Appealing Financial Aid offer (transfer student)

Paying for College
1

<p>Hi all,</p>

<p>I was recently accepted as a transfer student into my first-choice school (Smith College). However, I was only awarded $7500 in student loans. My parents cannot afford the ~$40K that they are expected to pay. I am trying to appeal for more aid and I would truly appreciate any and all advice!</p>

<p>For the past two years, I've attended a state school that's ~$25K. The price difference between the state school (Berkeley) and Smith is too large for my parents to even consider Smith a viable option unless I can somehow find a way to finance the difference.</p>

<p>My father has been essentially unemployed for the last three years (he used to be a self-employed real estate agent, but he hasn't sold a house in ages), and my mother makes ~$75K. However, my parents own a few properties that they use as rentals, making ~$60K. On our tax return, the gross income is $130,000, the taxable income is $83,000. There are outstanding mortgages on our house and a car.</p>

<p>Most of the property my parents own they bought over twenty years ago at much lower prices, their present day value is most likely what inflates our family's wealth on paper and their expected EFC. Comparatively, we have very little in liquid assets that can be actually used to pay for my tuition. I have a younger sister who will also begin attending college in the fall at a local UC.</p>

<p>My parents are unwilling to sell their properties to finance my tuition (nor do I expect them to), as the rent income from these properties will be their main source of income after retirement.</p>

<p>I don't have any experience in filing for financial aid, since I currently don't receive any aid at my state school. I know my family isn't exactly in dire need of aid, and I am willing to take out loans as well, but I truly hope that Smith will consider an aid appeal to at least make attendance somewhat feasible for me.</p>

<p>After high school I chose to go to Berkeley as a cost saver, and while I do not regret the past two years, I find myself increasingly frustrated and unhappy at the end of each semester to the point that it is affecting my academic performance. I honestly believe attending Smith is the best option for me, and I hope I can show my parents that. I haven't told them about Smith yet, because I know they will be incredibly wary of even considering it with my current aid package, so I'm hoping I can make a successful appeal and show them a more enticing package before they cross Smith off completely.</p>

<p>What I want to know is if I have any case for appeal, and if I do take out loans, what kind of loans should I be on the lookout for? Thanks again for any and all help!</p>

2

<p>

What haven’t you told them about Smith? Your aid package?</p>

<p>Since Smith already knows your father hasn’t made any house sales in the last three years (that would have been evident from the financials) I doubt you have much of a case for an appeal. As far as loans your parents should consider a HELOC (Home Equity Loan). It’s not selling the houses but taking out some of the accrued value.</p>

3

<p>You cannot afford Smith, simple as that. Don’t transfer.</p>

<p>Sorry to be so blunt, but there is no magic money tree that is going to drop $30,000 in your lap and it is highly, highly unlikely that your appeal is going to change that fact. Everyone wants lots of financial aid and there’s only so much to go around.</p>

4

<p>My younger D also transferred to Smith last year.</p>

<p>You can always appeal the FA offer. It doesn’t hurt to try. They might also be able to advise you about loans. </p>

<p>However, if you are looking at borrowing $40K (X2 for the next two years), then you just can’t transfer.</p>