What to do in my situation?!

Paying for College
1

<p>I'm a high school senior, trying to make the best choice for these next four years. Here is my situation-
My parents are paying roughly 26k for my sister to go to college each year. She will be a Junior next year (the year I enter as a freshman). They are willing to pay the same amount for me.
My need-based financial aid packages have begun coming in, and while I am very thankful for the generosity of the different schools, I am still concerned.
First year packages seem to look something like this:</p>

<p>Grant: 32k
Loan/Work Study: 6k
COA: 57k</p>

<p>Let's say I use work study for all my personal expenses (movies with friends, Chipotle stops, etc.) and I don't take loans first two years. This leaves me with 25k to pay each year, just barely fitting my 26k budget.
Now, when my sister graduates in two years, and I begin my Junior year of college, is the period I am very concerned about. I anticipate my COA to fly up for these last two years, but I don't know how much! Can anybody help me with how much I should expect to see my efc go up? What should I do in my situation? Obviously I would take the loans the first two years. Will my efc go up to near 40k after year 2? </p>

<p>Please advise me... Thanks.</p>

2

<p>Your EFC will double.</p>

3

<p>Will there be any option of negotiation?
As in, they see that my sister just finished four years. Will they expect me to pay the same amount as somebody who never had a sister at all but is in the same financial situation?
Ugh.</p>

4

<p>Yes that is exactly what will happen.</p>

<p>If you take out the Stafford loans each year, you will end up with some debt, but it will be in the manageable range. The total for all four years comes to $27k, which would be the equivalent of what your EFC is likely to increase by in your junior year. Sit down with your parents and see what they think.</p>

5

<p>Thanks happymom.
In a week, once all decisions are in, I will sit down and make a chart of my top choices and outline the debt I will incur at each. Is it really exactly double? </p>

<p>Say efc is $18,410.
Once sister is out, it becomes $36,820?</p>

6

<p>Yes…your EFC will double.</p>

<p>They won’t care that your sister just graduated. They will think, “Hey, now the family can pay all the college money to this student since the sister graduated.”</p>

7

<p>Here’s a good calculator that lets you look at all the numbers side-by side. When you’ve got all your offers, run them through it :[FinAid</a> | Calculators | Award Letter Comparison Tool](<a href=“Your Guide for College Financial Aid - Finaid”>Award Letter Requirements - Finaid)</p>

<p>Good luck!</p>

8

<p>Your EFC will approximately double providing income remains comparable to last year’s.</p>

9

<p>It sounds like your sister is attending an instate public and your parents are full pay for her. </p>

<p>It sounds like they’ve determined that that is their budget for you…$26k per year…just like your sister. That will be a huge problem once she graduates and your aid goes away. At that point, you’ll be nearly full-pay.</p>

<p>Also, once your sister graduates, she will not be counted in your household, so your EFC will rise even more because then you’ll be a “household of 3 with 1 in college”. </p>

<p>What are your more affordable options? Don’t you have some big merit offers? Those won’t change when sister graduates.</p>

<p>Will there be any option of negotiation?</p>

<p>NO…and for a few reasons. 1) you’ll already be at the school, so you’ll have NO negotiating power. 2) you have no good reason for more money. Your parents will no longer be paying for sister, so the school will feel that they can give that amount to them now.</p>

<p>*Let’s say I use work study for all my personal expenses (movies with friends, Chipotle stops, etc.) and I don’t take loans first two years. This leaves me with 25k to pay each year, just barely fitting my 26k budget. *</p>

<p>I don’t understand the above. Are you talking about your frosh/soph years? If so, then yes…if you don’t borrow and you use your work-study for personal expenses, then you’ll be cutting it very close.</p>

<p>How much is your work study? If you’re the sociable-type, then expect to spend about $500 a month easily…about $5k per year at least… Seriously, after having 2 in college, I know how quickly a college kid can go thru money on a weekend. It’s not as if kids only go to one place each weekend. And, there’s spending going on during the week as well.</p>

10

<p>Not that I doubt an undergraduate can spend $500 in a month, but when I was in college I didn’t spend $500 a month until I HAD $500 in a month to spend (i.e., when I got a research fellowship that paid a stipend). My mom gave me an allowance of $100/month in my first semester, so that’s what I spent. In my second semester, I got a job as a program assistant in an office that paid $6/hour for 10 hours a week - so ~$240/month, before taxes. So that’s what I spent. In my second year I got an RA job that paid about $400/month…so that’s what I spent…my research fellowship was $913/month, and I didn’t spend all of that in a month. That’s a lot when you don’t have bills to pay.</p>

<p>Assuming that you have a meal plan that can fill your dietary needs (I had a 21 meals/week plan but I also had a scholarship that covered that), the only money you’ll be spending is recreationally and to order food in when you don’t feel like the dining hall. I did so very sparingly in my first year, but once I made more money I did it more. You can control your spending if you don’t have a lot; you just have to budget well and say no sometimes.</p>