From what I know, my dad makes around $350K a year. I’m not sure what our assets are, but they are pretty high. The reason I am surprised to find out that I will not be receiving much financial aid is that I am positive $200K over the next 4 years is a lot of money, even with such a high EFC. </p>

<p>Since this is the case, are you saying my only hope for financial aid is from merit scholarships? I am a NMSF, but I don’t think that will award much money. As for colleges themselves, how would I get a merit scholarship and be able to afford going to a school like Caltech? Thanks.</p>

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<p>I think at Fordham University NMSF qualifies you for full tuition. As 2college says, the schools which can give merit scholarships are not the schools you have in mind. You really, really need to find out what your parents are willing to pay.</p>

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<p>I have to concur with the above. Knowing how much your parents will pay each year is the very first step in determining where you can go. (And yeah, $350k/year is an extremely high income; need-based aid is not going to be forthcoming in most circumstances!)</p>

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<p>Yes, $350K/year is clearly in the top 5% of income in America. </p>

<p>Your stats are great. Please double-check the deadlines for scholarship consideration at your chosen colleges! December 1 is sometimes the deadline for scholarship consideration (even if the regular deadline is January 1).</p>

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<p>With a $350,000 a year income and high assets, you will not receive need based aid…and truly your family should be able to afford to send you to college assuming they are wise with their earned money. Even if half of their income goes to taxes…you still have $175000 a year to use for your living expenses and such.</p>

<p>Colleges assume that families will use past earnings (savings), current earnings (income) and future earnings (loans) to cover college costs.</p>

<p>I can tell you…our family income was 1/3 of yours…still a very good family income…and we paid almost full freight for our kids to attend expensive private universities (both got some merit aid, but we paid the bulk of the costs…their merit aid covered less than 20% of their college costs).</p>

<p>$350,000 a year is about 7 times the national average.</p>

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<p>From what I know, my dad makes around $350K a year. I’m not sure what our assets are, but they are pretty high. The reason I am surprised to find out that I will not be receiving much financial aid is that I am positive $200K over the next 4 years is a lot of money, even with such a high EFC.</p>

<p>:) Ok…you’re a smart guy…do the math…during that SAME four years that your parents would be paying out $200k, they will have MADE $1.4 MILLION dollars. So, yeah, paying out $200k should be NO BIG DEAL for them. That still leaves them $1.2 Million over 4 years. Do you realize that during the same 4 years, MOST families have earned $400k or less. Does that make sense now?</p>

<p>Seriously, you’re a smart guy…(and I don’t mean to be harsh), but don’t sound like you can’t do basic easy math in your head to realize WHY your family does NOT deserve any aid. </p>

<p>S*ince this is the case, are you saying my only hope for financial aid is from merit scholarships? I am a NMSF, but I don’t think that will award much money. As for colleges themselves, how would I get a merit scholarship and be able to afford going to a school like Caltech? Thanks. *</p>

<p>Ok…more shocking news (and this is YOUR PARENTS fault if they had no intention of paying $200k for your education). There is no way that they should have been letting you think that you’d be able to go to CalTech, etc (schools that don’t give merit). </p>

<p>Your parents have been WELL AWARE of their earnings. THEY are WELL AWARE that they make more money than 99.9999999% of American families. Unless they have pea-brains (which I don’t think they have - I think they are smart people) there would be NO REASON for them to think that people who have their incomes would get ONE CENT of financial aid.</p>

<p>I have a brother who makes a little bit more than what your dad does. He has 3 kids in private universities. THEY GET NO AID AT ALL. He has to pay full freight for 3 kids. </p>

<p>My sis pays full freight for 2 kids (one at Vandy and one at Tufts). </p>

<p>So…now…what to do… (harsh talk over… :slight_smile: )</p>

<p>Ask your dad how much he’ll pay. </p>

<p>Unless he says, $50k per year, schools like Cal Tech and such are now “off the table”. Yes, you can submit a couple of those apps, but unless your parents PAY you will NOT be going to those schools.</p>

<p>NOW…if your parents give you an amount less than $50k per year, you must QUICKLY apply to some schools that will give you enough merit that with your parents contribution, you’ll have your costs covered.</p>

<p>Don’t let your ego get in the way right now… many of these schools have Dec 1st deadlines for scholarships, so don’t let your ego stop you from applying. Right now, you need to cover your tush in case your parents aren’t going to pay.</p>

<p>So…find out how much they’ll pay and come back here. (if they agree to the $55k per year, then awesome…problem solved!!)</p>

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<p>University of Southern California - apply by December 1st for a shot at the full-tuition (approx $40,000/year) Trustee scholarship, and as a NMF you will receive 1/2 tuition (approx $21,000/year) automatically even if you miss the December 1st deadline and apply by January 10th.</p>

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<p>Honestly, I can do simple math believe it or not. I have talked with my parents and they have reassured me that they are willing to pay for my full tuition. Still, as I am sure you can understand, I want to pay as little tuition as possible. I don’t mean to blame my parents, but they have not exactly been wise in saving for college, and I really don’t want to put them and my siblings in financial hardship. Anyways, thanks for your responses, and it is now clear from your various responses that I should not rely on need-based aid.</p>

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<p>What a lot of people don’t understand is that with higher income, also comes higher taxes. Based on what you said, your parents pay about 33% in federal income taxes, which at $350K comes out to $115.5K. That means that their takehome pay is only going to be about $234.5K, from which that $50-55K/year needs to come from. That is a significant amount of money for anyone, regardless of income.</p>

<p>Most people are going to be in the 25% tax bracket, which is much more affordable (another reason why the United States should move to a flat tax rate, a la Hong Kong). In that case, your parents would have an extra $28,000 to spend, which would make the cost of a college education far more affordable. Unless you’re in the situation, it’s hard to see it from someone else’s point of view.</p>

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<p>their take home pay is only going to be about $234.5K,</p>

<p>only? only? LOL…ah…poor them.</p>

<p>The system does NOT assume that a family is all tuition paying out of current income. It would assume that a family with that kind of earnings would have a lot saved. If they don’t, then that’s THEIR fault…not the FA system’s fault.</p>

<p>Anyway…it’s a good thing that the OP has found out that his parents will pay full freight. :)</p>

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<p>^^ oh the humanity!</p>