State School vs Harvard: Any Middle Ground?

mom2collegekids
Tue, 01 Jun 2010 17:12:42 +0000

An 11k parental contribution corresponds to an income of 110k, which will get you significant aid at some top schools depending on your assets. Whether it will be enough is something entirely different–I think you’re more likely to have an EFC somewhere in the 25-35k range, if not higher. But that’s my own experiences, and I don’t know a lot about your family finances, obviously.

From what I’ve seen, someone with an EFC in the $30-35k range (where it’s likely this student’s EFC will be) does NOT get great aid unless the school is a no loan or very small loan school.

Instead, many full need privates schools, with COAs in the $50k range, will expect …

a full $30 - 35k contribution from the parents

full Federal student loan contribution (ranging $5500 - 7500 per year + maybe some Perkins)

maybe about $2500 in student work study

maybe a summer contribution (could be about $1500 - 2000)

and the rest maybe in a grant. So, about $5k - 10k in a grant. Not exactly what this kid is looking for.

People forget that many of full need schools, still expect the parents to pay their full contribution, and ALSO expect the student to take out max student loans, do work-study, and give a summer contribution (the student’s responsibility, I’ve noticed, is roughly the amount of personal expenses, books, and travel - I guess many schools really don’t want to be paying for those things).