How does financial aid work at a realy expensive school

[KennesawNemo]

Most top tier schools don't do loans at all. Like right now, any Ivy or top ranking private liberal arts college (Williams, Swarthmore, etc.) does not do loans. You pay what FAFSA says you can afford. Anything else comes from grants. The top schools realized they were losing kids to cheaper schools due to cost, so now they took cost out of the equation to make sure they get the best of the best. If your kid gets into Columbia, Princeton, Penn, they will pay whatever FAFSA says they can afford, and not a dime more. And will not be saddled with loans, as the alum pay for it with grants. This has been going on for about 5-10 years at most top tier schools. Private schools, a little less.




Only US citizens are eligible for aid. Foreign kids pay full price as PP said. They actually subsidize your kids. So be nice to those foreign students.



PhD programs though aren't considered financial aid. Most PhD programs are free tuition with a modest stipend for living expenses. That's not considered financial aid, that's standard for a good program. I have yet found any quality PhD program at any school that didn't do a full ride with modest stipend, and I've worked my entire career in higher ed. I'm sure some state schools don't do full rides, but grad school is way different than undergrad, it's a whole new ballgame. You're comparing apples to oranges. So throwing a PhD experience into an undergrad conversation will only confuse most people.

You are making very unfair comments to my post. You only quoted part of my post and accusing me of comparing apples to oranges. I did write a equal ammount about undergraduate schools.

My point is while some foreign students do get financial aid, that's merit based and mostly for post graduate program. No financial aid that is need based would be offered to foreign students at any level.

If one choose to be confused, so be it.

 

[crisi]

You are making very unfair comments to my post. You only quoted part of my post and accusing me of comparing apples to oranges. I did write a equal ammount about undergraduate schools.

My point is while some foreign students do get financial aid, that's merit based and mostly for post graduate program. No financial aid that is need based would be offered to foreign students at any level.

If one choose to be confused, so be it.

And frankly, when you are talking about private school endowments - its their money, its their decision who to give it to - unless the grant came with strings. If I want to give my alma mater a million dollars and specify that it is to be used as a scholarship for young women from Peru who want to major in Dance, I can do that, its my million dollars.

 

[MrsPete]

Don't let sticker shock preclude you from applying to an expensive private college. As previous posters have stated, oftentimes a more expensive (and affluent) school becomes more affordable after financial aid is distributed.

It happens. Sometimes. And maybe you'll be the person for whom it'll all come together perfectly; if you really want the school, pursue it and see if you can make it happen. However, realize that usually the school with the bigger pricetag remains the school with the biggest pricetag. People talk about and remember the unusual situation, but the typical stories aren't discussed and passed around among friends.

Just be sure you have a financial safety in the mix as well.

They expect that if you are a middle class - and particularly an above median income middle class - family that when your kid was born you opened up a college savings account and made regular contributions to it - making sacrifices all along the way to put a few thousand aside each year

Yeah, no one likes to hear that, but it's truthful. Our oldest will begin college next fall, and of course it's going to be expensive; we've had 18 years notice that this time would come.

Just today a friend was lamenting that her sons are forced to take out college loans because they just haven't earned enough to pay for college. Because no one asked me, I didn't point out that she drives a new car every year or two (and bought both boys new cars the day they turned 16), goes on two cruises a year, eats out several times per week. I'm pretty sure she and her husband out-earn me and my husband . . . but we're not at all stressed about paying for our two children's educations.

As for the op, I would so save the money for college. I would love for my daughter to attend a great private school but she will be great at our high school. I would prefer to save money for college so she is not forced to take out student loans. Thankfully if she stays in Kentucky for college and attends a public college she will have a tuition waiver like her brother has.

Now that I realize we're talking about high school, I totally agree. If money's a consideration, don't spend it on high school. You'll be very glad later.

Some people never outgrow high school behavior.

No, once you've graduated from college, your high school information should "disappear" from your resume. No matter what great feats you accomplished, high school is still an experience that was essentially chosen for you and supervised by your parents while you were still an adolescent child -- it's not something that you brag about once you're finished with college, and it's definitely not something you leave on your resume after you've worked a few years.

Only US citizens are eligible for aid. Foreign kids pay full price as PP said. They actually subsidize your kids. So be nice to those foreign students.

Only US citizens are eligible for government financial aid (that is, money that comes from the FAFSA form); however, individual schools also have merit aid, etc. They can choose to give that to anyone they please.

 

[Robinrs]

I do. My high school is a very well known public magnet. I am 44 yo and it is still on some of my resumes. Depending on the geographic location of the position, it may be worth more than my very well known private college (ranked top 5 last year by US News, I believe).

Wow, REALLY?

I've been a hiring manager for years and NEVER considered a high school as an important additon on a resume. Experience first, college second... high school, NEVER.

I would consider a overpriced high school as a sign that the parents were able to afford it, not a reflection on the child. What you do between 14 and 18 is not a reflection of the adult you become later in life.

OP, save your money for college. I actually sold my house and moved to a school district that had the best school in my area so my son could attend. Less than a mile away is a VERY high priced prestige school that ranks almost identically in SAT scores as the public one.

Every single college my son has applied to was impressed with the high school he goes to, and it didn't bust my wallet.

My niece went to Stanford University. She had a 4 year scholarship full ride. My sister took her out of Montessori and put her in public high school before sending her to college. The scholarship didn't pay for everything so the money they saved was a blessing.

Now she's 42 and yes, the name of her college is a major plus on her resume... no one cares where she went to high school.

 

[cornflake]

In that poster's defence, yes, of course high school drops off after college goes on. However, I've seen Bronx or Eton or Andover on a resume a time or two - depending on where it was being sent. I'd say it's a gamble, depending, but there are some schools and some positions where if you hit a little cache of alums or their cohorts, you're golden.

 

[punkin]

In that poster's defence, yes, of course high school drops off after college goes on. However, I've seen Bronx or Eton or Andover on a resume a time or two - depending on where it was being sent. I'd say it's a gamble, depending, but there are some schools and some positions where if you hit a little cache of alums or their cohorts, you're golden.

I will repeat my previous post...there are certain geographical areas (well one, in particular) where having my high school on my resume immediately gives more name recognition and immediate favorable judgment than my top tier college name. Now, my situation is unusual based on the high school I attended and I will recognize that. I am just saying that what works for most people is not necessarily right in every case.

In any event, this lovely digression is rather OT for the thread.

 

[eliza61]

(And the day my youngest leaves for college, my kids are on notice that the house is going up for sale and mom and dad are downsizing

LOL. We have often told our kids to ring the doorbell when they come home because there is a good chance that if they try and use their house key, it won't work...

Anyhoo. I also think communication with your kid helps. Because of our income we too will have a very high EFC. We have save a little for his tuition but not nearly enough to pay for 4 years college.

So basically we've come up with some guidelines. We've given him a dollar amount that we are willing to go into debt with. It's a comfortable amount that will allow us to continue to save for retirement and eat (that one's pretty important to us). Now we strongly suggested that he stay within this budget, if he does he can graduate with no student loans.

And of course there are the "performance" requirements. I'm not funding him to live "la vida loco" so my kids know that you screw around and you'll find yourself back at home quicker than you can say "go Lions". stuff like that.

 

[rockawaybeachgirl]

In that poster's defence, yes, of course high school drops off after college goes on. However, I've seen Bronx or Eton or Andover on a resume a time or two - depending on where it was being sent. I'd say it's a gamble, depending, but there are some schools and some positions where if you hit a little cache of alums or their cohorts, you're golden.

Not sure if you mean Bronx Science but that's where I went. I don't have it on my resume currently (although, to be fair, I've worked for the same company for 15 years, so haven't paid much attention to my resume!), but if I were applying for a certain kind of job (science or math field) in in new York city area, I would consider it. Funny, I was just thinking about this because I am applying for reciprocity for my CPA license in New Jersey and the application asked what high school I attended and what years-I seriously had to pause and count back!

 

[rockawaybeachgirl]

By the way- Bronx Science is free. It's a New York city public school, youngest have to take a test to get into it.

 

[cornflake]

Not sure if you mean Bronx Science but that's where I went. I don't have it on my resume currently (although, to be fair, I've worked for the same company for 15 years, so haven't paid much attention to my resume!), but if I were applying for a certain kind of job (science or math field) in in new York city area, I would consider it. Funny, I was just thinking about this because I am applying for reciprocity for my CPA license in New Jersey and the application asked what high school I attended and what years-I seriously had to pause and count back!

I did, and that's what I meant, yeah. There are certain positions, types of positions, in which, depending on where you went to high school, it may make not be weird to list it.

 

[brettgirl]

Seton Hall Grad here!!!

I have a freshman at Kutztown, a PA state school. The only "help" we get when we finished the FASA was low interest loans, with this and our saved TAP we will be ok for another year. WE are on the low end of middle class struggling to make it (like most I am sure). We take one nice vacation a year, rarely eat out or go out, your typical boring but happy family!

I am trying not to get upset about my 11 year old going to college as we will be soooo broke paying off his sisters loans (forget me getting a masters). Let's hope he is super duper in something so he can get a scholarship!!!!

I feel for all who are in our shoes......keep the faith and dreaming of sweet times in Disney!

 

[leahjade]

Only US citizens are eligible for government financial aid (that is, money that comes from the FAFSA form); however, individual schools also have merit aid, etc. They can choose to give that to anyone they please.

It IS true that some colleges give foreign students large merit scholarships so they can brag that they have students from over 100 countries attending their university. Both my daughter's past two roommates (from India) received MUCH higher merit aid than she did and they all three had similar GPA's and high school achievements.

 

[lisa-upnorth]

Nice discussion on the cost of schooling.I know the OP asked about HS but more interest seems to be in college so here is my info.My daughter is currently attending a $45K+ school.She is bright(3rd in her class) and active in sports and many other HS things(Was her class VP and President of the Spanish club,quiz bowl team,drama club...) that made her app look good.My daughter has wanted to be a Vet since she was 5 and we both have worked hard to keep her on the best path to becoming one. She was offered a 'full ride' from the community college where we live.She applied at 4 schools-and was accepted at 3(BU denied).Many ask why would someone pay so much for college when you can just go cheaper at a comm. college-for us the answer relates to "what do you want to be"? If you want to be a doctor,including veterinary doctor, you can't really do that at a comm. college.We chose the Univ of Vermont, which is about 2hrs from our home.They are well known for the pre-vet and doctor programs.They run a dairy barn and maintain a large herd of cows,they also have a horse farm.Most colleges cannot offer any large animal experience to students -but they can! They have excellent stats at getting their students into vet schools(which is EXTREMELY difficult).This is the main reason some NEED to pay more! We do not want to pay more , but our child's goals depend on certain schooling. She is currently a junior(she entered UVM 1 1/2yrs ahead due to her extra course work done during HS) and will start applying to Vet schools this fall.Since we live in NY state, UVM has hopes of her going to Cornell Wish her luck!!! Below is a run-down of her Spring 2012 bill from UVM. When she was accepted we had high hopes of paying very little due to scholarships-NOT SO! Sadly, most schools have so little to give that it does not matter how well you did in HS, you are still going to pay a ton! Her original offer from UVM only had a $6000 a year Presidential Scholarship for being 3rd in her class. I argued for ore and they told me tey just couldn't offer more since the program was so popular and they had 'thousands that applied for it". I then tried to get grant in-state status-since we live 600 yards from the border or Vermont!!!!
But no luck there! They then came back with an offer of a grant for $16,328.00 a year.I took that deal and she enrolled.We end up paying about $23,000 a year


Spring 2012 bill from my daughters schooling.

• Spring 2012 Chem Lab Supplies - Chem 142 40.00
• Comprehensive Fee-----933.00
• Tuition-undergrad-----16,264.00
• Room charge----------3700.00
• Meal Plan Charge----1641.00
• IRA fee------------15.00
• Presidential Scholarship--------3000.00
• University of VT grant-----------8164.00
• Fed Direct Parent Plus Loan----8627.00
• Fed Direct Stafford Loan----2737.00
• Fed Direct Unsub. Stafford Loan---995.00

this list does not show the roughly $800 in books needed!

 

[crisi]

Lisa, that actually sounds like a great deal. It's a realistic look at what a smart kid might get in terms of scholarships and grants. And it sounds like you had to fight for what you got. Some kids do get free rides. But they aren't that common. Thanks for sharing.

 

[princessmom29]

Lisa, that actually sounds like a great deal. It's a realistic look at what a smart kid might get in terms of scholarships and grants. And it sounds like you had to fight for what you got. Some kids do get free rides. But they aren't that common. Thanks for sharing.

I think it really vaires depending on the school, area of the country, major of the student ect. There are several very good state schools in the south that offer full rides based on a minimum act of 34 or so. Every child in our top 10 last year was offered some sort of full ride. Many more than one.

 

[cornflake]

Nice discussion on the cost of schooling.I know the OP asked about HS but more interest seems to be in college so here is my info.My daughter is currently attending a $45K+ school.She is bright(3rd in her class) and active in sports and many other HS things(Was her class VP and President of the Spanish club,quiz bowl team,drama club...) that made her app look good.My daughter has wanted to be a Vet since she was 5 and we both have worked hard to keep her on the best path to becoming one. She was offered a 'full ride' from the community college where we live.She applied at 4 schools-and was accepted at 3(BU denied).Many ask why would someone pay so much for college when you can just go cheaper at a comm. college-for us the answer relates to "what do you want to be"? If you want to be a doctor,including veterinary doctor, you can't really do that at a comm. college.We chose the Univ of Vermont, which is about 2hrs from our home.They are well known for the pre-vet and doctor programs.They run a dairy barn and maintain a large herd of cows,they also have a horse farm.Most colleges cannot offer any large animal experience to students -but they can! They have excellent stats at getting their students into vet schools(which is EXTREMELY difficult).This is the main reason some NEED to pay more! We do not want to pay more , but our child's goals depend on certain schooling. She is currently a junior(she entered UVM 1 1/2yrs ahead due to her extra course work done during HS) and will start applying to Vet schools this fall.Since we live in NY state, UVM has hopes of her going to Cornell Wish her luck!!! Below is a run-down of her Spring 2012 bill from UVM. When she was accepted we had high hopes of paying very little due to scholarships-NOT SO! Sadly, most schools have so little to give that it does not matter how well you did in HS, you are still going to pay a ton! Her original offer from UVM only had a $6000 a year Presidential Scholarship for being 3rd in her class. I argued for ore and they told me tey just couldn't offer more since the program was so popular and they had 'thousands that applied for it". I then tried to get grant in-state status-since we live 600 yards from the border or Vermont!!!!
But no luck there! They then came back with an offer of a grant for $16,328.00 a year.I took that deal and she enrolled.We end up paying about $23,000 a year


Spring 2012 bill from my daughters schooling.

• Spring 2012 Chem Lab Supplies - Chem 142 40.00
• Comprehensive Fee-----933.00
• Tuition-undergrad-----16,264.00
• Room charge----------3700.00
• Meal Plan Charge----1641.00
• IRA fee------------15.00
• Presidential Scholarship--------3000.00
• University of VT grant-----------8164.00
• Fed Direct Parent Plus Loan----8627.00
• Fed Direct Stafford Loan----2737.00
• Fed Direct Unsub. Stafford Loan---995.00

this list does not show the roughly $800 in books needed!

You should only have paid out-of-state once though...? Past that, if she was living on campus, she's eligible for in-state, as she's a resident.

 

[allison443]

You should only have paid out-of-state once though...? Past that, if she was living on campus, she's eligible for in-state, as she's a resident.

I can see why you think that, but actually that is not the case at many (maybe most?) state schools. My kids, as well as many others I know, paid out-of-state tuition for four years (they attended out of state in two different states). We knew that going in, though. Residency for in-state tuition purposes can be difficult to establish; just like financial aid, they look at where the parents live, etc. I think the student has to live in the state permanently and be totally self-supporting, and how many kids can do that while paying out-of-state tuition?

 

[cornflake]

I can see why you think that, but actually that is not the case at many (maybe most?) state schools. My kids, as well as many others I know, paid out-of-state tuition for four years (they attended out of state in two different states). We knew that going in, though. Residency for in-state tuition purposes can be difficult to establish; just like financial aid, they look at where the parents live, etc. I think the student has to live in the state permanently and be totally self-supporting, and how many kids can do that while paying out-of-state tuition?

Oh, huh. I know someone did the switch like that, just had to show a bill came to them or whatever to establish after a year, so I figured that's how it worked all over. Guess it must be by state then? Geez.

Oh well, sorry, my bad!

 

[allison443]

Oh, huh. I know someone did the switch like that, just had to show a bill came to them or whatever to establish after a year, so I figured that's how it worked all over. Guess it must be by state then? Geez.

Oh well, sorry, my bad!

I think it may have been like that more in the past, and some states are still that way I think...but some well-known state flagships have a good amount of out-of-state students (like around 30%) and I think they prefer to keep them paying the higher rate!

 

[crisi]

I think it really vaires depending on the school, area of the country, major of the student ect. There are several very good state schools in the south that offer full rides based on a minimum act of 34 or so. Every child in our top 10 last year was offered some sort of full ride. Many more than one.

In the current budget crisis, I wouldn't bet on those being available long term. It also would be for in state kids Or possibly reciprocity. If you are going to an in state public school in the south, your bill probably isn't $45k per year to start with.