If your parents make 150 grand, and you somehow seem to have no money available, what do you tell colleges? I’m blessed because so many people are in situations where they don’t have income flowing in like that, but, for a reason that is unknown to me, our income is flying away. To be brief, our credit cards are maxed to the point where I may not be able to submit the rest of my college apps. I quit my varsity sport because we can’t afford to pay hospital bills if I sustain an injury. Everyday, I hear my parents asking how we’re going to pay for bills/groceries/etc. I have no money saved towards college. I am absolutely terrified. If this is really what everyone goes through, somebody set me straight. I don’t go around asking people about their family income. However, when discussing things with my peers and when voicing my concerns about the cost of the apps and sending SAT scores, people look at me like I’m stupid or something. I know my friends aren’t millionaires, so I take it that college app prices aren’t a concern to most people??? If I’m wrong or being ignorant, please set me straight. I have no real way of knowing how many people have concerns like I do. I’m just afraid that if we really somehow have less money available than our income bracket suggests, then how could I tell anyone that my parents are making $150,000 and we have nothing to put towards tuition??
I wouldn’t worry too much about other people. Cost of attending college is usually an issue for everyone because it is expensive and a major expenses. But the cost of applications while a bit painful, is not usually a major worry in your income bracket. Some people manage money better than others, spend more than others, overspend, establish too high fixed expenses than they can save etc. plus there are economic factors, random factors and luck sometimes.
With no money saved for college in that income bracket it may be a bit difficult and I’m sorry you have to figure it out yourself. Have you asked them what they can commit to per year? Sounds like you will have to adjust expectations and apply where you can get a lot of funds for your stats. Hurry because it is late.
Colleges aren’t going to ask much about expenses or CC debt. They just look mainly at income and assets. You can’t tell them you have nothing to pay because they won’t factor that. They will just look at prior year income. If you had some unplanned medical, some colleges would factor that in. But they aren’t going to care if you bought a big house instead of saving for college, see? There is nothing to explain.
Be sure to sit with your parents and run the Net Price Calculator for each school you are considering. Your income will be too high for need based aid at many schools and the super generous ones that will give some will still charge a lot. Also some schools will give merit aid but you may or may not see that in the NPC. Check their scholarship pages.
What are you stats? State?
You’re not the only one in your predicament. I absolutely agree with the previous statements by @BrownParent. Right now, you don’t have a lot of time, so get going on finding schools that will fund you for your stats because of your merit. You may have to go to a school that isn’t in your “ideal” area, but if you can get your education paid for, then go for it. It’s only four years.
If you live in an area where the costs of housing are high, then your family’s costs, overall, will be high. That tends to happen in certain states. People tend to compensate for the extra costs by using credit cards, which is really not a good idea, but some people have to do that.
Our family’s income would be considered high, but our costs of living are outrageous and like you, we don’t qualify for any financial help. However, we do pay for two tuitions and it is not easy. Your parents are trying to pay bills and make adjustments and that happens with every family. There are things they can do, but it depends on how willing they are to help you out financially. You also need to help yourself out by working.
We live very frugally. We had to scrimp a lot to save money to put into 529’s. We don’t use credit cards if we can help it. We drive old cars. We shop at a local discount grocery store or dollar stores. You and your parents have to be willing to do that.
My three kids have always had to work summers and holidays to save money for their college expenses. No, the jobs have not been great, but it brings in the dollars: One daughter worked as a hotel maid, she hated it, and it wrecked her back-constantly making beds, but she was paid more than the average college job-$13-$15 per hour. My son worked in a fancy restaurant as a busboy, hated it as well, but when he included his shared tips, he ended up with a good summer salary. They know they have to work each summer, and they don’t like that, but it makes them appreciate going to college to find better options for the future.
Good luck!!
Agree with BrownParent, it is about management. We manage at that income by driving older used cars, buying everything on sale, shopping at thrift stores, not going out much, forgoing needed home improvements, etc. But our kids have everything they need including college expenses at the price point of an instate school. While others we know with the same or possibly higher income have better cars, clothes and homes but struggle with bills.
Anyway, see if you qualify for any of these scholarships: http://automaticfulltuition.yolasite.com/.
Lots of kids are in your situation, unfortunately. Now that you realize that affording college is going to be a struggle your options are to look for high merit opportunities, live at home and attend community college full time if your parents will help fund that or part time while working if you have to fund it yourself, or take a gap year and work while trying again next year for a large merit opportunity. As for the application fees, most people in your parent’s income level find a way to pay for those with the belief that the potential for gain far outweighs the cost of applying. Though I suspect there are some seniors who pay for application fees themselves through work earnings, birthday gift money, etc.
Wouldn’t your health insurance cover costs if you got injured in your varsity sport? Which sport?
There are plenty of people at every income level who live right at or above their means and constantly struggle to pay the bills. You’re not in that unique of a position. Unless there are very unusual circumstances, you are not going to qualify for financial aid at any but the top, well endowed schools (which are extremely difficult to get in to). What are your stats? You may qualify for merit aid at some schools. The most important school for your list is a financial safety. This may be your community college or a local state school to which you can commute. I would also press your parents for a number that they realistically can contribute to your education each year. There’s no point in getting your heart set on a school you can’t afford.
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To be brief, our credit cards are maxed to the point where I may not be able to submit the rest of my college apps
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^^ that is the problem, and it’s a symptom of what’s going on. Your family spends more than its income can support. Right now they may not be spending much, but during the time when those CC were being used to buy things that they couldn’t buy with cash, your family was buying things that likely they didn’t need, unless that debt is from a medical issue that wasn’t covered by insurance.
Sounds like your parents’ insurance may have a high deductable or high co-insurance. I understand how fear of an injury would worry a family that lives paycheck to paycheck (with a good bit going towards debt payment). My H just had hip replacement surgery last week, and we have very good insurance, but we still had to pay the hospital $600 plus whatever our share will be for the physician. If we had debt, then paying that $600 would have been an issue.
It seems you belong to the group of people who prefer other people’s money and spend everything they have. Are you working? If your parents cannot help with $20K or more per year then you cannot go to college unless you have a full-ride scholarship. You may have to wait couple years.
My free advice…stop immediately discussing college finances with your friends. First of all, it’s none of their business. Second, for,all you know, they are also living beyond their means, and will be assuming huge loans to attend college. You are only hearing your friends’ versions of the story. Third, you,should not be sharing your knowledge of your family finances with others…you also might have an incomplete picture.
You have no reason to tell anyone that your parents don’t have enough money to pay for,your college costs. Why would you be having these sorts of,discussions with your peers?
The ONLY discussion you absolutely should be having is with your parents. You need to know what they are hoping you will be doing after you graduate from high school. If they say college, then you need to find out if they can help you fund college, and if so, the amount they can contribute annually.
If you are a senior…this needs to happen ASAP…very ASAP.
ETA it looks like you are from Virginia…which has a huge variety of instate public universities. Which ones did you apply to? Hopefully you applied to places other than UVA, WMand VT…because at some of the other schools (e.g Old Dominion), you might garner some merit aid.
Your family has been living above its means for some time. Colleges will not allow for this. Your family chose to live a lifestyle that they cannot afford. You will need to seek out merit aid at schools.
@BioTech36 Sorry your parents have trouble with their finances. My recommendation is for you to work and make your own money and expect very little from your parents. Focus on schools with the lowest net costs. If your stats are good, focus on schools that offer merit. If they are just mediocre, STATE school is your friend. You will likely need to take loans to pay for school, where you will be on the hook - so choose wisely. You don’t want to end up like your parents in massive debt, however, some loans are inevitable in your situation. Again, the sooner you realize that you are ‘on your own’ for college the better. Try not to be too resentful of your parents and move on. Make your own money ASAP, apply to the MOST AFFORDABLE schools for you, and go to college.
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From Northern VA
-African-American
-4.1 weighted (by the end of my junior year I am projecting it to be around 4.3)
-3.8 unweighted
-Attend a Regional Governor’s School for STEM (takes place at GMU and inside their labs at one of their graduate campuses)
-Varsity Sports (Football, VHSL division 6A)
-Robotics (Have qualified for VEX World Championship in the past)
-School project is in the process of receiving a patent
-Semester project investigating the durability of the general shape of camera traps last year
-Year-long project investigating how organic properties of a compound affect that compound’s ability to kill or inhibit Staph biofilms (BSL1)
-Experience with research lab equipment/software (GC-FID, GC-MS, ultracentrifuge, Schrödinger)
-Accepted to participate in an internship to research with a BioChem professor and his graduate students at GMU all summer. (800 students both HS and College applied and 80 were accepted…some from Cornell, Princeton, UVA, William & Mary, etc.)…(BSL2)
-Key Club
-National Honor Society
-1950 SAT (1320 CR+M)
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Is that SAT a superscore?
Did you make National Achievement Semi Finalist?
@mom2collegekids Thanks for your input and help! That score is a 1-sitting score. I have taken another test, but I was not able to really get a superscore from it. I am not a National Merit Scholar.
Which schools are your financial safeties? Those are schools that you know will accept you and you know FOR SURE that you have ALL costs covered by assured grants, scholarships, or family funds and a $5k student loan??
What are your parents saying about how college will be covered???
What were your brother’s stats???
Your state has great schools but if your parents won’t pay, then they won’t be affordable either.
@suzyQ7 Will definitely do. I am fortunate to be in a state that has some top notch state schools (I live in Virginia). My brother still, thinks I should apply to some private schools to see if I hit the lottery like he did (he was a full ride STAMP scholar), but I think my chances at something like that are pretty slim…
@mom2collegekids I am applying to GMU & VCU. Many students in my program that decided to attend GMU received large scholarships. Should I have more? I applied to VTech and UVA as .well, but I don’t think those are financial safeties.
Can you apply to Howard?
How much merit were they given? What were their test scores and UW GPAs?
Can you commute to GMU?
What were your brother’s stats?
So, it sounds like your parents won’t pay anything towards college. IS that right?
VT and UVA are not safeties for you. You won’t be able to afford to attend.
@Madison85 I believe the deadline is February 15th. I think applying is a must now.