Our twin sons are strong academic students eligible for merit scholarships but several northeast private schools don’t offer merit scholarships. My husband lost his job and may be forced to retire but we don’t seem to be eligible for financial aid based on net income calculators - any ideas how to get funding?
Your best bet is to chase merit awards. You might find those $65,000 a year plus colleges out of reach for you.
With two in college…your income would need to be mighty high for NO need based aid at the very generous private LACs. When you did the NPC…did you put that TWO would be in college? Check…and make sure.
If their stats are sufficiently high, they could garner merit aid from say…Vassar.
Give us their major interests…and location choices for colleges. My bet is folks here will have good suggestions for places where they could garner merit aid.
Also, what are your instate public options? Are they affordable? Many have honors colleges that are terrific.
It sounds like you will need to have them cast a very wide net in their applications. Are they HS seniors NOW?
How much have can you pay per year for them to attend college?
Many families forego the elite colleges that do not offer merit aid. They aim for colleges with merit.
Run the net price calculator putting in the new income levels and see how they look. You can talk to the financial aid offices at individual colleges to see what they say about your situation, too. Your kids should probably should find a financial safety they are okay with that you can afford for sure, though. The FA offices won’t formally commit right now.
When are these students starting college?
The net price calculators and financial aid applications for 2018-2019 will use the 2016 income tax return information. And the ones for 2019-2020 will use 2017.
If the parent has not yet been forced to retire, his working income will affect aid for 2018-2019 AND 2019-2020 school years. The family will need to ask for a special circumstances consideration from the colleges…if and when he actually loses his job.
We also don’t know the mom’s income…or the family assets. It’s very possible that need based aid won’t be sufficient based on THESE things.
And lastly, if the father collects a pension or other retirement income…that WILL count in the calculations.
This family needs to look at merit which will not consider family finances…at all. Sure…apply to a reach or so…but make sure these twins know the financial constraints.
And lastly…but important…no one HAS TO go to a $60,000 plus a year college…there are plenty of less expensive options out there. If your family circumstances have changed that much…than this should,be,considered.
If you don’t have the money to pay your EFC, your children may have to consider the schools that do offer merit. Is your husband looking for another job? I don’t think schools generally take a drop in income into account unless the parent has been out of work for a long time. The expectation is that they’ll find some sort of job to fund their child’s college expenses.
The schools will consider the following…regardless of the husband’s working status. And those LACs all use the CSS Profile…so they will look much more in depth.
- All family income will be considered. If the students are starting college in 2018, then 2016 income will be used.
- All income will be listed...including mom's income, and dads income for the tax year used for the financial aid forms.
- Assets the date of filing the forms will also be considered. For many schools, this includes some oortionnof home equity. If you own a second home...the full equity in that is considered an asset. So are any 529 accounts, or other savings.
- The family can ask for a special circumstances consideration from EACH college...IF the father has indeed been laid off and is forced to retire. They need to contact EACH college...and find out their process...and get all the ducks lined up.
These are handled on a case by case basis…and are not guaranteed more aid outcomes.
- If the father receives any kind of severance pay, that will also be counted. Ditto unemployment compensation.
- Retirement income of all kinds is added in as well.
- College savings...also an asset.
- Some colleges do,have a "waiting period" before they will consider a job loss special circumstances situation. You need to contact the colleges to ask.
- Keep in mind...the reduced income WILL be considered for the year that the job loss actually happens...so some schools might make NO adjustment prior to that time.
If you have already established that you will have no need based on NPCs assuming the retirement numbers for twins at generous privates, then you are on very solid financial ground. That means you get to decide whether you raid the savings/investments/home equity or not. Strong students can aim for merit or go to their local state uni. This is in fact, what most students will do.
<<<
any ideas how to get funding?
[QUOTE=""]
[/QUOTE]
Time to have a reality check talk with the kids. any families can’t/won’t pay their EFCs for a variety of good reasons. Chasing merit is the way to go.
Attending a good school on large merit scholarships will not hamper their career paths. There are many people on this forum whose kids have gone to college for nearly free with merit and are now well on their way with their professional careers.
Both of my kids went to undergrad for nearly free on large merit scholarships. Didn’t hurt them one bit!
^@mom2collegekids Don’t you think the merit hunting game has changed though? Alabama and Howard for example moving the game posts.
@gearmom That is because more high statted students are applying to these schools. They are willing to forego some prestige for a lower student debt.
^ Right but this means that great merit options are fading. Much better even last year.
<<<
Don’t you think the merit hunting game has changed though? Alabama and Howard for example moving the game posts.
[QUOTE=""]
[/QUOTE]
Sure there have been changes, but not so much that it’s no longer very much worth it to hunt for large merit if needed. What would you suggest is the alternative??? Pay full price???
I don’t understand the thinking that if suddenly a family has to pay a couple thousand more due to a slightly reduced scholarship that somehow the scholarship isn’t worth being chased when it’s still saving a family $20k+ per year per student.
Alabama is still giving huge awards for high stats.
This parent has stated that her twins are strong students who are looking at east coast schools w/o merit. That suggests to me that they have (or could have with retesting) ACT scores of maybe 33+ (or the SAT equivalent. If so, they could still have free tuition at Bama, perhaps more depending on their stats and majors.
The parent has indicated that they’d be full pay at these NE privates, which means paying $120k+ per year for these twins.
If the twins qualify for free or near free tuition at Bama or a similar school, certainly the parents would prefer paying $30k-40k per year for their twins’ room, board, etc, rather than $120k+ per year now that money is a consideration due to dad’s job loss.
How did the twins do on the PSAT? Is it likely either one will be a NMSF?
What do you want your net cost to be “per twin” each year?
@mom2collegekids That would be a great deal. 30-40/year for both. Better than they could get instate at UMass.
@clarabell2 NE privates are just no longer affordable for upper middle class families who have not saved for them. They have too many top students from around the world trying to get in. No need for them to offer merit. Can your boys be part of running start or are they in many APs so they can reduce their time in college to three years? Chasing merit often means leaving NE.
@clarabell2 - How important is it for your family to have your kids attend one of those private institutions? If you want your kids there, then you will probably just have to pony up the money. If you would be fine with them attending places that merit money will make more affordable, then sit down with your husband and sort out your budget limits so that you can present a unified message to your kids. The sooner everyone is on board for a merit money hunt, the better. While you are at it. Look at your own home state public system. Depending on your kids’ potential majors there may be excellent, affordable options.
Hi All and thank you for the great responses! I totally missed them! Yes the boys are seniors - they want a small school so we did not look at our state colleges due to size though they are great schools. We just heard from one college - SMU, they awarded one of my sons $150k over 4 years and the other $120k which makes it more affordable for sure. Waiting to hear about the others. They applied to one in-state school (in another state as we are open to relocating) and waiting to hear about that. And yes, we did the net price calculator route and because of his income last year when we were doing it (he was on severance, received his bonus, etc) we aren’t eligible, despite the fact that beginning this year the income situation changes drastically. So we’re now just waiting to see how t hey do but thank you all for your input and suggestions!
You might want to check this…if you haven’t ALREADY relocated to that state…your boys are very likely out of state for tuition purposes…not in state.
And at some colleges, if you matriculate as an OOS student…that’s what you remain until you graduate.
Don’t assume your kids will have instate tuition at a public university where you are open to relocating. That just might not be the case.
And even if it is…they won’t have it for their freshman year of college…because it takes minimally 12 months residency in most places for the parents to establish residency BEFORE that instate status is considered.
Yes, you are correct - we contacted the school and they said if we relocated at the start of the freshman year then instate begins sopohomore year. Lots to consider for sure. I am now checking threads on a few schools in terms of student life/safety etc. It seemed so much easier when I went to college:). Thanks so much!
@clarabell2 - Do all of the financial aid offices know that your financial picture has changed drastically since the tax year on which the FAFSA and CSS Profile are based? Make certain that they do. This might improve the packages a bit.