I’m trying to finalize my college list, and I’m getting worried about affording it.
My family made 75k last year. 62k the year before.
I was under the impression that financial aid was going to be something I relied on. And if not, I’m okay with getting student loans. Is this a good mindset to have? What else should I consider.
My family income isn’t TOO high, so won’t financial aid help, especially in a private universities?
So $75k is for 2015 or 2014?
Will you be the only sibling in college?
You can only borrow $5500 for freshman year.
What are your stats?
What is your resident state?
Intended major?
Any savings in the bank to go toward college?
Academics:
UW GPA: 3.89
Academic GPA: 4.25
10-12 W GPA: 4.4
SAT: 2280 (800 on Math, 2290 with superscore)
SAT Math Level II: 800
SAT US History: 760
AP: 5 on Calc BC, 5 on Lang, 5 on US History, 4 on Psych
EC’s:
-I’ve investing in stocks since I was 13. I’ve never made a bad trade, and I’ve averaged at least 20% on all of my investments.
-I’ve sold stock analysis articles for a site called SeekingAlpha.com, one of the highest ranked investing news sites on the Internet. I’m one of only five minors that have been allowed to write for the site, out of 1 million total paid writers.
-I hired and managed a team of developers to build an iOS app that allows people to sort tasks into step-by-step sub-tasks It runs ads. It’s been downloaded over 1,300 times in the last 4 months in 7 countries. I’m currently working on an app that lets people manage their sleep during long flights to avoid jetlag. That should be out in a few weeks.
-I coached a 6th grade youth basketball team.
-I’m President of a club on investing at my school. We’re the only club or class on campus that gives students the chance to participate in the Stock Market Game, which is a nationwide stock simulation competition. We’re planning to sponsor 10 teams this year.
-I participated in an internship program at Wadell &Reed, a financial advisory firm. I learned about what it takes to be a successful financial analyst and adviser and worked with the advisers. I was the only high schooler in the program, which was designed for college students.
-I was one of three students chosen at my school to attend the HOBY Sothern California Leadership Seminar, which was a 3 day event at Chapman University.
-I written an e-book about how the ancient principles of Stoicism can be used to make better investments in today’s markets. It has a 5-star rating on Amazon and has been downloaded in 4 countries. It’s been featured on Medium.com. (I’m working on the marketing right now.)
-I’m the Sports Copy Editor at my high school newspaper.
-I’m currently working on an economics paper on the psychological and behavioral impact of trading fees on investors with a PhD student at the University of California, Irvine. He wrote me a letter of recommendation.
@Madison85 this is my info. I think we have some savings. 75 for 2015. I’m hoping to major in Economics. I live in California.
I was wondering about student loans.
Your student loan limit as a freshman is $5500.
Each college has a net price calculator on their website where you can see what you might be expected to pay. However, if you have divorced parents, or if your parents have a small business or rental real estate, it may show more aid than you would really get.
So are you going for more merit rather than mostly need?
[Do you have substantial 2015 income (you, not your parents) and hefty savings/investments from all those stock gains?]
Where have you applied?
One million paid writers? Who reads all those articles?
@Madison85 They’re paid per article. It’s not a monthly check or anything.
I think it’ll be a mix of need and merit. No, I don’t have substantial income from my own stock gains. I have a good rate of return, but I only have about $1000 dollars because of how much I started with.
I’ve applied to the following UC’s and I’m planning to apply to the rest:
UC Berkeley, UC Davis, UC Irvine, UCLA, UC Riverside, UC San Diego, UC Santa Cruz, Stanford, Columbia, Dartmouth, Harvard, University of Michigan, University of Chicago, Northwestern University, Duke University, NYU-Stern.
You forgot to mention that you are also a National Merit Semifinalist!
http://automaticfulltuition.yolasite.com/
Have you seen this link? Maybe you can find a financial safety.
University of Alabama would give you full tuition - but I’m not sure what the deadline is/was.
I would take off NYU and UMich, they dont give good aid. Also I believe Alabama’s deadline was yesterday
@mom2collegekids - is there any leeway in the UA scholarship deadline?
If this student is a NMSF, likely NMF, then he hasn’t missed the deadline for Alabama’s big NMF award. That deadline isn’t until later.
If he makes NMF, Alabama would give him:
5 years tuition
1 year housing
3500 per year stipend
2000 study abroad money
iPad
Alabama has Econ in two colleges…Arts & Science and Culverhouse College of Commerce.
@mom2collegekids Can you post the link to the application?
Although your parents’ income is $75k, if they are self-employed or have large home equity – this can be taken into consideration by CSS profile schools in determining your need.
I’ll look to see if Bama has a posted deadline for NMFs, but in the past, the deadline has always been April 30th. Bama will take NMFs and NAs all the way until they are req’d to make a first choice selection with NMCorp.
I just checked…Bama does not list a deadline for NMFs, so he’s fine. Same way as always…no published deadline for NMFs. So, if he applies and makes NMF, he’ll get the big award.
@SD11235 Are you aware that most of the schools that you applied to do NOT give merit scholarships??
You need to have your parents run the NPC on a few schools’ websites…starting with UMich and NYU. You need to find out if your parents will pay that much.
If your parents own their own business or take business deductions, then the NPC results will likely UNDERESTIMATE how much your family has to pay.
Minor can’t open a brokerage account. It has to be a custodial account - the custodian will be the one to trade stocks.
Ok…ill bite. Who pays them?
I don’t understand why someone with such a laundry list of heady accomplishments is unable to do basic research on how financial aid works, hasn’t used net price calculators, and doesn’t know anything about student loans.