<p>My husband and I make about $90K per year, and have 1 child. Our EFC is $18K per year. My son applied for early decision & was accepted to Emerson College (tuition and fees are $45K a year). I just realized their website states that merit aid would be in the admittance letter. He did not receive any merit aid.</p>
<p>We received the admittance letter in December, we completed the FAFSA and CSS profile in January. </p>
<p>I am wondering if it is possible that he might be awarded merit aid. He has a 3.5 GPA, good SAT scores and 400 plus hours of community service.</p>
<p>I realize our income seems high, but we have no equity in our home, $5K in savings, no investments (other than 401K’s totally about $60K). Unfortunately we are carrying about $25K of credit card debt.</p>
<p>I cannot afford to take out $35K in PLUS loans for 4 years. My son is going to be applying for scholarships. </p>
<p>There is also the chance that I may lose my job (or receive a pay decrease) within the next year.</p>
<p>He did not apply to any other schools and now we are scrambling around to get him to apply to other schools. His major is TV Studio Production and unfortunately none of the state schools in NH offer this major.</p>
<p>I have been crying for 2 days and feel like a failure of a parent.</p>
<p>Can you afford your EFC? If not, how much can you afford to pay each year?</p>
<p>What is the $35k in Plus Loans? Is that per year? Is that for your EFC?</p>
<p>Do you know if Emerson puts loans or gaps in its aid packages?</p>
<p>“none of the state schools in NH offer this major”</p>
<p>Most states participate in regional tuition exchange programs. If your child’s major is not offered within the NH public system, he may be able to attend a public college/university in a nearby state at in-state rates. It looks like the New England Board of Higher Education is the organization responsible for coordinating tuition exchange in your region: [New</a> England Board of Higher Education (NEBHE) - Home](<a href=“http://www.nebhe.org/]New”>http://www.nebhe.org/)</p>
<p>Good luck!</p>
<p>^^^
Studio for Interrelated Media (BFA)
Massachusetts College of Art and Design</p>
<p>Television Studies
Lyndon State College, VT</p>
<p>I think the 2 above schools are in the exchange for New Hampshire.</p>
<p>“What am I supposed to do with a story like that? The message to me was don’t encourage your kid’s dreams or they’ll end up living in your basement.”</p>
<p>The message is to encourage your kids to dream realistically. Usually, it’s easy for kids to have realistic dreams if they’re given their family’s financial facts early and told what schools are affordable.</p>
<p>It’s much harder to give up dreams when parents don’t give any financial parameters and then kids fall in love with schools that will result in exorbitant loans.</p>
<p>willow,dont give up yet. Call the school and clarify their policy for FA for early decision.</p>