<p>I'm a sophomore in high school hoping to go to northwestern, but I'm really worried about the price, especially since my family looks like they have a lot on paper so I'm not sure how much we qualify for even though we can't afford it. I was wondering when I should start looking into financial aid, especially if I know that I'll be needing a lot.
Thanks!</p>
<p>Well…first thing to do is have a talk with your parents about college costs. It is very important to know what they are willing to contribute towards your college education every year. This discussion will help you understand what, if any, financial limits there will be in your college search. </p>
<p>Northwestern gives need based aid (only, I think…no scholarships)…so your financial aid will be based on your family’s financial need. Need based aid is based on what your family CAN contribute based on their income and assets, not what they are willing to contribute.</p>
<p>You might want to think about the characteristics of NU that make it appealing to you. Then also look for other schools with similar characteristics. Hopefully, in that mix you will find some schools where you might qualify for some merit aid, or where the costs are more modest than Northwestern’s are.</p>
<p>since my family looks like they have a lot on paper so I’m not sure how much we qualify for even though we can’t afford it. I was wondering when I should start looking into financial aid,</p>
<p>Unfortunately, you won’t be awarded financial aid if your family looks like they have a lot on paper. Financial aid is awarded after “need” is determined after your family reports income and assets. </p>
<p>As Thumper says, NU doesn’t award merit scholarships, only “need” scholarships. So, if your family’s income/assets are too high for you to qualify for financial aid, and your family can’t afford to pay the $50k+ per year that NU costs, then you need to consider other options…either cheaper schools or schools that will award you scholarships for your stats.</p>
<p>Sophomore year is a great time to be thinking about fin aid. You’ve gotten good advice so far. Understanding your financial situation and potential eligibility for financial aid can help you to craft a more realistic list of schools, including a few financial safety schools. Also keep in mind that if you do qualify for need-based financial aid, the first $5000-$8000 is not likely to be in the form of “free money”, but loans and work-study.</p>
<p>Since you’re a sophomore who thinks that his family won’t qualify for aid, but won’t be able to afford college, then…</p>
<p>1) Ask your parents how much they can pay each year.</p>
<p>2) Spend the rest of your high school years (especially this year and junior year) getting the the highest grades you can.</p>
<p>3) Spend some time this summer practicing for the SAT and ACT exams (get some practice books from the bookstore or Amazon). You’ll be taking the PSAT in fall of junior year, so practicing the SAT will help with that.</p>
<p>Trying to look on the bright side: One of the good things about not qualifying for any need-based financial aid is that at least you will get the full benefit of any merit scholarships you do earn. (Many colleges “subtract” at least a portion of any outside scholarships from the need-based aid they award.)</p>
<p>It is hard work to identify a solid list of outside scholarships that you may qualify for. You could start putting a list together now. Start with local community scholarships, broaden to those awarded on the state level, then the national ones. That way, when the time comes, you just need to make sure you have the latest application version. You will be very busy your senior year doing college apps and this will save you time.</p>