<p>I'm looking at signing on with a private four-year school, but after discussions with my parents it seems like its a pretty big financial burden for them to put me through school. They are determined to put me through, so even if I choose to go to this school they'll still pay, it will just be hard. to make this clear...my EFC was like...five grand or so ever what would have been necessary for paying for school, but because of some family matters that do not show up on a W2 form as well as the fact that we're really just barely over the line, it still is a lot to ask of my parents.</p>
<p>Do you think theres anything I can do to kind of ease the pain, so to speak? I've applied for a good number of scholarships and if all goes well I can pull in five thousand or so a year but the other 45-50k isn't going to pay itself...what can I do?</p>
<p>Despite their willingness to pay, it probably won’t be possible without them taking on massive debt. You don’t want to do that to them; they’d like to retire someday.</p>
<p>Unfortunately, if a school is that far out of reach financially, IMO you need to reconsider your options. An in-state public, perhaps. Or getting the first 2 years out of the way at a community college for practically nothing, and then transferring to that private school.</p>
<p>Didn’t you get any grants or scholarships at all from the college? Or are you a junior looking at schools? Outside scholarships don’t usually reduce your family’s contribution, btw, but they can help close the gap between EFC and the award package. LasMa is right, you don’t need to go to a college that’s more expensive than you and your family can afford with a reasonable amount of debt.</p>
<p>I think he means that his EFC is $5k over the cost of attendance at the school. So if the school costs $50,000 per year, his EFC would be $55,000 – high, and enough to guarantee minimal financial aid. </p>
<p>Depending on the circumstances of your parents, you might want to opt for a cheaper school. If paying the cost of college at this school will eat up too much of your parents’ income, they could be especially vulnerable to sudden problems (like urgent housing repairs, a medical emergency, job loss) and it might stop them from saving enough for their retirement.</p>
<p>Do your parents have some money saved for your education or is all of this going to have to be loans? If ALL of your college costs are going to be loans…you need to think carefully. First, your parents may qualify for $50K in loans this coming year and even the following…but that would mean that they would have $100K in loans outstanding JUST for your schooling after your sophomore year. The BIG question is…will they even be able to continue to GET loans in that amount until you finish your schooling.</p>
<p>You say there are things that are not reflected on your FAFSA…is this a Profile school too? With an EFC in the mid $50K range, a guestimate of your family’s annual income is in the $200K range. Hopefully they have some savings, can take some loans (SOME) and can pay some out of current income. If there is money going to other things, perhaps that can be stopped while you are attending college.</p>
<p>If you are going to pay the whole thing in loans, think again. If you still think you’re going to do that, think again and again until you realize that that’s impossible and try to see if your parents can tap into savings or pay out of their current income without destroying their lives.</p>
<p>Have you asked your parents how much they can *comfortably<a href=“without%20emptying%20their%20retirement%20accounts,%20and%20with%20enough%20money%20so%20that%20a%20job%20loss%20doesn’t%20put%20them%20in%20a%20homeless%20shelter”>/i</a>.</p>
<p>So, you won’t be receiving ANY aid because your school costs less than your EFC, and it will be very difficult for your parents to pay their portion. ( I think your school is Amherst - which will be at least $50k per year.)</p>
<p>Oh my. </p>
<p>You have to consider this possible scenario might “bite you in the bottom”… Your parents might qualify for a loan the first year or two, but might get denied for years 3 and 4. Then you’d have to come home and complete your education at a local state school. You and your family would have big debt, but your degree will be from a local state school. That would not be pleasant. </p>
<p>What are your other choices? What is your likely major and career goal?</p>
<p>Please do this…ask your parents how much they can reasonably contribute each year without putting themselves in financial jeopardy. Come back and tell us what that figure is. </p>
<p>Ouch! You definitely need to chase some merit aid if the COA is more than your parents can comfortably afford times FOUR. If they don’t have a significant portion set aside already, you will be eligible for Stafford loans and hopefully can also contribute by working and paying for your books and personal expenses as well. I think it’s good for college kids to have some “skin in the game” but that’s just my $.02!</p>
<p>to be clear…my parents DO have savings to put me through Amherst should I really want it (and I do). Its just that its a LOT LOT of their savings versus if i went to a UC school. I will also work on campus. Amherst has a ridiculous amount of available campus jobs and they don’t discriminate in terms of jobs for ppl on work-study vs jobs for ppl not on work-study</p>
<p>Well, hold on. They have ~$200K in the bank? $200K that’s earmarked for your college, and not their retirement, or siblings’ education, or emergency fund? </p>
<p>If it’s really the case that they’ve set aside a 4-year college fund for you, then consider yourself lucky indeed. But if they’re thinking of, say, raiding their own retirement to pay for your college – well, you just can’t do that to your parents.</p>
<p>I agree completely with LasMa. If $200K in the bank that they’re planning to use for their retirement, or $200K is a lot of their total savings, then I’d really encourage you to look elsewhere.</p>