<p>When my parents filled out the FAFSA three years ago for my sister, our EFC was $52,000. Our annual income is only $80,000- it is assets that kill us. I guess my parents have significant savings, inherited from my grandparents, though we're not millionares or anything. With only 80K per year, we really can't afford to pay $52,000 without burning up a ton of savings.</p>
<p>With an EFC this high, will any schools give me need-based financial aid? I am wondering if I should even both applying to schools that give only need-based. </p>
<p>I know Harvard, Princeton, and Yale are supposed to give really great aid- how much would I still have to pay there, if I could get it? Are there any other schools that would give me aid, such as UChicago, Darthmouth, Northwestern, Pomona? </p>
<p>I'm a National Merit Semifinalist, so I've been looking into a lot of schools that give full rides for that, and some other schools that give lot's of merit-based aid. But really, the best schools give only need-based aid, so I'm wondering if I'll be able to get any money from these schools, because otherwise it won't be possible for me to attend them. </p>
<p>Sorry this post ended up being pretty long. Thanks to anyone who reads through and helps me out!</p>
<p>No where will you get need based aid <em>sorry</em> You have savings, which those with high need don’t have. You might not want to spend it, but why should you get need based aid, when you really don’t need it…</p>
<p>But there are some very good schools that give merit. </p>
<p>Consider schools that also require you to fill out the CSS Profile- apparently this measures your spendings as well as your income and assets. People have said it is more favorable to the student in terms of receiving FA.</p>
<p>^^^While the Profile takes into account tuition for private schools and medical expenses, it does not include debt/spending. While some people may have lower EFCs than with FAFSA, the majority have higher ones because Profile includes other assets like home equity.</p>
<p>OP, you need to have your parents run some calculators for the privates you’ve mentioned. Check their websites or here:</p>
<p>Savings are considered when assessing need, because it is money available for your education. As susgeek said, savings are for things you need as well as for things you want. </p>
<p>Many people look at expenses like education and nursing home care and want to hide their assests so that they don’t have to pay for themselves, but charity (which need based college aid is) is for those who need it. Your parents should be glad that they have the means to help you, and your grandparents may well have left them the inheritance thinking that it could be used for such investments as this - providing a good education for their grandchildren.</p>
<p>Look for schools that give good merit aid. Some to consider are Moravian, Lehigh, Muhlenberg, Kings College (all in PA; other posters or doing a site search will give you more possibilities). You may want to go to the very top schools, but so do a lot of students that cannot afford them. That doesn’t mean that your future is doomed - many graduates of lower esteemed schools go on to very successful careers and happy lives.</p>
<p>With your grades and as a NMS you have a lot of advantages and possibilties that the majority of college students don’t have. You should be able to find schools that you can easily afford without needing more than stafford loans at most.</p>
<p>If your families EFC is divided, you may get need based aid at many of the 100% need met schools. But, it looks like your sister will be graduating soon?</p>
<p>My sister is in the same boat and she has 2 kids in privates at the same time…no aid. Their income isn’t that high, but they received an inheritance that once CSS calculations are done, the money is expected to get spent for college. </p>
<p>They could have chosen the merit aid route, but they’ve chosen to spend the inheritance on tuition…that’s their choice. </p>
<p>*If your families EFC is divided, *</p>
<p>His sister won’t be in college for long while he’s there. They did sis’ FAFSA 3 years ago. And for CSS schools, the EFC is not split 50/50…it’s more like 60/60. </p>
<p>If a CSS school determined that with 2 in college, that the family should pay $30k for one sibling **PLUS **$30k for the this student, I don’t see how that’s going to fly with this family. The family doesn’t want to pay out that much per year.</p>
<p>The splitting EFC issue seems to give people the idea that they’ll be paying less. They’ll often be paying out more per family per year. </p>
<p>JAlfred…how much does your sister’s school cost your parents each year? Did your sis take out any loans? Did she get any merit scholarships? It doesn’t sound like your parents are paying $50k per year for her.</p>
<p>No, my sister goes to University of Illinois, our in-state school, for $20,000 per year. My parents don’t really want to pay that much more for me… and I don’t blame them. I don’t really see how any school would be worth $200,000 over 4 years when I could go to some pretty decent schools for free. </p>
<p>I’ve got a list of schools that offer full rides, it’s just that I’ve been holding out hope that I could maybe still go to one of the top schools… I might still apply just to be able to say I got in… :)</p>
<p>Thanks for responding everyone, you’ve sort of just confirmed what I pretty much already knew. I will try to do the calculator for some schools… I just have to get my dad to sit down and do it with me. </p>
<p>Thanks! I’ll still take more advice, of course, if anyone has any.</p>