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My parents together make over $200,000 in income....but they won't pay for a private college cost.(emory, vanderbilt, syracuse) It's not that they don't want to but they can't afford it with other costs we have. However, is there anything I can do becuase won't most financial aid boards look at the income and not give me any aid? What am I supposed to do because I will not be able to go to any of these good colleges then? And my grades are just average (3.4 (3.7), 1210). PLEASE HELP WHAT CAN I DO?

By Drusba (Drusba) on Tuesday, November 25, 2003 - 10:56 pm: Edit

First, your GPA and SAT make Emory and Vanderbilt long shots for admission at best. Second, an income of $200,000 does not necessarily rule out qualifying for some financial aid as it depends not just on income but total assets less total debts. Third, you should look into your state university, most of which will provide an education just as good as any you would get at the three you list.

By Northstarmom (Northstarmom) on Friday, November 28, 2003 - 09:58 am: Edit

With your stats, you'll likely not get into Emory and vanderbilt. You have a better chance at Syracuse, but there certainly are many equally ranked, public universities that you could attend for much cheaper. If your parents don't want to sacrifice to send you to an expensive private university, I can see their point. If you want to go to a private university, you could take out loans to cover the difference between what your parents are willing to pay and what the institution of your choice costs.

By Islam2nkorea (Islam2nkorea) on Friday, November 28, 2003 - 06:17 pm: Edit

gucci that's what sucks for me as well, they earn a lot but not too much, and they have to pay full tuition for 2 siblings, and private school for me. I hate it when some people who didn't work for anything get it all, I hate it that my older brother who got into Princeton with a 15k scholarship couldn't attend, it sucks because our parents did something with their lives

By Massdad (Massdad) on Saturday, November 29, 2003 - 12:19 am: Edit

Drubsa,

Sorry, but you may want to play around with some FA calculators. You will see that income, particularly that over 100K, counts much more heavily than assets. And expenses count very litte. Say your parents have an expensive house, and they pay a $5-6,000 mortgage payment every month. What do the Fin aid folks say? They would say "get a cheaper house." Or go borrow the money.

Islam, sorry about your older bro. But, if you thing anyone "get it all", you are wrong. Everyone must contribute, even if only from a summer job. I can assure you that the poor family that only contributes a few hundred dollars feels financial pain every bit as much as wealthier people do. For instance, a family making 50,000/yr would still contribute 2-3,000. Think that's easy?

By Ellemenope (Ellemenope) on Saturday, November 29, 2003 - 01:43 pm: Edit

Colleges take into account the fact that you have multiple sibs in college and more kids at home. I've seen higher income families get aid because of the above circumstances. Not all is lost.

But at some point in time, you'll have to decide whether you will commit to taking out the loans yourself if your parents will not. How much of a sacrifice will you be willing to make to go to Vandy, Emory, etc.?

By Emeraldkity4 (Emeraldkity4) on Saturday, November 29, 2003 - 03:02 pm: Edit

actually we make $50,000 for a family of four and our EFC is $13,000. ( if income was evenly distributed it would be lower, but I only work part time because I am very involved in my younger daughters school and medical care) We don't have that so my daughter contributes from a summer job and work study and we take out loans in addition to the subsidized loans that she gets thru the gov.

Some families don't have education as a priority and that certainly is up to them.
However education is a priority for us, and we will do what it takes to procure the best education we can for our kids

By Judeezy36 (Judeezy36) on Saturday, November 29, 2003 - 10:13 pm: Edit

never know, she could be an URM

By Emeraldkity4 (Emeraldkity4) on Sunday, November 30, 2003 - 11:25 am: Edit

Im wondering why, if the family income is over 200K and presumably the parents have known that the kids would want to attend college, why there wasn't some sort of account set up for that purpose.
Although we had to earlier deplete the bulk of their college savings accounts when was evident that private school was by far the best option, we still have savings bonds and a few other Cds and such here and there for that purpose.

I also beleive that the schools she mentioned have need based only, but if they do offer merit aid, they may have incentives for URMs.
Im also wondering about the Princeton scholarship, AS everyone knows, Princeton as well as the rest of the Ivys offer need based aid only. Was the $15,000 for costs above the EFC? If Princeton met the financial need, why then was the school still unaffordable? Princeton is well known for substituting grants for loans. It sounds like a good deal to me.

By Massdad (Massdad) on Monday, December 01, 2003 - 02:15 pm: Edit

Emeraldkity4,

Thanks for the update on your EFC. You must have some significant investment $ stashed away. I can't believe they would hit you so hard otherwise.

At any rate, the problem Giccigirl alludes to is that not very many folks have free cash, to the tune of $40,000 per year. Expenditures seem to always expand to fill whatever income we have. And, we all know that none of us engage in unneeded spending! We have neighbors (not real nearby, we're in the low rent part of town) who truly believe that the private school tuition, country club membership, Lexus SUV lease etc. are all necessary expentitures.

Then there is my own mother, who wonders why I even worry about these expenditures. After all, the local state U was fine enough for her son, o so many years ago.

So, I suspect if we changed the question from "can you afford" to "what would you give up for your daughter to attend.." then the answer for the poster's parents would be "not much" which is the real problem.

By Emeraldkity4 (Emeraldkity4) on Monday, December 01, 2003 - 03:28 pm: Edit

I don't know what our EFC is so high- but it is the same on the www.finaid.org site calculator. We have not much savings, just a retirement account which has lost about $25,000 over the past few years.
My husband makes about $53,000 including overtime, but I make about $3000. If it was more evenly spilt, our EFC would be much lower according to the calculator.
( My daughter also earns $2,000 to $3,000 a summer , I think all of that goes towards raising the EFC)
I would love to work more, but he can't pass up the overtime, which is too bad, since he already works nights and we don't have a lot of family time. But he gets paid a lot more an hour than I do, so we live with it.
The FAFSA does not take into account anything but income, and dependents if I remember correctly. THe PROFILE does take into account mortgage equity, but they allow you about $150K in equity before they expect you to borrow some of it The PROFILE also has space for sibling expenses like private school and camp.
However Financial aid also does not take into account debt or give you much credit for living expenses.

By Jamimom (Jamimom) on Monday, December 01, 2003 - 04:32 pm: Edit

Guccigirl, you are in the same boat as ever so many college students. The cost of college, particularly to the top priced colleges is so outrageously high that many families are priced out of them. Families like yours have to make decisions when their children become college age, whether to cut back drastically in their life styles (like sell the house, move into something smaller, cheaper, in a lower cost area), take out loans (College costs X 4 years makes for a large debt), prepare for a downsized retirement (tap that pension plan), and/or look at some less expensive alternatives. My suggestion to you is to apply to the 3 schools you like and ask your parents to please, please fill out the FAFSFA and profile, just to see where you stand. I tend to agree with you that you will not qualify for much financial aid, but messages on a website are not an accurate assessment. Then look for some less expensive private schools, and state schools, where your stats put you in the upper 25%. You just might qualify for some aid in those schools. Some examples would be catholic schools like Sienna, St Bonaventure, Iona, or College of Charlston, or University of North Carolina (Asheville is a small school, other campuses larger, other than Chapel Hill, you would be competive), Mary Washington (LAC) or James Madison, Grove City , York College Hendrix College, Collegeof New Jersey., many state schools in and out of state. Pick a bunch of them and get those apps out now. It'll be fun to pick and choose among them in the spring because if you do it right, you'll have several choices in several price ranges.
I have seen sourfaced students ending up at Vanderbilt, Emory, Syracuse with parents reluctantly scrambling to pay the the tab which realistically can end up being $50000 per year. These are excellent, excellent schools but some of these kids use them as safeties and are in the position of paying full tab for schools that did not meet the family expectation mark. It is not an enviable scene. There are many excellent schools out there that won't bust the bank and that you will really enjoy. If you can get a few bucks in merit aid as well, it can really sweeten the experience ever the more. I see this every year. I just don't want you to feel like you are being shorted or your family is unusual. College is a balancing act financially.
Many families who make a good bit of money have just started in that financial category. There are many reasons why someone who has a high income today could not put away money for college. Although I always put money away for education even when we were not meeting expenses, the increasing cost of college over the last few years have made my paltry attemps look even more pathetic. Though we are doing "well" now, it was not that long ago that we lived in a rundown old house in a questionable neighborhood, drove junker (actually we still do), borrowed from Peter to pay Paul each month, had extraordinary medical expenses, ended up with unexpected kids joining the family due to some family emergencies. We also racked up a lot of debt those years because I refuse to compromise on medical, health, education and other issues, and would prefer to put it on the tab. And, yes, we made some bad financial decisions, splurged (Disney World, beach vacation, skiing, cultural shows) and always have participated actively as a family in community/charity services that end up costing us money. Every family has its priorities, sometimes they are conflicted. It does make life a lot easier if everyone is on the same page, but we often have to just settle for being in the same book.
Three out of my four in college (and finished with college) ended up making their college choices putting heavy weight on where they would be most likely to meet their ultimate goals (med school for 3 of them0 and moderate weight on the finances. They did not go to the most elite name on their acceptance lists. None of them regret that choice, they revel in it.
There are so many variations on this theme that you can make it work for you and your family. Keep your options and your mind open. And good luck to you.

By Shoshie (Shoshie) on Tuesday, December 09, 2003 - 12:04 am: Edit

Yeah, this is the issue for me. I'm relying on any merit-based aid I can scrap up. Plus I'm applying to 2 Canadian schools and UIUC (I already got in there). But, alas, my dream schools I simply can't afford. So I applied to three schools that are expensive, one school that we might be able to pull, but it would be close, and then three that we could definately afford. So we'll see. Maybe I'll get lucky and win a scholarship or two. If not, off to Montreal for me (assuming I get into McGill, that is).

By Agapesierra (Agapesierra) on Wednesday, December 10, 2003 - 03:42 pm: Edit

I am sorry, maybe I am just a stupid poor girl but..


200k a year is not too shabby! I mean, I thought I was livin' the high life with my measly 50k.

Secondly, I know there is a percent of people who claim to be cheated by the system b/c the are not too "poor" and not "rich"..I dont want to seem religious, but you guys are blessed and have it made. There is a larger percent of people who are better GPA's and better SAT's (raises hand), and can not even think about going to those schools b/c the FEES, yet alone the tuition, is too much.

That is all.

By Emeraldkity4 (Emeraldkity4) on Wednesday, December 10, 2003 - 03:50 pm: Edit

There is a larger percent of people who are better GPA's and better SAT's (raises hand), and can not even think about going to those schools b/c the FEES, yet alone the tuition, is too much.

While I empathize with your metaphorical eyeroll at people who make over $200K yet can't afford college, I respectfully disagree about your choices.
If you are on free reduced lunch you can get the application for colleges waived. It can't hurt you to apply and if your scores and stats are really that good, lots of colleges will offer you money to attend.
You don't have to commit ( unless you apply ED- and then you can pull out if you really can't afford it) until you see their financial aid package.
You may find as we did, that although without aid, the tuition for private school was beyond our reach, with aid it became comparable to instate public schools.

YOu should go ahead and aim high, don't limit yourself, wait and see what kind of offers you get.

By Muzicgal04 (Muzicgal04) on Wednesday, December 10, 2003 - 10:12 pm: Edit

What I dont understand is how, with your family income over 200,000, you wont be able to pay. Honestly, take out some loans, but very few colleges will even consider giving you fin aid, and why should they? unless your family has serious extenuating circumstances, they should be able, with the help of loans, to pay for college. Or buy a less expensive house, or get rid of the BMW

By Massdad (Massdad) on Thursday, December 11, 2003 - 03:58 pm: Edit

Emerald, you said "You may find as we did, that although without aid, the tuition for private school was beyond our reach, with aid it became comparable to instate public schools. "

That's the problem for a lot of folks - even the state U is a stretch. Heck, even with a full ride, the schools still expect the student to contribute a portion of summer earnings and have a job during the school year. For a family that depends on the kid's contribution to the family kitty, this poses a problem. Remember, the school defines need, not the family, not the kid.

I've also heard stories of how the full ride kids are somewhat social outcasts at some of the ivies. Even if they weren't, they'd be hard pressed to keep up with the ski weekends, NYC trips and so forth.

So yes, the smart poor kid could apply, but there are MANY reasons why they may want to think twice about going.

By Emeraldkity4 (Emeraldkity4) on Thursday, December 11, 2003 - 07:25 pm: Edit

It depends how much education is a priority. I have lived on my own since I was 18 (17 actually). I lived with friends to share expenses, I didn't even think of having my mom pay for college( and neither did I contribute to my moms income- I didn't need to she was working)
If a family has so little income that they need the students expenses to pay bills, then they will be eligible for Pell grants as well as other programs specially aimed at very low income families.
Community colleges are very reasonable, students certainly have that as an option and financial aid is available as well as support for first generation students.
My daughter participated in Americorps for one year living on a very small stipend ( with which she contributed to the household expenses) and recieved an education grant to pay towards expenses or loans. She is also planning on doing that when she gets out of college for a year while deciding on grad school.
My brother joined the military to get an education, it took him a while, but he now has a BA in engineering, is retired from the service and making a ton of money.
Besides the money that she contributes from her job, my daughter took loans out for school, we took loans out to cover the EFC. We think it is worth it, we have education as a priority.
All these are different solutions that some people don't want to look at . Even on these boards where people in general are well informed, so many want grants but no loans. They want someone else to pay for their education.
( OMG I sound like a republician)

As far as full ride students being outcasts I don't believe it.
Those schools are diverse enough that you can find friends with whom you fit, I also don't know kids who are galivanting around when they are in college. Most stay close to campus during breaks, some travel for junior year abroad but that expense at least at my daughters school is covered with financial aid.

Its too bad that you seem to see the glass as half empty. Instead of brainstorming ways to make a students dream possible as I have done, you throw up excuses why they can't do it.
Why?

Don't tell me about being poor, I am digging in the couch as soon as I sign off to find some money to get a gallon of milk. We don't go to the food bank, becuase they are low on food and I figure there is always someone worse off than we are, but we aren't wealthy, or even middle income.
But neither do we have unreasonable expenses, we don't have a lot of kids, we don't have lot of living space, we live where we can take the bus or walk.

I don't believe that honors programs at the flagship universities charge tuition for many students, My sisters sister inlaw is on welfare yet her daughter attended the university of washington completed her degree and is doing very well.
If you look elsewhere on the boards you will read about students who are recieving so much in fin aid and merit aid that they have excess and wondering how they can keep it.
The money is out there if they have the desire they can do it.

By Jamimom (Jamimom) on Friday, December 12, 2003 - 08:00 am: Edit

The problem occurs,Emeraldkity, when the family, namely the parents do not want to dish out the money. The kids are limited in the amounts they can take in loans and if their parents flatly refuse to borrow and pay, they cannot go to the school.
I have seen several families in that situation. In one case where the family was very close to ours, it was a divorce situation. The father is a surgeon, and he just refused to turn over a cent for college. The kids went to local public college and he did give them money, provide them with cars (not paid for, under payment) as he felt like doing. The mother could not pay the amounts for college while the divorce settlement was still in litigation.
In other cases, the family just quietly says, "look it's $6000 total to live at home and go to State U. Catholic U and Private U and all cost at least double that. We are not selling our house and giving up our standard of living that we like for tuition> If you had gotten into Harvard, that would have been a different story." End of discussion. The parents refuse to fill out the financial aid forms, not that it would make any difference, and refuse to pay. Many times this discussion occurs in April, after years of a vague understanding that college would get taken care of. So the child is pretty much blindsided when the "talk" occurs. And they may end up spending the summer in Europe, at a summer house on the beach, etc, etc. I see this MANY times over the years. I don't see how most kids would be able to jump that hurdle.
There really is not that much out there for kids without the parents' support if they do not have outstanding stats. My son has a friend with a 1080 SAT, 2.8 average who would love to go away to college and would probably benefit from a small private school. He lives in a house that makes ours look like a shack. He has a car, paid for by parents. But Dad has decreed that he go to Local U and get a part-time job. Personally, I believe it is not the right route for the kid, and he really wants to get away.. I feel that if he does not bond to the colllege and get into college life, he has a smaller chance of completing it. I say this even as my nephew took this route for 3 years and then got into an "elite" college and took off. Every fibre of my body and wire in my brain tells me this is not the best thing, but it is none of my business, and it is a family and parenting issue. If I said the things you said in your above post to all the people in this category, all I would be doing is fueling family discord and making some people very unhappy. There really is little this kid could do--he does not have the maturity to make the moves on his own yet.
Also it is not true that there is so much money out there. I help many with financial aid forms and listen to a lot of kids and families. If a child is considered highy desirable, there are schools that might give merit aid, but the problem is you really have to target these things in the fall. It is really getting late already to start going for these awards. And most kids are not wired to do this. There are many, many kids out there still fantasizing that they are going to Yale and vaguely believing that the family will pay for it somehow and have not applied to Susquehanna or Iona colleges where they just might get a nice finacial merit package. By the time the family has sorted its priorities, feeling and finances about the whole process, it is too late. I have seen this pattern recur each year for many years. As for the excess, what usually happens is a kid gets an outside scholarship along with a financial aid award from the college. The college will then appropriate that scholarship, reducing the finacial aid award. Different colleges have different formulas in this reduction, but even the most heavily endowed schools do not allow double dipping. At best they let you reduce the loan or work study portion of the package. This happened to both my niece and nephew--unfair because my son and daughter who did not qualify for finacial aid and got merit awards did get to keep both. That is the way the system works. And with some of these schools costing over $50,000 a year, even families that make what looks like a hefty salary,cannot make the payments if they had not saved something, and even then loans generally have to be taken,
Most families I know who make $200k pay at least half of that in taxes. In this area about a third of what's left would go towards an average mortgage and upkeep (utilities,etcd) for a nice but not extravagent house. (I have lived many years in NOT NICE, slightly dangerous, run down, and I don't think I would recommend that to most families. I love living in an area where there are not all of these questionable types doing questionable things in front of my house; where the crime blotter is a laundry list of events every day). If the family is paying for all of these activities that get your kids on the "A" list for college and/or private school, there just is not a lot left for a college tuition. Especially if the family is doing the responsible thing regarding medical, dental, pension, requirements and if there is a grandma that needs to be subsidized, an emergency that came up. Just do the math. In our case, as in many cases, we have not made this kind of money in the past, so we could not save at the rate we are expected to do so. And though you can write to your hearts content about special circumstances, a big change in aid award is so rare that when it happens you are eligible to be featured in a college issue of a national magazine. I try every year with families. I have for many years, and have gone through the process with 4 kids. It is not easy and you rarely get enough money to make ends meet well. One of the top students from my son's highschool who is graduating this year as a computer sciences major from a local school just might be a heck of a lot better off than my son. He has a car, paid for, and no debts and is still living at home, so will not cause a ruckus with transition to a full time job. My son has no money, no car, and has been away for 4 years and god only knows if he will get any type of job that will allow him to be self sufficient at the end of this year. The idea of him moving back into the house makes me shudder. But we are limited in funds and really will not be able to continue supporting him. And yes, we make more than $200,000 a year. My biggest expense is tuition. It is more than the mortgage, and fixed living expenses and we have no significant other variable expense---no expensive cars, no expensive vacations, occaisionally eat out but never to expensive restaraunts, few expensive electronic stuff---what we have my brother gives us. When he visits us, he claims it's like going to a third world country (he should know; it's what he and his wife do, trek all over the world to places like Vietnam, Nepal, etc), nothing works here and the repair list is mile long. No digital cameras, one dilapadated cell phone, phone cards for long distance--no long distance service, he is appalled. The numbers are not there for us, however, to pay for a private college. We do so by incurring debt and have also been fortunate enough to get merit aid, because we do not meet financial aid standards.
As I have said before, the kids are bound pretty much by their parents resourcefulness, unless they are savvy themselves, which most of them are not. Honors programs are very selective--even with the stats, kids get rejected and in some states, even the flagship schools are not cheap. Penn State has a base stickere price of over $16000, and realistically to send a kid there to main campus, you fork over $20,000. That comes as a shock to many parents who are living at the edge of what they can afford. And to tell them that they should have saved more, spent less, bought a cheaper house, does not help them solve the immediate situation. The kid ends up at a IUp and commutes, that cuts the tab down to a quarter of the price and is manageable.
I think that it is wonderful when families and kids are resourceful and have planned out their college expenses. Those kids are the lucky ones. I congratulate every family that supports their child through the college process, particularly the financial part. But I will not castigate a child and family who has not. Too many factors in that soup, and I feel it is more important that the family can work it out without hard feelings. a cohesive family is more important than an expensive college education.

By Muzicgal04 (Muzicgal04) on Wednesday, December 17, 2003 - 05:39 pm: Edit

The only thing yet to be said is.....gucci girl has clearly chosen to define her identity by a designer who makes ridiculously expensive things. If money is such an issue, perhaps all of you (family included) need to reevaluate your priorities. Gucci is not a necessity for college students. Learn to do with less, and you'll have more for college. Ultimately, its the education that matters, not the brand name

By Judeezy36 (Judeezy36) on Monday, December 22, 2003 - 09:34 am: Edit

I'm sorry Muzicgal04, but that quote did not really apply to the situation fully... you don't know whether or not this guccigirl actually buys loads of designer clothes or not, don't assume.... with that said... my uncle makes over 200k a year and sent his daughter off to nyu... they did not live lavishly to say the least (he was very careful with his money) and 40k a year was a burden for him to pay... bottom line is, unless you're bill gates, anywhere between 20-40k is a big chunk of money to be spending per year...AND, figure in income tax people... say a family makes 200k, how much would you subtract from income tax, and then simple stuff like the electric bill, etc. etc.... think about it-

By Tsdad (Tsdad) on Monday, December 22, 2003 - 01:42 pm: Edit

Even at 200,000 plus a year, 40,000 in actual dollars is hard to set aside.

We began to save the day our son was born. Plus we are getting a lump sum amount (just took out one year in case he decides to transfer back home) from a state sponsored pre-paid tuition plan for our state schools, plus the school gave our son a small scholarship, plus he has a non-subsidized Stafford loan, plus he is using his summer earings for spending cash.

I do not intend to borrow any money to cover his college costs. I am able to save enough during the year to pay for portions of the next year not covered by the above.

By Garland (Garland) on Monday, December 22, 2003 - 02:24 pm: Edit

We make less than 200,000. We pay 40,000 a year for D's college straight out of income, and save about another 30,000 towards son's upcoming tuition. We started out poor when our kids were little, and basically made very little lifestyle changes when our income went up. Tuition is 4 times our mortgage, (and we live in Northern NJ). Our kids have never been to Disneyworld; they went to a poorly regarded public HS, don't have cars, cell phones, designer clothes, etc. But they could go to whatever college they could get into.

I teach in a college where most students live below poverty level. Many work 30-40 hours a week. A book bill can do them in. Many take care of elderly relatives, and/or have kids of their own. Most take out hefty loans; many drop out because they can't pay their part of the bill.

Let's let the money go where it's really needed.

By Jr86 (Jr86) on Tuesday, December 23, 2003 - 09:14 pm: Edit

Ok, personally, i dont think anyone should have to sacrifice their lifestyle for college. Yeah, I could understand giving up a few extra pairs of shoes here and there or saving a little cash, but not moving to a cheaper house, or get a less expensive car. At that point you have to rethink things and ask yourself: can I get the same education at a cheaper school? If the answer is yes, then go ahead. Really, college is important, but when you have to make serious lifestyle changes just so u can look like a "genius" that goes to Harvard, Yale, etc... its time to re-prioritize. Theyre not the only good schools in America.

By Evil_Robot (Evil_Robot) on Wednesday, December 24, 2003 - 12:59 am: Edit

I have somewhat of a different situation.

My parents make less than $80k per year ($40k this year; worst year in a while). Our lifestyle is modest - we eat out maybe once a month or less, throw one or two parties a year (serving Pizza Hut pizza, not caviar), don't own a boat/motorcycle, don't go on vacation, drive Hondas, buy the store brand of soda/medicine/etc, etc. My parents have also, out of being resourceful throughout the last 17 years of my life, put away a fair amount of money for my education (just enough to pay for 1 year of college at a private school - ridiculous tuition prices!) along with some for my brother. We also own some minor property that they plan on using as a makeshift retirement plan with income earned from rentals (as they are both self-employed and thus cannot have real pension plans). Unfortunately, living in Southern California, the property value is astronomical and thus colleges expect us to be able to turn this property (and our own home) into equity and thus into tuition. And thus I was not too surprised that when my Yale EA decision was accepted, we received absolutely no financial aid. None whatsoever. $42k out of pocket on an $80k income. My family could STREEETCH to $20k, but $42k? Not in your lifetime, bub. Subsidized loans? They never heard of them. What are my chances of attending the school? None. It's their loss really; I'd just really love to attend the school. I don't know if they really understand my financial situation :/

By Nhfrenchie (Nhfrenchie) on Wednesday, December 24, 2003 - 10:06 am: Edit

Evil Robot

My advice is, talk to them about Financial Aid and discuss your situation. This is not your PARENTS responsibility but yours. You may find that the Financial Aid offer is forthcoming as there is usually a delay between acceptance offer and Aid.

By Garland (Garland) on Wednesday, December 24, 2003 - 10:25 am: Edit

JR86, or, you could ask yourself, why do I need a big house, why do I need a fancy car? When you have to make educational compromises in order to maintain a lavish "lifestyle" (not sure what that is, we have a life), you have to worry about priorities...everyone makes choices--we choose good colleges not for the name, but for the experience and education opportunities.

By Evil_Robot (Evil_Robot) on Wednesday, December 24, 2003 - 02:27 pm: Edit

Nhfrenchie - Good advice, and I plan to. I'm just saying, the way I see it right now, there's no chance of me attending the school.

By Zephyrmaster (Zephyrmaster) on Wednesday, December 24, 2003 - 02:29 pm: Edit

I NEED my big house and fancy car...

I mean, once I get one and all... <_<

Seriously though, if the fin-aid package isn't adaquate, try to reason with the office or go to another school. It's as simple as that, if you don't want to pay the price you've been asked to pay.

By Muzicgal04 (Muzicgal04) on Friday, December 26, 2003 - 02:49 pm: Edit

In response to Judeezy36...my family makes around 200,000 a year. I do know how much we spend on house, food, taxes, etc...and yet, I would not dream of applying for financial aid. My parents have put aside money for several years (many years where we made significantly less) and will be able to pay for college tuition for three children. Save the money for the people who need it, not the people who waste money on a huge house, expensive cars, etc

By Marite (Marite) on Friday, December 26, 2003 - 09:42 pm: Edit

Evil robot:

I believe--not entirely sure--that Harvard does not consider home equity when computing parental income. You might look into this.

By Iflyjets (Iflyjets) on Friday, December 26, 2003 - 11:44 pm: Edit

Evil Robot --- I've seen you stats and followed the EA Yale posts. I am shocked that Yale would not assist you with financial aid. You seem to be a great catch for them. In all of your posts, I've found you to be modest and supportive of other students. I am truly saddened to hear that you may not be able to attend Yale because of money.

HEY, YALE, ARE READING THIS? Here's a student who clearly really wants to come and has something to offer. Give him a break!!!

Good luck, Evil Robot. We're cheering for you.

By Evil_Robot (Evil_Robot) on Saturday, December 27, 2003 - 02:03 am: Edit

Marite - I am applying to Harvard, for just that reason. I'll be sure to get the FAFSA/CSS/etc in, in case it helps.

Iflyjets - Wow, that just made my day. Thank you! Hope I'll see you at Yale/wherever you want to go next year

Reminds me - we should have a big CC college reunion once we've all gone to our first choice colleges

By Starmel (Starmel) on Sunday, December 28, 2003 - 02:06 am: Edit

Just a little reality check,

I must admit that I found reading this thread quite humurous. My single parent family has a total income of 15,000 a year and I have just been accepted to Cornell where I will only have to come up with 2,000 a year on my own. I have never lived in a house, I try not to get sick because we have no health insurance, and I have worked my butt off since I was 16 in order to pay for normal teenage expenses. I must say that I am truely saddened when people with $200,000 a year incomes complain about not being able to afford whatever school. I tend to agree with those who say sacrifice where you can, take out loans, and come down to earth a little bit if you really want to attend these wonderful schools. But to sit here and argue that expenses like private school should excuse you from having to pay so much is crazy. The bottom line is fin aid should and does go to those who are MOST needy. And to even suggest that you should take a dime of it away from someone whose circumstances are similar to mine is just wrong.

By Jamimom (Jamimom) on Sunday, December 28, 2003 - 03:26 pm: Edit

Unfortunately, Evilrobot, my experience with the Harvard financial aid office is that it will count that investment property as assets--just as it would count a bank acount with that amount stashed away. A very close friend of mine just finished paying for his son at Harvard mainly through loans and mortgages. He negotiated with the financial aid office for years and got no where. "Sell your property," was there response. Unless the property or assets are in a qualifed pension plan, they are not protected assets. That is the way the rules are interpreted. Talk to the schools anyways and see if you can get anywhere, but I am warning you that I have seen your situation before with Harvard.
Yes, financial aid is supposed to go to those who are most needy. I don't think anyone disagrees with that statement. And those most needy do get the aid. The problem is that there are resources that are also allocated to those who are not that needy but still need funds and help to get through college. Those allocations are not clear and often not fair. I dealt with them extensively with my niece and nephew, in fact had every legal firewall put up so that they were eligible for as much financial aid as possible. And I can tell you there are many quirks in this system. The problem is simply that there is not enough money to meet all the need out there.
We did not bother to apply for financial aid with our two who are in college, knowing full well we would not qualify, and went for merit scholarships instead. But to castigate anyone for applying for financial aid simply because they are not as needy as another is presumptuous. The colleges, counselors, the financial aid services themselves encourage EVERYONE to apply and see where they fall. There are circumstances where high income families do qualify for aid. There are also some merit awards that require a financial aid app to be on file in order for the student to be considered. Whether a family gets anything or not depends on how things fall on the app. Because of the limited funds available it is difficult to get an undeserved windfall. What is sad is that often families who are struggling, scrimp and save only to find that the amounts they have put away are considered for financial aid purposes as assets when if they had been savvier in how they put the money away, they would not have been so considered. And all of this is a family situation usually out of the domain and control of the student.

By Evil_Robot (Evil_Robot) on Sunday, December 28, 2003 - 03:53 pm: Edit

It's very sad that I'm penalized for financial aid because my parents decided to be honest and put savings money in my name instead of hiding it elsewhere...even worse that they consider all self-employed people without "proper" pension plans liars and cheats about where the money from their property is going.

Well, let what chips may fall. I can still go to a local school and be happy.

By Somedaysoon (Somedaysoon) on Sunday, December 28, 2003 - 04:01 pm: Edit

That's SO dumb. I don't think you deserve any sort of grants, and believe you should get minimal loans/ work study at most.

Look, if you were the slave child of some evil couple, who wanted you to live in a box for the next four years, I'd understand. But you're simply saying that they CANT afford it. That's rediculous. It's almost as bad as some deadbeat dad complaining that he can't afford to pay child support, while the mom's stuck slaving away at two minimum wage jobs around the clock to stay afloat.

Aside from the moral aspects, look at it from a practical standpoint. Two families with the same income have to pay for college. Family A has scrimped for years, saving up a lot of money to pay. Family B has pissed it all away on summer homes, yachts, fancy dinners, GUCCI BAGS, whatever. Subsequently, Family A has money for college; family does not.

Now, you tell me, why should the second family get more than the first? Merely liquidating your assets to fake a low income after expenses - whether intentionally or not - is just not fair.

Come back down to earth and realize that you're privileged.

By Evil_Robot (Evil_Robot) on Sunday, December 28, 2003 - 04:22 pm: Edit

What are you talking about? More importantly, what drugs are you on? Where did you miss the part that my family doesn't live beyond our means? How'd you miss the part that they've been saving since I was born? And yeah, I wonder where my yacht/boat/Mercedes/BMW/non-store branded Coke is too; I seem to have lost them. Heck, my parents can't afford to pay for me to have car insurance, so I've been stuck at home for the last few years in SoCal where it takes a car to get anywhere. I realize that I am privileged to be able to live in a country where I am free and have my home and food taken care of (along with the many luxuries that almost all Americans enjoy today), but that doesn't mean that college financial aid policies that promise to meet "all demonstrable need" are not unfair.

My parents saved $45,000 for me. I don't know about you, but that's a lot of money to me. Every year they've donated some money to my college fund. However, it'll only pay for 1 whole year at a school like Yale, where tuition prices are BEYOND extraorbitant for my family. Come now, my family's income for this year was EQUAL to their entire tuition fees and housing and boarding costs , so how exactly are they going to devote their ENTIRE income to send me to college? That's not scrimping, it's suicide. They couldn't EAT (well, not literally. They'd have to move into an apartment and take out loans and delay their retirement until they're 70 or 75, but that's not as important as getting my college education, is it now?). Ayah.

I think you misunderstand my situation, or you just didn't read my first post.

By Somedaysoon (Somedaysoon) on Sunday, December 28, 2003 - 04:43 pm: Edit

Sorry, who are you?

This thread is entitled, "Parents make over $200,000, but still cant afford private college" I'm commenting on Guccigirls' situation. I actually didnt even read beyond Guccigirls' original post.

Don't you realize that you hi-jacked someone else's thread, and now you're complaining because im actually staying on topic? IM NOT EVEN TALKING ABOUT YOU.

Easy on the coke.

By Evil_Robot (Evil_Robot) on Sunday, December 28, 2003 - 04:48 pm: Edit

Next time, address your posts more clearly, as in the English language that I speak one tends to read from the top of the thread to the bottom, in which case your post makes no sense.

Or subscribe to my philosophy,
1. Read.
2. Comprehend.
3. Post.

I am sorry for coming across as being hostile. Today's not been a great day for me and I'm letting off a little steam in a way that is inappropriate. Let's just call it over, okay?

By Somedaysoon (Somedaysoon) on Sunday, December 28, 2003 - 04:57 pm: Edit

In my understanding, one only posts when comments are relevant to the topic. "Parents make over $200,000, but still cant afford private college." Hell, I don't care enough to read 37 opinions; none are going to be all too earth-shattering. [I DID scroll down to see if the original poster made any corrections to ensure accuracy, tho.]

I didn't "misunderstand" anything, i was just staying on topic. [Please tell me that you don't need it repeated.] Your post was a mere interjection of your own situation - something that belonged under its own heading. I wasn't acknowlegding it, or commenting on it.

Maybe you should work on that philosophy a little.
I accept your apology, as insincere as it may be.

<3

By Jamimom (Jamimom) on Sunday, December 28, 2003 - 05:08 pm: Edit

Evilrobot, now that you know how the financial aid situation works, there might be things your parents can do to shelter your brother's savings and their assets from the financial formulas. You should grab a book and read on the subject. It's not a question of honesty, but in business sense. There are vehicles where you can shelter your income but there are restrictions that go with those shelters. If you can help them with this, it would make life a bit easier for your brother. You need about $45000, for a year at Yale. You can access about a quarter of that from your college account. Since you are now in a college, you may want to start a job and salt some money away. My kids earned quite a bit over the summer giving private lessons and being waitresses (tips) and a basic summer job. You just might be able to come up with another quarter of what is needed. The rest would be loans and what you can possibly drum out of Yale and/or other outside scholarship sources. Did you qualify for the National Merit award? Are there some local places that will spot you a few thousand? Ask your counselor, bug your counselor for some local scholarships. My son got $4000 in that kind of money without your fantastic profile. Join ROTC--no obligation for first two years and they generally pay about $200 a month for you to participate and with your stats you may even get a scholarship--you can decide at the end of your sophomore year if you want to make a commitment. Get a job at Yale for a 10 hours a week and that will add another $200 a month to your fund--my kids have worked too and made even more than that. AFter your first year there is usually found money in working in the library, labs, cafeteria, shops, gym, becoming a residential advisor (that usually gives you at least free room). It is not easy but it can be done--this is coming from someone who did this albeit many years ago.
I think it is unfortunate that your parents did not know how to shelter their income from the prying fingers of the financial aid office, but you can help them with this issue for the future, and if you can somehow make things work for yourself, they will certainly get a lot for your brother if you are both going to college at the same time and you do something about how their assets and his savings are positioned. I really think you can make it work. It won't be easy, but you are a smart, resourceful kid. Call financial aid at Yale and ask for some help--explain the situation--doubt that they'll be able to come up with much money for you--they are bound by those formulas and with assets sitting right out there, they just can't say,"oh, that's for their old age." Too many kids in your boat, but they might be able to come up with some ideas like I have for you.
Don't get distracted by those who are not addressing your situation directly. And my advice is really for anyone who does not qualify for financial aid but for whatever reason their parents cannot or will not come up with the money. It does not help to castigate yourself, your parents or the process. Look for some solutions--they may not be what you like but many others have gone this route before, and, hey, you are one of the very few who got in EA at Yale. Surely you are resourceful to figure out a way so you can go there. I wish you luck, and keep me posted as to what you can find out there. I think you can go to Yale and help out your parents in structuring their portfolio for the future.

By Evil_Robot (Evil_Robot) on Sunday, December 28, 2003 - 05:21 pm: Edit

Jamimom - Thank you for your salient advice. It seems like the application process wasn't the most stressful thing about going to college .

By Jamimom (Jamimom) on Sunday, December 28, 2003 - 05:31 pm: Edit

You are absolutely right. Get on the ball with what I said. Go to a Borders, Barnes & Noble, grab a financial aid book and start a strategic plan. I think you are going to be a Yalie or a Harvard guy, and you are going to figure this out. You can find a job--let people know your situation, and start funding your first year tuition. I'm serious about the ROTC. Get on the horn with Yale, look at their web site, look for the money. You can do it. If you need to take off a year to earn money, do it. They will give you the year off and if you work your buns off, you can double your savings. Yeah, it's stressful but there are a lot of kids who would love to have your problems. I'm not saying you are taking the ideal route through college. Iwish to god I could fund every one of you kids who want to go to college. But you will learn a lot this way that will help you, your family, and your future family that other kids will not have learned. Go for it, Evil Robot!