desperate plea for help... financial aid disaster

Colleges and Universities A-Z University of Pennsylvania
1

<p>I know this is going to sound impossible... but I have to pay about $25,000 a year when my family only makes $40,000 a year (both parents combined), if that in a REALLY good year.... today's economy is horrendous plus taxes.... I mean my family owns a small store (when I say store it's not even a store it's a kiosk at a mall) but it is barely profitable. My parents in the past have made several expensive and failed investments... Also we own a decent $300,000 house and two cars.... but other than that nothing. To add insult to injury, I missed 1/3 of the senior school year due to expensive medical leave... about $3000 (we don't have health insurance). My father smokes and my parents commute 1 hr each in total a day (both relatively costly). I know I'm listing a lot of random expenses but when you're considering our income/net income...</p>

<p>My family has no idea what to do... and we're really hoping that Penn gives all their students full scholarships sooner than later... If you don't believe that I got into Penn ED just check my posts... and if you still don't believe me... whatever.</p>

<p>My parents are very proud and will not let me talk to the financial aid office. They feel that Penn is too good of a blessing to screw around with. Regardless, I don't even know that they would even listen... I have heard from peers that they only give a little extra at that.</p>

<p>I had hoped to get some scholarships from science research... and I got tantalizing close to getting some... got siemens semifinalist and top 5 in my regional science fair but garnering no money.</p>

<p>I'm pretty much screwed... and as result very depressed. I would greatly appreciate any help/advice. Thank you all.</p>

2

<p>
[quote]
**My family has no idea what to do... and we're really hoping that Penn gives all their students full scholarships sooner than later...

[/quote]
**</p>

<p>I am a bit confused by your post. Clearly you should have registered for your courses by this time. You had your FA award long ago and your bill should have been paid. Is the problem that you cannot pay the bill and are thus choosing to not show up? Is that it?

[quote]
**will not let me talk to the financial aid office

[/quote]
**I don't understand a refusal to phone FA........yourself. Something doesn't come across or I cannot read very well.</p>

3

<p>because I was sick for 1/3 of the year... my parents, teachers, principal, and my guidance counselor wasn't even sure I could attend. it's only been recently settled but in that time we were in so much chaos that even getting to college wasn't even an important issue. getting healthy was so i'm only now realizing everything. sorry.</p>

4

<p>1.) FAFSA & CSS Profile does not spit out an accurate number of your parents' state & local income taxes, it is based on a percentage according to the state you live in. Have your parents send a letter outlying their real estate taxes, income taxes, state income taxes & personal property taxes (like tax on vehicles owned) </p>

<p>2.) Send summary & copies of medical expenses paid in 2007, include everything, co-pays, hospital bills, prescriptions, eye glasses, contact lenses and so on. If you have no medical insurance, then you have no premiums to report. </p>

<p>3.) Buy the book "How to Pay for College Without Going Broke" Kalman Chany, Princeton Review and have your parents calculate their own EFC for a private school, the IM (Institutional Formula) so that you all know HOW the EFC is calculated. It may be too late for this coming school year, 2008-2009, but having Penn take a second look is still a good idea.</p>

5

<p>I am glad you are well and perhaps you can now get to the task of FA. Most folks have found Penn financial aid counselors to be friendly, helpful and responsive. Please make a contact. You clearly have circumstances that need to be identified and resolved. Don't let fear of failure to pay paralyze your ability to gain a resolution. Be brave, make the contact.</p>

6

<p>Thank you for the confidence boost and detailing what I need to have prepared. I'll do it asap.</p>

7

<p>Keep in mind that your parents may fear sending you away following a significant illness. This is not an insurmountable financial problem and you can work through it a day at a time. Best of outcomes to you.</p>

8

<p>Some parents find the questions on the FAFSA, PROFILE, and the Penn Supplemental Forms so invasive, and the entire financial aid process so humiliating, that they simply give up or refuse to do it. </p>

<p>The most difficult part may be getting over whatever is keeping you or your parents from asking for aid. There is no pride in applying for financial aid. You have to reveal all your financial faux pas to a total stranger. I included my Police report the year $5,000 was swindled from me. All I can say is swallow your pride, suck it up, get over it, and get on with the task. You have a lot at stake.</p>

<p>A family of three living on $40,000/year may qualify you for more aid than tuition. Tuition is about 2/3 of the total cost of attending school. Room, board, books, fees, insurance, and a small amount for travel and personal expenses make up the rest. With Penn Student Insurance my daughter's total 2008/2009 expense budget is just under $53,000.</p>

<p>Start by calling the Financial Aid Office ASAP. Call early in the day and have a pen & paper handy. Ask to speak to a financial aid officer/counselor, (sometimes students or receptionists answer the phone).</p>

<p>When you reach someone explain:</p>

<ol>
<li><p>You wish to apply for financial aid, even though you are late.</p></li>
<li><p>The reason you missed the financial aid application cut off date is because:________________________.</p></li>
<li><p>Ask what this person recommends you do.</p></li>
<li><p>Write down your contact person's name and phone number!</p></li>
</ol>

<p>If you received an aid package but the amount was low, ask how to appeal that decision. Do they know about your illness and the expense?</p>

<p>The worst that Penn can say is no. They will not say "no, and furthermore, since you asked, we changed our minds and don't want you here any more." My experience is they are human beings who try to help. If you have a need and you tell them about it, they will attempt to help you.</p>

<p>Oh, and you're not alone in being afraid to call Financial Aid. I just watched a well respected mover and shaker of my community spend a week psyching himself up to call them. The people I've spoken to at Financial Aid were very nice.</p>

9

<p>Well... now there are two options after calling...
1. selling our home/car...
2. taking a gap year.</p>

<p>i'm feeling so guilty but I need to make a decision.
thank you all.</p>

10

<p>Sorry to bother this forum again, but I have a few last questions. How does a gap year work? Also any suggestions what I should do during this gap year.... I usually spent time doing science research and playing jazz... but I want to try something different. Sorry I know it's my own problem but any suggestions would greatly help. Thank you.</p>

11

<p>Neutron, you need to talk to UPenn and ask for them how to request a gap year. They will let you know.</p>

<p>As to what to do during that year, I think you need to earn money and get familiar with your family finances and the financial aid picture so that a year does not go by and you end up just exactly where you are now. You are not taking this gap year for recreational purposes but for financial ones. You need money.</p>

<p>I am assuming that you filled out FAFSA and PROFILE and got about $25 k in awards from the school. You need to study your family economics and see if there is any way you can make this work. You may also want to consider taking a class or two at a local state school that can get you ahead in credits so that maybe you can shave a year off of your college, saving 25%. I know kids who have done that. If you can get a handle on the fin aid process and work things out to get some more consideration, apply for some outside awards, and come up with some more cash, it'll make a difference too.</p>

12

<p>My situation is a tad worse than yours--low family income, outstanding medical bills, long-distance daily commute, no assets, etc.--and my parents have to pay 20k.</p>

<p>I mean, Penn isn't HYPSM. I wrote a very compelling and lengthily letter to my school's FA office, and even then they only gave me 1,500 dollars. With the economy in its current state, they're not going to be flexible. You can try to get a little more money, but don't kill yourself over it. I understand how you feel, don't be sad: there's not much you can do.</p>

13

<p>I'm not sure what is going on here. From what I have heard UPenn gives some of the best fin aid packages available. They meet 100% of need. What is it that is giving your families such high institutional EFCs? Low income and no assets cannot possibly give you a high EFC. Do your parents own their businesses? Do they own their homes? Are the forms being properly completed? </p>

<p>I guess this is another example of why those who need or want fin aid should not apply ED (not implying either of you did). The school's definition of need and yours can be waaaay off. This is a sterling example of such disparity at a school that is supposed to one of the best in providing need.</p>

14

<p>Times have changed. </p>

<p>While Penn might have been among the most generous institutions in the past, HYPSM have set a new standard for what defines the ideal financial aid package. While Penn has given him a great package--who can say that 25,000+ in grants is not great--it cannot hope to match that of HYPSM. While such an award may seem pitiful and minuscule, it is in reality quite a hefty one. Penn has not changed in its generosity: we have changed in our expectations.</p>

15

<p>^ However, as part of its current $3.5 billion capital campaign, Penn is seeking to add $350 million--and probably significantly more when all is said and done--to its endowment of undergraduate financial aid:</p>

<p>The</a> Priorities | Penn : Making History</p>

<p>This may not be of immediate assistance to many students, but Penn has set some lofty goals for undergraduate financial aid--it's one of President Gutmann's top priorities--and it intends to fully compete with the likes of HYPSM in this regard in the not-to-distant future. A big step in that direction is the complete elimation of loans from FA packages, which will be in effect for 100% of FA recipients by Fall 2009.</p>

16

<p>Wow... the nail is in the coffin. One of my generous family members from Korea was going to provide some money for my education, because I'm the first one to go to college... but it's not enough because my father just was diagnosed with diabetes. </p>

<p>While it's crying over spilled milk, my best friend from hs and I were supposed to be roommates... haha he just emailed me that he's bringing the minifridge. I guess I got to break it to him asap.</p>

<p>I hope God has a plan for me.</p>

17

<p>i <3 starcraft too.</p>

<p>hope everything works out, i do sort of hope you're trolling, because you have quite a ****ty story.</p>

18

<p>Penn gives amazing financial aid packages. Trust me on this one as I'm benefitting from one of them. You have to be very involved with your financial aid officer and there's a lot of paperwork to go over, but it is definitely worth it in the end.</p>

<p>Sucks that you would up in this situation. Hope everything works out.</p>

19

<p>Penn's FA is pretty fabulous compared to EFC, as most people I know on aid pay less than that amount.</p>

<p>Neutron, your family has to have money somewhere. Punching in 40k annual income + 100k estimate on the worth of the family business (you said it's just a kiosk and barely profitable) into a calculator for a family of 3 gives an EFC closer to $3,000 a year (home equity ignored for the federal methodology, right?). What could possibly make Penn decide you have to pay $25k?</p>

<p>I know people who sound far better off than you who have to pay less here.</p>