<p>I got my financial aid package info in the mail the other day, and (like many) was disappointed. My family EFC is something like 43999 a year, which is all tied up in assets. I'm thinking that those assets are what the EFC was largely based on, as my parents don't make that much. Problem is, my stepdad was hoping to retire sometime soon (he's in his mid-60s), and be somewhat debt-free at that point. He lost his 401k/retirement savings a few years back in a divorce, so the assets the EFC is based on are effectively all he has left for retirement. </p>
<p>My question: If my family neglected to mention any of this the first time around on the financial aid app, do you think doing so would result in a higher financial aid package? Penn gave me about $7700, which includes the Stafford, Work-Study, all the trimmings. Georgetown was about $6000.</p>
<p>I'm kind of freaking out here, as my family can only afford either of these schools if their packages go up $8000-$10000. Is all hope lost? </p>
<p>I had somewhat the same issue and was offered $0 financial aid at my top choice, I did receive merit money at some of my safeties. My mom met with financial aid and explained that the large amount of assets in her name are retirement funds although not in the traditional 401k, IRA etc. My mom is a single parent and earns less then $60K per year. The FAFSA does not touch retirement funds. The school suggested we write a letter to the Financial Aid Review Committee explaining the situation, it is easy to see my mom has little in her 401K. It worked out very well and my mom is much younger then your stepdad (42). Give it a shot, you have nothing to lose.</p>
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My family EFC is something like 43999 a year, which is all tied up in assets. I'm thinking that those assets are what the EFC was largely based on, as my parents don't make that much.
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<p>based on their professional judgement the FA office beleives that some of your parents income/assets could be used to pay for your education.</p>
<p>Regarding 401ks while the money already in the account is not counted toward your EFC, the money that you contribute to the account is counted as income and the FA office feels this money could be used to pay for your education.</p>
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Problem is, my stepdad was hoping to retire sometime soon (he's in his mid-60s), and be somewhat debt-free at that point.
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<p>unfortunately there are many parents in this situation and have had to put their retirement on hold for a few years to help pay for their kids to go to college. Many colleges to not take into consideration the life choices that parents make where there are other alternatives (if this were the case everyone close to retirement age would just retire and say they don't have money to pay for their kids education).</p>
<p>43999 is your EFC? The expectation is that some of those liquid assets will be used for your college education. If the intention had been for those to be completely dedicated to retirement, they should have been placed in RETIREMENT accounts...the balances in those are not used as part of the EFC calculation (only the amount contributed in the year). With an EFC of 40K plus, your family income also high...it is not like the example above where the family income is 60K and there are no other assets except the savings the single mom has for retirement. if your EFC is in the 40K range, the expectation is that your family will be able to support your college expenses.</p>
<p>i received an NROTC scholarship to rensselaer, so basically I'd be going there for free. However, I really want to go to Loyola (Maryland) but they didnt offer me anywhere near enough financial aid. They gave me about 13,000 when it costs about 40,000 to go there. i don't know why. My EFC was 0. What should i do? Do you think if I talked to the people in the financial aid office, it would help? I'm going there saturday for an accpted students thing. Should I give it a shot? what do u think my chances are?</p>
<p>Soaring...as a Financial Aid Counselor...and as a student....I wold suggest you take the FREE education. I learned the hard way ($15k in debt) that a free education doesn't mean you will get a less beneficial education. I'm now finishing my BBA degree for free..even though the college it will be from isn't my first (or even second) choice. Should have looked at the FREEness of the first 60 credits instead of the name on my degree....and now I am paying for it.</p>
<p>well it wouldnt rly be free, cause i'd be obligated to serve the navy for 8 yrs. I just liked the atmosphere at Loyola so much better, is it worth taking a loan just so i can enjoy myself more?</p>
<p>It really depends on your interest in serving in the Navy...If this is something you really want, then I would still say go for free. Otherwise, it might be easier and wiser to go in debt.</p>
<p>Sometimes there is not a choice of putting them in a retirement account, for instance if they are in a Trust directed by the wishes of someone else. The LAC I met with offered great advice and told us exactly what to put in an appeal letter. Since there was not much money in the 401K etc., the argument can most certainly be proven that the money is for retirement. Also, since there have been no distributions over the last several years it is obvious the funds are not currently being used as a source of income. I honestly believe it depends on the school and how much they would like you to attend.</p>