<p>I know most people will look at this and not post, but I'm really in a tough situation, and I need some help. So please comment!</p>
<p>So I was accepted into Duke ED, and absolutely thrilled! However, yesterday I received my financial aid package...and the excitement turned into depression.</p>
<p>Apparently, my parents received $25,000 from the IRA this year due to an inheritance, and with this included in my family income I do not qualify for any need-based financial aid. This means all they had for me was the $5,500 unsubsidized loan I could take out, and my parents would have to pay the other $48,000 of the estimated $53,000 annual budget.</p>
<p>My family income bracket is $150-200k, but we are currently $10,000 in debt. They suggested that if the $25,000 IRA distribution was a one-time thing (which it was), that I explain this when I submit the IDOC in the spring. However, I'm supposed to commit to Duke in the next few weeks, and there is no way that my family can afford almost ~$50,000 a year.</p>
<p>I really want to go to Duke, so what should I do?!</p>
<p>You do reapply for financial aid every year. For instance, I went from receiving nothing to receiving ~$30,000 the next year. Duke does promise to meet 100% of need, so would definitely get aid next year if that above calculation is correct. Maybe your parents can stomach the cost for one year? Unfortunately, $150-200k is a pretty high income bracket in most areas of the US, so barring any unusual circumstances, your parental contribution will probably remain at ~$27k. I do know that the IDOC is a bit more comprehensive and does take into account debt, but $10k isn’t exactly a huge amount of debt either next to that income level. Anyway, I really hope that your situation works out and that I’ll see you next year on campus!</p>
<p>I have a question too. My family is in the <$60000 bracket. My mom works at home (travel agent) and apparently her business and personal tax return is the same thing? When I got my acceptance packet I received a letter that said she needs to send in her business tax return.</p>
<p>When she resends it or tells them that its the same thing will I receive financial aid? I’m in the lowest bracket and definitely cannot afford Duke without aid.</p>
<p>If it’s a one time thing, then you should be eligible for aid the next year. But don’t quote me on that. Take it up with the fin aid office and post this in the fin aid forum.</p>