What's the reality of paying for college- in general?

Paying for College
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<p>Do many students end up paying a majority of the tuition from their own pocket? This forum has a lot of 4.0 HYPSM hopefuls but I want to get out of that mindset.</p>

<p>When you walk around your college campus, how many of those people around you are trying to make ends meet? How many of them are living it easy with a good financial aid package? I'm trying to gauge how much money I'll receive but all those news articles about paying for college keeps throwing me off. I don't know if the anecdotal news story is a typical case or an extreme case. I don't want to apply to unreasonable schools and get into huge debt.</p>

<p>I'm hoping to get 1/2 of the tuition in scholarships/loans. Is that realistic?</p>

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<p>If your family is willing to take out loans, it is realistic to get loans for the full cost of attendance if they have the credit rating and collaterol to do so.</p>

<p>Re: scholarships, these are based on academic merit so it would depend on your stats and the schools to which you are applying.</p>

<p>The important thing to remember…Colleges do assume that families will bear their part in contributing to the college costs. I do believe that MOST students on MOST campuses are paying MOST of the costs of attending. Otherwise the schools would NOT have the revenue to fund their costs of running.</p>

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<p>I think it really really depends on what kind of college you attend. It can be realistic at some schools, and completely impossible at others. There are schools that cost 20,000 a year and there are the ones that are over $50,000. However, if you get into a such an expensive private college (40-50 thousand a year), you will probably have to pay less as these schools have more to give you in financial aid. So my college, that is about $53,000 a year gives out lots of financial aid, and most of the people I met (Really, a LOT of them) receive ridiculously high amounts of financial aid. I have friends who do not have to pay a single dollar for anything but generally, many of us only have to pay a couple of thousands of dollars a year and we get tuition, food and board. So no, the student body at these expensive colleges does not only consist of wealthy and spoiled preppy students-but there must be some, so that there are people who pay for the education of finaid students. Many of the tier 1 schools are need blind which can be a great advantage when applying for need based financial aid.
So at my college, while there are people who pay 200,000 dollars throughout the four years, there are many who would only pay $15,000 or less in total during all four years (of course, those with parents earning a lot will pay the full amounts). </p>

<p>If money is an important factor for you, you should start your college search by looking at financial aid policies and average financial aid packages at different schools…And even if your GPA is far from 4.0, and you have never won any stupid competitions or anything like that, there are still private colleges out there that might be willing to give out tens of thousands of dollars to you. Do research!</p>

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<p>This is ONLY true if the student is eligible for need based institional aid at the college(s). This student wrote NOTHING in their OP about their family income or assets. </p>

<p>I would strongly suggest two things:</p>

<ol>
<li><p>Discuss college finances with your parents and find out what they are WILLING to contribute annually to your college costs. </p></li>
<li><p>Run your family “numbers” through one of the online EFC calculators to get an ESTIMATE of what the colleges will expect your family to contribute.</p></li>
</ol>

<p>OP…please clarify what you are asking. Are you asking about need based aid? Your OP indicates “scholarships” which usually mean merit based awards based on your academic stats. “Loans” are available to everyone with the amount varying depending on how much the family is eligible to borrow. Your family “could” borrow ALL of the cost of attending college if they are eligible to secure a loan to do so. A Parent Plus Loan can be taken out for up to the cost of attendance in college. So…by including “loans” and asking if you can get them up to 1/2 tuition…the answer is probably.</p>

<p>If you are looking for need based financial aid in the form of “free money”…grants…please let us know that. This type of aid is based primarily on your parents’ incomes…but also assets, and the student’s income and assets as well.</p>

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<p>*Do many students end up paying a majority of the tuition from their own pocket? This forum has a lot of 4.0 HYPSM hopefuls but I want to get out of that mindset.</p>

<p>When you walk around your college campus, how many of those people around you are trying to make ends meet? How many of them are living it easy with a good financial aid package? I’m trying to gauge how much money I’ll receive but all those news articles about paying for college keeps throwing me off. I don’t know if the anecdotal news story is a typical case or an extreme case. I don’t want to apply to unreasonable schools and get into huge debt.</p>

<p>*</p>

<p>The truth is that at most schools, most families are paying for a good portion/majority of the costs…either directly or with loans. </p>

<p>As a student, you can really only borrow about $5500 per year without a co-signer. I wouldn’t recommend a student borrowing more than that. If your parents want to borrow with a Plus loan that they would be responsible for repayment, that would be their decision. </p>

<p>I’m hoping to get 1/2 of the tuition in scholarships/loans. Is that realistic? </p>

<p>You asked this question without stating ANY of your stats. </p>

<p>So, I found your stats on another thread…</p>

<p>* My grades are B+ (89%), 1920 SAT, </p>

<p>and 28,000 EFC. </p>

<p>My parents say they can afford 10-15k maximum. They barely have anything saved *</p>

<p>And…you live in Conn.</p>

<p>Your stats right now are not high enough for scholarships at many/most schools that give them to the point where your parents’ contribution and a student loan would pay the balance.</p>

<p>On another thread you act like UConn is not a good school. Why would you say that??? It’s a good school.</p>

<p>Is that your weighted GPA?</p>

<p>What is your SAT breakdown?</p>

<p>Are you going to take the ACT as well?</p>

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<p>A couple of things…</p>

<p>First, if your EFC is really $28K, your parents will be expected to provide that amount in financial support by most colleges. </p>

<p>Second…if their EFC is $28K but they can only contribute $10-15K, you will need to find a college that either costs that amount OR where you will receive MERIT aid…aid dependent on your academic stats. Here is an example…if the school costs $50K and your parent EFC is $28K…your MAXIMUM NEED (remember most schools don’t meet full need) will be $22,000. Your family would HAVE to pay AT LEAST that $22,000 and that’s assuming the school awards you need based aid to make up the difference. REMEMBER…most schools do not meet full need. With the academic stats you posted elsewhere, it is not likely that you would be a competitive applicant to the highly competitive schools that offer aid to cover full need.</p>

<p>I’m from CT…UConn is fine school. But even UConn as an instate student costs MORE than $15K per year total cost of attendance. However, if your parents contributed $15K and you took the $5500 stafford loan, you would be close to covering the cost of attendance for the first year…get a summer job to make up the difference and plan to work during your college time as well.</p>

<p>Now…other options…look for colleges where YOUR academic stats are above the 75%ile for admitted students.</p>

<p>Look for a thread here my momfromtexas who found some excellent money for her kids. The thread is a bit old now, but the advice is still good. You will likely have to look outside of “your box” to find a school that will award you significant aid.</p>

<p>And also, you say your parents have no or little savings for college. MOST KIDS families do not have college savings. They just don’t. You are not unique in that. Colleges assume that parents will contribute using current income, and future income (loans) as well as past income (savings). It’s a package assumption.</p>

<p>And finally, with an EFC of $28,000 you will not be eligible for any federally funded free money (like a Pell grant) or any grants for low income students (you are not one). You would be eligible for a $5500 Stafford loan, probably unsubsidized for your freshman year.</p>

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<p>I think thumper meant Your family would HAVE to pay AT LEAST that $28,000 (at a school whose COA is 28,000 or over of course). Any cost over 28,000 is what financial aid *might *help with. But the full need schools are generally the most competitive to get into. </p>

<p>If your parents can only pay 15,000 you need to find a school that costs that or find a school where your stats are high enough compared to the average to qualify you for merit aid.</p>

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<p>other options…look for colleges where YOUR academic stats are above the 75%ile for admitted students</p>

<p>I agree with that point. However, since the student doesn’t think that UConn is “good enough,” then this student is going to really think badly of schools where a B average and a 1920 SAT would get good scholarships.</p>

<p>Miss State - which is strong in Engineering and the sciences (don’t know what this student’s major will be) - would probably waive your OOS tuition portion (if you applied early!) and the overall COA for instate is LOW. </p>

<p>MSU probably would also offer you a scholarship for your major…depending on your choice. Everyone from my kids’ Catholic high school that applied there got a generous scholarship or two. MSU does stack many scholarships. </p>

<p>The school is very nice…very attractive…I have been on its campus and have toured. </p>

<p>Again…strong in engineering and has a very good vet school on campus. Lots of engineering, pre-med, and pre-vet students go there for undergrad because of their scholarships. </p>

<p>[Mississippi</a> State University](<a href=“http://www.msstate.edu/]Mississippi”>http://www.msstate.edu/)</p>

<p>If you could get at least the OOS portion waived…which I think you could get and more…</p>

<p>Tuition & Fees … $5,461<br>
Room … $4,494 (the school has VERY nice dorms)
Books & Supplies … $1000 </p>

<h2>Meals … $3,235 (very nice campus dining venues and good off campus dining venues.</h2>

<p>Not counting personal expenses and travel…the cost would be about $15k per year if OOS costs were waived. Not bad for a flagship university with all that goes with that.</p>

<p>*The $22,000 need is what financial aid might help with. *</p>

<p>Right…and since the student’s stats aren’t high, there won’t be much incentive for a school to help with that need…except to give a small loan and maybe some work study. At a school that costs $50k per year, the student is very likely to get gapped.</p>

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<p>Out of curiosity, why do you think they would they waive the OOS portion? I don’t know anything about MSU but I know at my daughter’s university (a large state U) a 1920 SAT would not be high enough to waive OOS fees.</p>

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<p>MSU doesn’t have auto scholarships listed anymore, but looking at what they posted last year, that score would likely get OOS tuition waived at Miss St. </p>

<p>We don’t live in Mississippi, but my kids’ high school sends about 8 students a year because of scholarships and waived OOS fees. </p>

<p>I’m guessing that a 1920 SAT is about a 1280 M+CR SAT… if so, that is usually enough for waived OOS portion at Miss State. </p>

<p>mid 50s at Miss State</p>

<p>SAT Critical Reading: 470 - 610
SAT Math: 490 - 640</p>

<p>So, a M+CR above 1250 is in the upper 25% at Miss State. </p>

<p>I think it might also get OOS waived at UArk…but I haven’t looked at that lately.</p>

<p>You’re right though…a 1920 SAT and 3.0 GPA would not be high enough at most flagships to waive OOS fees. I know that Bama would require at least a 1330 M+CR SAT or ACT 30 and a 3.5 GPA to get OOS portion covered.</p>

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<p>Ok thanks guys for the financial breakdown. I also didn’t mean to sound like I hated UConn. I just want to explore my options like the other thousands of kids out there. (And get away from home) ^__^</p>