<p>I don’t understand why so many parents think they won’t qualify for the PLUS loans. If you haven’t defaulted on a government loan and haven’t been 90+ days delinquent on a debt in that last 5 years, you should qualify. They don’t care if it is a ‘bad’ idea to borrow, just whether you qualify and most do.</p>
<p>$18k is a lot of garage sales and spaghetti dinner fundraisers, but it can be done. Both parents could work a second job,give up cable tv, cell phones, and eating. Okay, some eating allowed. It is too much for me to sacrifice (especially for four years running), but others may want to do it. My daughter is going to major in theater and I’m doing everything I can to keep her from borrowing anything because I don’t think she’ll have a dime to spare when she graduates. She wants to study abroad, join a lot of clubs, hang out with friends. Alas, she has to work. And yes, some of it is to make her suffer a little as I’m not in this alone.</p>
<p>I cringe when I see people say “the payment will be only $225/mo (for TEN YEARS!), just like a car.” Fine, except don’t they also need a car? I could make a $225 payment every month, but I couldn’t have done it as a 22 year old on a starter salary, and of course that’s $225 that doesn’t go into my college savings or retirement. I don’t see many parents wanting to take out $20k in PLUS loans and then paying a $300 payment for the next 10 years. It just is a LOT of money no matter who borrows it. </p>
<p>If the full price of the school was $18k and there was no scholarship or grants, just full pay, would you ‘buy’ it? Is it worth that to you? Don’t think of it as a good deal because they are giving you $40k+, but that it costs $18k, plus loans every year. Is it worth it?</p>
<p>I really think they ought to change the term EFC to something like “Financial Aid Index” or something. For most universities the real expected family contribution is whatever government aid and the university won’t cover with it’s own grants or scholarships. </p>
<p>In defense of my statement about the $225 is like a car payment. I was lucky and had a small amount of loans. Most of my tuition was covered by a grant program. I remember my loan payments were $89 (I’m old) …ten years later with inflation that $89 was nothing. Remember you are borrowing an amount with today’s money…it won’t be the same value 7, 8 or 9 years later. Wages go up, prices go up.
Edited to say: I worked in finance my entire adult life…and have done pretty well.</p>
<p>@TempeMom…yes I remember those rates. Now that I am on saving mode (for now) I wish we had those rates. My poor elderly mother gets barely anything on her money. Those rates were outrageous. I do not see rates rising anytime soon or until at least after 2015. </p>
<p>I have friend who goes to tag sales to buy stuff and then resells them on ebay for a big profit. She knows what she is looking for and very good at it. </p>
<p>@moregrayhair. As you consider whether this is doable, here are a couple things to consider:</p>
<ol>
<li>You may already be aware of this, but the American Opportunity Tax Credit is likely to give you a $2500 credit which you can put toward tuition. </li>
<li>Our experience is that the COA overestimates some costs (like books) and underestimates other costs (like transportation). On balance, you might be able to save some money with buying used textbooks.</li>
<li>It’s true what the above posters have said about needing to report gifts toward college or other expenses, and that this may affect your EFC and financial aid award in subsequent years. However, in my very small sample, two different universities (one a private Catholic university - not Fordham - and the other an elite university that guarantees to meet 100 % full need) have based financial aid in subsequent years on the financial aid award given for freshman year inspite of subsequent reported changes in income. In the first case, the freshman financial aid award was based on one parent having been unemployed for over the first half of the year; the following year the award was the same inspite of a significant increase in parental income due to the one parent being fully employed. In the second case, the parental income decreased by several thousand dollars; when the parent called and asked why the award was not increased proportionally to the decrease, given that the university meets 100% of need, they were told that the award was based on the freshman year award and could be appealed on the basis of the decrease in income. So in both cases, the changes in income were reported but not taken into account in the financial aid packages in subsequent years</li>
</ol>
<p>My DD was accepted to the Fordham /Ailey BFA program. She is very excited and it is her first choice school. She received a FA package right after acceptance with very low scholarship money. I have called Ailey and was told Fordham handles all scholarships, Fordham told me to talk to Ailey. Does anyone know if they have already given out talent money or if any is available? I thought I read that Ailey would provide a package. Any help would be appreciated.</p>
<p>I just read this entire thread and it was both exciting and a cliffhanger.</p>
<p>I, too, am a low EFCer with a performer (actress). We are in the exact same boat you’re in (I said to myself sit down; sit down you’re rocking the boat).</p>
<p>I am also struggling to weigh loan options and awaiting FA reviews.</p>
<p>We do not have an Ailey-sized decision, but have 6-8 solid options on the table, winnowed down from 13 acceptances (BA, not BFA). All are still on the table because she can both see herself there and we need to get final awards.</p>
<p>It is such a gut-wrenching time full of second-guesses.</p>
<p>Today, one of the admissions counselors helping us with the FA appeal, sent my D an email saying “have you won any awards, made the news or raised your GPA since December?” (I think she was being lighthearted but was trying to get ammo to help us with more merit. She already has 20k merit and 3k theatre, as well as another grant).</p>
<p>So my daughter sent her a photo of a trophy from a statewide Shakespeare competition, an article from a local magazine featuring her directorial debut and a casting announcement for a public television video series.</p>
<p>The counselor wrote back: just what I need! will keep you posted!!</p>
<p>Soooo…long weekend of keeping our fingers crossed. As Randy Jackson would say, “I feel you Dawg”.</p>
<p>I wanted to follow up - you all were very supportive and helpful over the last month or so. This has been a very stressful and eye opening experience. We got a generous financial aid package from Fordham/Ailey. We still had to come up with more money than we had - so DD wrote a letter of appeal, asking Fordham to extend a bit more aid to us. And they did. The final result? She’ll be in the Fordham Class of 2018, studying at the Ailey School. Hers was a particular and unique road - different from many others around her. But she is sooo pleased - and can’t wait for September. :)</p>
<p>The lesson? Never give up! Write those appeal letters! And be thankful. We are!</p>
<p>OMG! This is AWESOME!!! Even if no one says awesome anymore (I don’t know what kids say these days). :)) Bottom line: I’m so very happy for you and your daughter. This is fantastic!!! She must be dancing around the house. Ailey + Fordham AND affordable? Best news today!!!
Congratulations to you and your talented daughter!</p>
<p>If only you knew the outcome when you originally posted. It turned out better than expected and hoped for! My dancer daughter decided on Penn State and will be majoring in Industrial Engineering with a minor in dance. There are so many clubs that perform I am more than sure she will find ways to continue dancing. As far as her friends that went the dance major route, the outcome was not as positive. One friend will be going to Mercyhurst ; great school! The other friend was rejected from Fordham, Pace and all other audition based dance programs. She will be going to Hofstra which is non audition. ( Not to be mean but I think her friend needs to read the tea leaves and pick a new major) The competition was intense for so few spots. Your daughter must be an amazing dancer! Good luck to her! </p>
Best news today!!!