Same college, different price!

[cntrygal]

SOmetimes a choice of major with have influence on the amount of scholarship money available. My son is attenting a private out of state college, not that great of grades in school, preatty much a B student. Before they even saw my FASFA he was giving scholarships totaling over 75% of the total costs. Granted his major is not popular and not many kids choice it he is a pre-seminary major.

 

[KKB]

51 universities that offer the best financial aid packages:
http://moneywatch.bnet.com/saving-m...ges-with-the-best-student-financial-aid/1354/
The ones who get the most aid are generally the ones that are willing to do the most work to find it.

 

[A Mickeyfan]

SOmetimes a choice of major with have influence on the amount of scholarship money available. My son is attenting a private out of state college, not that great of grades in school, preatty much a B student. Before they even saw my FASFA he was giving scholarships totaling over 75% of the total costs. Granted his major is not popular and not many kids choice it he is a pre-seminary major.

yes, I have seen scholarships like that. I know a big one here is when you major in a "critical shortage area" for teaching.. such as ESE. They have what is called the Critical Teacher Shortage Student Loan Forgiveness Program and Critical Teacher Shortage Tuition Reimbursement. So while you do have to pay out, or take a loan, you will be reimbursed or have your loan forgiven if you qualify by obtaining your teaching certification in those certain areas.

 

[disfan07]

It's also not particularly fair that our families income is about $120,000 per year but we spend about $20,000 of that on medical bills but none of that is taken into consideration. We are considered the same as a family that makes $120,000 that does not have those necessary expenses. We have no choice in spending that money yet we get penalized because I don't qualify for aid because my dad makes too much but if they subtracted what we spend on medical expenses we would qualify and there is nothing we can do about those expenses because they are not changing anytime soon. They should take expenses like that into consideration when they do financial aid because it really is a hardship on our family considering that $20,000 could pay for almost a year of college here.

 

[A Mickeyfan]

No, they do not take into consideration what your "outcome" is, only your income.. and what previous poster has stated runs true for any income. You could have an income of $30K per year & spend $40K and be in a hole, FAFSA will not look at that..

 

[msmayor]

It's also not particularly fair that our families income is about $120,000 per year but we spend about $20,000 of that on medical bills but none of that is taken into consideration. We are considered the same as a family that makes $120,000 that does not have those necessary expenses. We have no choice in spending that money yet we get penalized because I don't qualify for aid because my dad makes too much but if they subtracted what we spend on medical expenses we would qualify and there is nothing we can do about those expenses because they are not changing anytime soon. They should take expenses like that into consideration when they do financial aid because it really is a hardship on our family considering that $20,000 could pay for almost a year of college here.

You need to speak to the individual college about medical expenses. Often they WILL make adjustments for extraordinary items like that.

You have to remember...the formula for FAFSA is standard across the board and is designed to provide information for federal grants and aid. Then it becomes up to the individual school to 'complete' the package.

Individual schools are not required to use the FAFSA formula in determining the final amount a family must pay toward college. They can give you more...and they can give you less (called "gapping").

If you have extraordinary expenses for medical reasons, or are supporting elderly/sick relatives, you can appeal to the school for more aid...but its institutional aid from the school, NOT from the federal government.

 

[Sadie22]

We have found that to afford private colleges, you either need to be really rich or really poor. We are neither.

Dawn

We found it was important for each student to get very good grades in school and on standardized tests, participate in some extracurricular activities such as scouting, apply to several schools, apply for any scholarships possible, and choose the school offering the best financial package. We are neither rich nor poor in terms of money, but we are rich insofar as the academic awards and scholarships our sons earned. We found that some private colleges and some public colleges could offer similar financial help to deserving students.

It does pay for parents to study up on how the financial need system works well beforehand so there will be fewer surprises when the time for children to apply to colleges comes.

 

[Sadie22]

You said it! We get nothing for my DD. She works to help us pay for it. I purchased savings bonds for collage use for my kids several years back. However when I purchased, I was under the impression they had to be held for 11 years (as they use to be), well found out it is 18 years!!! By that time, she will be finished college. We have the money, just can't touch it yet So we scrimp & she helps as we pay thru the nose...

on the same token, she will have a nice down payment for her first house thanks to the bonds....

If those are education bonds, you do not have to hold them until maturity. You can redeem them after a certain period of time has passed.

 

[bumbershoot]

Now I'm fortunate enough to be in a position to endow a scholarship at my alma mater, which I am designating for students who have financial need. I don't care if their parents are shirkers. I only care that a deserving kid gets an opportunity.

That's awesome of you! And I totally agree.

People who have saved up the money to send kids to school shouldn't be unhappy that others haven't, they should simply be glad that the other kids get to go to college as well. My goodness, it seems so simple...

It's also not particularly fair that our families income is about $120,000 per year but we spend about $20,000 of that on medical bills but none of that is taken into consideration. We are considered the same as a family that makes $120,000 that does not have those necessary expenses. We have no choice in spending that money yet we get penalized because I don't qualify for aid because my dad makes too much but if they subtracted what we spend on medical expenses we would qualify and there is nothing we can do about those expenses because they are not changing anytime soon. They should take expenses like that into consideration when they do financial aid because it really is a hardship on our family considering that $20,000 could pay for almost a year of college here.

Who isn't taking that into consideration?

If you haven't taken this problem to the college itself, you MUST. And early! Universities have ways of seeing these problems and helping with them, even when the official answer is "no".

Old info, but the summer before my frosh year, my stepdad (who was making 2/3 of the family's income) left us. Shortly after he left, my mom re-met her childhood love, who was also single, and they married as soon as the divorce decree was signed.


So my freshman year, first stepdad's financial info was still on there. Big fat NO to any aid. My mom wrote a letter to the university, lots of aid was given/loaned/made available to me.

Next years, new stepdad's info was on the taxes. BUT it isn't right for a brand new family member, who only was made official once oldest kid is 18, to *have to* contribute to college! And once again, the official answer was NO, but the university found lots of ways to help me. Their financial aid people understood, and made it happen.


A financial aid package does NOT mean free money. It CAN mean that, but it much more likely means loans, work study (I worked all 4 years of college, and every summer, while MANY of my friends didn't work a bit!), and maybe grants and scholarships. Don't automatically assume that a financial aid package means a free ride.


And just be HAPPY that the kid whose parents couldn't/wouldn't (and honestly, who really cares?) save gets to go to college.

 

[disykat]

It's also not particularly fair that our families income is about $120,000 per year but we spend about $20,000 of that on medical bills but none of that is taken into consideration. We are considered the same as a family that makes $120,000 that does not have those necessary expenses. We have no choice in spending that money yet we get penalized because I don't qualify for aid because my dad makes too much but if they subtracted what we spend on medical expenses we would qualify and there is nothing we can do about those expenses because they are not changing anytime soon. They should take expenses like that into consideration when they do financial aid because it really is a hardship on our family considering that $20,000 could pay for almost a year of college here.

Do you really think you'd qualify for a bunch of aid at an income of $100,000 a year? I can't imagine you would.

 

[A Mickeyfan]

If those are education bonds, you do not have to hold them until maturity. You can redeem them after a certain period of time has passed.

EE series.. we have to keep them to get the face value... I would rather not cash them in and get less at this point. I do look at it as a nice home down payment now for each of them. We are talking $50K worth of bonds each kid.. I have 3 ..now aged 23, 21 & 17. We have had the bonds for 11 years now...

 

[A Mickeyfan]

One reason why FAFSA may not take that $20K in medical expenses into consideration is because it may have already been deducted on their taxes and therefore lowering their actual income that is claimed on FAFSA...
and as someone else posted.. with an income of $100K, it is very unlikely that you will get aid.. we don't make anywhere close to that and we are a family of 5...and didn't get the aid for both of our children when they were in at the same time.. one got $700... and like I said, we are no where near that income and a family of 5 with two in college at that point..

 

[Deesknee]

I didn't read all the posts, but would like to offer my situation as an example. Actually, I wrote this long explanation, but what it boils down to is 2 things.

1) The system is set up so that children don't have to forgoe education due to mistakes parents make. (hopefully, these kids get good educations & help society, therefor benefiting all of us)

2) Things aren't always as they seem.
I know people do, but I would hope they are not judging how DH & I haven't "saved" for our childrens education. We had a plan. Economy changed and the plan went down the tube. But from the outside I'm sure it appears, I only worked part-time & we spent all our money on Disney vacations. My 3 in college will have to pay back about 1/2 of the full cost of tuition. The rest is grant money & scholarship money. But none of us wouldn't change things back to before the economy went down the tube. But again, from the outside looking in I'm sure it looks different.

 

[Sparx]

So many posters on this thread sound bitter and angry for not getting money handed to them.

I am a college student and if my tuition costs x, I get 3x deposited back into my bank account every semester in my excess financial aid refund. I worked my behind off in high school (even graduated a year early and walked in with a semester of classes finished) and I deserve every scholarship I received. I applied for more than fifty local and national scholarships when I was a senior in high school and I received a very, very prestigious scholarship from my university. I've also made the dean's list every semester I've been in college and I'm set to graduate a year early (again!) and walk into a two year contract in my field.

So many of you are acting like those of us who are on scholarships are lazy and our parents don't know how to save money. Instead maybe some of us are just really exceptional students who worked very, very, very hard for everything we've received.

 

[Halbleib1]

Not in the private school world.

Unfortunately, 'need based aid' doesn't take into account WHY there is need.

I work in college admission at a private college and BELIEVE ME, it makes me absolutely crazy. I had loans out the wazoo when I graduated from college, yet many of my friends did not.

Not sure what you mean when you say not in the private school world. I went to a private college and I still have student loans to pay back. Had I of gone to a public college I would have had less loans as my grants would have covered more of the expenses. Private schools are much more expensive than public. Looking back I wish I would have picked a different school but you live and learn.

As far as need based loans go why should the child suffer because of his parent's choices? It is not the child's fault. And last time I looked in this country parent's are not required to pay for their child's college education. They are only required to take care of the child up to age 18. It is great that some parent's choose to save for this but many are not in that position as they have their own retirement to look out for as well.

 

[Halbleib1]

But it seems like my friend is being punished for doing the right thing and working hard and saving for her son's college education. Her extra income is used against her for getting grants where my neighbor works only sporadically and his wife doesn't work at all. They have never saved a cent for their child yet they are rewarded with a huge financial aid package. Of course, they NEED more help because they have never been responsible or worked hard in their lives.

It is not the parent's getting the help it is their child. The child did not make the choices the parent's did.

As far as the neighbor's paying for their child's education they too could say we are not going to help and make the child get loan's to cover his expenses. Parent's are not obligated to pay it is their choice to help or not if they are able.

 

[Halbleib1]

We have found that to afford private colleges, you either need to be really rich or really poor. We are neither.

Dawn

That is not totally true either. It is a choice in the end about how much debt you want to start your life off with. Lot's of people that go to private colleges have big loans to pay off in the end. As I said in a previous post I wish I would have made a different choice but in the end it is still a choice.

 

[dreamin_disney]

I need to start looking into this and saving. DD is 11. How much money can one make per year to quailify for financial aide -whats the annual limit or where can i find out to get an idea. Thanks

 

[shaylahc1]

I'm still reeling over the fact that anyone would pay $30K a year to go to college I went to a public university and I expect my children will do the same. We do not have large college savings for them, I hope to have enough to pay for 2 years at a public university for each child. They can get jobs and pay the rest, or get scholarships. I had NO help from my parents to get through college, yet graduated debt free. I worked as many as 3 jobs AND went to school full time. Somehow this generation of children have lost the concept of hard work

I remember my mom telling me years ago about a colleague of hers whose DD had to choose between 2 universities. One was a public university with a full ride scholarship, the other was an expensive private university with no financial aid. The child chose the expensive private university and her parents had to take out a 2nd mortgage on their house to pay for it. To me that is just insanity I have 4 kids and there is no way I'm mortgaging anything to pay for college. There is this wonderful thing called a JOB---get one

 

[Sadie22]

EE series.. we have to keep them to get the face value... I would rather not cash them in and get less at this point. I do look at it as a nice home down payment now for each of them. We are talking $50K worth of bonds each kid.. I have 3 ..now aged 23, 21 & 17. We have had the bonds for 11 years now...

For the benefit of others with a different strategy the idea with the education bonds purchased after 1989 is that if they are used to pay for tuition or required fees (not room and board), and the owner is within certain income limits, no federal income tax is owed. The bonds must not be issued in the name of the student. If the bonds are held rather than being cashed in to pay educational expenses all interest is taxable.