<p>True…I didn’t mean to put words in your mouth. I was just commenting that while these formulas can sometimes indicate a large family contribution, many families don’t think that they need to spend that much when there are good and less expensive alternatives.</p>
<p>Or…the issue may not be one of “feeling”…it may be that their financial situation won’t permit them to pay more than that. they may have a high mortgage or some other issue that takes too much of their money.</p>
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<p>Actually, Cornell’s financial aid program is quite generous. In 2009 Cornell eliminated need-based loans for students from families with incomes up to $75,000 (full ride), and capped their annual loans at $3,000 for students from families with income between $75,000 and $120,000. The only caveat is for families that have a very large net worth in terms of real estate holdings and investments while having a low annual income, because Cornell will factor this variable into its FA granting calculations.</p>
<p>[Project</a> on Student Debt: What’s the Bottom Line?](<a href=“http://www.projectonstudentdebt.org/ncoa_chart.php]Project”>http://www.projectonstudentdebt.org/ncoa_chart.php)</p>
<p>Of course, your millage may vary.</p>
<p>*Actually, Cornell’s financial aid program is quite generous. In 2009 Cornell eliminated need-based loans for students from families with incomes up to $75,000 (full ride), and capped their annual loans at $3,000 for students from families with income between $75,000 and $120,000. The only caveat is for families that have a very large net worth in terms of real estate holdings and investments while having a low annual income, because Cornell will factor this variable into its FA granting calculations. *</p>
<p>I wasn’t implying that Cornell gives lousy aid. :)</p>
<p>My point is that those with high EFCs, but still have some determined need should not expect to have the need met with free money…and that’s true. Many people wrongly think that they will still get “free money” as long as they have “some” need…even if their need is about $10k. Instead that “need” gets filled with student loans and work-study (unless the school has a “no loan policy” regardless of income). </p>
<p>That can be a shock for a family who expected about $10k in a grant, and intended on having their child take out a student loan and work a part-time job to reduce their “$45k family contribution” to about $35k.</p>
<p>So, the OP can’t expect to cover some of his parents’ family contribution with a student loan and a job, because a student loan and work-study will likely already be used towards need.</p>
<p>Ok this is more what I was expecting. I had a feeling aid like that was a little too good to be true for us. But thanks again for all your input! 
Just a few more things I should add: 125K is including power outages and overtime, so that would be the highest figure. Also, my parents have told me their savings are reserved primarily for retirement (if that matters) except for about 6 months salary (~50K) as a buffer in case my dad lost his job. Are our assets considered typical?? Because they seem fairly common, and the car we would be replacing is 11 years old. </p>
<p>One scholarship hope that I have is ROTC (preferably AFROTC). My current intended major (BME) is not considered “technical” by the Air Force, so receiving a full tuition (TYPE 1) ROTC scholarship is unlikely, but not impossible. </p>
<p>@mom2collegekids: after reading your info about SLU, I would agree I should not consider that a financial safety. The reason I used Marquette is because our neighbor will be going there this year, and she was offered VERY generous scholarships with lower stats than mine. Though not assured, I should be competitive for similar scholarships.<br>
To answer your question, my parents would probably pay the EFC (up to 10K - 15K) through income or savings. Would it make a difference for one or the other, because I can ask them to make sure.
Oh btw I loved this quote: “Many parents aren’t willing to just pay more so that their child can skip over a UW-Madison kind of school and go to a Vandy or Duke kind of school. Many parents feel that would be a waste of money.”
This describes my parents PERFECTLY hahaha, except instead of UW-Madison its Marquette. We are capable of paying for college…my parents just don’t want to. </p>
<p>@fallenchemist: I had 3 older sisters go through college, but they have all graduated so I don’t think that counts. My younger brother will be going to college 2 years after me, but he’s aiming for USAFA, which will not help me either. To answer your other question, my parents have told my siblings and me from early on that we would have to find a way to pay for (most of) our college expenses. And my sisters did not disappoint…so IMO they have been a bit spoiled over the years:) First child attended Vanderbilt on track and field scholarship (practically full ride). Second child attended ND on full AFROTC scholarship plus other local scholarships (including one for 40K). Third child attended USAFA, which is basically free haha. So I might have to choose one of those 3 routes, and its not gonna be the first or third. </p>
<p>@Erin’s Dad/Madison85: I never really considered UW-Madison because of its size - I think I would do much better at a smaller university where I could be more familiar with professors. But I do agree, it is a great school (ranked high for my intended major too) and would be very affordable. And Madison85 so glad you brought up that Covenant program haha, I do remember that. Could I consider UW-Madison a financial safety then? Because I guess I could at least apply - no supplement essays. Too bad they do not offer that Med Scholars program anymore:[</p>
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<p>Thanks for your clarification above. Still, your anecdote about the mom who didn’t get any “free money,” despite having some need could be misleading to some, in my opinion. At Cornell if a family’s income is between 75 and 120 thousand annually, then their annual loan requirement would not exceed 3 thousand; and if their income is under 75 thousand, then they’d be loan free (again, assuming the family doesn’t have a very big net worth). So almost all families whose Cornell matriculates fall into the under 120 thousand/yr range will receive a sizable annual grant (“free money”). Your caveat about work-study being factored in is a valid point, but if I remember correctly it is limited to a relatively few hrs/week for the student, so the dollar amount relating to that is comparatively small.</p>
<p>Hi domer - OK, since you are looking for smaller schools where you might not have to pay a fortune and are good academically, there are two that come to mind. The first is Tulane, because you have a shot at their full tuition scholarship, the Deans Honor Scholarship (DHS). If you got your ACT up to 34 or higher, your chances would be even better, but you certainly have a shot anyway. Free and easy to apply, they will probably be sending you a personal app because of your excellent record. Apply by early October and you will get an answer within a few weeks with your acceptance, merit of about $25,000, and an invitation to the Honors Program. The DHS requires a supplimental application and notification of the results are in late February.</p>
<p>The other is Truman State in Missouri. A real hidden gem, it is a public LAC with high admission standards. I am not saying it is Duke or Vandy, but the 75th percentile SAT was about 690 per test (1380) for the last class, and 30 for the ACT. 5,000-6,000 students, great faculty. It is very rural though, just so you know. But with your stats you could go for nearly no money, most likely. They also inform you of admission and money very quickly. So at worst you would have two good schools that you would be in before Thanksgiving most likely, and except for the DHS you would know about the money too.</p>
<p>Just some things to look into.</p>
<p>Fallenchemist, thanks so much for letting me know about these options^^^ They are great suggestions, and it would be really nice to have that security before Thanksgiving!</p>
<p>Also, @Colm/mom2collegekids: the Cornell information has been very helpful because I might apply there as well. </p>
<p>Any info on AFROTC as a viable option? I recently completed the first part of the application.</p>
<p>Here’s a different way to get at good schools with good fin aid. A school needs plenty of resources to offer good fin aid: a strong endowment. Not so strangely, the better schools have big endowments. (not always but likely.) Per student endowment is a better gauge than total endowment. Here’s a list, somewhat dated, but it probably hasn’t changed much in relative terms.</p>
<p>[List</a> of colleges and universities in the United States by endowment - Wikipedia, the free encyclopedia](<a href=“List of colleges and universities in the United States by endowment - Wikipedia”>List of colleges and universities in the United States by endowment - Wikipedia)</p>