Yes, that is exactly what this means! Your parents made the choice to spend instead of saving for your college.
Your parent consumer debt is NOT going to be considered when the schools,do their financial aid calculations.
So…just because theynhave an outstanding loan for a new kitchen, or new cars, or a huge home mortgage payment…sorry…those are consumer choices. The colleges are NOT going tomtake thise into consideration. At all.
Consumer debt isn’t considered for anyone. You are no exception.
Penalized? I don’t thinkmthat is the right word. Your parents chose to manage and spend their money in a certain way. That is their choice. But colleges are not going to give you more need based aid because you remodeled a kitchen or bought a new car…or have a big mortgage.
@“aunt bea” wait so colleges really expect me to be paying off loans until I’m 60? I want to have a family and a house when I’m older, a desire that is really not that far fetched. How am I supposed to do that with that much debt??
@thumper1 but what am I supposed to do about that? I don’t think we live very lavishly anyway; a two bedroom, one bathroom cape house isn’t that unreasonable. Do you think there’s something they aren’t telling me about how much money we actually have to spend?
Yes, if you take out huge loans, who do you think will repay those loans?
School loans are the ONLY thing that does not go away in bankruptcy.
There are hundreds of stories, in the press, of students who live with their parents because they can’t afford to live on their own, and having to repay $2000 to $5000 per month in college loans, with no jobs.
It sounds like you guys are very angry with what I don’t know about this financial aid situation. But let me make one thing clear: I’m not trying to upset anybody- I’m just trying to find some answers, because my parents don’t talk to me about these kinds of things, even when I ask. I’m sorry if I offended anybody or angered you, just know that I’m just trying to find information that I can’t seem to get anywhere else.
@“aunt bea” how do I not be one of those people?? I honestly don’t know anyone like that!
Folks, she’s not responsible for her parents’ finances. so don’t be too harsh. CCers tell this kind of kid “no one owes you a $60k education”. while it is true, no one ever says that to the low income kid, and it is equally true. Neither kid is responsible for their parents’ financial or life choices.
And these admissions reps keep telling the kids “don’t worry about the $, we have aid”! I can see why so many think whatever they can’t pay will be funded for them.
The reality is, it is unfair that kids are stuck with their parents’ income, though they have no control, and cannot compel them to pay. However, you are where you are. Is this your junior or senior year? If junior year and you have good scores, you may be eligible for merit at many schools that may bring costs down a lot. Otherwise, yes, the school expects your parents and you to pay out of current income and loans (both you and parents). Perhaps your parents would agree to pay off some loans since they have more income now and could not save a lot before?
You need to look at schools that are affordable for YOU. First step is to find out how much your parents really think they can pay per year for each of you.
Are you a HS senior this year??
You can’t take out huge loans yourself. For freshman year, you can take a $5500 Direct Loan in your name only. Anything over that amount would either need to be consigned by your parents…or taken out by them.
Your family income is $180,000 a year? That is more than three times the national average. It means you are not low income…at all.
Have you looked at public universities in your state? Any close enough for you to commute to? Are your stats high? Could you get merit aid someplace?
This is the problem and you are not alone with it. And Christmas Eve is not the time to bring it up with your parents. It is a discussion that you must have your parents. Do you have a financial aid offer in hand that you can show your parents?
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Some colleges aren’t even willing to pay for the difference between out EFC and their sticker price!!
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Because just like your family’s budget issues, colleges have budget issues, too.
Please ask your parents!!
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would say that can’t actually contribute more than 15k a year for both me and my sister.
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Are you saying that they’ll pay about 7500 per twin?
Please ask them.
Adding…are you an instate resident for Massachusetts where you have been accepted to UMass? Did you receive any merit money with your honors college acceptance?
@HRSMom thank you for saying that, I was kind of taken aback by how angry everyone seemed to be… I really appreciate it 
unfortunately, it is my senior year… I really wish I had looked into it before. Truth be told, my mom and Dad always said I shouldn’t worry about it until we had to… which I guess was this year. I don’t think they meant to put us in this pickle, but it’s where we are. I’m going to try everything I can to bring down costs, but there’s only so much I can do, you know? But thank you for understanding
An average kitchen remodel is $20,556 ( http://www.homeadvisor.com/cost/kitchens/remodel-a-kitchen/ ). It is taking them more than 10 years to pay that off on a $180,000 annual income?
An average new car is $33,666 ( http://mediaroom.kbb.com/new-car-transaction-prices-up-2-percent-march-2016 ), though there are many new cars for half of that price.
Your primary home is 2 BR and 1 bath?
But it’s in a pricey area?
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does this mean that I'm going to be penalized for some spending my parents did over a decade ago???
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That is life. Otherwise all parents would spend a bunch of money instead of paying for college.
No, you don’t have to be in debt until you’re 60. We’ve been telling you to find schools that will give you huge aid for your stats. You’re late for some merit opportunities, but apply to the ones that still are giving out huge merit. UAB is one, with a very good med school on campus.
@TomSrOfBoston yeah… I just got a need based aid letter from southwestern… they can give me $144 per year (although, I’m getting 27k in merit! Yay!) Also, Baylor and Umass amherst say they can’t grant me any need based aid. But they still didn’t really react when I told them… maybe they expected it? I certainly know I didn’t.
@Elizajanebh, no one is angry. I think everyone wants to make you aware that this college thing is a nightmare in costs. It’s not just your problem, it is a national problem.
You are not responsible for your parents expenditures, but you are responsible for having a frank discussion with them about what amount they will pay yearly for your education and for your twin.
If they only have $20K for you, then you know your max budget is $5k per year (that includes dorm move-in costs?). Then find some schools that you can afford. If you are in California, that would be your CSU’s and UC’s.
If your plan is medical school, then you need to know how what the costs will be (now about $200K), which means having a very cheap undergraduate education where you can shine with your grades.
@thumper1 I am in state… I actually got off the phone with a financial rep a few days ago. She said that my case was reviewed, and even though I have a twin sister, they could give me no need based aid- none at all, just a 2k a year merit scholarship, in addition to my $917 John and Abigail adam’s scholarship. This means I have to find 25k a year to cover the rest. And while I did get into the honors college, the CHC fee increases the price.
What is your home state? Did you apply to that state’s flagship? Or is it UMass?
^that is the other issue…some schools dont have much to give:(
As Mom2 suggests, Alabama can be a good option if gour stats get you the higher scholarships.