Accepted-- but can't afford

Colleges and Universities A-Z Stanford University
1

Hi all! I was accepted RD into Stanford, and received my financial aid award. I received no aid, which was not unexpected-- my parents’ EFC is greater than 90,000. My parents, however, will only commit $37,500/year to my Stanford education. With a student budget of >$66,000 including travel, I am worried I won’t be able to attend.

Even though I will probably exceed the expected student contribution, and have secured $9,000/yr in outside scholarships, I still have a gap of around $20-$25,000 per year. I can absolutely see taking out some of this amount in federal and even private loans, but can’t responsibly end up with a burden of $80,000+ that will only balloon with interest.

Any ideas? Stanford has been my dream school forever and I feel like the hardest part should have been getting in, but I currently feel I may end up at a school that I can afford more reasonably. Is there any hope in contacting the financial aid office? Stanford’s website states that “the University ensures that no admitted student is unable to attend,” but I fear they won’t make adjustments simply because my parents won’t pay what Stanford thinks they can.

Thanks in advance for any thoughts you might have!

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With an EFC greater than $90k, I don’t see any rational argument for why they should adjust their calculations.

Remember, that many students try this approach with financial aid (e.g. my parents won’t fund my education, even though they may totally be willing to at the last minute after all appeals are denied) so your opportunity is to explain something unique about your situation about why it is true in this case.

What alternative do you have?

Were you accepted into other schools that would require less than $80k in debt?
Depending on your major and whether you family would kick in more money later since they seem very well off, $80k in debt for a Stanford degree may be very reasonable. Or you can try asking your parents for a loan.

3

Let me point out that you ARE able to attend, it’s just that your parents are unwilling to make it happen.

Personally, I’d take one of your other more affordable options and shoot for graduate school at Stanford.

If you are only going to get a 4-year degree, having $80,000 in outstanding loans is not the end of the world for a bright Stanford graduate unless you are looking to study something that results in a more modest salary, and that would bring us back to your other more modest options for an education.

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Your best negotiation will be with your parents.

First, parents probably were thinking of some subset of the total “COA including travel”. I would bet your parents would fund travel, and maybe books and personal expenses. They may only be willing to fund up to a certain amount out of pocket for tuition + Room & Board. So figure out what “base” amount they are using for that $37,500.

Second, they will be saving in money that they give you when you are home and on grocery bills, utilities, etc. Those kinds of things, like your travel expenses, likely are not factored into any calculus on this.

Third, you can borrow the federal loan amounts and figure some amount for work-study (say $2,500 during the academic year and $3,500 during the first summer, perhaps more subsequent summers?).

Finally, you could borrow from your parents, if they won’t pay any more than a set amount.

It sounds like you are well within striking distance!

Congratulations on the $9,000 per year of outside scholarships. How did you do that? It is a very difficult thing to do!

So start with COA (less travel) of $64,500 (from the Stanford website); subtract personal expenses (hoping your parents will give you, say, $200 - 300/month when you are in school), and you start with a budget of under $62,000. Subtract term-time work and summer work for $56,000. Loans bring it to ~$50,500. Parents will provide $37,500, giving $13,000. Outside scholarships bring you to $4,000.

I would hope your parents would bridge this gap (notwithstanding some grumbling). If not, perhaps they will loan you the $4,000/year cash?

You are close enough to have some likely solution. Good luck.

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@cashews123 I’m really sorry you’re in this situation. Many years ago I was in a somewhat similar one when I applied to graduate school, still as a dependent, and one of my parents refused to submit tax forms. I got into the schools but wasn’t eligible for any financial aid because of that. So I ended up having to work for a year and then reapplied—unfortunately, still as a dependent. My top-choice school understood what had happened the first year I applied and was somehow able to work things the next time around so that I got a free ride—one that didn’t require any parental documentation.

If your parents aren’t willing to make up the difference, you’re probably just stuck. But I would definitely try approaching the financial aid office and discussing the situation with them. Maybe there’s something they can do. If they can’t, though, and you have other good, less expensive options (such as UC Berkeley or UCLA?), I’d recommend choosing one of those rather than putting yourself into massive debt. The debt would be a nightmare and have an adverse effect on your life for years to come—no school is worth that.

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@skyoverme‌

Thanks for the help! I do have the opportunity to attend a really good private school-- top 20 on US News, not that I think that’s a great measure of a school’s quality-- with a full-tuition scholarship. I don’t, however, think that school would be a great fit for me academically or socially. I understand that many would argue that I should take the scholarship and never look back, but Stanford puts me in the exact place I want to be-- geographically, academically, socially, entrepreneurially-- and I don’t believe that the other school does. (I have not yet been on campus as a prospective student, though, so I could be wrong)

I agree that I might be able to make $80k work, but it would definitely limit my choice in career post-college.

@JustOneDad‌

Thank you!

@ItsJustSchool‌ Thanks! I will chat with them about that. They’ve already increased the amount they will contribute by $10,000 just for Stanford, but you’re right about the decreased costs at home.

Do you know if work study during the academic year is based on income? My aid award didn’t include a federal work-study option, but there was a separate note about the potential for on-campus employment.

The $9,000/yr came from one weird regional competition-- I got very lucky on that front!

@Planner‌ I will email the financial aid award, and try to set up some sort of meeting. Even if they are able to decrease the EFC, though, I don’t think it will be by enough to actually get me any aid.

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What would you like to study at Stanford?

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I do not know what limits are placed on work-study. I actually meant term-time employment. If I understand correctly, Work-study is a federal financial aid program based on need that subsidizes on-campus jobs by matching salary dollar-for-dollar. Therefore, it is easier to get an on-campus job, since the department is only paying half (say $5/hr. out of a $10/hr. job) of what you are being paid, up to a limit- something like $2,500 - $3,500 I would guess.

If the Financial Aid office has latitude, they may be able to put you on work-study, but even if they don’t, it probably will make little difference. I am not sure of how much of a “boost” it gives for on-campus jobs- I think there are actually plenty- and it does not increase the amount to the student.

So, I am estimating that you could work during the semester and over the summer and contribute to your COA. A lot of assumptions (e.g. that you can save $3,500 over and above summer expenses from a summer position) that kind of rely on a bit of squishy subsidy from your parents.

I have a feeling that if you do not put a very sharp pencil to each and every number, there will be enough parental support sloshing out to get you through; especially since you are showing initiative and putting your own resources into the mix.

Of course, I do not know your parents…

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@cashews123 Good luck—we’ll all keep our fingers crossed that something works out for you at Stanford!

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also…good luck! You are talented enough to be accepted, I am sure you are more than talented enough to get this worked out, either with you parents, or the school. If I were a betting man, I would say you can make more progress with you parents, since they already threw in another 10k and this is after all Stanford you are talking about. More importantly, if you go to a different school, you are still you, and therefore you will take that talent and do great things there also.