State School Financial Aid Question

Paying for College
21

Ok…I’ll comment. You didn’t have the best application list from the get go…and to be honest…this one isn’t any better.

OHio State, Wisconsin, Boulder, Indiana, San Diego State, will all be unaffordable. They don’t guarantee to meet full need. You won’t get any need based aid from the CA publics. You won’t be able to afford the out of state costs to attend these schools.

UVA, and UNC-CH both pledge to meet full need for all…but they are extremely competitive for admissions. UMIch tries to meet OOS need. It’s not a cakewalk to get acceoted there either as an OOS student.

Reapply to USC and ND? What will you do in that gap year to improve your application? You were not accepted with what you currently have…so what is the point in re-applying…unless you have something really good to add to that application.

Alabama has potential…but how will your family oay the remaining costs for,you to attend…even with a tuition scholarship?

Rutgers is a good option if you can get some need based aid and/or scholarship money to go,ther.

I would suggest you look at Rowan where you might actually get a good amount of merit aid.

Now…questions. You say your parent income is $30,000 a year. But your parents are both self employed…and their home is fully paid for. That home equity will be a factor for UVA and UNC,and UMich which all use the Profile.

Is that $30,000 a year their net income…or their gross income? That seems mighty low for two self employed folks with a fully paid for home in NJ.

To be honest…if,your income is really $30,000 a year…I don’t see any sure things on your list. You have very competitive schools that meet full need…and you have costly OOS schools. A sure thing is an ford able option where you have a high probability of being accepted.

22

If you are $0 EFC you need schools that are affordable after need based aid or merit. So about full tuition. Then you can use direct loan and Pell towards room and board.

23

I’m not sure, I think it’s their net income because they said they can pay up to $20k for my college tuition per year… but they said only if I can get into a worthy school like Notre Dame (they’re both obsessed with ND).

Also, I did some research and I regret not applying to Alabama! Apparently, my stats are eligible for full-tuiton for four years! Do any of you know of any other state schools that give out partial to full-tuition scholarships for students with over a 3.5 GPA and a 33 ACT?

24

Also, thank you all so much for giving me so much useful information!! :slight_smile:

25

Are you a NMF?

26

@Madison85 No, I’m not.

27

With a 0 EFC and his stats, he’ll get a full Pell Grant and full tuition at Bama. His parents can either pay the rest (about $8k) or he can take a student loan and his parents can pay a couple thousand.

The rest of his list has holes. Forget any Calif public. I’m not sure that MSU gives grants to OOS. They may give merit, but I don’t think they give grants other than Pell.

Forget UColorado Boulder. You won’t get much aid there.

PLEASE run the NPCs!!!

@blourring do your parents have a business?

28

Then…it is very very possible that your EFC won’t be $0.

In addition…some schools will be adding back business deductions allowed by the IRS but not allowed for financial aid purposes as income.

29

http://talk.collegeconfidential.com/financial-aid-scholarships/1817341-is-estimated-net-price-the-same-thing-as-your-efc-p1.html

According to this thread…parents are both self employed…and their home is fully paid for. The net price calculators would need to ask bout home equity (in the case of any Profile School)…and the business value. If those questions aren’t asked, the NPC is going to spit out garbage for an estimated net cost.

30

If you parents income is $30,000, how can they afford $20,000 a year?

31

^ Because the $30K is due to the high deductions taken for an owned business. That’s also why the colleges that use the Profile add those deductions back in.

32

Sorry if I missed it, which state are you from? Does the state offer grants to low income students?

33

http://automaticfulltuition.yolasite.com/

^list of automatic full tuition schools

34

Did your counselor tell you to apply to Rutgers and other better NJ publics in the fall, esp. those where you could commute to from home? You would get merit+pell+state grant plus honor program and they would be your backups.

35

@blourring
What kind of business do your parents have?

36

How were these travels funded?

37

State schools are not the only schools that are big sports school. You should look into Bucknell University, Davidson College, Syracuse University(which I think would be a great fit). Those schools have D1 sports and meet at least 90% need.

38

OP, you were admitted to Minnesota? Was that affordable? That seems like a great midwest choice.

Also wondering if you considered Iowa State University? I have been running lots of NPCs, and they are affordable for out of state students, plus they offer automatic scholarships to bring the price down even lower. For us, they look to be more affordable than some of our in state schools. They are also D1, Midwest and lots of school spirit. We have not visited yet, but they are supposed to have a beautiful campus.

39

@sensation723B

What do you mean “meets at least 90% of need”?

Davidson pledges to meet the need of all accepted students…as they calculate it to be.

Syracuse and Bucknell do not guarantee to meet full need.

All of these schools use the Profile. All use home equity in their need based aid calculations to some degree. All will require the business supplement to be completed as the parents are self employed. It seems very possible that there are many business deductions being taken (allowed by the IRS but often added back in as income for financial aid).

This student says her Parent income is $30,000 but her parents can afford $20,000 a year in costs. Sorry…but the take home pay for a $30,000 a year earner would be just over $20,000…and presumably the family has other bills like food, utilities, car insurance, and the like.

Oh and those three schools cost about $60,000 a year…or more.

40

@thumper1 Both Syracuse and Bucknell give great financial aid. Now how each school calculates financial need is different. I have no idea what type of business OP family owns or better yet what type of business structure it is. I’m going by the information the OP provided in this thread. I don’t know how much aid they will offer OP but I do know OP has a better chance of getting aid from Syracuse and Bucknell than she does the schools she listed. Of course OP and parents should run the NPC on every school to see if it’s affordable to them.