BurntFlower

SUNY Binghamton:

Academic Competitive Grant: $750.00
Federal Direct Subsidized Loan: $3,500.00
Federal Work Study: $1,500.00
Federal Pell Grant: $4,731.00
Federal Direct Parent Loan: $13,930.00
Total: $24,411.00

EFC: 0

My dad makes less than $20,000 (I live in South America).

We're basically screwed.

DougBetsy

I'm new here and happened to come across this thread. How depressing.

20 minutes ago, I discovered Colgate. 15 minutes ago I learned they don't give merit aid.

I think we're doomed when it comes to FA. We make too much (~$230K) and saved not enough ($100K.)

Crud.

somemom

Are you NY residents (I know you live in SA, but did you maintain a state residency?) If so, what about the state funds.

otherwise, i can tell you, I have seen the actual packages of several kids with $0 EFC and with schools about $20-25k they get around half loans at best. There may be a few merit or outside scholarships, but you max out federal pell plus any state grants, you get tge ACG and if you stay in math/science could turn that to SMART at $4000 a year in years 3/4.

Why does your Dad, a US citizen I assume with the Pell grant offered, choose to live in SA and make such a small income- couldn't he make more money here? most people I know who live abroad do it for the financial incentives.

sueinphilly

DougBetsy, you will not get need based aid anywhere. You have said in other posts your son is a sophomore, so you have 2 years to up the savings. Your child will be able to get a stafford loan, but they are not going to make a dent in the cost of private schools.

if $$ is an issue, your son should only apply to schools where merit based aid is not need based.

GroovyGeek

I don't mean to be (too) rude , but with that kind of income and $100k in savings you should not have any trouble paying for practically any college, even privates.

DocT

"I think we're doomed when it comes to FA. We make too much (~$230K) and saved not enough ($100K.)"

On that income how could you save so little? Also you should be able to pay relatively easily right out of current income any tuition bill including Colgate.

DougBetsy

"DocT-- On that income how could you save so little? Also you should be able to pay relatively easily right out of current income any tuition bill including Colgate."

Well, we have $100 for son and $100 for (8th grade) daughter. Is $200K savings in 14 years really "so little?" We've also been putting retirement ahead of college savings.

"GroovyGeek --I don't mean to be (too) rude , but with that kind of income and $100k in savings you should not have any trouble paying for practically any college, even privates."

I hope you're right. And I won't think you're rude, as long as you don't think I'm arrogant. I'm merely naive.

"Sueinphilly--DougBetsy, you will not get need based aid anywhere. You have said in other posts your son is a sophomore, so you have 2 years to up the savings. Your child will be able to get a stafford loan, but they are not going to make a dent in the cost of private schools.

if $$ is an issue, your son should only apply to schools where merit based aid is not need based."

Just to clarify, I never thought we deserved need based aid. I don't expect to see one dime of it. My post was solely about merit aid. I know we're in good shape financially and do feel truly blessed. I was just shocked to learn that some schools (Colgate specifically) don't even have merit aid.

Now, your point about applying to schools where merit aid is not need based is a real eye-opener. Dummy me, I assumed ALL merit aid was need-blind. If need is a factor for merit aid, IMO, it should be called "need-based" aid.

Thanks for the feedback.

mallomar

"Now, your point about applying to schools where merit aid is not need based is a real eye-opener. Dummy me, I assumed ALL merit aid was need-blind. If need is a factor for merit aid, IMO, it should be called "need-based" aid."

Just wait until you start applying for scholarships and fine how FEW you are eligible for. My H and I make about $100, but have been voracious savers so qualify for squat. (no issues with this as far as schools are concerned.)

What DOES bug me however, are the families who make MUCH more than we do whose kids are "eligible" for need based community scholarships because of the lifestyle choices they have made. The daughter of a local plastic surgeon got a community award that supposedly was for financially needy students. And she is going to a state university!!!! My daughter did not even apply, with double the tuition. Oh Well. (ok.. enough rant for a Thursday morning.)

JustAMomOf4

DougBesty: You are in good shape to afford college for your kids, even without financial aid. There are many many schools that award merit scholarships without considering need.
My daughter applied and was accepted to 5 schools - she got merit scholarships at 4 of them and her COA after the merit at all 5 is below $25,000/year.
Definitely spend time researching - have your kids make long lists of school and check out their Merit aid/financial aid policies. If it isn't clear then don't hesitate to call.

I am not going to tell you how to parent but - IMO - make this affect them as well. They need to realize the benefits of attending a school that you all can comfortably afford. Do they want to work during the school year? Show them how their disposable income will be impacted, maybe they want a car at school, or do a study abroad.
If they fall in love with a school that is outside the budget - make them "work" for it.
Good luck - don't be depressed but do shop wisely. The more you know now the better off you will be.

BurntFlower

somemom: Nope, I'm not a NY resident. How exactly do I become one? If I'm off-state one year, can I be in-state the next?

Yeah, I'm going to try to apply for some outside scholarships, but I don't know how easy that would be....

No, my dad is 66 years old and doesn't have a very stable income here. I doubt he would find a job in the USA.

Thank you for replying!

citrusbelt

DougBetsy, Just to clarify for you. Your income is at a level where you won't qualify for need based aid unless you have some extenuating circumstances - like 15 dependents Need aid usually tops out at about 180K with a couple in college.

Merit based schools generally have lower average statistics and give merit aid to attract highly qualified students (usually the top 5% of the applicant pool). There are a couple top level schools that give a little merit to any admit who qualifies (Harvey Mudd is an example-10K for certain level of sat scores) , but generally none of the "top tier schools" give any merit at all. They don't have to as applicants are clamoring to be in debt until they die to go to them (ridiculous).

Each college's financial aid policies are different, however. Some colleges that give merit aid do have a need component to that aid and you can't be offered it unless you fill out the fafsa (which is free and doesn't hurt for everyone to fill out). Others do not take your income into account at all for merit (Lewis and Clark would be an example there).

Once you get over the fact that you will have to adjust your lifestyle for the short time the kids are in college, you will realize that you are in the best position of all. Plus, you have actually saved about two years worth of college costs for each kid. That is far better then most people do no matter what their income. You have two years left for son and three for daughter. Double the savings a month for each and you will hardly feel any pain when the time comes.

There are few very good things for you, though, that you will be thankful for:

1) You should be able to afford most colleges outright.

2) There are always your public Universities. You won't have trouble paying for those with what you have already saved.

3) College admissions for your kids will be a breeze at all but the "top colleges" [I put this in quotes because top college is a subjective term]. Colleges love to find any way to accept as many full pay kids as they can. Many colleges are lopsided with full pay lower statistics kids and need aid high statistic kids. Life is not fair, as many parents of need aid high statistics kids find out when they are 'waitlisted' at many of their college choices while their fullpay lower statistics friends are admitted.

I predict a landslide of acceptances for yours at 98% of the colleges in the country. No college likes to publicize this, but very, very few colleges are need blind in admissions!

swimcatsmom

That is one of the best ways I have seen this expressed citrusbelt

DougBetsy

citrusbelt, Thanks for your informative post. I was unaware of most of that.

And you're right, the state schools are always a possibility. In fact, that was our original plan: an all-expense-paid education in state, or an equivalent amount of $$ for OOS/private. Then, we took a good look at the Maryland publics and realized there really isn't a good match for our kids (well, except maybe St. Mary's in a pinch).

So, like JustAMomOf4 said, this is going to be an exercise in which the kids actively participate. They'll have a lot of work ahead of them.

DocT

DougBetsy: I stated that you hadn't saved much based on $100k not 100K x 2 which you have since stated. Its irrelevant as you should be able to relatively easily pay right out of current income without touching your savings for any school

Predator

Duke University