<p>I will be attending a top liberal arts college next year, and did not initially apply for financial aid. My family has run into some financial difficulties starting a few months ago, and I don't feel that it is fair to ask my parents to pay for my education, even though they are willing to. My guidance misinformed my family by telling us that we would receive no financial aid, and that I shouldn't waste my time filling out the FASFA. After doing some research, I've come to the conclusion that I would have likely received AT LEAST 15K in aid (my school is need blind), due to my family's high living expenses (2 other kids in college) and our relatively low savings.
In retrospect, I obviously wish that I wouldn't have mindlessly listened to my counselor and gotten a second opinion regarding financing my education. Is there a way to request financial aid this late in the game? I already have a job, but its salary doesn't come anywhere near the ~$55K/yr that I need.
I know taking a gap year to work and save up money is another option. Does anyone have any advice as to whether or not this is a good idea? Any other ways I can go to college without bleeding my parents dry or taking on a huge amount of debt so early in my life?
Thanks!</p>
<p>There is a 99.99% chance that your university has used up 100% of its financial aid funds already. You most likely would not get any aid. In that same light, it is very much so worth it to call the financial aid department IMMEDIATELY to ask them to reconsider you for financial purposes. But, be cognizant that they will probably tell you there is nothing they can do.</p>
<p>You could bleed them dry this year and possibly apply for finaid sophomore year.</p>
<p>I would have likely received AT LEAST 15K</p>
<p>That may have included $5500 in student loans. You can still get those if you fill out FAFSA.</p>
<p>What school is this? If it only requires FAFSA and not CSS profile, then it may not meet need.</p>
<p>Most schools are “need blind”. that isn’t the issue. The issue is whether it meets need.</p>
<p>And your family contribution is based mostly on INCOME.</p>
<p>Are your 2 siblings in undergrad? Or are they in grad school?</p>
<p>???</p>
<p>you put that your income is more than $500k in another thread. You wouldn’t qualify for aid even with 2 siblings in college.</p>
<p>Income Bracket: >500k</p>
<p>I’ll be attending Amherst. When I said “need blind” I meant “meets need”. It requires the CSS profile too, I only mentioned the FASFA because the discussion I had with my counselor only involved the FASFA- I’m not sure why. Both of my siblings are in undergrad, they’re twins who just finished their sophomore year. I will give the fin aid department a call tomorrow.</p>
<p>Yes my dad makes $500k. My parents are paying $120k/yr for my older siblings tuition, and next year they’ll be paying $180K/yr. I live in NJ, in a area with very high taxes and a high cost of living. I have a younger sibling with special needs, too, which is quite costly. $500K sound like a lot, but according to the financial aid calculator, I would likely be receiving $15K. I put in the info directly from my dad’s taxes, so I don’t know what tell you. My parents are struggling financially, sorry if you don’t believe me.</p>
<p>spanky - It’s not a question of not believing you. The numbers are surprising, that’s all. Hope it works out for you. If not, definitely apply next year!</p>
<p>Spanky…what does your dad do for a living?</p>
<p>He was a physician but now is the VP of a biotech company.
Thanks, dodgersmom.</p>
<p>Amherst has a good-sized endowment, so go ahead and see if you can apply for this year.</p>
<p>but according to the financial aid calculator, I would likely be receiving $15K</p>
<p>Which FA calculator did you use? A FAFSA calculator? A CSS calculator? the NPC on Amherst’s website? Which?</p>
<p>To answer your question, yes, you can ask for reconsideration. Start filing out the forms NOW. Amherst is a school that is very likely to reconsider. For some schools, you’d have a problem being reconsidered as they may have policies in place that if you do not apply for aid while you are applying for admissions, there are penalties and a wait out period unless there is a drastic change in financial circumstances.</p>
<p>There is no way on this earth you will get FA beyond the $5.5K Stafford loan…</p>
<p>You can always try! You can probably for sure get some aid next year, but I do know that FAFSA looks at your finances over the past few years before giving you their grants. (like if someone’s mom got a better job next year but was dirt-poor before that, they’ll still give them something since its only recent. And vice-versa maybe. If one’s family went from thriving to struggling, they can give them something to help them out. At least that’s what I’ve heard. This is only my first year with FaFSA, so I don’t know too much about renewing it lol) </p>
<p>So, if worst comes to worst, maybe you can take out loans for this year and then get some more money for the next few years? That would suck if it happens like that, but it’s better than nothing, right? :)</p>
<p>Good luck!</p>
<p>Amherst? It wasn’t even on your list of colleges applied to in another thread. You stated that you would most likely be attending Lafayette College, which gave you a $20K merit award. </p>
<p>Where do your older siblings go to college? Where did your twin sister decide to go? </p>
<p>(Sorry, but I don’t think a family making in excess of $500,000/year should be considered for needs-based finaid…)</p>
<p>That’s great that you recieved a $20,000 award, but I don’t understand why you turned it down?
The other threads you mention lots of advantages of the school, and given your families money concern, it doesn’t make sense to incur more debt than you have to.</p>
<p>* but I do know that FAFSA looks at your finances over the past few years before giving you their grants. (like if someone’s mom got a better job next year but was dirt-poor before that, they’ll still give them something since its only recent. A*</p>
<p>NO.</p>
<p>FAFSA does not look at finances over the past few years. FAFSA is an application that only deals with the ONE past year. Period. </p>
<p>“they’ll give them something decent if…”</p>
<p>Who will give then something decent??? </p>
<p>Your advice about FAFSA is very wrong.</p>
<p>
I don’t know where you got this information from, but it is completely wrong. FAFSA does not look at what happened in the past at all - it looks at the income for the prior year (so 2011 income for the 2012-2013 school year) and assets as of the date FAFSA is filed. Income prior to the tax year required to be reported is not taken into account at all. So if income was low in 2010 but high in 2011, 2011 is all that counts for FAFSA.</p>
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<p>Not to sidetrack this thread, but how common is it among first-time financial aid applicants (and their families) to think that FAFSA is an entity that actually gives grants?</p>
<p>^^^</p>
<p>Yes, a common mistake. So, where’s that Bank of FAFSA anyway? lol</p>
<p>I especially love the part, “**I do know **that FAFSA looks at your finances over the past few years…”</p>
<p>I want to know how he ** knows ** something that isn’t true…at all.</p>
<p>Dodgersmom hit the nail on the head.</p>
<p>I’m sorry, but if my daughter (who is applying to colleges this fall) is accepted at one of her expensive choices and we will not qualify for need-based aid, then she will have to either</p>
<p>1) receive merit aid to make up the difference between what we have saved for her education and COA</p>
<p>or</p>
<p>2) attend another school on her list that we can afford without her going into debt</p>
<p>What makes people think they deserve more than that? When your family’s financial situation changes drastically, then it may be time to reconsider where you will attend college and look at the other, more affordable options.</p>