<p>…reposted here because the first time I posted, it showed up as 11 am yesterday instead of 1:35 am today, and completely threw off the sequence of this conversation… </p>
<p>I have read too many stories on CC of families who were self-employed who got hammered on EFC with the CSS/PROFILE. Lots of items that were deductible on Sch C went back into the mix as income for EFC. OP, you and your family need to consider some financially realistic choices here. If your dad does not want to talk money, what makes you think he will be willing to fork out or borrow tens of thousands of dollars?</p>
<p>Quote:
Target schools are; Georgetown, UCB, UCLA, NYU, Northwestern University,UVA, UMich, UChicago
Most of these schools have acceptance rates that make them reaches for any applicant. UCB, UCLA, UMich and UVA are not known for being generous with FA to OOS students. NYU has a reputation for offering acceptances, but with huge loans. You will not be able to take out any loans above the Stafford/Perkins limits without a cosigner. Your parents may conclude that they cannot take out or cosign loans for your education.</p>
<p>A smart and mature approach here would be to research schools where you can get merit money based on your grades (which means your stats are in the tippy top of the school’s applicant pool) or where your EFC is a do-able amount for your family. At that point, you sit down with your parents and discuss finances. Listen to what they have to say and recognize that it is darned difficult to come up with 25-30% of your family’s income each year to pay for college. College Board assumes families have three resources from which to pull money for college: 1) savings; 2) current income; 3) future income (loans). Not all schools meet full financial need; many schools will expect you to take out loans.</p>
<p>Here’s an example of how FA estimates can vary:
Income in 2011: $40,000, single parent mom became unemployed in August 2011. Used to make $100k+ before economy tanked. Father’s business collapsed, lost house to foreclosure in 2011. He had no income other than four months of unemployment in 2011. Kids qualified for food stamps and free lunch.</p>
<p>Expected income in 2012: $15,000 (mom is still severely underemployed)</p>
<p>EFC from school A (a school you have listed as a safety): $32,000/year
(on what planet?!?!)
EFC from school B (an Ivy): $11,000/year</p>
<p>Student was salutatorian, 34 ACT, 13 APs (9 5s, 4 4s), significant leadership and awards. She is now at her flagship on an almost full ride. She is able to cover what the scholarships don’t with a PT job.</p>
<p>You have very decent stats and grades. There are schools that would love to have you and would pay for you to attend. I’m not saying you can’t aim high – but you also have to aim for money.</p>