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omg help with fafsa-- what am I doing wrong.

24

Replies to: omg help with fafsa-- what am I doing wrong.

  • thumper1thumper1 Registered User Posts: 71,002 Senior Member
    Brown does have very good need based aid. But with a $157,000 a year income...the net cost is likely to be a LOT higher than $8000 or so a year.

    If the family can only afford $8K to $10k...and this student is truly a competitive applicant for Brown, this same student might have gotten significant merit aid elsewhere. Hoping there are schools like that on this kiddo’s list.
  • mhop72mhop72 Registered User Posts: 38 Junior Member
    ACTUALLY, Brown is a log shot. We are looking at University Rhode Island, UMass, etc.
    I am concerned about the EFC Mathmatics; how does that work ON FAFSA ---
    157- 45 = 112?
    Obviously we do not have 45 thousand a year to pay for school?
  • gearmomgearmom Registered User Posts: 3,885 Senior Member
    @thumper1 I don't think Brown would expect less than 30-35k a year for this family. They'll still have quite a gap. You can always hope for the best though. Brown might let you commute if you are instate. I seem to remember that one of DS1's schoolmates got into Brown on the condition that she commute. During our parents generation, families in Providence certainly did commute. People in our family did that.
  • lookingforwardlookingforward Registered User Posts: 28,641 Senior Member
    If commuting lowers costs, it lowers need, and thus, aid.
  • gearmomgearmom Registered User Posts: 3,885 Senior Member
    @mhop72 What is her major? We are instate for RI and make a bit more than you do but have been through this. Even RI schools like URI with the best merit is still 22-23k a year. UMass Amherst is much worse for aid even instate.UMass Lowell is a good value but no residential colleges will get you to the 15-17k range each year. Even though it is the ugliest building on the planet, she should consider knocking out her Gen Eds for FREE at CCRI if you are instate. A place like UMaine will cost similarly to URI. Privates in Massachusetts, I really think will not be affordable unless you can get to at least 30kish, give or take 5k.

    Actually, you could look at UMaine Farmington which is a nice public LAC for great value. They have skiing right near by. I think applying is still possible tho year and free. Still you need about 20k per year min. New England colleges are not a good value because they're so popular.
  • mhop72mhop72 Registered User Posts: 38 Junior Member
    NO more replies are needed, thank you.

  • mhop72mhop72 Registered User Posts: 38 Junior Member
    edited March 13
  • thumper1thumper1 Registered User Posts: 71,002 Senior Member
    @mhop72 just an FYI...
    "Exceptions to Brown’s residential policy are granted in 12-month increments to Resumed Undergraduate Education students, married students living with their spouse locally, and students living with their parents locally. Undergraduate students who fall into these categories must register each academic year with Residential Life."
  • mhop72mhop72 Registered User Posts: 38 Junior Member
    Had no idea that RI residents could do that. I am a grad of Brown and that is news to me. Thank you for the information. (I did know that RUE and marrieds could live off) In all likelihood, it will be URI, Brown is so crazy competitive... but we did want to "toss our hat in the ring" so to speak.
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 83,902 Forum Champion
    ACTUALLY, Brown is a log shot. We are looking at University Rhode Island, UMass, etc.
    I am concerned about the EFC Mathmatics; how does that work ON FAFSA ---
    157- 45 = 112?
    Obviously we do not have 45 thousand a year to pay for school?

    Oh, you have at least one OOS public on your list. Unlikely you’ll get aid for that school...you don’t pay taxes there. They don’t care what your EFC is. If umass or URI is instate for you, the cost is less than your EFC.

    Did your child apply to any financial safeties at all?
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 83,902 Forum Champion
    I am concerned about the EFC Mathmatics; how does that work ON FAFSA ---
    157- 45 = 112?
    Obviously we do not have 45 thousand a year to pay for school?


    On an income of $157k, the FAFSA calculation determined an EFC of $45k. That is the minimum. An OOS public will likely expect you to pay more since rarely do they give need based aid. Some will give merit awards.

    So, if a school gives you a bill for $45k, then you can either pay for all of it, borrow some of it, or choose a cheaper school. Again, which schools were your daughter’s financial safety schools.
  • mhop72mhop72 Registered User Posts: 38 Junior Member
    We applied for RIC. I could practically pay cash for that.
    SHe rec'd 20k in merit aid to a local Catholic Uni. The balance owed is LESS than my federal EFC... sheesh.
    New England State U's have a consortium for discounted tuition...
    I think everyone is missing my point. I am floored that US gov calculations give an estimate that is 1/3 of our family income. It does not matter if you earn 40k or 400k, no one is going to be able to give 1/3 their income to fund school. That is just bad math.
    As for those
  • blossomblossom Registered User Posts: 8,927 Senior Member
    Nobody expects you to pay 1/3 of your income in tuition. The presumption is that you've had an 18 year head start- i.e. you knew that your 1 year old would graduate from HS some day, and that you'd start saving for college.

    So part of the money comes from savings, part from current earning, part from future earnings (either your own loans or your kids).
  • mhop72mhop72 Registered User Posts: 38 Junior Member
    The assumption is flawed as evidenced by kids who grad with a 4 yr degree and a 10 year debt load.
  • mhop72mhop72 Registered User Posts: 38 Junior Member
    SO I should have saved 45 x 3 kids over the years. 400k in savings? Living in one of the highest cost states in the U, its hysterical. Heck, I don't even have that in retirement funds... and hubby did *not earn this big salary most years, and I went back to college as an adult. Life is not reflected here. I am beginning to think fafsa is a joke. It is a yardstick for loan eligibility and nothing more. Perhaps that is why so many schools now use CSS ?

    Anyway.

    It's a nice learning curve! Two more kids coming up right behind.

This discussion has been closed.