[andrzejpw]

As the end of summer is approaching, it's that time for me: College Apps. A quick question for those who have already gone through the process of financial aid:

Currently, my parents have a bit of money saved up. Would it be a good idea to spend the money on home improvement/a car so that come application time, we can say show that we have little/no money saved up for me?

 

[princeclassic]

sorry...can't really help you with your question...

but i'm curious...what schools are you thinkin about applying to?

oh and...do you have a major in mind?

 

[KR...]

you should had done that back in Jan! Why are you starting so late? unless you plan on starting next year?

 

[andrzejpw]

kr: are you talking to me?

We already have home improvements started. We're just about finished finishing the basement.

Applying:
MIT, CMU, UIUC, Northwestern, Penn State, Princeton

 

[Wodgy]

Go to a local public or university library with LEXIS/NEXIS and do a search of the Wall Street Journal archives. They regularly publish articles answering exactly this question (and other related questions related to family financial strategies for college). Highly recommended.

 

[psxguy85]

I can't answer that, because my parents had pretty much no money. We signed up for financial aid, and they took care of 75% of the cost. Get to work on financial aid early, make them do their taxes as early as possible. My mom had her certified accountant do it for her, and he found stuff to increase the chance of us getting more money. Monay, the wave of the future, the source of our education.....bleah.

 

[princeclassic]

nice! good friend of mine is starting off at MIT in a few weeks...i'll be startin at penn st...and i live about 5 minutes from princeton

just try and get all your apps in by november 1st...it feels so great mid december when you're just enjoying your free time as everyone else is rushing to get everything done and there are huge lines coming out of the guidance department....

oh i remembered that my parents moved money out of my personal account before january 1st...not really sure what the benefit is...but...maybe that's something you should look into

 

[Jacobh]

My advice to you:

Apply somewhere with good weather.

 

[dngl]

I went through all that bullhizzy last year and my parents had the same concerns as yours.

First of all, don't keep much/any money in your checking/saving account when you send in your financial report. They will rape it.

Next, colleges base how much you have to pay primarily on your year-to-year income, largely ignoring previous attained assets... it's done this way because otherwise they would be punishing people for saving.

Good luck with the apps!

One last thing, if you feel strongly about a particular college, do an early decision. If you can't decide on one, do some early actions. It feels GOOOOOD when you're accepted.

 

[KR...]

Quote:

Originally posted by andrzejpw kr: are you talking to me? We already have home improvements started. We're just about finished finishing the basement. Applying: MIT, CMU, UIUC, Northwestern, Penn State, Princeton

I meant the applying part. Princeton was voted the #1 Uni in the entire US, plus it's NJ

Good luck

 

[strohmie]

I'd also recommend limiting the amount of money you need to claim, though I never tried that myself and not sure exactly how much difference it makes...can't hurt though. Undergrad at U of MD - College Park (couldn't afford anything more expensive), on my way to UIUC for grad school (fully paid via assistantship in their Experimental Music Studios). Got a scholarship for the first two years, had to pay the rest. My parents (though divorced) are both decently well-off, so I didn't get any need-based aid. Need-based aid, I find, is only really likely if your parents are not wealthy. Nor sure how much difference having some cash saved up makes in other forms of financial aid, but having less doesn't hurt.

Pretty high caliber schools you've listed - good luck. Hope you've got good grades and SATs. ^_^ Don't forget the SATIIs for some of those as well.

 

[zeplin]

andrzejpw,
it doesn't matter about how much money you have saved up in a bank account in regards to applying. they will ask for annual incomes of both your parents combined, divorced or not. and lying about it won't do you any good either because they have ways of finding out the truth. plus, that's kind of a bad way to start out you college career, let alone the rest of your life, don't ya think? there are scholarships out there for anything and everything. so go find one and apply for it. there are even scholarships for people with big feet! yeah, it's true

i'm not sure if i understood you correctly, but if you're applying for this next school semester/quarter (Fall 2003), then you're a bit too late. most classes start no later than in about 3 weeks. if a college does let you apply, there's no doubt that you'll be paying late fee's up the ass! good luck to you.

 

[dd3mon]

Don't be afraid to get loans - college is an excellent investment, and the loans for school are about the best kind you will find. Scholarships are excellent - but most people (even those in substancial financial need) won't receive enough to cover all of it.

Look around for scholarships in unlikely places - your parents workplace (many, many companies have scholarships ONLY for children of employees -- sometimes they are automatic, sometimes they require some sort selection process, but ALL of them require you to seek them out).

Contrary to what I thought going in to college - scholarship searching and applying continues through your entire stay at school. You are much more likely to get scholarships later in your school career than before entering. My girlfriend began college with one or two small scholarships, and mostly loans covering her tuition and housing. Now (beginning her senior year) she has literally 80% of her tuition covered by scholarships from various sources (both her parents work, a couple academically based scholarships and a couple state-funded programs that are extremely generous). There are literally a million ways to get scholarships for any student out there (despite age, race, major, etc).

On a side note: I was fortunate enough to have parents who were able to fund my schooling in full. Money was not a concern when I was choosing where to attend, and neither has it been a concern 3 years later when I'm considering staying two more years to receive a masters degree. I fully plan on providing the same opportunities to my own children someday.

-dd3mon

 

[Zanth]

If your marks and extracurricular are as stellar as you claim...then you should be applying to EVERY scholarship fund out there. There are dozens of books written by students with less than stellar marks who raked in over $100,000 in bursaries and awards just by applying! Many times institutes and businesses have bursaries set up as a tax write-off yet are rarely awarded because no one seeks them out.

With your marks...you should be able to make a bundle. Although some of the schools you are applying to don't offer many scholarships, MIT for instance will dramatically help pay for your education if you are accepted. The tough part is getting in.

I am starting my 9th year of university and I've paid $1200 total for my tuition. Start the search now man.

 

[jms007bnd007]

So Zanth, do you find there is plenty of scholarship funding available to future Law School students as well? That's the predicament I'm in right now. I have had full ride to undergrad, and I don't want to have to pay for law school either.