Middle class family with no saving: Am I screwed?

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Probably true. My daughter had a Chinese calc teacher at her HS - incredibly tough teacher. Told my daughter she was ‘too stupid to be in her class’ (first time the poor child had ever been called stupid - she is not) and would stand at the board muttering about the class and that ‘5th graders in China could do this work better’. This was a group of very bright students at a math and science school. </p>

<p>She was the sweetest person outside of class …but!</p>

<p>Boy, I am new to these boards, and I feel that many of you were way, way too harsh!<br>
I think that the points could have been made without sarcasm and all of the biting wit! Why use humiliation as a means of getting your points across?
As a fellow native, I am ashamed to hear people talk to a relative newcomer to the US in that way!
In no way do I agree with what she was saying, but would never have responded the way many of you did.</p>

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haha, they probably could. I had gone to school in Asia for a while, and honestly, their college entrance exam was quite similar to our USAMO exam: [MathLinks</a> Math Forums :: USA USAMO](<a href=“http://www.mathlinks.ro/resources.php?c=182&cid=27&sid=83a7a04f5fef61065f7c3161da640a73]MathLinks”>http://www.mathlinks.ro/resources.php?c=182&cid=27&sid=83a7a04f5fef61065f7c3161da640a73).
Their college entrance exams are equivalent, in name, to our SATs. Normal sixth graders in korea learn harder calculus than what our seniors are doing in AP Calc BC.</p>

<p>razzlegrl,</p>

<p>Did you work hard in high school to get a good education or simply to go to a college that you feel has a famous name? When you get out into the real world and work if you can’t perform the duties in your job, the name of where you went to school isn’t going to matter much. My husband went to a local state school but one of his employees went to Harvard. Look who’s working for who now!! She had a strong legacy at Harvard and managed to get in but she barely got by and now is having difficulties at the job she has. Please don’t concern yourself with the name and focus on the real reason you go to school which is to LEARN. </p>

<p>Another way to look at it is to think the IU is “paying” you to go to school and that sounds to me like a great payoff for doing well in high school. How many high school senior can say they earned thousands of dollars just for going to school and doing well? </p>

<p>Don’t put this kind of pressure on your parents either. They have sacrificed enough with their own education and struggles. They probably feel bad that they can’t pay for WashU. Don’t do that to them. Take the $ at IU and be grateful, enjoy college because before long you’ll have to work and support yourself. </p>

<p>BE GRATEFUL! life is short there are so many other things in life to worry about than feeling sorry for yourself because you don’t want to accept a “full ride” to a school you don’t want to go to</p>

<p>you might be having trouble separating what you’d like vs. what is… Everybody would “like” something, but often it is out of reach. You’ve communicated to Wash U and they’ve basically told you they don’t care if you come there… so why do you? Other places have offered to pay for your school or most of it…they want you! They want you there on campus!!!</p>

<p>Why fret over a school that doesn’t care about you? If you are good enough for other schools to offer you a free education Why spend 10 seconds on Wash U? College is what you make dearheart, go where you’re wanted and have a great time. Forget about places that don’t want you, they already have.</p>

<p>Razzlegirl,
It sounds like you’re going through a tough time. While I agree with what some of the CCers are saying to you, the fact remains you are in a very difficult position. The financial reality check is pretty harsh. On the one hand, maybe you could have applied only to financial safeties. On the other hand, many people (including parents, GC, teachers, etc) dangle the lure of merit aid, which at a top-20ish school is maybe not realistic.</p>

<p>My d got a very bad Fin Aid/Merit pkg from WashU – And they are flying her out there all expenses paid for a weekend. I’d rather have the $$ !! $ 150k income is a lot of money, I know - but that doesn’t mean anybody’s family can afford 30 % of their gross to go towards college. Also, don’t forget, fellow CCers - at that level many tuition tax breaks phase out and AMT kicks in. The economic stimulus rebate starts to phase out also. So it is tough.</p>

<p>WashU has a 10 year payment plan, but if your parents are not willing to sign the papers, then you have to take the full ride scholarship. </p>

<p>Good luck with your decision - I am sure you will have a good college experience at either school.</p>

<p>I only became ‘harsh’ when the pity me party started.</p>

<p>No one is entitled to anything. Many many people would be head of heals to get a free tuition at their state U.</p>

<p>I didn’t mean to sound like the schools in China aren’t good. I (poorly) mean to convey that she would have to compete over there as well. (and how does tuition work over there anyway?)</p>

<p>If that expensive out of state private school wanted the OP, they would have given her one of their scholarships. She never responded to the question if she applied for them last summer. I got the feeling she wanted government money that she didn’t have ‘need’ for.</p>

<p>SueinPhilly,
Your posts all make valid points. However, HS seniors are not seasoned adults.</p>

<p>It is far easier for students with high income parents to be angry at “the system” or whatever college - rather than face the reality that their parents will not contribute to college education on a par with their earnings or assets. Some kids face incredible pressure to be the best in HS - what a letdown when the parents don’t follow through with tuition $$. That conversation should have been 4 years ago, so the student knows what they’re in for. That is why I have sympathy for OP – I was in the same boat 20+ years ago.</p>

<p>colleges in my country…actually im american…but my parents’ country in asian is basically all government-funded public ones and are VERY cheap…</p>

<p>OP:</p>

<p>If you really want to go to WashU, why don’t you take out some student loans?</p>

<p>JP…the OP would need almost $200,000 in student loans. Unless he/she has a co-signer, it is unlikely that they would be able to secure a loan that size (over $45000 per year). He/she would have to have a parent or someone cosign as a borrower on the loan. It didn’t sound like the OP’s parents wanted to take on that much of a loan responsibility (and that IS a lot of loans).</p>

<p>“Some kids face incredible pressure to be the best in HS - what a letdown when the parents don’t follow through with tuition $$.”</p>

<p>This is 100% true. Especially for Asian parents. That is why I also pity the original poster…and think you guys are being extremely insensitive, trying to make her seem like the bad guy for saying that her family’s income is screwing her over…BECAUSE IT IS!!!</p>

<p>Lower class gets a lot of financial aid, they’re good! Upper class has enough money to pay it off, they’re good too! Middle class…gets SCREWED OVER! (and middle class as in I don’t know…80k to 200k?)</p>

<p>^thats what my parents say…</p>

<p>lol, what if my parents live as amish people for a year, then i can pay off my college loans in no time!</p>

<p>fwiw our ‘lots’ of Federal financial aid is 2400 perkins loan and a 3500 stafford loan. that is with a 12K EFC. I’m about as middle class as they come. I’ve also lived way below my means at all times in my life even when I made 20K a year (I drove a $1500 car and my rent was $425). My son never got ice cream from a truck in his life. I consider myself fortunate that I have enough to pay all 4 years of EFC in the bank. </p>

<p>I had a chart at some point that showed the amt of EFC and pell grant and I think the EFC cuttoff was in the low 4000 range to get pell grants and the like. </p>

<p>Her parents aren’t the problem here. They don’t seem like they are pressuring her to go to expensive private school. the OP things someone should ‘give’ her the money to do so since her parents can’t or won’t. I didn’t hear her say “they promised me if I got in we will pay”</p>

<p>My issue is that she thinks she is being screwed by the system. The system allowed her parents to come to this country and in a short time (10+ years?) get to an income level 3x the national average. </p>

<p>It’s a shame that too few people ‘run the numbers’ before applying to schools.</p>

<p>I still want to know if the OP applied for any of the WashU scholarships last summer.</p>

<p>When my first D applied to schools I had no idea how the fin aid would work out, we made errors in her options and she attended a highly ranked public (UC) With my youngest i have learned from CC and found less prestigious schools that meet her needs and offer merit to bring that high price down to be comparable or only a bit more than public.</p>

<p>Learning the lesson the first time is tough, I wish I had known enough to do a better job for my D1.</p>

<p>What has every one jumping on you, OP, is the pity party you are having when your parents income is so much higher than so many of us. Not that they don’t work for it, but it is high.</p>

<p>Every one has a story- taking care of parents, bankruptcy, medical expenses, etc. It is your parents choice to spend money on whatever they choose, retire early, etc. That does not mean the system screws you, it means your parents choices screw you out of a school without good enough aid.</p>

<p>I had a long conversation with another Asian student who’s parents bought a home for an aunt and her family. The student felt screwed that asset counted, but it was her families choice to use all that cash to buy that 2nd home. That is just life.</p>

<p>Our choices matter.</p>

<p>Try to stop being the victim and instead review your choices and choose wisely- personally I was sad to see my D turn down Vassar, but her UC is offering a great education, though she has to effort more to connect with it and she will not have $80k in student loans at the end- a wiser choice.</p>

<p>Let’s be very sensitive here - we are dealing with an young adult or even a child who is in a very difficult period. </p>

<p>OP, you have many options here. Wait until you heard from all the schools first. Your worst case is to attend a nationally known university for free. Many, us included, would love to be in your shoes right now. </p>

<p>Your situation is not that unique. We over estimated DD’s chance for any major scholarship and under estimated our EFC. She ended up applied to 4 need based aid only schools. The other 4 that gave out merit aids, are all very competitive. We are waiting to hear from 5 more schools for admission and 7 for FA packages. We will have our fingers crossed.</p>

<p>Your family are really very fortunate. You have two highly compensated parents and your obviously are very smart and achieved. I would assume that your parents did not get their undergraduate degree here. Yet they are making 3X of the state average. Your future is very bright. Best of luck to you.</p>

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<p>Very well said, somemom!</p>

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<p>DadII, exactly right! I hope that the OP comes around to your way of thinking eventually.</p>

<p>“I don’t want to sound like a snob, but IU is hardly an option. I’ve worked all of high school to get out of Indiana and into something better. Even though Missouri isn’t exactly the ideal state, I’ve seen WashU’s campus and talked to the students there and I believe that it is a step up from IU (understatement of the year)”</p>

<p>Why is it hardly an option? Sorry, but you do sound like a snob. I understand that you are disappointed, and I know it’s not easy to have to change what you thought would be, but PLEASE! There are many parents on here who earn a fraction of what your parents earn and whose children are hard working and accomplished. Many of them did not get the scholarship that you got and they are having to figure out how to pay for a school that you feel is beneath you. It’s hard for you to do so now because you are in the middle of it, but try to put things in perspective. Things have a way of working out for the best.</p>

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<p>Lets’ put it this way, I would not pay for WU either. If I did not have any savings, my daughter would not mind going to one of the UCs that she has been accepted to. I think the term hardly an option is a bit much. Maybe some of the parents here don’t like your tone in that sentence.</p>

<p>CISCO CEO went to IU. </p>

<p><a href=“http://en.wikipedia.org/wiki/John_Chambers_(CEO)[/url]”>http://en.wikipedia.org/wiki/John_Chambers_(CEO)&lt;/a&gt;&lt;/p&gt;