<p>Hi, I was referred to this site by one of my friends after he learned about my predicament. Hopefully you guys can give me some guidance :)</p>
<p>I recently applied Early Decision and was accepted to a top15 school. I thought it offered generous financial aid since all of its literature proclaimed that it would meet 100% of a family's need but I was def. wrong. My parents combined make about 39,000 and are currently paying college tuitions for three of my brothers. Before applying, I used the collegeboard financial aid calculator and found the FM to be about $500 while the IM was about $3000. Both of these seemed very reasonable, but when I received my actual aid package, my estimated family contribution was almost $20,000 with an additional $4000 in student loans! </p>
<p>I love the school for so much, but I need to be realistic. Obviously, my parents cannot afford to pay anywhere near $20,000 so my only options are to appeal the aid package and hope for something very different or break the ED agreement and apply elsewhere. As for other colleges, I was already accepted to my state uni. and I have the apps completed for 5 other colleges that I haven't sent in but their deadlines are quickly approaching (Jan 1st). I tried contacting the FA office but they are closed indefinitely for the winter holidays. Should I expect to be released from the ED agreement and just apply elsewhere or am I facing a bleak January?</p>
<p>Any advice would be appreciated!</p>
<p>if they think your family can contribute 20K, then either you gave bad data to the school or your parents have ALOT more assets than you are aware of.</p>
<p>what financial data did you give the school?</p>
<p>Something doesn't seem right. Do your parents own a business or rental property? Will the other kids be in college next year when you are in college? Do you have savings in YOUR name? Do your parents have significant equity in a home (although with the income you note, I'm not sure that is material)? You need to check the data you put on the Profile (is that what you submitted to your ED school for finaid purposes...or did they have their own form?). </p>
<p>If it were me, I would call them and see what is what. BUT before you do this make sure that your income and asset information is correct.</p>
<p>I just re-checked the profile material and my dad put down about 60k in assets (stocks, bonds, & certificates of deposits). As for our house, we don't owe anything on it. It was bought for about $90,000 about 23 years ago and is now worth about $200,000. 2 of my brothers graduate May 2009 and one in May 2010. I have about 1k in saving for in my name. We don't have any other real estate or businesses. Would this justify the EFC of $20,000?</p>
<p>I don't think that this is something we can help you with -- clearly, there is something going on that we aren't award of.</p>
<p>Either there was information on the Profile that led the school to believe that your parents could afford that amount -- or there was incorrect information on the Profile -- or the school read/inputted the info incorrectly. </p>
<p>I would suggest emailing the office now and calling -- maybe someone will be there to answer questions.</p>
<p>I ran his numbers and added in the home equity -- and I don't get anything close to $20,000 for each student.</p>
<p>The first thing I would check is to see if the number in college is "4" (you and your brothers) and if the number in the family is "6" (or more, if you have other siblings. </p>
<p>The calculations for the EFC does depend on how many are attending college -- when I input your numbers for the institutional methodology, it calculates about $10,000 for you family. That number is then divided by the number of people attending college, giving you an EFC of approximately $2500 per student. the school can recalculate that number -- but a jump from $2500 to $20,000 just doesn't jive.</p>
<p>What school is it? Maybe others will have some information about that school -- does the school meet 100% demonstrated need? They aren't obligated to.</p>
<p>That sounds bizarre for a "top 15 school." Definitely call the financial aid office as soon as they open.</p>
<p>Sonicview, you should send in those other applications before the deadline. Even if you can reach the finaid office at the school that accepted you before then, it's likely that getting the matter resolved will take longer than the time you have left. The other schools aren't going to really get to evaluating their RD applications all that fast.</p>
<p>I agree that it seems like something is just really off in the calculations at your ED school. If it can get worked out, just inform the RD schools then that you're withdrawing you application. If it doesn't than you won't be left hanging with no options for the fall.</p>
<p>No one can fault you under these circumstances for covering your bases, and there is obviously no deviousness going on. But don't let that deadline pass without getting those backup applications in while you sort out the finaid issues one way or the other at School #1.</p>
<p>I agree something seems off
Am assuming your three brothers are all dependent attending college for their first BA?</p>
<p>Even with equity it shouldnt be that much
What school is this?
Some schools may seem to meet close to 100% of need- but for example if the average is 92% of need, and they are need aware... they may offer 100% of a package for a student who fills a slot they are eying, and another student may only receive a 60% package.
Loans, workstudy also count as meeting need as well as grants.
I think US News has info about how much of aid packages are actually self help ( as in workstudy and loans)</p>