Can someone please give advice about my Financial Aid situation?

Paying for College
1

<p>Here's my story. I would really, really appreciate some help with this. Any advice is welcome. </p>

<p>I'm applying ED to a school that is usually generous with their financial aid (no it is not UGA as my name may imply). I really do need aid to attend there and have a bit of a predicament. The school urged me to apply ED and promised they would work with me if I didn't receive the aid received - worst case I would withdraw ED and return to regular if the aid was not enough. </p>

<p>What I want to know here is what are my chances for aid, and how much can I expect. I know it's different for every school, but I know ya'll are more experienced on here. My family is in a higher income range (200,000+). We do, however, have a substantial amount of debt. My parents borrowed money from our equity to pay for private schooling, so there is little of that left in our home value. The CSS Profile took into account credit cards, car payments, etc, which all amount to about 90,000. With little equity left, a large mortgage, and a large amount of debt you can see that our high income is tied up in paying off past digressions. My dad thinks that, with my sister out of law school, he'll be able to pay around 25,000 a year for a school that is about 54,000.</p>

<p>I know we have a high income, but do you think these other factors will come into play in applying for financial aid. If they do, how much aid can I expect? </p>

<p>Here's some stats on what the school has given.
- about 65% of students with an income above 160,000 received an avg. amount aid of around $18,000. </p>

<p>My grandparents have offered to pay some (maybe 10,000), so obviously that does not bridge the gap between 25 and 54. What are my chances for aid here? What can I expect?</p>

2

<p>The school urged me to apply ED and promised they would work with me if I didn’t receive the aid received - worst case I would withdraw ED and return to regular if the aid was not enough</p>

<p>??? Are you saying that this school will let an ED student look at their FA package, decide it’s not enough money, and then return to Regular Decision? Are you sure? Or am I misunderstanding your post?</p>

<p>I don’t know how much weight to put into the school telling you that they will “work with you.”</p>

<p>Frankly, with your parents financial situation, I think they and the grandparents need to focus their money towards reducing debt…not taking on a pricey school.</p>

<p>My gut tells me that you’re not going to get a great aid package, but if this is HYPS, then maybe they will surprise me. </p>

<p>I don’t think debt that is related to private school education is going to make an inpact on them. If the debt was because of medical bills, that might be different.</p>

<p>The* CSS Profile took into account *credit cards, car payments, etc, which all amount to about 90,000. With little equity left, a large mortgage, and a large amount of debt you can see that our high income is tied up in paying off past digressions. My dad thinks that, with my sister out of law school, he’ll be able to pay around 25,000 a year for a school that is about 54,000</p>

<p>I don’t know if those are the right words to use…I don’t think CSS takes into account your debts. I think it just lets you list them, but there’s certainly no assurance that YOUR school is going to consider those debts. Many schools consider those debts the result of personal choices and luxury expenses, therefore they’re not motivated to be generous. However, maybe if your stats are spectacular and you would be an amazing student at the school, they may surprise and be generous.</p>

3

<p>We wouldn’t be in the financial position we are if my parents had not chosen to send their three children to private schools as well as law school. It does not mean they spend to live luxuriously. </p>

<p>Do you think I will receive ANY financial aid package?</p>

<p>And yes, the school told me that I could get out of ED if the financial aid package was not enough. We talked to multiple people including the director of financial aid and admissions.</p>

4

<p>*And yes, the school told me that I could get out of ED if the financial aid package was not enough. We talked to multiple people including the director of financial aid and admissions. *</p>

<p>Yes, I KNOW that. That wasn’t my question. </p>

<p>your words: *The school urged me to apply ED and promised they would work with me if I didn’t receive the aid received - worst case I would withdraw ED **and return to regular *if the aid was not enough</p>

<p>??? Are you saying that this school will let an ED student look at their FA package, decide it’s not enough money, and then return to Regular Decision? Are you sure? Or am I misunderstanding your post?</p>

<p>So…are you saying in your earlier post that you could change your ED to RD at that same school if aid wasn’t enough? Or are you saying that you would return to regular decision with your OTHER schools if the ED school is not enough.</p>

<p>*We wouldn’t be in the financial position we are if my parents had not **chosen **to send their three children to private schools as well as law school. It does not mean they spend to live luxuriously. *</p>

<p>You misunderstand…sending your kids to private schools IS A LUXURY expense. I sent my kids to private schools… it is a choice…it is a luxury! NO one has to do that. Paying for your child’s law school costs is a choice. That could/should have been your sister’s responsibility. </p>

<p>It’s not YOUR undergrad’s responsibility to pay for your college costs because your parents chose to pay for their D’s law school instead. Does that make sense?</p>

<p>Do you think I will receive ANY financial aid package?</p>

<p>I don’t know. I don’t know your stats. I don’t know which school this is. I don’t know how desirable of a student you are.</p>

5

<p>I think it’s unlikely that you’ll get aid as debt is not considered. Big mortgage, private schools --all that will be seen as a choice.</p>

6

<p>Schools do let you out of ED if the FA package is not to your liking. They probably did not know that your income was so high when you were talking to them. Plus I don’t think they ever give definitive yes or no responses about aid until they actually see your application.</p>

<p>I honestly doubt that you will get much, if any, aid with such a high income. Even the most generous schools usually have an income cut off lower than $200,000. The good news is that if your stats are good enough for a generous school like this, you may be able to qualify for merit aid at other schools. Make sure you also apply to schools where you are eligible for merit aid.</p>

7

<p>I think you just need to wait and see. I know that’s not a very helpful answer, but there’s nothing in your situation as far as I understand it that would assure you good aid, even from a generous school.</p>

<p>Which is not to say you won’t get it. You may. We don’t know the school you’re talking about so it’s hard to even guess.</p>

<p>Although the Profile gives you the opportunity to provide information about your debt, mortgage, equity and other expenses, that doesn’t mean that any given school will use that information in a certain way. For example, the Profile asks about home equity, but not all schools use that information in their FA calculations the same way. The Profile only gathers information that the colleges may or may not use --or use differently-- according to their own FA policies.</p>

<p>This is why is so hard to give you any sense of what may happen.</p>

<p>Generally, it is common for schools to consider medical debt, but not regular consumer debt. Some schools will take into account that parents might be also paying private school tuition for younger sibs while paying for college for an older child, but I have not heard of private school tuition being taken into consideration as a past generator of current debt. (Doesn’t mean it’s never happened, though, just that I haven’t heard of it.)</p>

<p>I agree that my sense is you won’t get much aid, but since you can get out of your ED agreement if the aid is not sufficient, then all you can do is just wait and see. I wish you good luck with it. Make sure to have other applications out, or ready to go, for some backup schools --and especially a couple that you know you can afford without aid and that you’d be happy to attend.</p>

8

<p>The school is W&L. </p>

<p>I have already been accepted into my backup school and can afford that. </p>

<p>And Mom2collegekids, there’s no need for attitude in the posting. If you’re irritated with my situation, remember, I come from a family with 5 people and I am not responsible for my parents’ spending habits. I apologize if I misunderstood something you said, but you don’t need to slap my wrist. If you can’t answer my question without being condescending, then don’t answer at all.</p>

9

<p>Are you a recruited athlete?</p>

10

<p>Sounds like you’ve got a good backup, UgaDawgs. I hope it works out at W&L for you. Once you get your award you can sit down with your parents and grandparents and see if it’s workable. If it’s not, just make sure to get back to W&L quickly and let them know you need to be released from the ED agreement by whatever their deadline is.</p>

<p>I don’t know anything about their track record for aid, but best of luck to you.</p>

11

<p>No, I am not planning on participating in a sport. W&L does not offer athletic scholarships, anyways.</p>

12

<p>Yes I know it’s D-III, but often D-III coaches will encourage recruited athletes to apply ED.</p>

<p>Just wondering why you were so strongly urged to apply ED - who was putting the pressure on you? Would it have been your top choice outside of this urging?</p>

13

<p>Something just made me realize how badly I want to go to school there. I am doing ED because I believe it will increase my chances of being admitted.</p>

14

<p>Ok, top choice, will try to make the finances work if you can, if you can’t you’ll be released from ED. I don’t think we know enough about how W&L factors debt into their financial aid equation to answer your question. As 'rentof2 says, sounds like you just need to wait. Good luck :)</p>

15

<p>Mom2collegekids wasn’t being condescending. She was simply stressing to you that your parents’ financial choices are their business, and that the school is very unlikely to give you money because they chose to send you to private school and your sister to law school. After all, you seem to expect that schools will take this debt into account when they process your FA.</p>

16

<p>I am not sure what your question really is. You said you are already admitted somewhere else and are ED at W+L now. First see whether you get in. Then see what they offer you. IF you can swing it financially, good. If not, you have a back-up already and you can decline due to finances (you don’t have to prove to them that you don’t have the money.) Is that your question? Whether they can legally compel you to attend even though you don’t have the funds? Not only would it not be problematic legally but I don’t even think you would have a issue morally since you really can’t control how your parents spend money. You are the child. </p>

<p>But I would caution you that before you apply any other place, if W+L doesn’t turn out for any reason, you get it clear what your Profile expected family contribution is (I am sure your FAFSA is above full pay) and then you talk with parents, gp, anyone else who will be funding your college and see what they are able and willing to pay. Then apply to schools where you are likely to see that amount or less as a total cost. Many LACs give out scholarships for half pay or more for tuition to good students. Every school my d has been accepted to so far has offered her money or suggested she will get money when they do give it out later. SO even though you are most likely full pay, that total will be much less than 55K at many schools especially when merit aid is included.</p>

17

<p>

</p>

<p>The CSS Profile allows you to LIST these debts but this does not mean that the college(s) will use your debt issues when computing your family contribution. With an income in the $200,000 range, it is highly unlikely that you will get much, if any need based aid. Some Profile schools do “count” private school tuition in the mix if there is a student attending private school at the same time as the college student is attending college. However, most Profile schools do not consider this…simply put, it was a family choice for you to go to private school and pay these costs.</p>

<p>Need based financial aid is for students who do not HAVE the income and assets to pay for college. The formulas are not designed for those who have the income and assets but instead have a lot of debt. That is a choice.</p>

<p>

</p>

<p>Again…that is your choice. It now sounds like no one was twisting your arm to apply ED. </p>

<p>W&L also has some competitive merit scholarships. However, if you are applying ED to get an “edge” on admittance, perhaps your stats are not at the top of their admitted student pool. Did you check their website for scholarship information and deadlined for applications, if any?</p>

<p>

</p>

<p>If your family won’t pay the cost for you to attend W&L then the school isn’t going to tie you to a tree and force you to attend. If your parents are able to contribute $25000 a year to your schooling, this will pay for an instate public university in your home state of residence…or that your “backup” is in keeping with what they say they will pay.</p>

<p>

</p>

<p>I agree with others…wait and see what the school gives you. If you want my opinion, however, I think the only “aid” you will see will be a Stafford loan.</p>

<p>Gotta add…and I know this isn’t going to make you feel better…so many students WISH that their parents could contribute $25K per year to their schooling. You may not feel fortunate right now, but really you are. You have had the luxury of attending private school and your parents have the ability to pay for you to attend a public university. That is a gift.</p>

18

<p>Institutional EFC was $44,009 out of a $54,135 total cost. I now understand that they won’t take debts, etc. into account. Will that sort of EFC help me with any sort of aid, or am I still SOL?</p>

<p>Parents’ Contribution for Student = $ 42,259
Student’s Contribution = $ 1,750
Total Estimated IM Contribution = $ 44,009</p>

19

<p>Do you have 44k from your parents, your earnings and your gps? If not, you aren’t getting aid for that amount. THe rest of the gap, you may get aid but it may be loans or loans and grant. You just have to see. Have they announced who is getting merit aid? Your financial situation should not affect any merit aid. But if you aren’t getting merit aid and you don’t have a spare 44k every year, I think you need to look at alternative schools.</p>

20

<p>You will be expected to pay AT LEAST that $44K for the upcoming year. You will get a $5500 Stafford loan by completing a FAFSA. You will NOT receive aid to cover your EFC.</p>