Aid @ Chicago - Can I get more??

<p>Hi, I'm a senior in HS, trying to decide where to go...
I got my acceptance to Chicago about a week and a half ago (happy & surprised!) - but I was VERY disappointed with my aid package.</p>

<p>Basically, it's way too expensive -- nowhere NEAR what we can afford!! If you look at my father's monthly salary, just taking out what they've asked my parents to pay (not including student contributions and federal loans) would be impossible. We absolutely cannot spend that much money per month (and that's looking at it in 12 months, not the 9 or 10 school months).</p>

<p>I didn't get offered any merit money - but that wasn't surprising to me - I wasn't even sure if I'd get in!</p>

<p>What they offered me:</p>

<p>around 12,000 in grant money
around 5000 in federal loans
around 5000 in student contributions
** and around 24,000 in parent contribution</p>

<p>2 important things for us is 1) Our household income comes from my dad, who doesn't make very much - he's an engineer at this large BUT dying goverment power plant type place (not sure what you call it) -- it's predicted to lay off 2000 people in the next year. My dad is afraid he'll lose his job because... 2) My dad is old - when I graduate from undergrad, he'll be almost 70!! What's really important to him right now (along with my eduction) is funding for retirement for him and my mom. He can afford for me to go to a state public school (my options - GA Tech or UGA) -- but with what Chicago's offered me, we can't make it. At most, my dad says he can contribute 10,000 a year for my education.</p>

<p>Is it common/uncommon to actually ask for more grant money and aid ......... and GET it? I really don't want to take out loans. (Is it true that Princeton has it now that they'll offer you so much aid that you won't have to take out loans? Not that I got in or anything, but from what I understand. financial reform is starting to take over the Ivies... starting with Princeton, Harvard -- and students at Yale protested earlier this year about it.)</p>

<p>Is it worth it for me to take out loans? Is Chicago a place where I can go, major in anything, come out with a great job at some firm, pay off my loans in a few years, and then go back to graduate school? Or should I just save the money and go to a state school and go to a good grad school?</p>

<p>THANK YOU for any replies -- any help I get is <em>much appreciated</em> :)</p>

<p>I asked them the same thing. I received this reply:</p>

<p>*The Committee on College Aid will again review a student's application for financial aid, if you submit a signed letter of appeal detailing the reasons that make it difficult for your family to meet the expected parent contribution. Typically, we are looking for new and/or elaboration of information already submitted. We require that this signed letter be faxed or mailed to us. We will make every effort to provide you with our response before the Admissions Office deadline of May 1st.</p>

<p>Sincerely,
The Committee on College Aid*</p>

<p>Thanks,
Hopefully I'll hear a reply soon.</p>

<p>Just came back from overnight. D loved it, and I was very turned off by the FA department. They were terse, blunt, cold and showed no sympathy. We were told we could appeal, but that we would find that their initial finding was correct. I met with a FA officer, who basically seemed bored by my entreaties and just said that she would post my appeal and I would hear in 7-10 days. And then she told me that if my D had such a wonderful offer from another univeristy (a wonderful school, according to her) that she should go there. I spoke to other parents who also met with a FA counselor and they said they were told, "no change." We were also told that no matter what, the student would be expected to pay a certain portion, and if they were unable to earn as much as they predicted, then in September, we would have to appeal again, not that this would do any good - because that is what they expect from every student. The Pres of Ch has started an initiative to increase their low (6 billion)endowment as compared to their eastern cousins so that they too could offer no loans, but that won't be in effect for three years. And oh, yes, tuition will go up 5-7% every year. The sad thing is, my D is very excited about being challenged by the core and wants to go so very badly, but probably will not be able to, unless $ is forthcoming.</p>

<p>At the FA session, we also found out that Chicago incorporates your home equity into their FA. They feel you should take out a loan against your equity. In our appeal, I showed that the house was not mortgaged because of the death of the co-owner, and had been paid off. Also, my income would not support a mortgage payment over and above taxes and insurance that I now pay. I could lose my house! And it is still the equivalent of rental payments. FA advisor unimpressed.</p>

<p>well maybe there is some logic behind their thinking. though my family has a nice house, we didn't buy a more extravagant one because my parents want to be able to send my two brothers and I to the best college we can get into. by planning for college years in advance, i'll be able to go where i want, but i won't be getting any financial help from my school to do it. if you chose not to plan ahead and now are wishing you had, i don't think it's right for the FA office to bail you out. that would be rewarding irresponsibility instead of rewarding families like mine that planned ahead.</p>

<p>There is little justice in Fin aid because there is little mercy coming out of Washington. This whole process starts with the FAFSA formula, which is set, ultimately, by congress. It is they who decided that defined pension plan contributions should not count, but money deferred in a 401K (for those of us at places with no defined plan) should count, or that it costs the same to live in Boston as Kansas and so forth. The fed formula is draconian. Recognizing this, many colleges have an institutional formula that may be better or worse, depending on home equity and so forth. But the formulas are still tough.</p>

<p>Saying that, my D received fin aid notices from Chicago, CMU and Columbia last year. They were all very similar, so I don't think Chicago is any tougher than its peer institutions.</p>

<p>Many of us have decided to pay on the longer term plan, by borrowing part of the cost. It hurts, It's tough, but its doable.</p>

<p>BTW, how many of you disappointed folks had plugged numbers into a fin aid calculator before applying? Was the Chicago award much under what the calculators predicted?</p>

<p>Gahhhhh! I just got my "appeal" back. Basically, they refused to change anything, although they expect us to pay nearly double what my other colleges expect. A phone call was completely useless; the FA officers were, um, unhelpful. I think I'm going to Duke. It's a lot cheaper with very little loans. Chicago's just not worth it at this point. :mad:</p>

<p>Chicago's package was very close to the calculator on the Princeton website, and maybe a thousand under the collageboard one. Interestingly, my son has a tuition waiver at Case for one degree, but they made a mistake and did the finaid calculation, so we got to see that - about the same for the relative costs of the school. </p>

<p>Its funny, we did plan ahead for college (tuition waiver undergrad) and then things just changed. Oops. If we had planned ahead <em>better</em> we would have more liquid assets and not have to borrow as much. The next four years are not going to be comfortable for us financially, but neither will they be impossible. Since we didn't save properly before, we will save retroactively with loans.</p>

<p>Indytucker: What is penalizing me is that we planned ahead. People with double my income who spent it all and have nothing to show for it, lived above their means, liened up everything to have what they wanted, not needed, are getting more aid than I, who as a single, school teacher, caring for a father who had Parkinson's and dementia, purchased a lot of college savings bonds, set up a prepaid tuition plan. My house was purchased during a downturn in the economy and my adjusted gross is under 40K. We were able to do this because of my father's few assets, certainly not mine. We did what we could, and lived frugally. Those assets are earmaked into accounts for college. Now, not only am I supposed to liquidate all of them (as planned originally over 4 years, now all in one year), but I am supposed to take out loans on my house (which I can't afford to repay). Who knew that my DD would be so smart and be accepted to such fine schools? The problem is that in their info sessions, no one said, we will find a way for you to afford to come, but it is OUR calculation of what you can afford. Instead, we were told, no sweat. We will find you the aid you need.</p>

<p>I feel terrible that some of you can't go because of money problems. Perhaps, if you spend it all toward college the first year, you will receive more aid the following years.</p>

<p>After visiting with the FA officer, apparently even spending it all in one year will only give me about $2K more, because of the house equity. Huge loans in store, which I can't repay, so...have to hope some additional scholarship money comes through.</p>

<p>Yes, home equity can be the true injustice in this whole process, because the apparent asset sums are huge, contributing to a big bump in efc, even though the asset is completely illiquid. </p>

<p>I had a taste of what evitajr1 is going through during fin aid nite at my D's HS two years ago. An MIT fin aid officer (we live in Brookline, MA, nearby MIT) spoke. During Q/A, one family discussed their situation. Home purchase during the early 90s slump. Huge appreciation - worth maybe 1 mil now. Good job claimed by the dot com bust. They had paid off the house, so they live on maybe 50K/year but have huge equity. Fin aid officer suggestion: borrow against the house. Family said they would not qualify for the loan. Fin aid says sell the house then.</p>

<p>It seems the universal fin aid position is:<br>
- no one is asking you to live in an expensive part of the country. Move to Kansas and live on less.
- no one asks you to live in a nice part of town. Move to the dumps and live on less
- no one asks you to live in a decent house. Move to a double wide and live on less
- no one asks you to live in a luxe double wide. Move to a dumpy single wide and live on less....</p>

<p>It is sad.</p>

<p>But, the only thing sadder is those that DO live on much less in a single wide in a lousy area with little income. And there is only so much money to go around. So we will borrow.</p>

<p>The kicker is, since I have only the one child, and am single, her father is deceased, if I had 1 mil in equity I would sell and buy a 500,000 house. Unfortunately, I am talking a whole whopping 150,000 house! And it's old, needs some work, and with the new costs of housing, I coud barely get 1/2 of what I have for what I could sell this for. And they expect me, on a teacher's salary to come up with 15000 cash and then another 5000 in loans - for me that's 20K a year in loans. How do I pay that off in 10 years on my salary? My taxes and insurance on the house are roughly equivalent to what the rent on a tiny apartment in a not so good part of town would be, and I, as a woman alone would be unsafe there. I am barely middle class, and they want me to be destitute. I just wish they hadn't told us they would find the aid to get your child here. I wouldn't have raised her hopes and we would have set our sights lower. And that isn't fair to her, either, after she has worked so hard! And the Houston area is much cheaper to live in than others, yet, on my salary there is no chance of saving. We live on much less than 50K a year. I am not extravagant. I think I spent a total of 400 on clothes and shoes for me the last year - I make do with what I have, and buy only what I need. Oh, well...May 1st is around the corner. By then, we will know more, and have all this behind us.</p>

<p>Um...perhaps it is difference in culture, and I don't intend to be rude at all, but I really think you can swing it. Individually, considering all fixed cost like housing and insurance, they would spend 10,000 and together, it would be about 15,000 dollars. Including me, the three of us spend under 20,000 a year for everything. If we go further and include my brother and sister, all 5 of us spend 25,000 a year (that was when they lived at home). And we live in New Jersey, not Kentucky! I think if you really want to put your daughter though an elite university, you can do it.</p>

<p>Before I even received my fin aid offer, my parents told me, "just go, we'll take care of everything". Basically, they could shell out 20,000 a year and they make, together, just under 40,000 a year.</p>

<p>j10cpc5000,
I think your family offers a little more of a safety net after college is done - you have both parents, and a brother and sister that could help out. Its really scary to be the sole support of a child. </p>

<p>Your parents sound like great people - they must be very, very proud of you.</p>

<p>Your daughter could do what I'm doing: take out her own loans and pay them back after she graduates. I'll have to work really, really hard and live frugally for 10 years, but it'll be worth it.</p>

<p>Just make sure she doesn't become a teacher.</p>

<p>Even tho she loved Chicago, she just called me from Amherst, where their FA offer was a good deal better, and she loves it! No loans, due to outside scholarships, and well within our means. So, it's good-bye Chicago, hello Amherst. Wish all of you luck in your quest for FA at Chicago, and for those of you who go, have a terrific 4 years!</p>

<p>evitajr1
Congratulations. Awesome choice, Amherst, she will be very happy there. (Plus the happiness of Merit Scholarships :))
You can finally relax.</p>

<p>I hate to say it, but appeals are really only for applcations where there has been a major change (parent becomes hospitalized instead of working) or where a form was wrong or other mistake was made.</p>