<p>I was just wondering if you have more of a chance for a scholarship/monetary help if you attend a school where you would be a stronger candidate than the average student at that college... At this point, I have no idea how you qualify for scholarships, money...</p>
<p>Friends at my job said that based on our income we will not qualify for any aid, but I assume we can get loans. We are just a middle class family. I can't imagine how we could afford to pay even a state school tuition.</p>
<p>Therefore, I am curious about the best way to cut the costs of college. My son is about begin his sophomore year and has not thought about college at all. I don't want him to get his heart set on a college if it's not financial possible for him/us. Sorry...that was a lot in one question!</p>
<p>Yes, if you apply to schools in which you are on the higher end of the applicant pool, most will give you merit based aid in order to get you to attend.</p>
<p>There was a thread started by momfromtexas a while back where a parent outlined just such a strategy to getting $$ for her kids to go to college.</p>
<p>Basically, the best thing your kid can do to help out is to do the best he can in school and on standardized tests to become that "strong student" in the eyes of colleges. Some scholarships take a lot more than that (in terms of community service and "that certain something") of course. But having a great GPA and test scores is a good starting point.</p>
<p>If your state has a decent community college program, you can start there and transfer up to the university. You can get a couple of years under the belt at a much cheaper price. We live in CA and a lot of kids are able to afford college because of the cc program.</p>
<p>The other thing to consider is to have your student live at home during his college years. A BIG chunck of the money spent for college, especially at a state school, is for room and board. It's not the "best" college experience, but if getting a degree is what you want, it'll do. Leave it to your kids to provide your grandkids with the quintessential college experience.</p>
<p>Okay, I'll give you a lowdown of the types of aid.</p>
<p>There are mainly two types of aid that colleges give out. A student can receive need-based aid and/or merit-based aid.</p>
<p>Since you say that you probably won't qualify for need-based aid, merit-based aid is what you want. These is basically your scholarships.</p>
<p>Many of the top schools don't give out any merit based aid (All ivys, Georgetown, etc.) but some do (Duke, WUStL, etc.). The lower you go down the college food chain, the lower the standards for merit based aid. </p>
<p>This thread will probably help you out a lot. I'd suggest reading through it.</p>
<p>It's good you're starting early thinking about money. It's a huge deal, and it's complicated. Figure out how much you think you can pay and tell that number to your son. It's important for him to be a partner in the process of finding an affordable school.</p>
<p>For starters, run the FAFSA calculator here:
<a href="http://www.finaid.org/calculators/finaidestimate.phtml%5B/url%5D">http://www.finaid.org/calculators/finaidestimate.phtml</a>
(also read through the information on that site) and you will have a rough idea of how much you will be expected to contribute annually to your son's education. Costs above that amount may or may not be covered by financial aid, depending on the school. The tricky part is that financial aid can also mean loans and some schools do not meet full need (i.e. the costs over your expected contribution).</p>
<p>If you have a strong student he will likely qualify for merit money at schools that offer it (and, yes, he needs to be in the top of their applicant pool). When the new US News & World Report college rankings come out (sometime in August) pay for an online subscription ($15/year) and for every college if you look at their financial aid section you will be able to see how much aid they give out and what sort of aid it is (grants, loans, athletic scholarships, etc). It will help you either eliminate or add some schools to your search.</p>
<p>My advice = Don't go into this just assuming you can take out loans and cover any school he wants to go to. You could be looking at an outrageous debt. Contrary to what it might seem like, that is NOT the road most families go down. There might be some loans involved, but if he's a good student there's no reason you should be in financial doo-doo when it's all said and done.</p>
<p>Thanks for your advice weenie! (I feel funny writing that!!!!) I will definitely check out the FAFSA.</p>
<p>Added to the mix...my husband had to pay all his college costs himself
(So he thinks our son should do the same.)<br>
...my parents bascially paid all my college costs
(So I can't imagine my son paying for it all.)
...my son has no real idea about the value of money!!</p>
<p>So we will have to meet somewhere in the middle...yikes!!!</p>
<p>ssmom62 -- if you do some research you will find that the cost of college tuition and room & board has far outpaced inflation -- so you will be able to show your husband that your son is not faced with an equivalent expense as whatever it cost your husband to go through college -- although CUNY and the SUNY's are still a good bargain when you compare their costs to public schools in many other states. You might want to work with those numbers so that you can figure out a fair equivalent for your son to contribute. </p>
<p>If your son is a star student -- with near perfect grades and test scores -- or a great athlete -- then he can expect to get generous merit offers from many excellent colleges. However, if he is more of a garden variety good, but not amazing, student - he may find that the types of colleges that would award him merit money do not live up to his expectations in terms of academic quality or collegiate environment. At that point it really is important to think about whether or not the schools that offer the merit money are comparable in quality to his public, in-state options -- it isn't always worth the effort.</p>
<p>Yes please help your H understand that there's no comparison to when he paid his own way through college (20+years ago) to today. My H and I often remark that our tuition +room +board was $3,600 for a private liberal arts college in the late 1960's. One of our kids went to the same school we attended, and her tuition alone was $36,000 -- so that's l0x. Then, add on her room +board, and 35 years later the cost to attend our little $3,600 place is around $43,000 today.
I can hardly imagine any high school graduate earning enough to contribute significantly to a bill for $43,000 annually. If my kids earned $1500 in summer jobs, kept part-time paying jobs on campus all during the school year, studied very well so they finished in four years, then I felt they were doing their jobs completely in my eyes. Now, as college graduates, they work and pay off their student loans, which were not excessive since they worked throughout college. The interest repayment rates for them are "slow" and they find the monthly payments manageable. My son described it as like another utility bill for his shared apartment. My kids also live very frugally still; no cars, shared apartments, simple food.<br>
The other route is to attend less expensive state universities or community colleges, and plenty of kids are working their rear ends off (parents too) to afford this system. SUNY's cost around $6,000 for tuition and adding on room and board it gets up to about $13K per year, so it is quite a difference in price.
If you can demonstrate financial need and apply to private colleges or universities with large endowments, you can get help if you're deemed needy enough, so that's "need-based aid." Some other colleges offer merit-based aid where a student with attractive academics, a sport, instrument, or talent might attract some money regardless of his family's financial background.
Colleges usually offer needy parents a combination of grant, loan and work-study opportunities. Sometimes people discover that the difference between what they'll get from a private institution versus a SUNY is worth that difference to them, and they stretch to pay for the private education.
Others thank their stars to live in New York where there are some great choices among SUNY's many campuses, all located differently (city, rural, suburban) and with different emphasis at each (Fredonia for music; Oneonta for education; Purchase for performing arts, Geneseo for academic honors, etc.)</p>
<p>ssmom62, you are doing a great thing by getting started on this board. There is an absolute wealth of knowledge around here, and I mean that literally. If your kiddo is a strong student, that will also be a huge help. </p>
<p>paying3tuitions has added very sage advice. Learn from it.</p>
<p>I think sophomore and junior years are when we (parents) should be showing children all the opportunities available to them. Visit small, medium and large universities, also rural, urban and otherwise. I thought picking a college was a lot like buying a home -- shop around for awhile, then narrow down the possibilities a little, and at some point, you'll walk into a house and it will just feel like home.</p>
<p>My D got offered merit money ay Drew and UMass Amherst where she was offered a spot in the honors college. However, the final costs were still significantly greater than a SUNY school. Some good schools have unusual merit opportunities, like Chicago and Bard. Bard is trying to attract science majors.</p>
<p>Some people who like the city also opt for Brooklyn or Hunter, but neither have significant campus life.</p>
<p>I have been very impressed with beautification program at Stony Brook. It is now actually an attractive campus. In my son's graduating class this year both the valedictorian and the kid with the most academic awards elected to go to Stony Brook.</p>
<p>I don't see how other people could know if you qualify for financial aid; there are many factors that go into the calculations. Definitely take weenie's advice and do the calculations yourself.</p>
<p>Good luck. Feel free to PM me with any questions about Stony Brook. I earned a Ph.D. there, still live in the area and teach an odd course there in addition to job at another college gig.</p>
<p>Our experience says yes, with a qualification. My younger S was offered significant merit money at two schools where he was at the top of the applicant pool. They are both small schools, in a very different geographic area from us, and would not be thought of as "top schools" (although either of them would be great for him). It's probably a combination of being a top applicant and being from an under-represented geographic area for these schools (bringing some diversity to the schools) that put him in the running for massive merit awards. With these awards, the cost of attendance will be cheaper than attending a UC school, so he's off to the east coast this fall.</p>
<p>We live in Virginia. Daughter applied to UVA and W&M, as well as VCU. Because the applicant pools were so high, not offerened merit at UVA and W&M, but was named a provost scholar at VCU. (full tuitition) She's pre med so would be a good fit. Ultimately, she accepted the offer at W&M. Also....look into outside scholarships. Many listed on the internet but read your local papers, talk to your GC's. Daughter earned $30K over four years, from outside sources.</p>
<p>ssmom
when you are considering this strategy..and you've gotten excellent advice here,do research on schools that have an honors college component for the strongest students.It can make a "weaker" school more attractive,giving the students a decent group of like minded students, and can also "shrink down" a school that you may consider too large.
Don't forget you will be picking schools based on your son's preferences for majors,location,etc.Cast a wide net in your search.
Since he's only a sophomore, he has a chance to strengthen his qualificationsto maximize merit (as opposed to need based)aid.
The highest standardized test scores he can manage
Taking the most demanding curriculum available at his HS...that he can manage
Not the largest amount of extra curriculars...but an interesting mix and depth of involvement in whatever "floats his boat"
An involvement in the larger world...community service,learning opportunities outside of his HS setting,paid work experience,etc.
Both my kids took this route,although "other people" were aghast that they weren't attending the so called IVY caliber schools those people thought they should be striving for.D attended the Honors College at Arizona State (we're NY'ers) for MUsic,had a nearly free education..we had to cover some meal plans but her scholarship extended to dorm costs...on a National Merit Scholarship.Son is currently at U of South Carolina, picked for his major of Sports Management ,but also picked because he is attending for no cost on a combo of National Merit Scholarship recognititon plus receiving their highest out of state scholarship ..awarded after an application/interview process.
check the CC archives for threads about merit scholarships, honor colleges,etc.
Its good you are thinking about this now!!</p>
<p>
[quote]
I think sophomore and junior years are when we (parents) should be showing children all the opportunities available to them. Visit small, medium and large universities, also rural, urban and otherwise. I thought picking a college was a lot like buying a home -- shop around for awhile, then narrow down the possibilities a little, and at some point, you'll walk into a house and it will just feel like home.
[/quote]
</p>
<p>Good point, but I think it is the PARENTS that learn the most at this early stage! My experience was that even spring term Jr. year was a bit early! Seriously, your efforts will be probably be greeted with total lack of interest, at least on the outside, but some may sink in still.</p>
<p>More interestingly, fall of soph year is the year to think about financial engineering for financial aid purposes. The FAFSA looks rather far back, so if any transaction occurs much later, it will be counted. An example would be the sale of an asset to generate cash for college. We sold some stock, and the appreciation of value was considered income for fafsa purposes AND the cash counted as an asset, too. The former was the bigger hit.</p>
<p>Regarding the OP's original question, for TRUE merit aid, a kid should be at the very top of the applicant pool. Tuition discounting disguised as merit aid is a different story. The OP should learn the difference.</p>
<p>
[quote]
If your son is a star student -- with near perfect grades and test scores -- or a great athlete -- then he can expect to get generous merit offers from many excellent colleges. However, if he is more of a garden variety good, but not amazing, student - he may find that the types of colleges that would award him merit money do not live up to his expectations in terms of academic quality or collegiate environment.
[/quote]
</p>
<p>I strongly disagree with this. There are lots of very fine schools "recruiting" good students with strong merit scholarship offers. They just aren't necessarily schools that are on EVERYONE'S radar (especially people in the northeast), and sometimes that is not a bad thing.</p>
<p>My son who was a very good student (not an Amazing student) got nice offers from various lesser-known colleges. He ended up at Denison in Ohio and has had a most satisfactory experience there with a large merit scholarship and a music scholarship. He's had very good mentoring, small classes, a lovely campus, and has grown nicely both socially and academically. He even has had the opportunity to do a paid research internship this summer, which I'm sure he would not have had at a higher ranked or larger school.</p>
<p>Additionally, my second son, an excellent SAT test taker but without an Amazing GPA got many very nice merit scholarship offers from very solid engineering schools (including Rensselaer, Rose-Hulman, Worcester Polytech, Rochester Institute of Tech and Northeastern, among others). I find it very hard to believe that he would have had a less than satisfactory academic experience at any of those schools. (He'll be attending WPI.)</p>
<p>The Bottom line is a good school does not guarantee a good graduate, nor does a lesser school mean a lesser graduate. The school will be what your child makes of the opportunity. America is full of the biggest and at the same time worst consumers in the world. We buy into things we think we have to "have" rather than what we need. </p>
<p>No offense to Harvard, but a Harvard man does not guarantee a good person, job, family or anything... </p>
<p>Don't short shrift any school that is interested in your child because someone else doesn't like the "name".</p>
<p>Instead look objectively at your options, weigh them out. Is post grad on the horizon? Cost is a factor for alot of people, especially middle class families. It is hard to listen to advice from people who have no problem coming up with $90k a year for school for a couple of kids, when that's not too far removed from your regular income. </p>
<p>It's a combination of things really. Compare, visit where you can and whittle down.</p>