What are some colleges that generally offer good financial aid?

Paying for College
1

<p>I'm a decent student (not amazing like most CC posters). 4.0 weighted gpa, 3.7/3.8 unweighted. Total of 8 AP classes when I graduate. I have decent ECs and I haven't taken my SAT yet, but I got a 160 on the PSAT. </p>

<p>With that said, I'm basically an "okay" candidate (well, in my opinion). My parents own a store but I think my dad would be considered unemployed. </p>

<p>I really do not want to go in debt to go to college. Can someone suggest schools that would predictably give me some aid? I'm a SoCal student so schools from CA are preferred. However, I'm considering eastern states as well. </p>

<p>Please help me out! Thanks.</p>

2

<p>If you have competitive SAT or ACT scores colleges such as Bryn Mawr in Pennsylvania,
Smith,Wellesley and Mount Holyoke in Massachusetts (all are women’s colleges and members of the Seven Sisters offer some of the most competitive financial aid in the USA.
They are all excellent schools.</p>

3

<p>

Don’t bet on that.</p>

<p>Try looking at this thread. <a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/848226-important-links-automatic-guaranteed-merit-scholarships.html?highlight=guaranteed[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/848226-important-links-automatic-guaranteed-merit-scholarships.html?highlight=guaranteed&lt;/a&gt;&lt;/p&gt;

4

<p>Self-employed parents who own their own business are often at a disadvantage in the financial aid process. </p>

<p>Some of their expenses are added back into their AGI. (Adjusted Gross Income)
Expenses like vehicle expense or depreciation expense on large assets/equipment. </p>

<p>Buy “Paying for College Without Going Broke” Kalman Chany, Princeton Review. Get both the 2010 & 2011 Edition if possible. The 2011 Edition drops the EFC calculation for the IM (Institutional Methodology). Take your parents 2010 Tax Returns and do the worksheets in the back of the books with them. Be an educated consumer! </p>

<p>EFC= Expected Family Contribution </p>

<p>Also you could do the EFC calculations on the CollegeBoard website. Choose both IM & FM for the methodologies. Keep hitting “Save” so you can refer back to it. Print them out for reference. </p>

<p>Schools that use the CSS PROFILE for financial aid will ask about home equity (this is an asset). PROFILE schools may also ask about what vehicles your parents own or you own. </p>

<p>Best of luck in your college search!</p>

5

<p>First things first: Apply to your local public schools - schools you can afford even without substantial merit or need-based aid. Cal States are going to be your best bets; some CA students can afford UC schools out of pocket or with the Cal Grant or whatever else you get. I only say that because I read a bunch of threads on here where students did NOT apply to their state public unis or some affordable school and they’re comparing two unaffordable options in April, and end up going to community college. Which is NOT bad, but not what they wanted to do.</p>

<p>Secondly: SOME debt for college is not bed. I think it’s a little unrealistic to expect NO debt from undergrad, but better to talk of minimizing your undergrad debt to the extent possible. I got a full scholarship with a similar profile (I had a much higher SAT score though in 2004, but that was 7 years ago and things are so much more competitive now.</p>

<p>Accepted strategy for big merit-based aid is to find colleges that offer it and apply at the ones in which you rank in the top 5-10% of accepted students. You can find their accepted student profiles on College Board (and many college websites have them too). For example, Occidental College offers merit-based scholarships of up to $20,000 a year (which will cover 1/3 of the CoA there), and they also have a teaching scholarship that offers $15,000 a year. However, Occidental’s a very competitive college; 25% of their admitted class had SAT scores over 2100, so you’d likely have to score in the 2200+ range to be competitive for big scholarships (and your ECs probably have to be more than just decent).</p>

<p>Other CA universities to check out for merit scholarships are Loyola Marymount, Mills College, Pepperdine, University of Redlands, University of the Pacific, University of San Diego, Whittier College, and Azusa Pacific University. I will note that all of these schools require higher SAT scores just to get in if what you posted is all three of your PSAT sections (CR+M+W), much less for academic scholarships.</p>

<p>Countrywide, I think the best strategy other than examining that thread that Erin’s Dad posted is sort of looking at the U.S. News list, scrolling to the middle - schools like #50 and down - and checking which one of those universities and colleges offer big merit scholarships. Places like Muhlenberg College, Agnes Scott College (which is a women’s college) and Kenyon College offer large scholarships to incoming freshman. The reason that a lot of these schools offer large scholarships is to attract top talent from higher-ranked schools that offer less merit aid (or wouldn’t offer it to excellent, but not outstanding, students).</p>

<p>The corollary here, then, is that you have to be one of those top students they want to get from the tippy top schools. So you’ll need to study for the SAT. Try to break at least 1800, but really a 2000+ will be your best bet especially at some of the more well-known of these places.</p>

<p>Lastly, If your parents own a store, your dad will likely be considered self-employed, not unemployed, even if he is drawing in the red on that store.</p>

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<p>If you are willing to do the research yourself, excellent strategies for that are described in these two older threads:
<a href=“http://talk.collegeconfidential.com/parents-forum/148852-what-ive-learned-about-full-ride-scholarships.html[/url]”>http://talk.collegeconfidential.com/parents-forum/148852-what-ive-learned-about-full-ride-scholarships.html&lt;/a&gt;
<a href=“http://talk.collegeconfidential.com/parents-forum/291483-update-what-i-learned-about-free-ride-scholarships.html[/url]”>http://talk.collegeconfidential.com/parents-forum/291483-update-what-i-learned-about-free-ride-scholarships.html&lt;/a&gt;&lt;/p&gt;

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<p>* 4.0 weighted gpa, 3.7/3.8 unweighted. Total of 8 AP classes when I graduate. I have decent ECs and I haven’t taken my SAT yet, but I got a 160 on the PSAT. </p>

<p>With that said, I’m basically an “okay” candidate (well, in my opinion).*</p>

<p>** *My parents own a store but I think my dad would be considered unemployed. ***</p>

<p>??? Your parents own a store, therefore they are considered to be self-employed. Their store generates income and has a net worth. Frankly, those who are self-employed are often expected to pay MORE for college because of how their business/assets are calculated. And, sometimes some deductions are “added back in.”</p>

<p>*I really do not want to go in debt to go to college. Can someone suggest schools that would predictably give me some aid? *</p>

<p>Colleges that give “good aid” give good aid to those who QUALIFY for that aid. They don’t just give good aid to everyone. My sister’s kids go to two colleges that are known for giving GREAT aid, but her kids receive NO AID because they don’t qualify for aid. Your parents will have to submit financial info about their business, their earnings, their savings, investments, etc. If the schools look at that, they may determine that your family’s financial situation does not justify giving you much/any aid.</p>

<p>You need to talk to your parents about how much they will pay each year for college. </p>

<p>Also…since you don’t have SAT or ACT scores (take both!!), it’s hard to know which schools to recommend. Usually, schools that either give good FA or give good merit scholarships require strong SAT or ACT scores (not just a good GPA). </p>

<p>Once you have scores (when will you be testing) better recommendations can be made? I hope you’re signed up for the June tests.</p>

<p>Be sure to also apply to some Cal States and UCs…especially a couple that you could commute to if necesssary.</p>

<p>I see that you’re looking at Fordham. They’re not likely going to give you much.</p>

<p>Are you pre-med? If so, go to a good school that is strong in sciences at the lowest cost to you.</p>

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<p>If you are looking to avoid going into debt, you are not looking for schools that give good financial aid. </p>

<p>A Financial Aid Award Package may very likely include lots of loans, and no scholarships (ie, the word ‘award’ doesn’t mean ‘scholarship’)</p>

<p>Aid encompasses loans, workstudy and scholarships.</p>

<p>You are looking for schools where you qualify for merit-based scholarships (ie, grants, not loans) and can afford to pay the balance, or very competitive schools where your family will qualify for need-based grants instead of loans.</p>

<p>Sit down with your parents and find out how much they are expecting to contribute.</p>

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<p>Really, it’s not whether any college gives good financial aid in general that matters to you. It’s whether you have a good chance of getting a good financial aid package from any given school. I have seen colleges that are notorious in gapping students and not meeting need in general give certain students a great package.</p>

<p>You job is to find those schools where you are likely to be accepted and are definitely affordable. Once you have a few of those schools, really just one, you are set to start playing the lottery in terms of admissions and good financial aid packages. </p>

<p>A problem is that those schools that offer the absolutely best packages, with no loans, tend to be the most selective. Get into Harvarad, for instance, and many high income families that wouldn’t get a dime of fin aid may find themselves with a nice package, and no loans at all. Not so with many schools that guarnatee to meet 100% of need. many of these schools themselves define the need; not FAFSA need or Harvard need, but using their own criteria. Also many of them have a pretty hefty student contribution requirement in that meeting 100% of need, and if you can’t find a job, haven’t saved money, you have a problm. Also many schools use self help in terms of loans and work study in meeting aid. On top of all of that, these schools are not shoo ins for admissions even if you have NO need. They are highly selective schools. Some do have need aware admissions which can affect the likelihood of them being the school for you if you have need. </p>

<p>Where you are the most likely to gain acceptance and money for college is by applying to schools where you are truly the cream of the crop. That you are best 5-10% of the applicant pool. Even then you are not guaranteed to get enough pure grant funds, but it increases your chances. Also makes acceptance into the school more of a sure thing.</p>

<p>So a number of those schools should be on your list. </p>

<p>Once you have those layers covered, you can add schools that you like with wild abandon, because you have your base covered, and also some chances in the basket that have better than lottery ticke odds. So then you can go for those schools where admissions and money are truly lottery tickets.</p>

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<p>Thank you all for your great responses.</p>

<p>I would just like to say though, that the store is in my brother’s name. Does that count for anything? However, my parents recently bought a pretty expensive car (luxury type) and I’m worried about how much that would affect my EFC. Oh, and I have already talked to my mom about how much she has saved up for me. I have 30k for all four years of college. Considering on how much school costs, I really don’t think that would do.</p>

<p>Also, I’m taking the SAT on June. I’m kind of doubtful I will score very high, but I will be taking it again. Let’s just say my goal is to get 1800.</p>

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<p>The way the financial aid process usually works is that nearly all schools require that you complete a FAFSA to see what your family EFC is and what you can get in terms of government aid. You can run your family numbers trhough a FAFSA estimator to get some idea of your EFC. It is very income sensitive, and you need your parents’ tax returns to fill it out accurately as the info must mesh. Unless your family EFC is very low, you will not qualify for the PELL grant. I believe eligibility for PELL begins around the $5K level with maximum PELL money with a zero EFC being $5500. That is all that the EFC guarantees. The rest comes down to what your school uses. Stafford loans are for just about anyone as long as the cost of the school justifies it, and some of those might be subsidized if you have need.</p>

<p>The schools that tend to be more generous usually use PROFILE in addition to the FAFSA. Things like your parents’ luxury car may have to be reported there. </p>

<p>You say your father is unemployed. But your family must have some income to buy an expensive car and have money saved for your college. If the savings is in your name, it should be spent down and and an account in your parents name for college would be a wiser investment since assets in your name are assessed much more heavily than in your parents’. Also PROFILE often takes into account things like your home equity whereas FAFSA does not.</p>

12

<p>The way the financial aid process usually works is that nearly all schools require that you complete a FAFSA to see what your family EFC is and what you can get in terms of government aid. You can run your family numbers trhough a FAFSA estimator to get some idea of your EFC. It is very income sensitive, and you need your parents’ tax returns to fill it out accurately as the info must mesh. Unless your family EFC is very low, you will not qualify for the PELL grant. I believe eligibility for PELL begins around the $5K level with maximum PELL money with a zero EFC being $5500. That is all that the EFC guarantees. The rest comes down to what your school uses. Stafford loans are for just about anyone as long as the cost of the school justifies it, and some of those might be subsidized if you have need.</p>

<p>The schools that tend to be more generous usually use PROFILE in addition to the FAFSA. Things like your parents’ luxury car may have to be reported there. </p>

<p>You say your father is unemployed. But your family must have some income to buy an expensive car and have money saved for your college. If the savings is in your name, it should be spent down and and an account in your parents name for college would be a wiser investment since assets in your name are assessed much more heavily than in your parents’. Also PROFILE often takes into account things like your home equity whereas FAFSA does not.</p>

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<p>If you can’t be sure with schools/universities offering scholarships, because some may also depend on the course you’ll take, try companies with financial aid/scholarships programs. After you graduate, you can expect employment from them.</p>

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<p>Your parents must have filed a Federal Income Tax return for 2010, regardless of who owns that business. </p>

<p>If you do apply to private schools that use the CSS PROFILE, you may be asked about vehicles that your family owns. A luxury vehicle is one of those “life style choices” that the financial aid office will then be aware of. Should you appeal your financial aid package from that school & ask for more aid, then that life style choice of a new luxury car might result in no further aid being granted. The point of course, that money spent on that luxury vehicle could have been used for college tuition.</p>

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<p>Why did u say your parents own a store and then say it is in your brother’s name? Is this for tax purposes? This all sounds fishy. How much can your parents contribute every year in addition to the savings? You may not qualify for much aid or get accepted to the schools that give a lot of aid.</p>

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<p>So basically, my only hope to get money is through merit scholarships? </p>

<p>It’s a long story as to why it’s in my brother’s name. It used to be in my parents’ name, but some things happened so they had to put the store to my brother’s. No, it was not for tax purposes. My parents still run the store, that’s why I was inclined to say that they own it. I don’t know how much my parents can contribute every year. I don’t think it will be much though, and I really don’t want to ask for much anyways. I’m guessing they’ll probably be giving me some money for personal expenses, but I’m not sure they will. They’d probably expect me to get a job for that kind of stuff. I’m just assuming since both my older brothers were pretty independent by the time they were in college. </p>

<p>Ah, I hate this whole money ordeal. </p>

<p>PS. If anyone can suggest any more schools, please post here!</p>

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<p>If you are going to need merit scholarships, then you’ll really need to do very well on your SAT or ACT (take both).</p>

<p>* Let’s just say my goal is to get 1800*</p>

<p>You’ll need to do significantly better than that to have a chance at some good merit scholarships.</p>

<p>Look at various schools’ score ranges. At the schools that do give good merit scholarships, your test scores will need to be in about the top 5-10% for the school.</p>

<p>Since you’re in Calif and prefer Calif schools, that will limit your choices for merit scholarship opportuniites. </p>

<p>Be sure to protect yourself and also apply to a couple of schools that you know for sure that you’ll get accepted to and that will be affordable. If there are some CSU’s that you can commute to, be sure to apply to those as well. </p>

<p>Get some study books for the SAT and ACT…and practice! When will you be testing?</p>

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<p>You say you don’t think your parents can contribute much to college. A lot of people feel that way, but the hard numbers are what determine that. The tax returns will figure heavily as to what your parents are going to be expected to pay. And if they can afford to buy a nice car, they can’t be doing that poorly. My family is considered high income, and because we do pay for a lot of tuitions, we drive junkers, not only because of the initial cost of a nice new car, but the increased cost of maintenance and insurance. All we care is that the car is safe and doesn’t need a lot of maintenance.</p>

<p>Sit down with the 2010 tax return and the list of assets and you will get an idea of what your parents are expected to pay. Pick a PROFILE school with an estimator and see what numbers come up there since home equity, value of cars and other things like that will come up.</p>