Brown U. Financial Aid

Paying for College
1

<p>Hi there,
I'm new to these boards. I've stumbled upon this site before, but never really spent much time looking at the topics. I was accepted ED to Brown, which I'm overly enthused about. However, I received my financial aid information in the mail today and am thoroughly disappointed.</p>

<p>For the past few years I've lived alone with my mother, who made around $60,000 a year. We got by, but only barely because we live in a very nice neighborhood near Princeton, NJ (we lived there because of the public school systems). My father did not, and still does not pay any child support. In March, my mother died and left me with the house that I live in now, her retirement funds, and a life insurance plan.</p>

<p>In order to stay in my current town and graduate with my friends, I was going to move in with my girlfriend's family and spend senior year with them. Turns out that their apartment was way too small to support an extra person, and my girlfriend's family moved in with me (into the house I'd been living with my mother in). This has worked out well for all of us, and this means that when it comes time to come home for summer and winter breaks, I will have a family to come home to.</p>

<p>The house is valued at about $150,000 while my mother's retirement fund and life insurance plan are both worth $100,000, meaning I have $350,000 in assets. I was hoping that since I have literally $2000 in income each year (from me working), that I'd get at least a semi-decent financial aid package.</p>

<p>While I do realize that there are incoming Brown students who are much more deserving than me when it comes to receiving substantial financial aid packages, I feel really bad about spending a good chunk of my mother's hard earned money and savings on attending Brown. (I will tell you at this point that Brown is giving me $1500 per semester)</p>

<p>Usually, a person's parent dies when they're older than high school students. A lot of people keep their inheritance money in mind throughout their whole life as a sort of fall back in case things do not work out, and I am no exception. I was planning on investing this money and keeping it in the bank until there was a situation appropriate to use it. I was hoping that Brown would see this and grant me decent financial aid, but it looks like that is not the case.</p>

<p>While overall my financial aid package will not deter me from going to Brown, I have become a tad bit less enthused about my being accepted and have lately been reminding myself that Rutgers would be almost free to attend. I will not let this opportunity of going to my dream school be passed up, as I have seen family members decline schools such as Harvard and then regretted it their whole lives.</p>

<p>Essentially, I come to you guys for advice. I will not back out of Brown, as my mind is set on going there, but I wish to ease the college burden, which I can especially see since the money being spent is "my money." Is there anything I can do to try to convince the financial aid office to grant me more aid?</p>

<p>(By the way, I don't mean to sound ignorant at all. I do realize that there are many people facing even tougher college financing issues, but would really just like to improve mine as well.)</p>

<p>Thanks!</p>

2

<p>WOW, let me send you my condolences. I can't even fathom that such a prestigious university would accept you, know your situation and not be more giving. Have you talked with the financial aid people? The house isn't a liquid asset. At a school that costs over 45K a year, $3000 off is an insult. </p>

<p>Just curious, what are you going to study? Maybe do Rutgers for a year or 2 and then transfer (my son got accepted to the New brunswick campus, but we still have 6 more to hear from). </p>

<p>I would NOT make any sudden financial moves at this stage of your life, grieving, etc. </p>

<p>You sound like a together person, I wish you well</p>

3

<p>I am very sorry about your loss.</p>

<p>When it comes to your financial aid, I actually am surprised that you are getting any financial aid. When I taught college, I had impoverished, orphaned students whose parents had left them nothing. </p>

<p>In one case, the student wasn't even really left with memories of her mom because the student had been raised by elderly, impoverished grandparents, and the student's mom was severely mentally ill, so ill that the mother didn't even know who fathered her child (who attended college with no financial help from her family. She used loans, jobs, scholarships to go to college).</p>

<p>I had another student who lost both of her parents to AIDs while the student was still in high school. The student's grandmom, who helped raise the student, was poor and in frail health. The student attended a third tier state school, and had to also work jobs to help pay her way through.</p>

<p>Many people don't get any inheritance at all from their parents. Many also have to support their impoverished, ill parents even if the adult children don't make much money themselves. </p>

<p>Anyway, you can try to convince the financial aid office that somehow you deserve more money. I don't know if they will give it to you, however. I do think it's important that you consider how you'd like to spend your inheritance. </p>

<p>My own perspective as a mom would be that if I were to die and my sons used any inheritance to fund their educations to their dream schools, that would be fine with me (if I were any place where I could have an opinion).</p>

<p>I also agree with Sueinphilly that it might be a good idea for you to take a year off to help consider what decision to make about your inheritance. You have been through a lot, and still are relatively early in the grieving process. It's impressive that you've kept your grades up so high as to be accepted to Brown. However, you probably could benefit by taking some time off to grieve and to -- without the pressure of going to school -- think about what you'd like to do with your inheritance. I imagin that given the unusualness of your circumstances, Brown may be willing to give you a gap year without your rock bottom promise to go to Brown afterward despite your having an ED acceptance.</p>

4

<p>J, first, can you send a note or something to the moderators to edit your name out of your post. That way, you are not exposing your personal financial information over the internet. Everyone who posts on this site is very nice; it's the anonymous lurkers who are not registered, who have no username etc. who comprise the largest concern. </p>

<p>Having said that, can you schedule an appointment to meet with someone at the financial aid office at Brown? I'd recommend starting with the director, asking for an appointment in person if possible and convenient for both parties, if not, then by telephone, and, prior to the appointment, I'd outline the issues - write yourself a script or bullet points so that you do not loose track of what you want to say, and the result you want to gain from the discussion. </p>

<p>You may also want to ask them if it's better to address your concerns in writing; if so, carefully write a very concise letter. Spend as much time on it as you did your application and essay. </p>

<p>What will help the most in terms of what to say to them? I wish I knew. I think probably the best option is to simply outline your personal position, using facts and leaving out any emotion, and perhaps just simply ask for their suggestions. And no matter how it comes out - thank them profusely for considering your position. </p>

<p>If you decide to write a letter, if you post back here, several of the parents will likely be happy to review it for you before you send it. You can send it to individual parents in PM - you don't have to post the letter in the thread.</p>

5

<p>You also could benefit by talking to a good financial advisor.
Your house is a gold mine, and may be worth holding onto because if it's like most homes in this market, it could be expected to rise in value.</p>

6

<p>sueinphilly-
I was hoping to major in something to do with math, statistics, engineering, etc. I honestly didn't like Rutgers, it wasn't a good fit for me. Personally, Brown was my top choice because I enjoyed the academic atmosphere, policies, and the campus, so to only get to go experience that for 2 to 3 years seems out of question to me. There is no doubt in my mind that I will be attending, I just feel bad for spending the money.</p>

<p>Northstarmom-
Your examples make me feel very blessed to have some financial backing, as I certainly could be in worse circumstances. I do know that my mother wouldn't want the money spent any other way, but I also always remember her telling me to try to find cheaper schools, hah. My mother went to Brown as well, so I'm sure she'd be happy I pursued that path. And yes, I will definitely be holding onto the house as an investment. Since it was bought a few years back, it's value has increased to almost 175% of what it was.</p>

<p>latetoschool-
I sincerely thank you for the advice. Brown has a day for accepted students in April. Do you think that this will be a good opportunity for this, or will it be too late by then?</p>

<p>One thing that bothers me though, is that had I gotten into Brown with my mother still alive, I know that I'd receive a larger financial aid package than what I currently have. She'd make only $60,000 a year for both of us (which isn't too bad, but still low for an average Brown household), and the house and her life insurance policy wouldn't be included as assets. Also, I'm pretty sure the $100,000 retirement fund would remain untouched as well.</p>

<p>My uncle is the executor of my estate and he's been the one who's provided the financial aid office with the complicated bits of information they need about my strange financial situation. He tells me that there's a round of appeals that he's going through right now but that it doesn't look like it will change anything. I was thinking about talking to the financial aid office personally, in the hopes of perhaps persuading them to increase the package by a little bit.</p>

7

<p>Jonathon,
Yes, talk to the financial aid people yourself. I'm sure your uncle has your best interests in heart, but there is no substitue than taking the bull by the horns and handling the situation yourself. Maybe that will make an impression on the Brown people?
Your choices of majors could mean big $$ down the road. My son is a math person too.
I don't know if taking a year off is a good idea, I just meant that making a big financial decision (like selling the house) should be done very carefully. I can't imagine being 18 and facing what you are.</p>

8

<p>I am sorry about your loss. The net -net is that the monies you inherited from your mom is considered an asset and you are assessed at close to 25% so in the eyes of financial aid, regardless of what you may personally feel, you have the money to pay your way through college.</p>

<p>
[quote]
I feel really bad about spending a good chunk of my mother's hard earned money and savings on attending Brown. (I will tell you at this point that Brown is giving me $1500 per semester)

[/quote]
</p>

<p>I really don't understand your senitment. sometimes we get a blessing and we tend to be our own worst enemies and block the blessing. What your mom has left you will pay for your education so she has given you a great giff, the opportunity to attend the school of your dreams , be able to graduate debt free and have a few $$ left over. (I lost both of my parents with in a year and had a 15 year old brother to take care of. I was a 20 year old college student who went to work full time and put herself through college. So through all of this, consider your self truly blessed).</p>

<p>You have a lot to think about and I hope that there is a family member that you trust to help you work through this. </p>

<p>you have a number of options (and I hope that sblake chimes in because s/he is go good at these financial things).</p>

<p>While it is nice that your girlfriend's family has moved in with you, don't let your emotions get in the way to taking care of your business. </p>

<p>Since they cannot live anyplace rent free, I really hope that you have worked out an arrangement where they are paying rent (so you don't lose the house and are able to upkeep it). I would recommend setting up a bank
account where they can deposit the checks and you can make sure the back is paid or the money is being used to pay the taxes and upkeep of the home.</p>

<p>You should also let your girlfriends parent's know that they are responsible for paying utilities (you will help pay a portion when you are home).</p>

<p>No matter what, the living arrangement and whatever :while it is nice that your girlfriend's family has moved in with you, don't let your emotions get in the way to taking care of your business. </p>

<p>what ever "deals" are made regarding them living in your home, they need to be documented (preferably by a lease- but if you are under 18 your can not legally go into any contracts).. If I remember correctly most insurance companies, don't pay out minors and the monies are usually held in trust until you come of age, or paid to your guardian. Your uncle can help you with this.</p>

<p>You can decide "spend down your mother's money by paying off any mortgage that is left on the house (leaving you to own the home free and clear). that way you would have less of an "asset" becasue of cap on the amount of home equity. </p>

<p>You could decide just to use the money to straight out pay for your education and graduate debt free (I agree with northstarmom, if something were to happen to me, I have no problem with my daughter using whatever I have left her to graduate debt free).</p>

<p>you have a lot of things to work out and it may not be a bad idea to talk to admissions about deferring for a year while you sort things out.</p>

9

<p>Requesting the OP not be addressed by name, would it be possible to edit the subsequent posts as well please?</p>

<p>I do not recommend taking a year off; the grief process is going to go on for quite some time, and assuming all other areas of life are in balance, the healthiest and most positive course of action would be to matriculate at Brown this coming fall as planned. </p>

<p>As to the appeals process, I now worry that any action you take might duplicate your Uncle's efforts and potentially irritate Brown. Is there any possibility that you can take over those activities and communications? They're very easy to follow, and I believe that you may be able to attract more attention and empathy than he can. You may very well be a stronger writer and communicator, as well - adults who have not been in the classroom for a while do not necessarily communicate to colleges with the same level of polish and accuracy as a young person who is in the process of completing an education. But strongly do NOT recommend that you duplicate his efforts, that doesn't seem like a very good strategy. </p>

<p>(I do speak from some experience; I lost both parents without warning while still in junior high school, so, while everyone is different, I do know from experience the validity of keeping one's life on course following tragedy - a year off doesn't really solve much except that it's another year later, Brown's tuition will increase, etc.; also, her freshman year, even though I didn't have a valid financial reason and was paying far less than my EFC, I wrote a letter to the head of financial aid AFTER my daughter was already a month into 1st semester, and within 24 hours of sending via email recieved a telephone call and $2,000 in grant money. I cannot even remember the reasoning in my letter - something about the competitiveness of the student vs. other options, and value against student's contribution to the school - all I remember is that I spent a few hours on a one-page letter, and it worked. I didn't follow procedure, either - didn't know there was a procedure for such things. Didn't need any more money for second and subsequent years, but, my point is that concise, targeted communication to financial aid officers can and does work, and I think on the school's side it may depend on how much discretionary money they may have in various funds.)</p>

10

<p>"One thing that bothers me though, is that had I gotten into Brown with my mother still alive, I know that I'd receive a larger financial aid package than what I currently have. She'd make only $60,000 a year for both of us (which isn't too bad, but still low for an average Brown household), and the house and her life insurance policy wouldn't be included as assets. Also, I'm pretty sure the $100,000 retirement fund would remain untouched as well."</p>

<p>However, if your mother had lived, it is possible that for various reasons -- health, other kinds of emergencies -- she may have had to spend her assets. For all you know, you may have had to eventually end up supporting her even if you were financially struggling.</p>

<p>I have friends who are supporting elderly parents who have debilitating diseases that result in major medical bills that are not covered by various insurance policies. I also have a friend whose house recently bburned down and their current insurance policy didn't fully cover the loss of replacing it.</p>

<p>I also have heard about elderly people who have lost their savings due to con artists or bad investments. Even when people are very intelligent, they still may be vulnerable to con artists when the people are elderly and possibly ill or under medication that affects their thinking.</p>

<p>Anyway, you do have a lot to consider, and I hope that you'll also think about taking a year off to give yourself a chance to heal emotionally from the loss of your mother, and to make the best decision possible about what to do with your inheritance and your life.</p>

11

<p>I have a very supportive family. My uncle is a lawyer and is very knowledgeable at finances and investments and that sort of thing. He is the executor of my estate and there is a trust in my name (under my grandparents, my aunt, and my uncle). I have personal access to my assets at age 21. I'm very close to all the family on my mother's side, and I trust them 100%. My current living arrangement consists of the family I'm living with paying for half of my mortgage (They pay 600 out of the 1200 per month), the rest is taken care of by social security (which sends me 1200 a month). The family also takes care of utilities, cable, phone, internet, gas, etc. The details of my finances are complicated, but my uncle has them under control and invested wisely, etc.</p>

<p>The girlfriend I mentioned earlier is now an ex-girlfriend, but entirely on purpose. At the point where we were moving in together, we decided it would be best to end it, not only for the living situation, but after losing my mom I had kinda of moved on from certain things, like our relationship. The family and I have gone to a few counselors and have spent time making sure that we are all happy with the arrangement, and so far it has been great. I was an only child, and now I have two sisters that are fun and interesting. Also, the mother really cares for me and genuinely has accepted me as a part of the family. I do not need a year to sort things out, as my mother passed in March, and I've come to terms with this emotionally by now. My life is very structured at this point, and relatively non-chaotic, so I'm ready and excited to start college at Brown this fall.</p>

<p>latetoschool-
I think that my uncle has already tried appealing the decision. I remember earlier you told me to talk with a financial aid director in person, and make a case, but if he's already appealed the decision, I think I will just wait a few months, and when I go up for a visit then, I will attempt to talk to someone there. I've talked to my actual financial aid officer before through email and she seems to be the type of person who will fight for someone like myself.</p>

12

<p>I think you're right - if your uncle has already appealed, and he has reached a decision, then, waiting until you visit makes perfect sense: time will have passed, so it won't be quite like asking Brown yet again just days etc. after they have given him a response. And since your uncle is a lawyer, he certainly covered every possibility, so, waiting is the best thing to do. I would also make sure that when you do talk to your financial aid advisor, make sure she knows the ground work your uncle has already covered and the procedures he has already exhausted. The last thing you want to do is get her to advocate your position, but accidently position her to be blindsided internally. </p>

<p>Another thing too, once you get into Brown and begin your education, you may find additional resources - departmental grants and other sorts of achievement-based scholarships, for example. My daughter has received an award or two along those lines, and she does not attend an Ivy, so, I am guessing that Brown will almost certainly offer similar and hopefully even better opportunities.</p>

<p>I am very glad you are planning to start school; you sound like a wonderful person and an excellent student and I suspect things will work out very well for you. One of the healthiest things a person can do to address grief, loss or unfortunate circumstance is to take action, and it sounds like you're handling this very well.</p>

13

<p>Oh - one last thought - grief is a strange thing; the recovery is not quite like a physical illness where things get better in a sort of straight upward trajectory. You can go along managing things just fine for days, weeks, months even, and then suddenly out of the blue a wave of grief can hit, sometimes very hard. Everyone is different, but, it seems to be this way especially for young people who had excellent relations with their parent when that parent died. If it does happen that way for you, especially if you're in school and some physical distance from your support systems, just know that it's perfectly normal and part of the process of grieving. And the process takes a very long time. Just in case you need it, you may want to form a relationship with a trustworthy, approachable person in Brown's student counseling center - I'm guessing they have such a place. At a minimum, perhaps have a name and telephone number at the ready, just in case. You may never need to use it, but, it might be helpful to have on hand...</p>

14

<p>Thanks for the kind words everybody. Unfortunately, latetoschool, I'm pretty sure that Brown does not offer athletic, merit, or achievement based scholarships. I will look into local area merit scholarships in an effort to save money which I needn't have to spend. Your responses have helped me come up with a plan of action when it comes to receiving more financial aid, so I'll follow through on those and report back how it goes. Thanks for the advice everybody!</p>

15

<p>"I feel really bad about spending a good chunk of my mother's hard earned money and savings on attending Brown. (I will tell you at this point that Brown is giving me $1500 per semester)"</p>

<p>I'm very sorry about your loss. Even though I don't know who your mother is or anything about her, I think any parent would be very proud to have their hard earned money spent on a good education for their child, AS LONG as that child makes good use of it (i.e. works hard, gets good grades).</p>