<p>Getting into hot water I’m sure, but with an income of $175k, I assume he gets to keep about $115k after taxes, so two tuitions at $53k each wouldn’t leave a “huge amount of room to spare”, if it’s coming out of current income.</p>
<p>Shrinkrap, I don’t think he has $175K out of current income. It sounds to me like they’ve had to take $ out of tax-deferred or tax-sheltered accounts and that is being counted as income. It also sounds to me like these are parents who have UMichigan as an instate option, have 2 kids hitting college at the same age and are already older themselves. I suspect they are willing to finance UMichigan and if this student wants to go elsewhere, she will need to get merit to rival her instate costs. </p>
<p>The other catch is all those APs. I don’t know Michigan’s policies but she may be able to shave a semester or even a year with all those APs. Some of the private schools aren’t quite as generous as many state schools are. The AP factor alone – especially if the twin is in the same situation-- could equal tens of thousands of dollars.</p>
<p>To the OP–also realized that any debt that your family has incurred like credit card balances, etc–you state that your mom has spent a lot of money–are not taken into account when deciding financial aid.</p>
<p>175k in Michigan is like 250k+ on either coast…Your father can do what he wants,it is his money…that said,if i had those resources, i’d write the check</p>
<p>The problem isn’t that your Dad is retired. The problem is that he didn’t save anything for college in advance, and is not controlling spending at present. If your Mom is spending “too much” even now, then he must be worried about future security in retirement and very reluctant to further draw down assets. Your Mom isn’t going to suddenly cut her cash flow in half and “live in poverty” to send her kids to college. No college is going to make up for these choices on a financial need basis, nor should they.</p>
<p>So you have to work with the situation as you find it. First, look for merit-based aid and second, recognize that your in-state choices are very good.</p>
<p>What do you and your twin want to study? With good test scores and grades, there are options–really good options–that will cost far less. How much WILL your Dad pay? Does your mom work at all? I was figuring much of the income as hers…but it sounds like she doesn’t work.</p>
<p>My H & I make way less than your income, and were considered full-pay at some of the pricey upper-end LACs. However, my D got great merit offers at a range of other schools & wound up with lots of options. You will too, if you play your cards right.</p>
<p>The first thing to think about is what you want to get out of college–what you want to study, etc–then people can suggest ideas that you might explore that will get you a fine education and not cost 50k+/year. Focus less on the ‘brand’ and more on the product.</p>
<p>I’m sorry your family didn’t plan ahead & save more for your college, but it is what it is. Find out your D’s ‘bottom line’–and look for affordable schools.</p>
<p>Good luck!</p>
<p>My dad’s exact words: “We have enough for U of M.” </p>
<p>Yeah, my mom works - as a substitute teacher.</p>
<p>I want to do either engineering or premed.</p>
<p>I don’t exactly have a problem with U of M; it’s just that I’ve been dreaming about Northwestern for about a year now, only to find out it’s impossible for me to go. Ann Arbor’s about an hour from my house, and I just want to get away for a change. I love Chicago and all the opportunities it offers for NU. We have been saving a bit; apparently we have about $40k saved each for college? I don’t know how much this would help, as it finances about one year of NU, or two years at UMich alone.</p>
<p>Hm. Did your father choose to retire? If so, I wonder why, if he knew he had two simultaneous college tuitions to pay?</p>
<p>He worked at Ford. It was in '05, before the recession, and they gave him a good deal he knew he wouldn’t come across again any time soon. Apparently, his financial planner said there’d be “enough to afford Michigan,” which I only found out now. It just makes me sick that all along my choices were so limited!</p>
<p>You are lucky! Out of state kids are dying to go to U of M and you can go with in-state tuition.</p>
<p>But my dream school is NU :(</p>
<p>
well hopefully you don’t end up resenting your parents for not having the $500K to send you and your twin to schools like Northwestern. Parents try their best but as you’ll eventually find out 1/2 a million dollars is not an easy sum to come up with even after a lifetime of working/saving.</p>
<p>I never said my sister was going to NU…she’ll probably just go to U-M if she gets in. So it’d be more like $250k total.</p>
<p>Northwestern alone is 250K for 4 yrs factoring in 5%/yr increases. What’s U-M, probably another 100K for your twin. Why don’t you just work for a year or two after HS and save up the 150K difference and go to Northwestern?</p>
<p>Liv4, you might not understand it now, but ‘dream school’ is overrated. WAY overrated. On top of that, MANY kids’ dream school is actually U of M!</p>
<p>You can attend that bad boy for $11K & change tuition, out-the-door for under $25K per year for sure, being in-state. What it the wide world of sports is wrong with that?!</p>
<p>Read some horror stories on these forums, then tell us that your choices are ‘limited’. Sorry I’m not more sympathetic, but I think your parents’ thinking is spot on.</p>
<p>Fine, I’ll settle for U of M. What about NU’s co-op program though in Chicago?</p>
<p>…and remember there’s always Northwestern for grad work. But what the heck, with your stats do some research on your own here, check out some privates that might throw some good coinage your way, maybe apply to a couple. Might want to inquire about engineering at Purdue as well. Can’t hurt. The best thing about this is–assuming you get in–that you’ve got U of M in your hip pocket. You’ve got to look at it that way, Liv.</p>
<p>I still think in the end, however, you’re going to be hard-pressed to find as good an education as you’d get in Ann Arbor for the money.</p>
<p>OP said: My dad’s exact words: “We have enough for U of M.” </p>
<p>Great . . . that means you know that he can and is willing to spend $X on your education.</p>
<p>That is precisely the SAME situation that many students find themselves in: their parents have a limited amount of money to spend on education . . the added benefit you have is that you know how much that is (about 25k a year, right?)</p>
<p>If you’re looking for a smaller school or for a liberal arts college there are plenty out there where your NET cost of attendance is in that same range as U of M. The trick is to identify “financial aid safety schools” which do award merit money to a higher percentage of students and their average awards tend to be higher. For example, Bard College only awards merit aid to 3% of its students, compared to Hampshire, which provides merit awards to 15% of students. Or Carlton, whose average merit award is $3k, while Oberlin’s is $10k.</p>
<p>See if you can get your Mom or Dad’s help to do the EFC calculator to see if you are actually eligible for any need-based aid (maybe not, but you don’t really know until you run the numbers) . . and as a parent I need to say that CC is a safe place to vent about wanting more fomr your parents BUT it’d be best to lose that attitude when you talk with them about school. </p>
<p>To set aside the issue of whether your parents are being reasonable or not, YOU have many more choices than you think you have, but you’ll only discover them by using your research talents and native smarts to find them. AND . . it’s OK to have a dream school but ideally your list will include Financial Aid Safety schools that both fit you well and are affordable for your family. </p>
<p>P.S. McGill is $27k all in for a US citizen :-)</p>
<p>P.P.S Since geographic diversity can help you if you look outside your own region, maybe look at the OTHER NU . . . the one in Boston :-)</p>
<p>i would really suggest you try to run the numbers with a calculator. A quick look at UM website says cost of attendance for instate is $24.8K for next year. With an income of $175K and 2 kids in school, you’re EFC may not be significantly different from $25K. </p>
<p>Lots of variables go into this. If you’ve got a lot of investments. A family business. These things will typically add to your EFC. If it means that much to you (and it sounds like it does), it cant hurt to run the numbers.</p>
<p>The answer is that, yes, the fact that your father is older than many being of retirement age (unless he is a young retiree), and yes, that there will be two of you in college, will come into play and figure in what a college will calculate as your need. But bear in mind that private colleges that tend to be the most generous can look at all sources of income and assets, not be held to the FAFSA limitations. Your family home equity and pension assets and accounts may be taken into consideration too.</p>
<p>As others have said, run the numbers through a calculator. Not just FAFSA but Princeton, maybe NW have calculators that can give you some idea of what they think your family should contribute. It all depends on the assets your Dad has and how each school considers them. I’ve seen financial aid offers all over the place for any given family.</p>