Committing to ED before being able to appeal for more aid?

My daughter was Admitted ED
To her first choice school. We received her financial aid package which was extremely generous however just a little shy of what we could afford. Our 2020 tax year will be drastically different from 2019 because of job losses from the pandemic; almost half the income from the year before. My question is; we aren’t able to appeal before the ED commitment date. Do I take a chance and hope we get more money? I’m torn because it’s her dream school but worried. It’s not a huge amount that we need to make it.
I feel as if once they see our taxes we could get some more, but I’ve never been in this position before.

Did the FA package match the net price calculator results (which you should have run before applying ED)?

Most schools have a form on their FA pages, typically called ‘review for loss of income’ or something like that. Complete that and follow the process as they lay it out. Pick up the phone and call the FA office to follow up (ask to speak to a director), offices are likely not open until Jan 4 though.

While you wait to sort this out, do NOT pull her other acceptances and/or apps.

Has your D applied to, or been accepted to, an affordable safety? If not, you should have a Plan B, and I encourage her to get another app or two in before the upcoming deadlines.

Good luck.

Thank you so much for your response.

The Net price was close to what they offered,
Yes. Obviously based on 2019. 2020 was a disaster (sadly for many of us😢).

Yes, she does have one safety right now with a decent offer that we will hold on to.

Unfortunately I tried to call the office before the holidays but like many they’re all working remotely and prefer to respond by email.
I prefer a phone conversation to have an actual conversation, but maybe jan4.

The deadline is Jan 8 to commit.
I really don’t want to pull out if I have a chance for more money.
I’m just wondering if anyone has ever taken a chance like this and essentially received more. After all, that’s what appeals are for, right?
Any more thoughts?

That avenue to ask for more money is there exactly for families in your situation, unfortunately that is the case for many people this year.

All you can do is ask, present your 2020 financial documents and go from there. I do think you will have more luck getting email responses and hopefully a phone call the week of the 4th. You can also ask if that Jan 8 commitment date can be extended while you await the results of your request.

Good luck.

I imagine it varies between colleges but when we tried to appeal the FA award, we were told specifically: show us that 2020 was worse, and we’ll immediately adjust. Or do it when your 2020 tazes are ready, and we’ll adjust.
As it happens, for us 2020 was much better financially than 2019 so no luck on the appeal but hopefully, in your situation, it will work. In a way, you’ve answered your own question: the package was generous based on your better-than-current financial situation. I believe it is reasonable to expect it to remain generous under the new circumstances.

Thank you, that is comforting to hear.

I guess what I didn’t say is that I know I can’t get an extension to commit long enough to wait until my taxes are done. And they won’t let me appeal without the 2020 taxes. But this sounds hopeful. I guess maybe I’ll take the chance. It’s her first choice school after all.

Does the school commit to meeting 100% demonstrated need?

Are you asking for a few thousand dollars under 5 or over 10?

Don’t go down the dangerous road of it’s her first choice if you don’t have a 4 year plan to pay for it

Keep in mind that many schools are also hurting because of Covid snd do not have much to give.

This is the down side to ED. You don’t get to compare offers and you really don’t have a lot of leverage when the college holds all of the card
The the school day anything regarding financial reviews due to loss of income because of COVID?

Give the school a call on Monday, January 4 and ask for an extension on making the ED commitment until the financial aid questions are answered. The school isn’t going to give you a huge extension but they might give you a small extension.

You can try calling the college next week, some administrative offices are open.

You need to make sure you have done all the necessary financial aid reach outs as well.

Some schools will grant these extensions.

The concern I have here is that you are saying the financial aid offer is in keeping with what the net price calculator said it would be. Those NPCs are there for a reason…to give folks a decent estimate of their net costs.

But you can’t get more if you don’t ask. Keep your comment in mind…thousands upon thousands of families had reduced income in 2020.