<p>The decision on whether I go out of state to college or stay in state weighs heavily on how much financial aid colleges are willing to give me. I'm interested in the small private liberal arts schools like Bryn Mawr, Smith, Mount Holyoke, and Davidson. Most of the small private liberal arts school claim that they meet 100% of a students demonstrated financial need and I've visited all of these schools and the financial adviser has reassured me that they do not want the high tuition to be a reason for why a student cannot attend if they are accepted. I was just wondering if anyone who has similarities to my financial situation and attends or has been accepted and received a financial aid statement from a college similar to what I have mentioned can share what the expected family contribution would be to attend? </p>
<p>I live in Miami, Florida.
My parents both work full time, are not divorced, and together make around $180-200k a year.
I have one sibling that attends a public in-state university. My parents only pay about $4k for my sibling to attend each year.
My parents own 2 houses, each would be worth around $480k if they were to be put on the market today.
My parents do not have any kind of extreme illness that results in high medical fees.
To sum it up, I come from a middle class family and I do not live a luxurious or lavish lifestyle. The only thing my parents have spent a large amount of money on over the years is my education as well as my brother (we both went to private schools for most of our lives) and education is mainly the only thing my parents are willing to invest in. </p>
<p>I have done net calculators where I enter my parents taxes and finances and most colleges I have done this for have said my expected family contribution would be between $40-50k. I honestly find this price very high to pay per year in relation to my parents income. My parents have already told me that they cannot afford to pay that kind of price when most of the money they make goes to taxes and they have other expenses. My parents said they can only afford to spend between $25-30k per year if I went to an out of state private college. </p>
<p>Sorry this post is so long but I did not know how to explain everything any way shorter. If anyone has advice on financial aid pleased let me know! </p>
<p>The net price calculators should give you a reasonable expectation of what you can expect from their financial aid offices. Remember, meeting need is based on the school’s definition of “need”. Remember also that $200,000 per year is about three times the median household income of households headed by people of age to have high school or college age kids (and about four times the median household income overall), so do not be surprised that you are not that “needy” by the schools’ calculations.</p>
<p>However, if they have self-employment, small business, or rental income, you may also want to run them for a “worst case” financial aid estimate by using gross income before employment, business, or rental related deductions that are sometimes added back by college financial aid offices.</p>
<p>If the prices shown are too expensive, and the schools do not offer sufficient merit scholarships that you can get, then there may not be any point in applying.</p>
<p>There are some public LACs like New College of Florida, Truman State, University of Minnesota - Morris, UNC - Asheville, and SUNY Geneseo that may be affordable within your price limit, even without financial aid or scholarships.</p>
<p>Thanks! As of right now, I’m not even going to bother applying out of state because of the costs but New College of Florida is actually my first choice in state, but thank you for your response it was really helpful!</p>
Aside from the fact that they have an unusually good income indeed, income isn’t the whole story. As has been explained on this forum many times (but probably before you started visiting), the expectation of most schools is that money for college will come from three sources–savings, current income, and borrowing. If your parents have not been able to put aside a significant sum (perhaps because they chose to invest in real estate?) and if neither you nor your parents wish to take out loans (such as an equity loan on that second home), their current income will indeed be the sole source of funds, and you will be unable to afford a private school unless you can snag a very nice merit scholarship. Given the schools you have named, it seems that you may have the credentials to get merit money at schools a tier down from those, i.e., schools where you will be in at least the top 25% of applicants. Perhaps you’ll find some of these more appealing than your in-state options.</p>
<p>Is $180k-$200k income per year with a $480k main and $480k second home or rental property plus private k-12 schooling now considered middle class?</p>
<p>Since you’re in Miami (I’m from Miami too), have you thought about going through the POSSE program? Next year, Davidson and Pomona are being added to the list of LACs that are already Miami POSSE partner schools: Franklin and Marshall, Mt. Holyoke, and Hamilton. If you’ve got the credentials, it can definitely be an option. Getting the scholarship is not really based on your family income though I think it does play a role; I know someone part of Mt. Holyoke’s class who got POSSE but didn’t get additional financial aid to cover room and board as she was upper-middle class and apparently, the POSSE program only covers tuition with the school covering the rest if needed, if I’m not mistaken. </p>
<p>Also, what about schools with merit scholarships? All four of the schools that you listed give fairly good amounts of merit aid (though Davidson and Bryn Mawr than the rest I think) so it’s not out of the possibility if you think you’re in range of those scholarships. </p>
<p>Because your family owns a second piece of real estate in addition to your primary residence…the net price calculators will NOT be accurate. </p>
<p>Your likelihood of receiving substantial need based aid is very reduced at the colleges you listed. Your parents have a VERY high income. And you own a second piece of real estate in addition to your primary residence. </p>
<p>How much equity do your parents have in these homes? That is the number that matters. Is that second home paid for in full, or do your parents owe $460,000 on it…big difference. However, this may not matter to these colleges at all. Their bend could be that the money your parents at choosing to pay for a second home could easily be used to fund your college costs. Having a second home is a choice.</p>
<p>On a $200,000 income, your FAFSA EFC would be in that $50,000 range easily…actually it is likely higher due to that second home. And some of these colleges add in some value for primary home equity as well.</p>
<p>Now…at some of those expensive OOS private colleges, that meet full need, you EFC would be reduced while your sibling and you attend college concurrently. The FAFSA EFC could be in the $30,000 plus range while that is the case. But those schools also use the Profile. And if you parents are saying…$30,000 a year…what would you do when your older sibling is no longer in college and YOUR family contribution doubles…or more?</p>
<p>You don’t mention any savings in your post…but any non-retirement savings also needs to be included.</p>
<p>And if your parents are self employed, that puts another monkey wrench into things.</p>
<p>My guess is your parents are paying $4000 a year for your sister because she is receiving Bright Futures at the highest level, and perhaps received additional merit aid as well.</p>
<p>Oops. I didn’t note that the second home is a rental property. That second home equity will be an asset, and the rent from it will add to family income.</p>
<p>What kind of financial aid did you expect with your family income and assets? </p>
<p>I think the most financial help you can expect is merit aid. Our EFC was about $54,000. We were offered some merit aid ($7,500-$14,000) at several of the schools, but even with merit aid the cost was just too much per year. We let our children know what we were willing to pay each year. Roughly the same as your parents. ~$30,000. It is still going to be challenging especially when the second one gets in college.</p>
<p>@ucbalumus Thank you for the information that this level of household income is in the 95th percentile, while @GMTplus7 states that the OP is upper-middle class.</p>
<p>180-200k is what an experienced engineer, mid-level mgr, or dual-income public employees earn. It may be 95th percentile, but it sure ain’t wealthy.</p>
<p>Also note that both parents work. I daresay that few people would say that a pair of $90K salaries (or $80K and $100K, or whatever the breakdown is) means extraordinary wealth or income.</p>
<p>In any case, to the OP:
You could try for merit scholarships at LACs like URichmond/Denison/Rhodes/Trinity in TX (or Scripps/Agnes Scott/Bryn Mawr/etc.; many all-female colleges seem more willing to offer big merit scholarships), but frankly, I think that in-state tuition at New College of Florida is a tremendous option for you. It’s the only public LAC I’ve found that has alumni outcomes (in terms of PhDs produced, competitive national student awards won, and placement in to elite pre-professional schools) comparable to the top private LACs.</p>
<p>It probably take two (not one) of those types of employees and most of the others named in what you quoted to bring in $180,000 to $200,000 per year. Of course, what you quoted just says “commonly may exceed $100,000”; the range we are talking about is nearly double that.</p>
<p>Of course, on these forums, the threshold for “wealthy” typically starts at a higher level than the writer’s own income and wealth, no matter what the writer’s own income and wealth are.</p>