Financial aid questions!

Paying for College
1

<p>In general, lower income and higher grades = higher financial aid package? </p>

<p>For example, my family’s income is $160,000, from dad and we have 4 stores but it’s not doing too well and most of the income is being drained into the business. Plus the mortgage and maintaining our house is draining the income, to the point where I have no money to spend for college. </p>

<p>I’m afraid because of my assets and income, it will be hard for me to find a good financial package for colleges like boston u, penn state, northeastern, ut-austin, uni. washington. (Out of state student living in Florida). If i can’t find a good financial aid package, i would be happy to go to any of the FL schools, but i prefer those mentioned above. </p>

<p>As I was filling in the collegeboard’s “financial aid estimator”, it was asking for income, and any assets. As $160,000 income, $500,000 in business assets and $1,500,000 in house assets, it tells me i don’t need any aid. but in reality, i don’t have any money for college. And i’m not in favor of having $200,000 debt, upon graduating. </p>

<p>I’ll be graduating in 2010, and my grades aren’t great. 3.3 u.w. gpa, 1700 on SAT. Would it be possible to receive good sum amount of money, considering all the factors (hypothetically speaking, first i got accepted to those colleges).</p>

2

<p>my family’s income was much less than yours and our house was worth MUCH less, and my grades and sat were a lot better. BU told me i had no financial need and gave me a scholarship of $10k per year (the Dean’s Scholarship) that was merit-based for students with no calculated need. lol i will now be attending BUSM, and our income is less than before because of the recession AND my little sister just started her frosh year of college, and BU gave me LESS aid. usually they’re very good about aid, but i’m just providing my example because i’m pretty sure you’re not gonna get squat from them.</p>

3

<p>First…you must have a conversation with your parents about college finances. You need to know what they are able and willing to contribute to your college costs annually. Once you know that…you will better be able to craft your college application list. </p>

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<p>None of the above schools meets full need. If you receive need based aid, there will very likely be a gap between the EFC+Aid and the true cost of attendance…meaning your family will be responsible for paying more than just their EFC for you to attend any of these schools. BU also requires the Profile. The out of state publics are not likely a good bet for you. Remember, these schools FIRST take care of their instate students whose family tax dollars support them. Some publics do have scholarship programs for high stat applicants, but I don’t believe you fall into that category right now (sorry…I know that isn’t what you want to hear).</p>

<p>What is the matter with the instate publics in Florida? Are you eligible for the tuition program there (Bright Futures) which gives terrific financial incentives for students to remain IN Florida at an instate public university?</p>

4

<p>Honestly, with your assets and grades, your best bet will almost certainly be one of your state schools. The BU’s on the college world give their merit money to top students who could go to stronger colleges. You need merit aid, no college will give you need based aid, and to attract much with your stats will be very hard.</p>

5

<p>There’s nothing wrong with Florida public schools, honestly I love FSU, UF and wouldn’t mind the life in Orlando with UCF. But I just wanted to get out of the weather. From the looks of it, I’m most likely going to stay in state. I just wanted little opinion on how financial aid would work out out of state. And yes, with bright futures, I would pay only $1,000 in tuition (75%) + dorm & boarding cost, which isn’t too bad.</p>

6

<p>With the way the economy is impacting your family (and mine, and so many others) you should definitely concentrate on your instate publics for now. It’s very unlikely you’d get a decent aid package from the others on your list. If circumstances improve, you can always transfer later. </p>

<p>Btw, what weather did you want to get out of? Boston and PA are not exactly paradise in the winter…and the winter lasts a long time in the northeast! (In fact, we’re still waiting for summer to arrive in NY.)</p>