Upper middle class and in need of finaid?

Paying for College
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<p>My family is upper middle class (around ~120K) and we live in Fairfax County, one of the more affluent counties in the U.S. Unfortunately, this means that living costs are also higher and my parents will be paying the mortgage till they die, basically, so that's the short story of why they can't afford to send me out of state.</p>

<p>I know even middle middle class can barely get need based financial aid, so I've pretty much given up on that -- my grades are not good enough to warrant merit aid at the top colleges (am thinking of the Ivies, Seven Sisters, etc) -- and I'm not really sure if there are any scholarships available for someone in my position.</p>

<p>However, I <em>really</em> want to go to Brown or perhaps a Seven Sister, but if I get accepted, I don't think my family could afford it. Anyone have any options besides loans (my dad is violently opposed to them).</p>

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<p>We are in the same financial boat you are in but we live in CT...also a very expensive place to live. The Ivies do not offer merit aid, so you can put that idea to rest. Most of the 7 Sisters also do not offer merit aid. They offer need based aid only. I hate to say it, but if you don't think your grades are high enough to receive merit aid, you might also want to evaluate your chances of acceptance at schools such as Brown. Having said that...there are a ton of wonderful colleges out there that DO offer merit aid to students. You can do a google search...scholarship+1200 SAT and you will get hits for colleges that offer student scholarships with that SAT score. Just change the SAT score to reflect your CR and Math combined. It will give you an idea of some other options. Also, I hate to say it, but Virginia has some of the best instate universities in the country. Folks from out of state would be thrilled to be able to attend many of your instate schools...and especially at instate prices!! While your housing costs in VA are expensive, at least your college choices are good ones instate. That is NOT the case here in CT where UConn is the only really good act in the state (for state schools).</p>

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<p>Yeah, my GPA is around 3.5/3.6ish unweighted, so my chance at Brown is very low, but in the off chance that I get in ED... who knows.</p>

<p>You're right; VA schools are really amazing, academia wise. Unfortunately, the atmosphere at every single one of them is just completely wrong for me, esp. UVA (the school I'm going to probably end up going to).</p>

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<p>Since money is an issue, please do NOT apply ED to Brown! That would be a huge mistake. You need to be able to compare offers. Also, 120,000 would not put you completely out of the running for financial at the more expensive private schools, and if you have a 3.5 and your sat is a good score, you may get merit aid (look for some good match/safety schools where you will be happy, rather than reach schools). Try to make sure that you apply to some schools where your sat score is at or above the 75%. Also, make sure that you apply to an instate VA. school(s) where you would be happy, and are sure that you will be accepted. As thumper stated, you have such wonderful state schools, and my son will be attending one of them in fall (JMU).</p>

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<p>Actually, if you want the opportunity to compare finaid offers do NOT apply ED anywhere. NO WHERE. If (by chance) you get accepted ED, you are bound to attend. You need to look into other LAC types of schools that have the areas you have an interest in. Look for schools near cities (there are a BUNCH in and near Phili for example). There are a number of terrific schools in both New York and Pennsylvania...some nearer to the cities, and some more out in the ruralish areas. Northeastmom is right...if you want to be considered for merit aid, look on the school website for their Common Data Set. It will tell you last year's SAT score enrollees. For merit aid consideration you really need to be above the 75%ile in both math and critical reading. And I agree, apply to at least one instate VA university.</p>

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<p>I'm in the same exact position. (Fairfax county too)</p>

<p>I applied to WM, UVA, VTech, Northwestern, Cornell, Brown, and UMichigan.
I'm going to Northwestern next year, even though they gave us 0 grant need based aid, and dont give out merit based aid. I'm going to take out student loans. The fit for the other schools just wasn't there. I really couldn't see myself at UVA, W&M or VTech even though my mom thought I should go to one of those because of the chost. I knew although UVA is a great school, it's just not the school for me. So I'm taking out loans. That's how it goes.</p>

<p>Good luck.</p>

<p>PS: Do not apply ED. Knowing early doesn't release any stress really because you still have to keep your grades up, and it's good to have multiple options.</p>

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<p>If you can't afford it, and are forced to take out loans to compensate for your financial situation, then maybe you should consider a public university which might have the same degree of prestige. </p>

<p>You must keep in mind that there is always graduate school. If a public university is capable of simulating the academic challenges like an Ivy League school, and a wonderful social environment, then perhaps that's the best way to go. </p>

<p>A majority of "famous" teachers who teach at those Ivy League institutions are always off doing something "great", and so they leave their teacher assistances to instruct the class. That may be why their teacher to student ratio is quite high. </p>

<p>If you do well and get on the Dean's list while you are in college, then you could probably transfer to an Ivy League college and do your graduate studies there. Although, you can't transfer while you are still earning your B.A. degree, it's required that you at least gain your B.A. and then transfer to those top notch schools to pursue a M.A. or PhD. (You probably already know this, but I'm just saying it for the benefit of other readers.)</p>

<p>If you want to go for those "renowned" schools, then go ahead, I'm just saying, maybe what I say may might help you through your decision process. Just a suggestion! I'm not converting you or anything. :D</p>

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<p>To get decent financial aid from Brown, one needs to get financial aid from another Ivy or Stanford, MIT, Caltech, or the like. Then Brown will match.</p>

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<p>We too live in Fairfax County. Our family income is about $65k per year. Last year and prior years, it was $55k and below, most times significantly below. Yes, the cost of living in Fairfax is high, no doubt, but since our child was born in 1987, we have lived on one income for all but one year to give him the advantage of having a loving parent at home and available.</p>

<p>We live a modest, but happy existence. I believe that I have three pairs of slacks...two casual, one dress, a pair of loafers, a pair of sandals, and one dress pair. I have a dress or two, a jacket, some tops...not much else. Since my husband works outside the home, he has a bit more. Everything has been devoted to our son. It took many years of living at or below our means to save a bit for retirement and finally pay off our home. Praise be.</p>

<p>Our son applied and was admitted to three colleges...all private and out of state...we're not particularly enamored of VA schools...often too much northern VA influence. The school he chose to attend in the fall (a fine, student-focused college) gave him around $10k merit money (and his old SAT was about 1050 and his GPA 3.6) and around $5k grant money, plus Perkins and Stafford loans; we'll somehow tighten our belts and make up the difference of the $30k COA.</p>

<p>So the point I'm trying to make:
1. IMHO, with an income nearly double ours, surely there is money to pay for college...for if we can do it, I'm sure your family can as well. We choose to pay the difference between finaid and COA out-of-pocket so that we don't go into retirement with loans.
2. You don't need the most stellar credentials to get merit money...you just need to pick your college list wisely...if you're at the higher end of a college's profile, you often make yourself eligible for automatic merit money. If a student is taken by a name-brand school, he or she will often pay through the nose for it. IMHO, there are many, many terrific colleges out there that offer top-notch educational experiences and opportunities. If your family truly cannot afford an expensive college, then either pull up your grades to qualify for merit money, readjust your selection list to place yourself higher up in the class, or go to a state or cc and transfer.</p>

<p>I don't mean to seem insensitive, but $120k/yr is a lot of money. Even we, at $65k, feel blessed compared to so many other people who face the same four year expenses with a much more uncertain financial future.</p>

<p>Good luck in your search. Please keep an open mind as you assess your options.</p>

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<p>my parents make more than 120k and can't send me to private school. i worked my brains out to get into some of the schools that i've just gotten into, which are so selective they don't offer merit based aid. and if you don't like the typical fraternity/sorority tailgating college experience, no public school comes close to many of the top private schools in terms of being a good fit. i would know, i'm transferring from a mediocre state school (university of vermont) If you are somehow living on 35k a year now... ok... but since you don't know the financial details of anyone else's situation, it IS insensitive to incinuate that people just live to extravagent of lives while you have been on your spartan crusade just to send your son to the school of his choice.<br>
your whole post actually was pretty insulting and oblivious to someone who might not be able to go to schools she worked herself to the bone to get in to.</p>

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<p>Sage44,</p>

<p>We're in the 120,000 range, live modestly for the most part, and got no financial aid from a private. So we are expected to pay about 200,000 over the next 4 years. What is that? About 60% of take home pay after all taxes? </p>

<p>Since we do live relatively modestly in a average cost of living area we can "afford" the 200k, but frankly speaking it is not a rational or moral decision.</p>

<p>The money would be better spent in Somalia than at xxx college. I will likely end up working an extra 3-5 years before retiring. </p>

<p>This for an education that is only marginally better than Pitt, which would have been free.</p>

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<p>Many times I said in this forum that money should not be a **major **factor for your college selection, and I stand by what I have said.</p>

<p>1) If youre from low income family, you will be money-showerd by top private college (i.e., HYPSMWAS and other top schools) and your EFC would be close to zero</p>

<p>2) If your family is around middle range (80K-150K), there will be some aid from the colleges mentioned and your family can cover the rest (COA minus Finaid) thru a variety of loans/savings/belt-tighetening, etc.</p>

<p>3) If your family is very well-off, well then you should pay the full freight fare.</p>

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<p>commoresque - actually, a year ago, I thought I was in the same situation as you are in now. I live in Switzerland (aka one of the wealthiest countries in the world) and my parents earn around 100k. If I were you, I would try two things. First - if there is ANYTHING, like separated parents, siblings in college, debts etc., explain it in the FAFSA or whatever else you are submitting. For me, my parents are separated and my father is indebted, and there was really no way we could have afforded full tuition at a seven sisters school, so we put it all in there, and it must have helped, because I will attend Wellesley with a 30k scholarship.
However, you are not restricted to school-sponsored merit scholarship. I'd highly recommend buying the book "How to go to college (almost) for free" by Ben Kaplan. The author explains how you can find specific outside scholarships that match your profile. Some require essays, some recommendations, and some just applying. The author himself made 90k like this to pay for his Harvard education. In any case, check out fastweb.com, the in my eyes best scholarship database. Hope this helps! By the way - if you are searching for outside scholarships, start as early as possible.</p>

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<p>Rabban,</p>

<p>Well, for case 3, only the morality issue exists. "Is this a moral way to spend $200,000.00?"</p>

<p>For everyone that is not rich, money is AWAYS a major issue. Even for the poor, just a few schools meet true need without loans...maybe just Princeton and Yale? I.e., financial aid is calculated assuming a significant sacrifice by the family. And, it does not take into account future risk.</p>

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<p>For Shaganov ~</p>

<p>No where in my post did I state or insinuate that people with $120+ annual incomes are extravagant. I simply wondered why a family with that income level can't afford college costs. My post was neither insensitive nor insulting. While I am delighted that you have worked very hard to rank as highly as you have, there is the reality that we all face...namely that we can only spend what we can afford (or what we have prepared to afford). There are certainly other colleges that might have been a better fit for our son, but the costs were just too far out of reach.</p>

<p>And as for spartan crusade...you've put the wrong label on who we are. We deprive ourselves not because we choose to but because we have to...to direct the money more appropriately. I could dress in the finest garments and bedeck myself with jewels and take lovely vacations, and more. However, if I did that we would have been unable to pay the bills, had no financial security, and our son would have had no college.</p>

<p>While I admire your hard work, your post smacks of a sense of entitlement. Nothing in life is guaranteed, even if you deserve it beyond question. And, while I don't want to compare our situation to yours, I imagine the road to your dream education has been and will continue to be easier than our son's because $120k is more than $65k. You will sacrifice $200k you have, we will sacrifice money we don't. And fyi, I grew up in a very poor home in which my dad worked 3 jobs so that I could go to the school they felt I deserved. For my part, I graduated 4th in my high school class, had top scores, worked at jobs, and earned substantial merit money to help my parents foot the bill. I guess growing up in a poor home taught me to take action, not be passive and have everything done for me.</p>

<p>I would rather see finaid go to those who need it...and there are certainly many who need it much more than we do. My son earned his award through hard work too, and through his athletic EC. If our family were blessed with a higher income, I would gladly pick up the tab for our son's education.</p>

<p>As other posters have noted, there are ways to contribute to your financial needs through outside scholarships, etc. I would think that given your academic prowess, the hunt would be a great and rewarding challenge...and that you would feel more in control of your destiny by doing so.</p>

<p>I guess it all comes down to choices. We have less, but have chosen to use less so that we can channel what we have into those things that are most important to us. While we could sit back and whine that we have not been dealt a fair hand, we deal with what we're given...and find a way to make it work.</p>

<p>Good luck to you in your quest to make it work for you.</p>

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<p>Sage44,</p>

<p>Ah, unfortunately, we moved here 5 years ago and only bought the house ~3 years ago, meaning that my parents haven't paid off the mortgage for a $700k house yet :/ my parents are of course willing to pay whatever amount if I'm going to a great college that I love (great being academically on par with at least UVA), but I also have a younger sibling to think of. She may perhaps decide to go out of state too, and I don't want to deprive her of that opportunity.</p>

<p>Also, there are quite a few colleges who would give merit aid to someone with my stats; sadly enough, my parents will not allow me to go to a college that can't compete with UVA, so. ::shrugs:: </p>

<p>I'm really glad that you guys could save up enough money for your son's college; $65k in Fairfax County is really hard to get by on! And I agree, most VA colleges have too much NOVA influence; going to UVA or any other state school would be like going to highschool, round two. Ugh.</p>

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<p>Rabban: full freight fare? Are you kidding? So because my father had the fortune of earning a marginally high salary (and in Fairfax County, we just <em>barely</em> qualify for upper middle class) and living in an affluent area, we have to pay $200k+ in case we get into a high end private school? </p>

<p>Combined with mortgage, taxes, retirement, and the cost of grad school + sibling's future education... that's just completely unrealistic. </p>

<p>Nora_88: Thanks for the advice! Do they take mortgage, etc. into consideration? Haha, I really hope they do...Wellesley is a great school (I might apply there), so congrats for getting in. Thanks for the tips -- I'll check out the book and fastweb.com over the summer.</p>

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<p>cimmoresque, most middle class families who get financial aid borrow. Those who have a greater income can borrow more, because they can afford higher monthly payments. The monthly payment on home equity or PLUS loan is,of course, a small fraction of what the costs of college are. </p>

<p>I realize that is a choice and some families do not want to get into debt. But buying a $700K home is also a choice -- your parents must have made a significant down payment when they purchased that home 3 years ago. They chose to invest in a house rather than putting money into an account to fund your college. </p>

<p>I'm not condemning the choice: its just that you have to recognize and acknowledge that it IS a choice that poorer families don't have.</p>

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<p>cimmoresque,
What I want to know is how your parents could afford a $700K home on $120K income? How can I get one too? :D</p>

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<p>lkf, I was thinking the same thing, but is possible to sell another home, roll over the profit into the new home, and then take out a mortgage. OP did not say the mortgage was 700,000. The value is 700,000. This means that the home could have 400,000 in equity, for example, and the family may have a 300,000 mortgage. This is just one possible scenerio, and it may not be the scenerio of the OP. </p>

<p>I am editing this post to add that if you have significant equity in your home, it will be much more difficult to get financial aid. The financial aid officers will see the purchase, and living in this home as a lifestyle choice. Your parents could have used the equity to pay for your college education. </p>

<p>I hope that you do not apply ED anywhere, so that you can weigh your financial options. Look to state schools, and look at some private schools where your stats are above the 75%. Also, make sure that you will be happy attending those schools before you apply to them. Good luck!</p>