My D is just beginning the college search process but she absolutely loves UVM. We’re from Mass and of course the tuition for oos kids is insane. I think she’ll get one of those merit scholarships ($12,000?) She’s an honors student at an excellent public high school in MA and has other great stuff. Our combined annual income is about $50,000, so by anyone’s standards we’d qualify for a lot of need-based aid. But I’m concerned - how much need-based aid does UVM actually give out (I’m talking grants here, not loans) and would they give us enough to make it affordable for her to go there? Thanks!
Did you try the NPC?
What’s the NPC?
Net Price Calculator
Depending on her major, she could get a tuition exchange if she majors or double majors in something that is not available in Mass. She can stack it with her scholarship. I can’t remember my daughter’s aid package but I seem to think it was mostly loans (and she got the scholarship and honors invite). In the end (scholarship + tuition break + aid package) I remember it coming out higher than U Mass for us.
http://www.nebhe.org/programs-overview/rsp-tuition-break/overview/
You ask about affordability but you did not provide any information on either how much you and your child can pay each year for 4 years out of your savings and earnings, or the amount of the COA for UVM.
We could pay about $5,000 a year. The COA for an oos student is more than $52,000.
It won’t let me copy and paste the net price calculator but you can find it on UVM financial aid section. Run it and see. I’m sorry to say it’s probably unaffordable at 5K and no loans.
Is she a junior or a senior?
What is her GPA, PSAT, SAT, ACT?
Have you identified any financial safeties - schools that she would be happy to attend, that she has a high chance of being admitted to and that have a net cost to you of $5k/year?
She’s a junior so I don’t have her ACT scores yet. Her GPA is about 3.9. Yes, of course she’ll be applying to other schools - including ones that have much better financial aid - but I was asking because she really loves UVM. I’m hoping she’ll find another school that she also loves and that will give us a lot of aid. Thanks, everyone.
It’s great that you are starting the process early.
go to the website and run the calculator.
Scholarships are largely based on test scores, so have her take those soon. If she qualifies for free/reduced lunch, then she can ask for fee waivers for testing and apps.
A $12k merit scholarship won’t likely make a $52k per year school affordable for your income. State schools rarely give much need based aid.
Have her start taking the SAT and ACT…the higher her scores, the more merit at other schools.
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by anyone's standards we'd qualify for a lot of need-based aid.
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Most state schools won’t care. You don’t pay taxes there. They charge the high rates to OOS students because their families aren’t paying taxes. It wouldn’t make sense for them to then cover those high rates with need-based aid.
The Vermont taxpayers aren’t going to want to pay for an OOS child’s tuition.
However, if her test scoes are high enough, there are schools that may give her very large merit, making the schools more affordable.
What did she like about UVM?
I think you may get a lot of aid but still would need to take the full loan package, do work study, and it still might not be enough. UVM was always in the top for the most expensive OOS public schools until all the UCs raised the fees and took over the list. Doesnt make UVM any more affordable. It’s just really expensive. There is a honors college scholarship that you can stack with merit, but say you get $30k in merit awards and honors, and $5k in need based aid, and $1000 or so as a Pell grant, you are still $16k away from $52k. You have $5000, she can borrow $5,500, so she’s still ~$5k short.
You also have to consider if that’s how you want to spend your savings and loan money.