Boston U Financial Aid

[redheadgirlsmom]

<p>Thanks for all of the great advice folks. This conversation has been very helpful. :)</p>

[mom2collegekids]

<p>Well, I would think one of the first rules for someone interested in finance and banking is to not take out big unnecessary debt because it can ruin your life. Seriously. </p>

<p>How much debt would be required each year (including the loans in the FA pkg)?</p>

<p>No one needs BU to go into that field.</p>

<p>What are the other schools.</p>

<p>Does someone have the links to the threads about big debt and how it’s ruined the lives of students and their families?</p>

[thumper1]

<p>The very good news is that your daughter has some very affordable options. I am wondering why she didn’t have to make a decision by May 1.</p>

<p>She did very well to have those other generous financial aid offers. Choose between one of them.</p>

[Xwords59]

<p>While BU is a good school, it does not turn heads like HYPS. Save your money and have your D go to an affordable school and get straight As. 4.0 GPAs do turn heads, because that is always an accomplishment. What are the other schools your D had better packages at?</p>

[sybbie719]

<p>other recent threads from this cycle about FA at BU</p>

<p>**<a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/1314564-fa-boston-university-3.html[/url][/b]”>http://talk.collegeconfidential.com/financial-aid-scholarships/1314564-fa-boston-university-3.html**&lt;/a&gt;&lt;/p&gt;

<p>**<a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/1322609-can-boston-university-sued.html#post14205247[/url][/b]”>http://talk.collegeconfidential.com/financial-aid-scholarships/1322609-can-boston-university-sued.html#post14205247**&lt;/a&gt;&lt;/p&gt;

<p>Another voice in the greek chorus that recommends that you read the following article</p>

<p><a href=“Inside the Financial Aid Office at Boston University - The New York Times”>Inside the Financial Aid Office at Boston University - The New York Times;

<p>BU themselves state:</p>

<p>

</p>

<p>For example, last year, Boston University gave $43 million in institutional aid to incoming freshmen. To end up at that figure, it offered $150 million to accepted students (27 percent took the offer). This year, despite a budget deficit for the university and freezes on hiring and new construction projects, the school is offering even more — $160 million — with hopes of spending $45 million. Ms. McGuire says the higher aid figure recognizes that more people need help, that B.U. raised tuition by $1,370 (almost 4 percent), and that it will very likely need to offer more aid to get enough students to attend. “We are assuming not as many people will take the offer in this economy,” she says. “We are building that in.”

</p>

<p>They use this an an example:

</p>

<p>Ms. Wickstrom reviews the award packaged for a student with 2020 SAT scores, a family income of $22,000, $10,200 in savings and a home the family owns outright worth $225,000. “I noticed the house was bought in 1991 and I thought, ‘Wow, they were able to pay off their home with that income,’ ” she says.</p>

<p>B.U. calculates this student’s need at $50,800 (the federal formula puts it at $53,110 — the full cost of attendance). But this determination doesn’t mean the university will come even close to making it affordable.</p>

<p>**The award: **
a $17,500 institutional grant
a $5,350 Pell grant (the maximum for the 2009-10 academic year) and
$3,250 in other federal grants for needy students for a total of
$26,100 in grant money.
The university offers the student another $11,000 in work-study and federal loans </p>

<p>but this leaves the family short $16,110, or 73 percent of its annual income.</p>

<p>“This student has a lot of financial aid — $37,000 — but they still have a big gap,” says Ms. Wickstrom, who concedes that based on what she knows, the student will probably not enroll.

</p>

[sybbie719]

<p>While BU has never been considered a school that has been “generous” when it comes to financial aid, they have always been upfront when it comes to discussing their financial aid policies. They are very forthcoming with the following statements:</p>

<p>from the same article:</p>

<p>

Ms. McGuire is blunt about the purpose of B.U. aid: “It’s meant to encourage some and do what we can for others. I don’t want to say ‘discourage’ because we want people to enroll. But we are more encouraging to some.”</p>

<p>Translation: The strongest students in a pool of applicants (maybe this is your safety school) will probably get more aid than the weakest applicants (maybe this is your reach school). </p>

<p>B.U. may be need-blind in admissions, but like many colleges, it is not talent-blind in financial aid. When the admissions office accepts a student, the file gets a rating before going to the financial aid office. That rating, Dr. Pohl says, is based on a holistic read of the application: factors like leadership, talent, motivation and personal character are weighed as well as grades and test scores.

</p>

<p>to me it sounds like they gave your daughter an admit-deny; she was academically eligible so they admitted her while giving her a package that would not make it financially feasible for her to attend.</p>

<p>Fortunately, she has some other schools that are financially feasible options for your family. At this stage, let it go and get her hyped about one of the other schools.</p>

[mom2collegekids]

<p>* At this stage, let it go and get her hyped about one of the other schools.*</p>

<p>^^^ This.</p>

<p>The fact that you are still trying to get more money from BU and considering large loans is not a good idea. </p>

<p>For one thing, BU isn’t likely going to budge (or budge much), and taking out large loans is a horrific and life-strangling idea.</p>

<p>For another reason, it is delaying the attachment that your D needs to be forming with the best of the rest of the choices. I’m guessing that you’ve requested a delayed decision with the other schools. If not, then I suggest you call them back today to find out if their offers are still available. </p>

<p>I know it’s very difficult to tell your D that a dream school isn’t affordable after you both probably celebrated her acceptance and maybe told a bunch of people that she’s going there. </p>

<p>I may be reading between the lines, but if it’s just been the two of you together for a long time, then you’re likely incredibly close and that can make it harder to “be the parent” and say, “sorry honey, this just isn’t affordable, you’re going to have to go to ________.” (And if you have other kids, then it’s especially a bad idea to be borrowing/co-signing when there are others to put thru college)</p>