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Is it possible for quadruplets to get large amounts of aid from top 20 schools?

NikkuWaddeNikkuWadde Registered User Posts: 512 Member
Okay so my bros and I are good students, and we want to go to prestigious universities. I want to go to Georgetown/ Princeton, another wants to go to John Hopkins, another to Yale, and the last one to Duke. But, we can't go to those schools (assuming we get in, I know chances are slim) if the money ain't right. My parents make around 200k a year (together), but there is no way they can pay that kind of money.

Additional info:
We live in southwest Ohio (cost of living is fairly high)
We are African American
My parents have around 1mill saved up for retirement.
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Replies to: Is it possible for quadruplets to get large amounts of aid from top 20 schools?

  • ucbalumnusucbalumnus Registered User Posts: 68,141 Senior Member
    edited May 2016
    Try running the net price calculators on the colleges' web sites.

    They will give more useful estimates than any generalizations that people here may write.
  • TomSrOfBostonTomSrOfBoston Registered User Posts: 13,402 Senior Member
    You may not qualify for need based aid based on your parents' assets and income.

    Southwest Ohio has a LOW cost of living compared to the east and west coast.

    Most of the schools you list do not offer merit aid.
  • NikkuWaddeNikkuWadde Registered User Posts: 512 Member
    @ucbalumnus I ran the numbers at Georgetown and I would get around $45000 in aid, which would leave like 20,000 to pay. Which is better than nothing I guess, but probably more than we can afford.
  • TomSrOfBostonTomSrOfBoston Registered User Posts: 13,402 Senior Member
    Your parents may have to dip into their retirement fund.
  • NikkuWaddeNikkuWadde Registered User Posts: 512 Member
    @TomSrOfBoston, Holdup. I thought retirement funds aren't considered in financial aid allotment, and that parents aren't expected to dip into those funds. Also, clarification, my parents make around 200k together, they don't each make 200k.
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid Posts: 83,284 Forum Champion
    edited May 2016
    What are your parents saying about how much they will spend on each child "per year"?


    Is that $1M in retirement savings in a protected account? or is it just in various investments?

    What else do your parents have in assets? stocks? properties? a business?

    What are the stats for each brother?
  • NikkuWaddeNikkuWadde Registered User Posts: 512 Member
    Well, my parents are like "we have to save for retirement so we won't be a finiacial burden when we are older" (I get that). Also, they don't want to pay significantly more for one than the others, then want to be fair. In a perfect world, we would get full rides to our top schools, but this isn't a perfect world. @mom2collegekids
  • NikkuWaddeNikkuWadde Registered User Posts: 512 Member
    edited May 2016
    Stats: all in top 10% in a class of 720, 3 of the us are in the top 5%, one of us is in the running to be valedictorian.

    Lowest ACT is a 28 (he is gonna raise it for sure) the rest of us have scores of 31, 33, 33.

    Haven't taken subject tests yet, will in June.

    We have excellent ECs, not gonna go into too much detail.

    We will have great recs, without a doubt.

    We take full schedules of AP classes.

    @mom2collegekids
  • NikkuWaddeNikkuWadde Registered User Posts: 512 Member
    Yes, I agree, @TomSrOfBoston, but we are trying to get the most money possible.
  • NikkuWaddeNikkuWadde Registered User Posts: 512 Member
    I realize nothing is free, especially an education, but my parents can't afford to 200k in tuition a year... That's their joint income so...and yes, I plan to contribute, I'll get a job (I have one) work study, whatever is necessary.
  • TomSrOfBostonTomSrOfBoston Registered User Posts: 13,402 Senior Member
    You will likely get substantial aid but your parents will have to pay a lot too. At some schools you may qualify for merit aid, but not at the ones you listed.
  • NikkuWaddeNikkuWadde Registered User Posts: 512 Member
  • Madison85Madison85 Registered User Posts: 10,473 Senior Member
    On 200k income in a low cost area, it seems as though your parents should have substantial non-retirement savings.
  • twoinanddonetwoinanddone Registered User Posts: 17,083 Senior Member
    If the retirement funds are in a protected account (IRA, 401k) the corpus of those funds are not considered but the amounts contributed in the last year are. Your parents could be putting $30-40k into those accounts and that would be considered income. When you run the NPC, you need to know that amount. You could try to figure out the 'family' EFC for a family of 6 with $200k in income, and then divide that by 4 for each of your federal EFC. That will tell you if you'll get federal aid (unfortunately, with an income of $200k, probably not).

    You all need to work together to figure how much the parents can contribute for each child. If they think that's $10k per year ($40k total per year), that's the budget you have to live with.
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This discussion has been closed.