<p>So today I was accepted to my dream school (Ivy League School) and was the happiest I had ever been in my life. That is Until I saw the aid package. See My family makes less than 50000 and my family is expected to contribute 30000 towards each year. I believe this is not right because that contribution would be over half of my parents income, and on my fafsa, my EFC was 903. We have no significant assets and are very confused as to why my family is expected to contribute so much. Should I contact the financial aid office? What are the chances of me recieving more aid? Thanks!</p>
<p>Call them and ask because that EFC they gave you is ridiculous for your parents’ income level. It probably is a mistake that can be sorted out.</p>
<p>Im going to do that, but Im also worried that we may have made a mistake on one of our forms because another top college offered me similar aid. I just hope things can be sorted out :(</p>
<p>Do your parents have significant assets? That could affect your financial aid since many top private schools look into home equity and assets like stocks, bonds, and more when calculating your EFC.</p>
<p>Im almost positive we don’t. Certainly not home equity or stocks and bonds. I’m in disbelief and confusion right now. Should I call or send in a written request to see If i can recieve more aid?</p>
<p>Review your CSS profile, make sure everything there is correct. You can also use the online aid calculator of the schools and play with that and see if it gives you similar numbers as you got. If what you said is true, there has to be an error somewhere. If there is no error, then what you described about your family situation cannot be true.</p>
<p>I would call them tomorrow with your parents and ask why your EFC is so high even though your income is low and you don’t own any significant assets. Btw, which school is this?</p>
<p>Thanks for the help. And the school is Penn</p>
<p>For Penn, also review the financial aid supplement. And no worry, things will get corrected if there was a mistake. Penn will most likely do the right thing if there was an error.</p>
<p>Go over everything with your parents. Ask them if they have any assets…savings, second homes, rental property, anything.</p>
<p>If they don’t have any assets, then you made a mistake somewhere. Look over the student section. Maybe you put that YOU earn $40K. Maybe you put your parents income as YOUR income.</p>
<p>Your EFC looks a little low for $50K AGI. Should be more like $3K unless you have a big family.</p>
<p>Definitely call the financial aid office. It’s better to speak with a live person than to try to communicate that sort of thing in writing. Additionally, if schools are going to award additional aid, it’s to the person who speaks up–the squeaky wheel does get the grease.</p>
<p>Do your parents own a business</p>
<p>Do your parents have “retirement” savings that is NOT in a retirement account (IRA/TSA type of account)?</p>
<p>The big differences that occur between FAFSA and PROFILE are, among other things,: 1) Owning a business 2) A non custodial parent in the picture 3)Home Equity 5) Retirement savings even in a qualified plan. There are a lot of other features too, but you should find out what is causing the difference.</p>
<p>My friend’s kids had an EFC through FAFSA like yours and they were PELL eligible, but they were not offered a dime outside of government monies from any of their private school because their father had remarried someone with a sizable income but was not about to contribute a dime to their college costs. In fact, the father stopped paying any child support the minute they graduated from high school as permitted under that state’s laws.</p>
<p>Unless there is a family business, a NCP, or tons of home equity, I suspect numbers input mistake on CSS.</p>
<p>Maybe one of the parent’s incomes was listed as the student’s income?? If one parent earns about $35k and the other parent earns about $12k, and the student accidentally indicated that the $35k was HIS income, then that would yield a CSS EFC of about $30k. </p>
<p>However, if there is a family business (like a restaurant or similar) and the family has a high gross and then deducts like crazy to get a sub-$50k income, then that is the problem.</p>
<p>Even if the family had a good amount of home equity, it would have to be HUGE for the contribution to jump from a few thousand to $30k since only about 6% is used towards the family expectation. The home equity would have to be in the neighborhood of half of a million dollars (guesstimate without a calculator…lol)</p>
<p>I just checked all my submitted forms for any mistakes and I didn’t find any.
We have low home equity, don’t own a business, and have what one would consider typical assets. I think I’m gonna drop a call because the amount I would have to take out in loans would put me in severe debt. What would be the best way in approaching the FA office and would I have a good shot in receiving aid that would make the school affordable?</p>
<p>Call the financial aid office and ask to talk to an officer about your aid package. Explain that your family income and your need does not seem to match up. Now you must be PELL eligible, are you not? Did you get subsidized Staffords and the PELL in your package? </p>
<p>Do keep us posted. it could be that it was a mistake. If not, I am interested in knowing what could cause such as difference.</p>
<p>Don’t worry, call the financial aid office. Most of the Ivy league schools can provide the full cost of your tuition through the multi-billion dollar endowments.</p>
<p>I just checked all my submitted forms for any mistakes and I didn’t find any.
We have low home equity, don’t own a business, and have what one would consider typical assets. I think I’m gonna drop a call because the amount I would have to take out in loans would put me in severe debt. What would be the best way in approaching the FA office and would I have a good shot in receiving aid that would make the school affordable?</p>
<p>What are your parents’ typical assets? </p>
<p>anyway…there’s either a mistake somewhere or your parents’ assets are bigger than you think they are.</p>
<p>That school meets need and you’re low income…something isn’t right. You won’t have to take out loans, so don’t even think about that.</p>