That’s sound like something we should I should purse further @mom2collegekids. Btw, I had “the talk” with my parents today, turns out they aren’t planning on helping at all. So we are pretty much on our own. And yeah, I’m planning on taking the new SAT to see if I can’t get a higher score comparatively. I know a 31 ain’t gonna cut it.
What’s their reasoning for giving no help?
I’m not surprised to hear that they aren’t going to help at all. In their minds, any meaningful number times four is more than their current budget allows. If they say, $10k per child, then that means $40k and their budget doesnt’ allow for that.
That said…If you boys can get into a no loan school that gives super-aid…like HYPS (and I think Vandy too), then with a $180k-200k income, I think those schools would figure about a $20k-30k contribution TOTAL for all four…which could be covered with student loans and summer work.
If your parents will contribute $0, then your and your brothers need to find net prices under $10,000 (preferably lower). This amount can be self-funded by $5,500 federal direct loan and $4,500 work earnings.
Given your parents’ high income and assets, do not be surprised if net price calculators even at the super-financial-aid schools will show too-expensive net prices (but check them anyway). If that is the case, then you need to build an application list based on full ride merit scholarships.
Are your parents going to at least give you the American Opportunity credit /refund they will get for your attending college (that credit comes with the expectation they help you pay, or that it’ll be passed on to you)?
What about the food you won’t eat, will they help with that amount, divided into 4?
If I were you and brothers, I’d apply (all together) to one super aid college rea /scea along with all publics with full rides and HBCU 'S, and see what happens.
Note that SOME HBCU 'S have very high GPA requirements for scholarship renewal so investigate.
What does HYPS mean?
Harvard, Yale, Princeton, Stanford
American Opportunity Tax Credit phases out at AGIs above $160,000 and is $0 for AGIs above $180,000 for joint filers. Parents here are listed as having $200k in income. Not sure if that is gross or AGI.
mmm, but even though HPYS give large amounts of aid, it like won’t be enough. Also, chances that each we get into one of those schools is extremely slim.
Hey, are there any free sites that we can put our financials through to see our EFC amount from private universities? Like the CSS profile, but I can’t fill that out right now, because it is for fall 2016 and spring 2017 @mom2collegekids @Madison85.
@NikkuWadde , You’re talking about the Net Price Calculator available on each college’s website. There’s no one formula. They’ll glance at the FAFSA EFC and then ignore it, using their own methodology.
Colleges that meet 100% of need will give you wildly different packages.
If you want estimates across the board by school, you can use a site like collegedata dot com. It consolidates common data set info and asks for some of your financial info, allows you to save schools, and allows you to sort by net cost. It’s not very precise, financially, but it’s a reasonable starting point.
Also, when I get my EFC amount, would I divide or more multiply that by 4?
Go to each school’s web site and run their Net Price Calculator. That’s the most accurate way and free.
You have to use the NPC on EACH website.
There’s no shortcut.
Divide the work between yourselves, one per person, then compare results.
With 4 in college, your net costs may be within budget at superaid colleges (well, low enough your parents may contribute) and your parents may relent a bit if you get into HYPS.
I’m thinking that it’s possible you’d all get in, or none, which is why you’d hav to strategize and apply to the one school (REA/SCEA) that the NPC indicates would be the cheapest if you all got in (put 4 in college).
Each one of you needs to get a job and work; the limit is $6,000 I believe, so make sure you don’t earn more (not that it’s easy to earn on the type of jobs a HS student is likely to get).
Each student has his own EFC.
Do you and your siblings have jobs or savings?
^^^ What Madison said about your EFCs being different. If you have different incomes and savings that will affect it a bit, and some NPCs will ask for GPA and ACT/SAT for merit aid, although you’re probably all at the level where merit would be the same.
Yeah, but we have around the same amount of savings, and this is the site I used: https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/expected-family-contribution-calculator
and my EFC came out to be like 100k+… which doesn’t seem right because that’s more than one year of college costs
Also, if that what they expect we can pay total… that doesn’t make since because it’d be approximately 100k times 4 since there are 4 of us
OP are your brothers and you working summer jobs and saving? Are any of you helping Brother with ACT 28 on test taking strategies, practice testing?
Agree with the others to work the strategies for all 4 of you applying to a few specific schools and then each of you applying to schools that seem to be a good financial and academic match.
If any of you apply to same school, I would make a point in each application somewhere about sibling(s) applying to the same school and that you are a quadruplet student.
I suspect your parents are tired, and they are scared about securing their financial future. Perhaps they had to pay their own way through school. All you can do is continuing to communicate and at least have them involved in the process - and hopefully provide some helpful insight.
Yeah, @SOSConcern we’ve had jobs since the start of last year. But I won’t be able to work this summer b/c I’ll be in Morocco. But I really need an answer for this EFC calculator thing. If that 100k time 4 times how much they expect us to be able to pay per year… that’s like double my parents’ income yearly…also I plugged in for Gtown… it said no aid there. I’d have to pay full tution… which is gonna be wayyyy to much if we all go to schools like that, as in, my parents don’t even make enough to cover it.