My daughter was accepted and we just got her financial aid offer. We were very surprised to see she was only offered unsubsidized federal student loans (as opposed to subsidized). We don’t understand why an undergrad (freshman) would be offered unsubsidized loans (interest accrues while you are in school, as opposed to after you graduate). Also, she was not awarded any scholarships, grants or work study. I feel stupid asking, but were we supposed to apply for scholarships/grants separately? This is our first child in college, and I assumed she would automatically be considered for any upon application (3.95 GPA unweighted). Also, do students reapply every year for scholarships/grants/work study?. She was hoping to live on campus this year, but I don’t think we can afford it at this point.
It seems UW Madison does not have a merit formula for automatic consideration. On the admitted student application website there is a scholarship link. After answering a few questions you are given a list of scholarships to apply to. We did this back in Feb and one freshman engineering award had an early deadline. In March, additional scholarships showed up after a second search. Some are awarded in April and some are awarded in May which of course would assume you are committed.
Your FAFSA EFC is too high for a subsidized loan, need-based grants or work study.
Is your FAFSA EFC over $25000?
How accurate was the net price calculator compared to what was in the financial aid offer? Or didn’t you use the NPC before she applied so you’d have an estimate?
Wisconsin residents apply separately for scholarships. There are fewer than 100 scholarships (College of Letters & Science).
OP- try to find a way for her to live on campus. It makes a huge difference. I grew up in a Madison suburb and used scholarship money to find a way to live in the dorms instead of commuting (decades later I was able to easily figure out it was a mere 8 miles to campus from home- no wonder I sometimes bicycled there for a summer lab job). A college friend walked to campus (HS classmates commuted by car etc). She missed out on most of the after classes life- you just don’t go ringing a friend’s doorbell after 10 pm (precellphone era) to do things- parents don’t like it.
I spent my college (and medical school/residency) years living very frugally. In retrospect I wish I had bought the more expensive textbooks et al. Later have the money.
Please find a way for your D to get the freshman dorm experience- she can’t get it at any other time. You do have the advantage that travel expenses will be lower than for most. You can also look at commuting expenses that won’t be incurred. The first medical school loans I paid off were the ones that were accruing interest all along.