Hi all. I’m trying to figure out my best strategy for getting the most aid. I would prefer no loans. I’d like a private small school, preferably Jesuit or catholic but if not it’s ok. I have a 30 ACT (35 English, 25 math) and 1270 SAT. 3,9 weighted GPA. Lots of service hours.
Our FAFSA EFC is zero as my parents have had very low part time for the past 2 years. They haven’t been too stressed bc they have about 800K in savings and no mortgage. I have 3 younger siblings. My parents need their savings bc neither is sure when they will get a good job and they need to keep support my sisters and help w their college as well. They have generously committed to contributing 20K a year towards college for me.
I’d like to major in business.
Fordham or BOston College business schools are my reach schools but I think both are longshots due to my low math Scores. Also maybe Loyola Chicago or Maryland. I’ve heard these schools are generous with financial aid but I’m concerrned they won’t give me much due to my parents high savings and net worth.
Any tips or ideas, strategies, other recommended schools?
Have you tried the colleges’ net price calculators to see what the costs are likely to be? Each college may have its own way to calculating financial aid and net price in the low income, significant assets situation.
I am intrigued. How does someone construct a scenario that has a zero EFC, 20k in cash each year for college, and cover living expenses for 5 other people? The assets must be hidden. But even using a non qualified annuity, I cannot get it to work in my head. The 5 would have to be living off of a very low amount of income.
You need to understand…Profile schools are going to look at your assets. They just are. And some are going to look at your primary home equity as well…so what is that amount?
Your FAFSA EFC Of $0 will net you a $6000 or so Pell Grant and a $5500 Direct Loan.
University of Chicago doesn’t use the Profile either…but I think admission would not be a slam dunk for you.
This student has $20,000 in parent contribution per year, and a $6000 Direct Loan…which is way less than half the cost of the schools you listed.
My kid had FAR better stats when applying to U of San Diego in 2005 when it was far less competitive for merit than it is now. She didn’t get one dime of merit aid. Zero.
With a $26,000 budget, this kid needs about $30,000 to $40,000 in something to pay the balance.
With a $26,000 a year budget, why isn’t this student looking at public universities in his or her state of residence?
Thanks everyone. I’m in Florida. We have some good schools. But I likely cannot get into UF or FSU, although I am applying. Competition is very aggressive. The others in Florida that Im a good fit for are driving distance for me. I’m applying to those but I’d love to go out of state to a small private school, preferably Jesuit. However, Fordham and Boston College are 70k. I can’t afford that. I can contribute 25k. My EFC is zero but my parents have a large savings account. I think it would be in my best interest to look at schools that won’t look at my parents assets and instead focus on their Income. Do any of you know if any of the small Jesuit schools, that don’t ask for CSS, also don’t look at parents assets? I was thinking it’s possible that although they don’t do the CSS they may still ask those asset questions on their own separate questionnaire? Or do they do FAFSA only? Bc that would be awesome for me. Thx!
@college1970 do your parents own a business? Or at one time own a business?
What is the value of the home?
Trying to imagine how much living expenses would be…prop taxes, utilities, home repairs/maintenance, food, clothing, transportation …for a family of 6.
If they committed $80k per child, that alone would eat up $320k of their nest egg. Not to mention whatever they need to withdraw in real time for ongoing expenses.
Hi everyone. My parents had a business they opened 25 years ago. They made money and saved it. They closed it 5 years ago and now have odds and ends jobs. Their homestead is paid off. It’s worth about 300K. Property taxes 2500. They do not receive any kind of aid from government like Snap or reduced lunch. Or Medicare or anything like that ever. Not even unemployment. Ever. They just made money and saved it and now they are just coasting. They are both 50 years old. Maybe their savings will last until they die. Maybe it won’t. I dint know. Maybe they will both get jobs eventually. They don’t seem to be really stressing about it. They are enjoying their time w my younger siblings and living frugally off their savings. I have no idea if that’s the same amount they will give my siblings. They wouldn’t give me anything if I went to a local public university bc it would be free for me. But when I expressed interest in going away to a small private college they said they’d give me 20k a year max. That’s it. So I’m just trying to see if I can work w that. If not, I realize I can go to a public Florida school.
the problem that you will face is that the private schools that use fafsa only will not likely meet full financial need. For example, Boston College meets full need, but they count all assets, including home equity. OTOH, Fordham only meets full need for 30% of its applicants.
The problem is the schools that don’t use CSS profile won’t give you the aid you need.
There’s other good schools in FL besides UF and FSU.
Don’t know why you think you can’t get into those two schools with a 30 ACT and 3.9 GPA …where else would you apply in Florida? What about New College?
What about Flagler?
Are there any small Catholics in FL that interest you? @twoinanddone what sort of FL aid does a FL student get if he attends a FL private? Can you recommend some FL catholics where his stats, Pell, and maybe some FL aid would combine well?
What is your major and career goal??
Out of curiousity…how are y’all paying for healthcare? That would be quite an expensive premium.
An ACT of 30 would be a hard admission to UF. UCF and FSU are more likely.
A Florida resident would get Bright Futures to use at a private school (if qualified). I think it is about $215 per credit for the top award to be used at a private school. There is also the Florida resident grant (I think it is called EASE now) of about $3500. For a low income student, there is the SEOG and a FL-SEOG.
Some Florida catholic schools are St. Leo, Barry, Ave Maria (very religious). Some smaller LACs are Florida Southern, Flagler, Lynn. Many of the smaller private colleges have some religious affiliation, like Palm Beach Atlantic. Flagler, while not Catholic, is next to a cathedral and in a very catholic town.
There is a poster who received full aid (with Pell, BF, EASE, and other aid) to Flagler this year.