Worried about financial aid ..

Paying for College
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<p>Well, I've been stressing over admissions, but what's also come to worry me is financial aid. I've heard lots of stories of people being admitted to top unis, yet not being able to afford the cost of attendance. I'd like to know what my chances are of getting a decent financial aid package so I can actually attend a top college if I'm accepted.</p>

<p>Currently, I live with my dad. I was living abroad in Brazil with my mom for the past 4 years, but returned to the U.S. in January of this year. I was listed in my dad's last income tax as a dependent, as I was already in the household in Jan (I'm guessing this isn't too correct, but it's how it is anyways). Now, my mom has also moved back to the U.S. - she's the one with my legal custody. I will be 18 on January 3rd (when I believe legal custody stops being a factor?). Now, as I've mentioned, my current residence is with my dad and hence I am his dependent. </p>

<p>My dad's income last year was something around 17k after taxes. My dad has no significant savings (if anything, under 3k in the bank), and was unemployed between around January and May of this year. He's now back in a job, and must be making around $1200/mo.</p>

<p>My dad does have his own house, but no debt. Our house is probably evaluated at something around $200k, if even that. He doesn't own any land or business. As can pretty much be seen, there is absolutely no way I'm getting him to help pay for my college. I've come to the realization that I'm pretty much on my own with financial aid and paying for college. Now I'm not sure if my mom's current condition matters - but she had been unemployed for the past ... well, a long time. She is re-married, and has been working since May. She's making around the $1100/mo mark. I'm not sure if my step-dad's income should matter, but he's the only one with a hefty income - around 84k yearly before taxes. I don't think that'd be factored in, since he's a step-parent and I'd believe not supposed to be obliged to contribute to paying for my college education (and he won't).</p>

<p>Some other things that might put me off is that my mom's house is evaluated at around $500k (but she also has around 120k in debt). But then again, I think only my dad comes into play with FAFSA or what not</p>

<p>Truth is I have no idea how this work. What are my chances of getting decent grants/scholarships? My stats as of right now is top 10% of my class in a slightly competitive public school, projected 2200-2300 SAT score, and all that jazz. Living outside the country meant I had no chance for ECs as they're not available in the Brazilian school system, or even advanced classes - my credits were somewhat poorly translated. In the one semester I did take in the U.S. school system though (2nd semester last school year, junior year), I got the "Outstanding Economics Honors" award, for being the best Econ student in the class (I was a junior taking a senior class). I'm trying to build myself up this year, I am a senior, and looking at applying to top colleges (NYU, Boston College, Georgetown, Cornell). Problem is, the cost of attending with room and board for most are around the 40k-50k yearly range.</p>

<p>My question is: am I screwed, or can I possibly get grants/scholarships to cover all this and not accumulate enough debt in loans that I'll be over my head in payments after college? I'm looking for full ride I guess, or having something under 25k in debts after I graduate. Another important thing is, I'm sure none of my parents will co-sign for loans. They're just like that.</p>

<p>Any opinions/projections is really appreciated!</p>

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<p>If you go to a FAFSA only school you will have to supply the financial information of the parent you live with - so your Dad in your case - and his spouse if there is one. Fafsa does not count the primary home as an asset.</p>

<p>If you go to a school that also uses profile (many top schools and private schools) you will have to provide the financial information for both your mother and Dad and their spouses. Profile does take into account the value of the primary homes. Whether your step Dad is willing to contribute or not his finances will still affect your financial aid package.</p>

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<p>Right. So basically profiles would foresee my step-dad who has no legal obligation to provide me with money for anything as someone who should potentially contribute to my college payment, and they technically take the value of both your parent's primary residence in the context that my mom can barely keep the house and is 120k in debt, but should be willing to sell the house to pay for my college education? Sounds pretty absurd if they do that.</p>

<p>Anyhow, in the situation I'm in, do I have a good chance of being able to afford an education at, say, NYU, Georgetown, Cornell or Boston College?</p>

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<p>I think all the schools you mention use PROFILE so your step father's income and both houses will be counted to determine need. Your mom's expenses won't be considered unless you mean mortgage (which is deducted from market value). Credit card debt or consumer loans are NOT considered but all assets are. I believe there are online institutional EFC calculators where you can plug in your info to determine what your Profile type EFC is - that should help you see if you'd get FA.</p>

<p>You might consider applying to lower ranked schools (where you'd be in top % of applicants) where you could get merit $. Even FA pkgs often are better (more grant $, less loans) if you're a top student. There are plenty of good schools that fall into this category. I believe there's a good thread (a sticky) in the financial aid & scholarships section.</p>

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<p>Actually. No parent, step or otherwise, has a legal obligation to provide higher education.</p>

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<p>NYU does NOT use profile. I'm 100% sure about that.</p>

<p>But they also don't guarantee to meet 100% of need.
But they do have scholarship $$. </p>

<p>My son got 30K for his freshman year (they swore to me that it would remain intact for all 4 yrs assuming he keeps a 2.0 average (not too hard) and the financial need is still there (it will be). My contribution to NYU this year is my EFC, practically to the penny (12K)</p>

<p>He's white, a first generation college student, and had a SAT of 2250 790 math and 730 verbal. I give this as a point of reference to you. His only loans this year are 2400 Perkins and 3500 Stafford, I made too much money for a Pell grant.</p>

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<p>Thanks for all the info, especially sue! My first choice is NYU Stern, so I'd be really happy if I got in and they gave me enough financial aid to attend. I plugged my info into an online EFC calculator for FAFSA (I think), and it told me my EFC was 0, in which case it said I'd be eligible for a Pell grant of 4300. I'm also white and a first generation college student.</p>

<p>Anyhow, as for other schools - I'm looking into Florida schools. Here with the Bright Futures scholarship which I'm eligible for I get full ride for any school in FL. But all of my first choices are out-of-state, so this is only a safety option. Can anyone recommend any good undergrad b-schools where I might be eligible for hefty scholarships?</p>

<p>Thanks a lot for all the help, I'm feeling quite a bit better now =)</p>

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<p>Maybe Arizona State or Northern Arizona University? I know lots of kids who get money to go there. More than one simply got merit offers with their acceptance letters and they would not have qualified for one red cent based on need. (And your test scores would ut them to shame) Are you a National Merit Semifinalist? If so, search this board as there is money available to those folks. Good Luck!</p>

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<p>I actually know a couple of people in AZ so I'll find out about those schools. Unfortunately I wasn't able to take the PSAT/NMSQT so I think I'm out for national merit scholarships. I remember a friend of mine saying she was able to bulk on on 33k worth of scholarships for college, are there really that many available that I can apply for and get? What worries me is that I'm a senior now, not sure what there is still available for me to apply out there.</p>

<p>Thanks everyone =)</p>

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<p>Anyone got anything else to say on this? :/</p>