<p>So, Brown is offering me a terrible deal. I am part of the upper-middle class, and theres no way we can pay $50k+/yr. (they are offering us a 3.5k Stafford loan, whoopie!)</p>
<p>I know that some people ask for more money, and that is something I would like to look into. Do I call them, email them, what? Is it something we negotiate, or do I ask, they think about it, and get back to me? </p>
<p>How does the process work?</p>
<p>Thanks</p>
<p>You need to have a basis for asking them to review your package. Do you think they calculated something wrong? Does your family have an extraordinary expense like medical bills? If FAFSA and Profile say you can afford the school and there's nothing unusual, well, you're just in the same situation as most of the upper class.</p>
<p>You will actually be eligible for $5500 in loans ... freshman may borrow up to $5500 in subsidized and unsubsidized loans (they probably didn't list the unsub loan eligibility on your award letter, but you can ask for it). Since you say $50k is expected, I am pretty sure you will be eligible for the full $5500. In addition, your parents can borrow a PLUS loan up to the cost of attendance less any loans you take & any scholarships/other aid you have. I realize that doesn't seem very helpful, but frankly, it's the reality for most upper middle class students.</p>
<p>I'm in the same boat as you except at another Uni. upper middle class my uni offered 7k in fed loan/ work -study .... with 50k a year.</p>
<p>Op, since you applied ED, you need to get an answer pretty quickly. If this is not a financially feasible option for your family, you will need to have Brown release you from your ED commitment. This needs to happen in time for you to submit an application to a financially feasible college (They will most likely share your name with the other ivies who through their joint statement say they will not pick up a student who is commited ED somewhere else).</p>
<p>To the OP...your family income is about $200,000 per year (give or take) and/or you have some huge assets that are viewed as usable by the colleges (think savings, CDs, second home or other property, home equity or something). An EFC in the $50K range indicates a calculation that would be from a combination of the above income and assets. </p>
<p>As indicated above, unless you can show that they miscalculated or that your family has some extenuating circumstance, it is highly unlikely Brown will reconsider your financial aid estimate. In addition you applied and were accepted ED. You should have plugged your family's finances into a finaid calculator BEFORE you applied. Applying ED does NOT give you the opportunity to compare financial aid offers. </p>
<p>Agree with Sybbie...if this is something your family cannot do, you need to know very soon. Talk to your parents about this. If the finances are not there, you will have to talk to Brown about breaking your ED contract. If you do this, you will be able to apply to your instate public universities, but not to competing schools with Brown.</p>
<p>Thanks for the replies. Now, you say that if I break my ED agreement, I will not be able to apply to any other schools that compete with Brown, why is this? Is it because they "blacklist" me or something, or how does that work?</p>
<p>Thanks</p>
<br>
<blockquote> <p>you say that if I break my ED agreement, I will not be able to apply to any other schools that compete with Brown, why is this>></p> </blockquote>
<br>
<p>Because you signed something saying that you would attend Brown if accepted ED. The only way to "back out" is if the finances don't line up at Brown. BUT Brown does not allow you to compare finances between competing schools...and the competing schools are likely to KNOW that you backed out of an ED agreement. So will your Guidance counselor. If you can't afford Brown, you can apply to a school that is less costly like your instate publics. You cannot apply to other private schools. If you wanted to be able to compare financial aid offers, you should NOT have signed an ED agreement. You should have applied RD.</p>
<p>And by the way...if your EFC is $50K at Brown...it's going to be in that range just about everywhere else.</p>
<p>The Joint Statement for Candidates on Common Ivy Group Admission Procedure
states:</p>
<p>
[quote]
</p>
<p>Under December Notification, an applicant may be notified that he or she has been granted or denied admission or that a final decision has been deferred until the early April notification date. Two plans are offered according to individual institutional policy:</p>
<p>a. The College Board-approved Early Decision Plan, which is offered by Brown, Columbia, Cornell, Dartmouth, the University of Pennsylvania and Princeton, requires a prior commitment to matriculate; thus a student may not file more than one Early Decision application among these or any other institutions. </p>
<p>Financial aid awards for those qualifying for financial assistance will normally be announced in full detail at the same time as the admission decisions. An applicant receiving admission and an adequate financial award under the Early Decision Plan will be required to accept that offer of admission and withdraw all applications to other colleges or universities.</p>
<p>** Ivy institutions will honor any required commitment to matriculate which has been made to another college under this plan. **</p>
[/quote]
</p>
<p>Yes, they share ED information</p>
<p>thats what i though. thanks for the insight everyone.</p>
<p>i am more than willing to do whatever it takes to get there, and i have already done all of the hard stuff!
i can deal with loans, i am confident that i will do well after college.
i am going to brown, and theres no way im breaking my ed agreement (i never wanted to!), despite what my parents might say. i will tell them this information, and then they can either help me, or not.</p>
<p>Brown class of 2013 baby!</p>
<p>OP,</p>
<p>parents gotta take out big loans... as i said im in your boat as well but my parents are not happy but understand so we will take it year by year :P</p>
<br>
<blockquote> <p>i can deal with loans>></p> </blockquote>
<br>
<p>Actually..unless you have a LOT of collaterol, you will NOT be able to deal with loans. No bank will loan you money without a co-signer. If you have enough assets to back a loan of this size ($40K per year plus) then you have enough to pay the bill outright.</p>
<p>You need to have a very serious discussion with your parents and do it now. What are they able and willing to contribute annually? What amount can you earn by working one (or two) summer jobs? Do you have any college savings and if so, how much of that can be used annually? Then figure out the balance and see if your parents will cosign a loan for the balance. OH...and another thing you want to figure out...how much will your loan repayment bills be MONTHLY when you graduate if you borrow over $100,000 to attend Brown.</p>
<p>^^^ there is a loan calculator here that will show you your monthly loan payments if you enter the loan amount and interest rate. If going to Brown entails a large amount of loans you should rethink - no dream is worth the nightmare of massive loan payments well into your 30s. For instance - $100,000 at 8% for 10 years = $1,200 a month every month for 10 years.</p>
<p>It is getting very difficult for students to take out alternative loans, due to the current economic climate. If your parents are willing to take out a PLUS in their names with the agreement that you will pay it back (that is a private agreement between you & your parents - they WILL be ultimately responsible) or if they have good credit & are willing to cosign a loan for you ... you might be able to borrow the money you need. There is a possibility you could borrow it yourself, but again, this is very difficult to do these days. The point is, you need to be aware of the financial reality. I have had to deal with several students recently who had absolutely no way to pay their bill. They were sure they could just borrow what they needed ... but the Stafford amounts are capped, their parents wouldn't apply for a PLUS, and they couldn't get an alt loan. They simply had no way to pay. We don't want to see that happen to you, OP. Please talk to your parents.</p>
<p>I thought you couldn't even file a FAFSA until Jan. 1 at the earliest, how are they able to tell you already what loans you can get? Is this CSS, and is it calculated sooner FAFSA?</p>
<p>Brown uses the Profile (early filing due in November) to make their estimated financial aid packages. They do this for students accepted ED only.</p>
<p>Thanks, thumper 1.</p>
<p>Talk to Brown and see what can be done with your package. Also talk to your parents and find out what they can pay. You will be limited as a student in taking loans. Are your parents credit worthy and willing to take out the PLUS? If you truly cannot swing this, you had better get moving now.</p>