Hello everyone. So I have finally exited the early application process with an accept from Yale, the school I fell in love with. However, I more and more am losing hope that I can attend. This is because my parents have an income too high for FA (400-500k), yet can only afford 30k a year for each of their 3 children to attend college. This calculation is defendable based on their taxed income and other factors, but it saddens me that Yale’s first offer has given me no aid. Will a “reassessment” even help in my situation? Do I have any bargaining options with the FA office? I know that I will probably have to attend state school like every other kid from my school. But this was important to me. And I feel I am in a very unfair position where schools promise to students very generous aid and only come through for the stock cases where it is blatantly apparent. Can anyone answer my questions / give me some hard facts?
I understand your disappointment, but speaking of fair, this is not a fair assessment of the vast majority of financial aid situations. On the face of it, your case is one where it is blatantly apparent that financial aid is not warranted. Yes, three children to put through college can be an expensive proposition. For how long has your household income been in the half million dollar range? Has there been no college savings to prepare for these education expenses that certainly can’t be a surprise?
Folks with high incomes often have large assets. Are there any assets that can be liquidated to help pay for college for you and your siblings?
Extensive borrowing is generally frowned on in discussions here, but I think for your family it might be an exception, given the apparent ability of your parents to make payments on a large amount of education debt.
@BelknapPoint they did save - 360000 to be exact. At this income they pay a tax rate that reduces their inckme to a much lower value. We have very little assets as well. I guess I’m screwed because they didn’t expect college to cost 60 grand.
Your parents earn TEN TIMES the annual income of the average family in this country. I am sorry, but they are in the top 2% of wage earners in this country. Did they and you really expect to receive need based aid from any college? I just can’t imagine that they can’t find some money to pay your college costs.
How much aid did you think you would get!
Did you take the time to read about Yale’s financial aid BEFORE you applied? If you had. You would have seen pretty quickly that aid was not going to be forthcoming for you.
And for the record, college doesn’t have to cost $60,000 a year. There are plenty of schools that cost half or less than half of that cost.
In addition, if you got accepted to Yale, you have the stats to get merit aid elsewhere.
You should have plenty of options at your income and stats level.
Oh…and with half a million dollars in income a year, I bet the parents could take loans too…if they really want you to attend Yale.
Did you not use the NPC before you applied?
You’re not going to get much sympathy. Everyone’s income is reduced by taxes.
Your parents likely could afford to pay more than $30k per kid, but it’s THEIR money and they can do what they want with it.
Are you saying that your parents have $360k in a college fund but don’t have much else in savings, investments, stocks, etc?
$360k / 3 kids is $120k per child…$30k per year
Are you saying that your parents will ONLY use the college fund for college AND won’t spend ANY of that $400k-500k per year income on college??? That is VERY strange.
You got into Yale, so you must have amazing stats. Did you apply to ANY schools that will give you large merit for stats (many deadlines have passed)?
Are you a NMSF??
What is your major and career goal??
And they can keep saving. Are you the oldest child? How many years apart are you? That $360,000 will put you through Yale plus go a long way towards putting the next child through a similarly expensive school. Continued savings and loans can help with the rest.
Every other kid from your “very competitive, quite prestigious, suburban Illinois public school” (your words from another thread) will be attending a state school? Even if true, that wouldn’t be the worst thing in the world.
Your family doesn’t qualify for any kind of need based aid. Need based aid is for needy families…not families,with $400,000 plus in income per year.
if your parents will only pay $30,000 a year for you to attend college, you will need to find a college where the cost is that amount…or less…or where you will get merit aid to help.
Did you apply to any schools where you woild get guaranteed merit aid?
Your parents have already saved $30K per year per kid, so all they need to do is pay the 90K during the year(s) you are all in college together and less for the rest of the years. I’m having a very hard time swallowing the idea that someone making 400-500K per year simply cannot afford to spend 90K for a year or two on college for their kids.
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Objective:
SAT I (breakdown): 2280 (750 CR, 760 W, 770 M, 10 Essay)
ACT (breakdown): 35 C (36 E, 35 M, 33 R, 36 S, 12 Essay)
SAT II: 800 Math II, 790 Physics
Unweighted GPA (out of 4.0): 3.98
Rank (percentile if rank is unavailable): 3/330
AP (place score in parenthesis):
-European History (5)
-Physics 1 (5)
-Music Theory (5)
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-US History (4)
IB (place score in parenthesis): NONE
Senior Year Course Load: AP Chemistry, AP Calculus BC, AP Lit & Comp, AP Psychology, A Cappella Choir, Visual Art and Technology (computer credit lol), Dramatic Literature
Major Awards (USAMO, Intel etc.): AP Scholar w/ Distinction, National Merit Commended, Illinois State Scholar
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Poly Sci major
Well, hopefully some people here can tell you the names of some schools whose LARGE scholarship deadlines haven’t passed. Maybe Tulane?
Sounds like you need a school that will give you at least $30k in merit.
@BelknapPoint makes a good point…if everyone at your prestigious IL public attends UIUC, then you’ll be in good company. That said, there are likely still some schools that will give you large merit. Hopefully, some here can name some.
Try some of the better Jesuit schools that give merit…like SCU, Fordham, LMU, etc.
I’m guessing this family might have some home mortgage debt, and perhaps other debts (cars, credit cards or,whatever).
They live in a “quite prestigious, suburban” area…which is likely pricey. That is their choice.
Right. The mantra here is a combination of savings, current income and loans, if necessary, to pay for college. OP’s parents have done an admirable job with the savings part. Unless they are living an extravagant lifestyle or there’s something else that OP isn’t sharing with us, I don’t see any reason why the other two legs of the stool can’t be used to put three kids through college, even expensive ones like Yale.
Will there be 3 in college at the same time? If so, maybe Yale would give some aid for THAT year. I have no idea.
Since the $30k already exists in a college fund, would it really be THAT difficult for the parents to scrounge up another $35k?
These parents are earning about $38k EVERY MONTH. Can they really not afford to put $3k a month towards the rest of Yale’s costs??? Will they be living on peanut butter sandwiches if they have to live on $35,000 a month???
Way to put it in perspective Mom2 oh my.
I think you are confusing “afford” to pay with “willing” to pay.
Reminds me of this epic thread (a personal favorite of mine):
http://talk.collegeconfidential.com/financial-aid-scholarships/1754717-needy-with-a-big-income-p1.html
OP- you need to have a sit down with your parents.
Congratulations on your acceptance to Yale- that is just a wonderful, wonderful thing. Now the focus needs to be on whether Yale stays on the table (i.e. if you and your parents- through a combination of belt-tightening, loans, summer and term-time work by you, etc.) can make it happen.
If not- move on. If so- fantastic. But you need a severe reality check if you thought that high taxes, high mortgage, and your general lifestyle was going to get you meaningful need-based aid, even at a school as generous as Yale. Your parents are affluent- and have saved a nice chunk of your college expenses. Other people at their income level knuckle down during the college years- keep the old cars, no vacations or just camping at a state park, deferred home maintenance, no eating out, cancel cable tv and the lawn mowing guy, and manage to squeeze out enough cash to bridge the gap between what they’ve saved and what they need. And then they throw a party when your youngest sibling graduates from college. In the meantime, you work summers, pick up a tutoring job over Xmas vacation, so that you are self-financing your books and travel. And a loan if need be, which you’ll pay off quickly by moving back home after graduation to work/commute so you’ll have extra cash for an accelerated payback.
But this is a choice that you make. Nobody is forcing you to go to Yale, but your high tax/high mortgage financial aid application isn’t going to move anyone to tears in New Haven.
Seems like you always knew you wouldn’t be able to afford Yale.
http://talk.collegeconfidential.com/discussion/comment/19069849/#Comment_19069849
http://talk.collegeconfidential.com/discussion/comment/19070210/#Comment_19070210
@aao1997 I understand your frustration. Getting into Yale is a fantastic accomplishment.
My daughter is in a similar boat. She was accepted into her first choice school, but received little merit aid and no need-based aid because of our income. However, we are only willing/able to give her the set amount we determined for each kid. She knew this going into the process and we told her what we would/could contribute. We also have 3 college aged students in our household.
Sadly, disappointment is sometimes part of life. Some people aren’t accepted to their first choice schools. Some people are accepted, but cannot afford to attend because their parents can’t/aren’t willing (doesn’t really matter which) to pay the cost.
It’s not Yale’s fault. It’s not my daughter’s first choice school’s fault. It just is what it is. That doesn’t make it less frustrating, but it’s part of life.
At least Yale is EA…
What shocks me is how ungrateful kids sound when they are being GIVEN $120,000 of their parent’s money for college. That’s a chunk of change even for a high income family. Not enough for Yale, but enough for plenty of great schools.