Hi. I have twins and we are really struggling with the offers they are getting. Would love some advice. Has anyone successfully appealed a financial aid offer? My husband has a good job and we have some savings and home equity so I’m assuming nobody will give us aid…even though two are going at the same time and my son is headed to a private (Catholic) high school. The girls are outstanding students so we are wrestling with scholarships from good schools (Fordham, Tulane, etc) and acceptance with NO money to better schools (Boston University, Washington University in St. Louis, etc.) Still waiting on a few, but here’s my question…
Can I appeal from a merit standpoint for more academic money? For example, one twin got $30k/year for the honors program at Tulane as well as $15k/year at University of Rochester, both good schools. However, she also got into UVA, Michigan, Wash U and Boston U with NO money, all costing over $60k…and her favorite, BU, over $70k. Do colleges, particularly these, negotiate? Will they laugh me out? Any key points I could make about twins or their exceptional resumes to ask if they might have a little money to help us make this possible? While the FAFSA says we can afford it, we simply cannot spend our life savings and go into dept $400k for undergrad!! Thoughts?
Checking for clarity.
Wash U ST L guarantees to meet full need for all accepted students. Are you saying you didn’t get a nickel of need based aid from them with two in college? If so, your income would need to be VERY high.
I believe Rochester and UVA also guarantee to meet full need.
What was your FAFSA EFC? Do you own a business?
They rarely negotiate but may reconsider your FA if there is any change in your family financial situation. Some financial advisors would suggest to apply to more peer schools so one may negotiate for better aid. However, if they are really peer schools, would you just pick the one with better aids? In any case, don’t expect any significant changes. For UMich, merit aid is very competitive and they have clear guideline for need based aids.
@thumper1…I just double checked and Wash U did give her a $2,200 need based award and $1,500 work study. That’s it. Nothing from BU, UVA or UM. With two headed to college.
We do not own a business. My husband is a well paid employee for lack of a better term. His W2/tax return looks like we’re rich, but more than half his compensation is long term incentives and stock options…should he leave the company, he’d get none of that, and there’s no way to know what the stocks will be worth when we’re able to cash them in some day, so I don’t understand why that is part of the equation. I think they see our home value and his “total wages, tips, etc.” number, and figure we can pay or borrow. But I think we’d all agree as parents with limited earning years left, that we simply cannot mortgage the house, take out hundreds of thousands in loans, and cash in retirement to pay for an undergraduate education.
Makes me so sad I can’t let these girls go to their dream schools (one is waiting on 2 ivy and got a likely letter).They’ve worked so hard. Proud they are getting money at other schools, but hard to compare Wash U/BU to Tulane, Syracuse, Fordham, etc. We applied to those midlevel schools hoping for money, and we got it, so I should be satisfied. But getting into a school like Wash U is such an accomplishment I wish I could do it. But if we have to borrow nearly $200k it’s not worth it…right?
The long term incentives and stock options… am I correct to assume that you are not permitted to have access to these now? Am I understanding correctly?
My apologies for the term “mid level schools”. My girls applied to a few ivys, Wash U, Georgetown, Northwestern, Michigan, etc., and we considered them “top schools”. By mid I mean Ohio State, Fordham, Tulane, UMass Amherst, Emerson, etc. They are very good but don’t have quite the reputation of those “top” ones. We applied to the top because I didn’t know if they’d get any merit money at all, and if we had to pay, I’d rather pay for the top! But now with some merit money, the waters are muddied. Was just hoping to get something to ease the burden with two going at once from BU or Wash U and looking for advice on how to do it!
Congrats to your D’s on some great options.
But since when is BU considered so far above Tulane? I think they are regarded pretty similarly.
Can you afford Tulane and Rochester with the merit that was provided? Yes …you could appeal for more… but I would not count on it.
Yes…long term incentives and stock options are NOT accessible now. And when they are, they may not be worth today’s value. He would also lose some of it if he switched jobs. Worst position in the world is a high paid employees…killed in taxes, no write offs, never qualify for even a little help. Not complaining. We are blessed and my husband works very hard. But we see people lose their jobs all the time and it’s scary to take on tons of debt. We’ve saved some but not in a 529. And we just are too afraid to part with retirement. Any suggestions on an angle to negotiate is so appreciated.
You can ask for a FA reconsideration. Be prepared to ask for… and get…documentation from the company stating that this money is not available for use now. It is possible that this money will be placed in assets and not income… and a new award will be calculated.
On another note… if Tulane and Rochester are affordable… they are outstanding schools.
That’s a very easy “problem” to fix… but it’s a problem that many low-wage earners would love to have.
If “long term incentives and stock options are NOT accessible now”, then they should be classified as assets, rather than income. Call the school’s FA office for clarification. Asset is counted much less than income in the FA package calculation.
Wash U, Georgetown, Northwestern and Michigan give precious few merit scholarships…most of their financial aid is need based aid. Did someone advise you that merit awards might come your way at these schools?
OSU, Fordham, Tulane, Umass, Emerson are all fine schools. Clearly, you are not instate for all of the publics your kiddos applied to…and really instate is where your best value would be. Where ARE you instate?
Did you know that Tulane only had a 17% acceptance rate this year! That’s a very low cceotance rate…so congrats on the acceptance and the merit aid there.
You have some fine choices on your acceptance list.
If any are instate publics, they won’t cost $60,000 or more each year.
If not…you applied to all expensive colleges!
Really? That is great to hear. We spent two days at Tulane earlier this month for admitted honors students. We were a bit disappointed. Buildings run down, professors didn’t show up to the class we chose to attend, and the neuroscience prof didn’t know we were coming to tour the lab and had a class taking a test, so we couldn’t go it. It was poorly run and the students we talked to all spoke of three negative things…overcrowding in doors, terrible food and the party scene, which is not for my girl. With $120k on the line over 4 years, we can deal with a crappy cafeteria, but she is nervous her peers will all want to party and she won’t find her groove. A little afraid of the city also. I know…this is also a good problem to have and she should just GET OVER IT and go where the money is, but I was also concerned that they didn’t seem to be investing in the facilities whatsoever. Maybe the money is all going to scholarships to recruit students post-Katrina. Not sure. But it’s still on the list. If I can’t get BU or WashU to help us even a little, I think they are just out. Now God forbid the sister to the tulane applicant gets into Brown or Cornell, and she’s still deferred from Georgetown. She needs to go to Northeaster where she got into honors and $20k/year., right??? Still going to try but I read somewhere that there is no such thing as a “dream school”…schools are a vehicle to help you achieve your dreams AFTER college, and there are many that can get you there. 
It is typical to get less merit from your top choice school. Merit aid is meant to lure you to a slightly less desirable school. OOS publics are the least likely to negotiate, but none of the schools you mention are known to give generous merit aid. BU in particular is known to stuff packages with loans.
Your kids’ exceptional resumes were already listed on their applications. However, if you can’t afford a school due to circumstances that are not covered by the financial aid forms, that is a basis for asking for need-based aid.
If your husband would lose stock if he switched jobs, he doesn’t own it yet so that would be a reason to amend your financial aid form. Try to make a list of all your financial aid revisions and circumstances and submit it all at once, rather than in dribs and drabs. There are CPAs that specialize in financial aid if you need help.
@belknappoint…I know…I don’t mean to be insensitive. We are fortunate that he has a good job. But he has worked very hard, we’ve moved 8 times with our family, and I cannot work a regular job because I take care of my 93 year old father. I have friends with great income who make themselves look broke because they are business owners. Oh well. Everyone has a story.
BU is unlikely to budge. It’s over $70,000 a year…and if you didn’t get any aid…any increase you might get would,be a drop In the bucket.
Wash U…go ahead and ask…but don’t hold your breath.
Did you look at the net price calculators before applications were sent?
There are a LOT of colleges that cost far less than the schools on the list you have posted here.
Did your twins apply to ANY of you really instate public universities?
I am wondering if Tulane and Rochester are affordable… with the merit that was given.
Is your husband thinking of leaving his job? What if he stays put for the 4 years, and you assume the stock will have value when he cashes it in. Can you afford it then?