I’ve been concerned lately that the colleges that I’m seeking (Rutgers, Tufts, and possibly Princeton, Harvard, or Columbia) may not offer as much financial aid as I need because my parents make approximately $200,000 a year combined. However, they are immigrants to the nation and have not had the time to build up savings, so they are unable to provide any much aid. Does anybody know any of these colleges financial programs? Are they holistic?
Thank you.
They will look at the total picture, but most of the focus of that picture will be on their current income which at $200k is high. They might notice that you don’t have a lot of assets, savings or retirement, but that’s a small part of the package. Princeton and Harvard only offer financial aid, not merit. Rutgers is a state schools, so the FA is usually more limited but there are merit scholarships.
You aren’t the only one, immigrant or not, without savings for college. Start saving!
Dday…it doesn’t matter if you are new to this country, new to earning $200,000, and haven’t had time to save. Fact is…your income is $200,000 now. Your financial aid is based on the tax year prior to when you enroll. So for 2015-2016 students, the 2014 tax year will be used to determine your eligibility for need based aid.
And with a $200,000 income, it is not likely that you will get need based aid.
If you are really a competitive applicant for the school’s you listed, it might be wise to apply somewhere where your stats would guarantee you merit aid.
Are you currently a HS senior? If so, did you apply to any schools giving merit aid?
Lots native born Americans who earn 200k today have not been earning at that level all their lives and also don’t have huge savings amassed.
“Holistic” refers to admissions review, not FA review.
Since your family’s income is in the “donut hole” (too rich for significant FA, not rich enough for 65k fullpay) you should look at colleges which award MERIT aid.
They don’t care if you are new or not…there are plenty of American families who don’t qualify for need based aids.
Are you citizen or?
Currently I’m a sophomore. I’m looking at other colleges, however the above are my “dream” colleges, outside of Rutgers.
If you are international, you won’t get ANY scholarship. Only a handful of schools-none of which are the schools you are considering-offer int.transfer aid and they are uber-competitive
Are you a sophomore in high school or a sophomore in college?
I am a sophomore in high school right now and I am a born U.S citizen.
That makes a big difference. You’ll have to do like most in your donut-hole situation and look primarily for those schools that would offer you merit aid instead.
If you are the only kid in uni you probably won’t; get a cent of FA with 200K earnings. However much you define your own needy status.
Are there any colleges that offer such aid that stand out?
And have any of the financial-aid colleges ever made an attempt to address the “donut-hole” issue?
You should [take a look at this thread](Links to Popular Threads on Scholarships and Lower-Cost Colleges - Financial Aid and Scholarships - College Confidential Forums) if you haven’t already, paying particular attention to the Automatic Full Ride/Full Tuition thread. As a sophomore, you can get a picture of where your GPA and ACT/SAT scores need to be in a year and a half to qualify.
Thanks for the thread.
It’s a shame that I’m stuck in the donut hole though. Are there ever any special cases or am I just desperate?
No.Your case is not u ique
Well, lots of people are in the donut-hole… and just like them you have to live within your means and use the resources available to you. College is a privilege, and just like you might not be able to afford a lamborghini, you might not be able to afford your top choice. It’s better to know now, as a sophomore, what might be possible, than realize as a senior you’re left with only unaffordable choices.
True dat
Thanks for the advice, I’ll seek out merit scholarships and try to get a list for what I like.
U of Alabama, Howard U are good ones to consider
So which is it? Your parents are recent immigrants so they haven’t had time to build up savings or they have lived in the US for over 16 years? (You say you are a born US citizen).
What do they spend their $200k on that they can’t pay a single dollar for your college education?