FlowerGirl145

Hello,

I am currently a high school student and my parents recently sat down and told me that they will not be able to contribute more than ~$7,000 for my college education. My family's income is ~$150,000/year. However, my brother and I go to private school and that costs ~$12,000/year for both of us, and we do not go on vacations or have a lot of extra $ to spend because of that. My parents have no extra $ right now at all, and they do not have a college fund for me. I have another sibling as well. Right now we only have to pay 1/4 of the tuition and fees for private school.

How much financial aid can a family in my situation get? How are other ways I can pay for college?

I am at the top of my class at a highly competitive private school and hope to go to a top 25 national college or a top LAC.

My parents think that I should apply to local, inexpensive state schools because they think that we can't afford anything private, except I have worked really and pushed myself and I'd really like to go to an outstanding school. Should I avoid applying to top ranked schools because of this?

Thanks.

Juvenis

(Sorry for not answering your question, but) I'm in the same position you are. My parents make $130K and don't have the money to spare to buy many luxuries or save for a college fund because of my & my sibling's expensive high school & middle school

Will this help me (or us) in getting more financial aid?

supersnakess

@OP: don't know how to answer that question, but understand that many state universities offer educations comparable to the top colleges (UNC, michigan, virginia, ut-austin, etc.) Also, even a place like Arizona State has a competitive honors college.

SeekingUni

If you have the stats to get into a top 25 university or top LAC, then you ought to be in the running for some guaranteed and some not-guaranteed merit scholarships from schools, though they may not be in the top 25. Top 50 though, sure. There are a few threads around here with lists of guaranteed merit scholarships (based purely on stats) and other merit scholarships based on other things such as perhaps an interview with a faculty member of the school.

Juvenis

Problem is, in top 25 schools merit scholarships are extremely hard to get and are reserved for around 20 applicants out of the tens of thousands

emeraldkity4

" how does a middle class family afford private k-12 school"
Budgeting I guess.

You should be thrilled that you are getting a strong education which will enable you to make the most out of your time in college.
Most of the very competitive private colleges have need based aid only, not to mention that more than income is considered when viewing what your family cam afford to pay.
With an income of $150,00O, your FAFSA EFC will be roughly $30,000. It may be more at a school that uses PROFILE and many schools do not meet need.

While you may be able to be admitted to a school that does not offer merit aid, it sounds like your parents will not be able to afford the EFC.

They've mentioned attending local state school, which may have scholarships/honors that make the tuition affordable, as it likely will be more than $12,000 inc rm& bd., although you will also be eligible for $5,500 in federal Stafford loans.

While private schools may have merit aid, you will have to work hard to identify scholarships that will bring your cost below your EFC. Those may also have strings attached, in form of required Gpa.

EileenM

From what I've seen..Shelling out thousands for a private education K-12 doesn't make a huge difference.. Go to a public school take AP classes, get involved in sports/clubs and you will go just as far..AND save a TON of money!

FlowerGirl145

@EileenM

The reason I am at a private school is because the public school, despite the so-called "honors" curriculum, was horribly behind, and I was bullied at public school so my parents needed to seek other options. Having been to several schools in several states over the course of my life, I can personally attest to the fact that private school education is much better, at least where I go to school. This may not be the case in all schools, though.

emeraldkity4

Eileen has a great point, many state schools offer some credit for ap test scores, which can save you time and money. Some privates may offer this as well depending on score & course.

Juvenis

well, based on this info, do you think our EFC will decrease?

FlowerGirl145

Not likely that I will be going to Harvard, per say, but nonetheless:

From their website:

"Beginning with the class of 2016, those parents with annual incomes between $65,000 and $150,000 are asked to contribute from zero to ten percent of their income."

Therefore, AT MOST, if attending Harvard, we would pay between $13,000 and $15,000. It could be less or more depending on certain situations.

emeraldkity4

FAFSA EFC is combination of expectations of savings, future & current income, with current income weighted the strongest.
Families who make over $50,000 may find their FAFSA EFC to be about 1/3 to 1/4 of before tax income.
Profile EFC varies by school & assets.

This may be helpful.
http://www.kiplinger.com/magazine/ar...2010-2011.html

absweetmarie

Regardless of what your parents feel they are able to pay, most schools will likely expect them to contribute substantially more than $7K per year. Emeraldkity4's estimate of $30K seems in the ballpark. Even if you take the maximum Stafford loans, you will likely have substantial gaps in your financial package at most schools, private or state. Merit, where available, can help fill part of the gap. What is your state flagship? What other state options do you have besides the flagship?

With regard to this:
Why?

As for Harvard: Yes, whatever. The Ivies have very generous financial aid for middle class families, even those making up to $150K. That is absolutely not the norm, even among schools with generous financial aid.

Answer to Juvenis: What your parents pay for private schools does not enter into the equation for EFC.

FlowerGirl145

We only pay a little bit because of two reasons:

a) the school realizes that despite looking well off on paper, we couldn't afford it otherwise

b) many awards and accomplishments I had when applying

Do top publics like University of Michigan have good merit awards?

absweetmarie

I don't know about all of the so-called "top publics," but the University of Michigan is not known for good merit awards. There are ALL KINDS OF THREADS on this very subject.