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Help this confused Mom please.......

1356

Replies to: Help this confused Mom please.......

  • Skippy00Skippy00 Registered User Posts: 222 Junior Member
    What I am struggling with is I look at schools on the list that offer great merit but then I really can't be sure if it's going to fit our budget because the NPC will not be accurate. It's basically a crap shoot. I assumed you can also get need based aid and the merit. This is all very confusing to me a first timer. I'm not experienced like the rest of you. I wish I could grasp it all but I also have acquaintances, colleagues, other parents telling me something different. Everyone has a different opinion on it all. We do not have any assets other than a home we have a mortgage on and a business we also have a hefty mortgage on. Income fluctuates. I guess we will have to roll the dice because I'm not even sure our in state school will be affordable. So many great schools that would be a safety are off the list because of cost. What a bummer!
  • thumper1thumper1 Registered User Posts: 69,945 Senior Member
    At SOME schools you can get merit...and need based aid. This varies by school.

    Some schools don’t give merit at ALL.

    Some have only highly competitive merit aid.

    Some meet full need for all accepted students.

    Most colleges do not meet full need for all accepted students.

    Don’t ASSUME anything. If you have a specific college to ask about...ask. Look on their websites. Some give this info.

    Like, I believe it was you who asked about UConn, right? You thought the institutional scholarships could be added in again...when they were already included. We helped you figure that out.



  • Skippy00Skippy00 Registered User Posts: 222 Junior Member
    edited April 15
    Ok so what about Lafayette, Lehigh, university of NH? Quinnipiac?
  • lookingforwardlookingforward Registered User Posts: 27,942 Senior Member
    edited April 15
    Have you run the Fafsa 4caster yet? Do you want to reveal income (before biz deductions,) home equity and for the building the biz is in, other aspects?
  • intparentintparent Registered User Posts: 33,796 Senior Member
    Many schools do NOT stack the aid. If you get need based aid, then they give merit, they just substitute the need based aid out and plug in the merit, and your cost of attendance is the same. A few schools might replace loans with merit or something. There are a few schools that very specifically DO stack. But most "meets need" schools do not. At some of those, even outside scholarships get treated that way (they reduce your need based aid).

    You are in a pickle because of your business assets, I think. You are going to have to focus in on guaranteed merit for stats.

    The people around you likely have very little knowledge of the nuances of college FA. There is a lot of knowledge out here. I just think you don't like what you are hearing.

    You should:
    1. Find schools with guaranteed merit for his stats. I think those were discussed on at least one of your other threads. Start there.
    2. Look at how your in-state publics work. Particularly do they have any large merit scholarships he might be eligible for? Look at the school website, past acceptance threads on CC, and the Common Data Set to try to figure out how much merit is usually available. Don't just look at your flagship -- check other publics in your state as well.
    3. Look at colleges he can commute to from home. That is a huge cost savings.
    4. Add a few "meets needs" schools into the mix (some discussed earlier on this thread). Ideally ones where his stats are higher in their pool (I would not go for moon shot schools like Ivies if you only have a few apps). You MIGHT get lucky and get enough aid at one of those. But I think you need a good mix of types 1-3, too, and he needs to be ready to attend one if those are the affordable options in the end.
  • menloparkmommenloparkmom Registered User Posts: 12,524 Senior Member
    edited April 15
    @Skippy00 ,
    I suggest you bookmark this website and with check it when investigating colleges.

    it shows which colleges are need blind and need aware.

    https://www.edvisors.com/plan-for-college/college-admissions/need-blind-admissions/
  • thumper1thumper1 Registered User Posts: 69,945 Senior Member
    edited April 15
    Ok so what about Lafayette, Lehigh, university of NH? Quinnipiac

    Someone upstream posted already about Quinnipiac. Did you read that? It will not be affordable...according to that poster. The school doesn’t meet full need, and has a lot of high stats kids applying.

    Lehigh and Lafayette both meet full need. BUT both are Profile schools and WILL look at the equity in your business real estate. What IS that amount? Both also use a portion of primary home equity I believe.

    Both also consider student interest in the admissions process. Your kid is in the mix stats wise for acceptance...I think...but he will have to show them that he is REALLY interested in their schools.

    Also, if he applies directly into engineering, admissions will be more competitive.

  • Skippy00Skippy00 Registered User Posts: 222 Junior Member
    Here is the other tricky part. We do get a W2 because we are an SCorp. We are an employee of the S corp.
  • mommdcmommdc Registered User Posts: 10,365 Senior Member
    The auto merit schools like U Alabama, UAH have merit listed by stats on their website.

    If you have the stats, you get that scholarship, and of course you should also get accepted.

    For example if you get full tuition, then the fees, room, board, books, travel, insurance might be $17,000.
    If you pay $5,000 and son pays $8,500 with loan and summer earnings, you would need another $3,500.

    What are you expecting your FAFSA EFC to be? You said you would qualify for Pell.
  • Skippy00Skippy00 Registered User Posts: 222 Junior Member
    We have about 90k in equity on the business and that's a great but we really don't make enough income to afford a loan. We barely make ends meet with all the bills now.
  • mommdcmommdc Registered User Posts: 10,365 Senior Member
    Some schools' NPC asks for GPA and test score and FAFSA EFC.

    Those might give you an idea of the aid you might receive.
  • menloparkmommenloparkmom Registered User Posts: 12,524 Senior Member
    "we are an SCorp"
    oh dear. that makes it even more complicated.
    @Thumper, when can she plug #'s into FAFSA and figure out what her FA package will be for FAFSA public colleges?
    Or can she already do that?
  • thumper1thumper1 Registered User Posts: 69,945 Senior Member
    edited April 15
    If the parent pays $5000, and the kid takes $5500 in loans...and then gets even $3000 in Pell...he would have $14500. Add to that a summer job...and UAH would be affordable.

    If he can increase his GPA, he could get more at that school.

    Then again...he would have that same $14,500 to use at UMass Lowell or UMass Dartmouth where he has the chance for merit aid as well. So these would be merit aid...plus the $14500.

    Didn’t you mention there was a college he could commute to? While that’s not his top choice..it should be on the list.

  • menloparkmommenloparkmom Registered User Posts: 12,524 Senior Member
    ^she said she did not qualify for free meals, there fore probably wont qualify for Pell.[?]
    I think the key is to see what her son's second SAT results are, and if they go up enough he'll qualify for more merit $$,and perhaps a free ride somewhere.
  • Skippy00Skippy00 Registered User Posts: 222 Junior Member
    edited April 15
    I called UAH and his gpa weighted is over 4.0 so he is qualified but his SAT is too low for the full ride. If he can get a 1520 he will qualify. The only thing not included is meal plan and fees, books, etc. the air travel will be costly as will storage for his belonging etc. might end up being as much as something in state. I tried to find schools with engineering in Massachusetts but the only ones I saw that would meet full need are the ivies. I used Niche. Trinity in CT would have been great but from what I was told not a great school for engineering. If he changes his major we may have more options ha ha.
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