<p>I have been accepted to USC which meets 100% of need. However, I recently received my financial aid award and my USC estimated EFC is about 30k (this isn't including the loans already present on the package and my FAFSA EFC was 7250, but I guess I did that wrong - yes, my parents made me do the FAFSA lol). I understand that students should pay for most of their education as I'm willing to work during summers and during school, but 30k is just so much! </p>
<p>Either I could accept this and tack on 100k in loans over 4 years or just go to a state school. My parent's told me that I'd basically have to fund college on my own (and being a first generation college student, they really don't know what this means) because they really don't have any money at the moment, especially in this economy. 30k is about 1/3 of our family's income. Well actually, our family makes about 64k and apparently after looking through my parents' paperwork the military gives them benefits totaling to about 30k (I'm not at all entirely sure how these work out or factor into our EFC). So I'm faced with a couple decisions: either i turn down my dream school because of the lack of money or try to work out a way around this. And for this reason, I am going to request an appeal for more aid, but I really don't know where to start. </p>
<p>How often are appeals for financial aid awards successful? Also, how would I go about with an appeal? What kinds of things should I list or say so I don't come off as sounding like a beggar or snobby? I have been very sad the past few days and I don't even know where to start..</p>
<p>Any help at all is appreciated!</p>
<p>There’s no one “dream school” for any student.</p>
<p>100K is waaay too much debt for an undergrad student. Try the appeal, but you’ve only got two weeks to make your decision, and it’s unlikely they’ll adjust your EFC sufficiently to make a difference.</p>
<p>There are several threads here (search “appeal” or “reconsider”) re: how to do it.</p>
<p>But if you were my student, I’d suggest you start lining up cheaper alternatives.</p>
<p>Be honest, what would have to change in your FA award to make this school affordable. If you say 10-15K, then you are probably out of luck. I don’t know if your school uses more than FAFSA, but I will tell you that your EFC is mean to be paid with SAVINGS, income and loans as a last resort.</p>
<p>Unless you can show why 30K is unrealistic due to expenses not apparent on your FA applications, I can’t picture any college suddenly halving the amount your are expect to pay.</p>
<p>Guys, I appreciate the input, but I’m asking for help on how to write an appeal not lessons on what my family should have been saving or done in the past. =/</p>
<p>I understand how unrealistic some of these things are, but it can’t hurt to try.</p>
<p>And sblake7 isn’t a dream school just a school any student would love to go to? I don’t see how this doesn’t exist. lol</p>
<p>Squadus-</p>
<p>“Dream School” is a mentality-- one that we see over and over hear on the financial aid discussion board.</p>
<p>It starts when a student isn’t informed by the parents early on what they might be able to afford. It continues to develop when a student isn’t told to cast a wide net, and that there are any number of schools that will fit his/her needs, and not to fall in love with one particular school. And it blossoms to awful fruition when the student gets accepted to his “dream school” only to find that he cannot afford to go. And often, has few other options because he hasn’t planned properly.</p>
<p>Search the other threads here for how to write an appeal letter. But start making a backup plan. And learn from your mistake.</p>
<p>Thanks for the lesson in economics and the brutal sincerity. I understand my parents have not saved up adequately or allocated their finances properly (even though they have a middle class income) and I am to be the result of this. I actually do have backups, and not as over my head as you say I am. I’m just trying to find help for my question.</p>
<p>I actually have searched through the threads and the majority of them either talk about whether or not that student should write an appeal letter, or advice in their situation. I haven’t been able to find one that actually has advice on how to write such a letter, which is the reason I’ve made this thread. If you can help me find such a thread i will be grateful.</p>
<p>If you have extenuating circumstances, put that in the letter. Did you pay for an ailing family member, stuff like that can be used to justify not being able to afford the cost.</p>
<p>But it will most likely do no good to just say “We can’t afford that because we didn’t save enough money and my parents don’t want to borrow to meet the required contribution”. </p>
<p>Sorry to be brutally honest, but we don’t want to imply that it’s easy to appeal and get significantly more $$.</p>
<p>squadus:</p>
<p>IMO-- an appeal letter depends on the school. In general, I’d recommend a sincere letter from the student to the head of the financial aid dept, thanking the school for being admitted, mentioning that you’re grateful for the aid that was offered, and explaining why you believe that that school is the best fit for you. But then mention that unfortunately, your families current financial situation make it unlikely that you’ll be able to attend. And ask for a second look, or reconsideration of the finaid award.</p>
<p>Don’t mention “negotiate.” Often the financial aid dept is in charge of the need-based aid, and the admissions office is in charge of the merit aid. So cc the admissions office. If your grades have improved in the last semester, tell them, and send certified copies. If you’ve received a more generous offer from a similar school, mention it, and include a copy of the award. If your family financial circumstances (lowered income, large medical bills, etc) have changed since '08, mention that you have “special circumstances,” explain what they are, and ask for a special circumstances review. They might have a form for that.</p>
<p>Good luck. Keep a backup in mind-- this is a long shot.</p>
<p>**</p>
<p>Just reread your initial post. If the FAFSA EFC was 7K and the school used an EFC of 30K, there might indeed be some problem with the numbers. Profile schools calculate things differently, but that’s a lot. Might be home equity. But it’s worth checking the numbers on your Profile to make sure you did it right, and take a close look at the special circumstances request, particularly with a FAFSA EFC that low.</p>
<p>Debt Wizard</p>
<p>Question:
How much salary do I need to support my student loan debt?</p>
<p>Answer:
Based on student loan debt of $100,000.00 to be repaid over 10 years at 6.8 percent interest, my estimated monthly payment is $1,150.80.</p>
<pre><code>To support repayment of the debt, I should earn at least:
</code></pre>
<p># $82.99 Hourly
$14,385.04 Monthly
$172,620.50 Annually</p>
<p>[Debt</a> / salary wizard](<a href=“http://www.mappingyourfuture.org/paying/debtwizard/index.cfm#debtWizard]Debt”>http://www.mappingyourfuture.org/paying/debtwizard/index.cfm#debtWizard)</p>
<p>Wow! Thanks sblake7 and sueinphilly for understanding and supplying all of this information. I realize that the 100k loan probably won’t be as much if I can apply myself to work (both during school and summers), scholarships and somehow have my family support me more. There’s no way I could realistically pay off 100k lol.</p>
<p>I will definitely take into consideration what you said and tell the financial aid office all of my circumstances. Now to finish writing this letter. Hmmmm… Once again, thanks!</p>