Financial Aid Advice? (Int. Student)

<p>I’m an international student who got into Bryn Mawr for ED II. However, I was anticipating a larger sum of financial aid that I ended up receiving in the end, and now I’m unsure whether going to Bryn Mawr is a wise decision. </p>

<p>I’ve calculated my expenses and sources of finance, and it seems I’ll graduate with about 70k in loans if everything works out*. Coming from a middle class family, I didn’t qualify for a higher need-based aid award, which I understand but is tough to come to terms with. My parents are offering to support me with 10k a year, which is but a fractional sum of the tuition cost.</p>

<p>I was wondering if anyone has been in a similar situation, and if they have any advice. Thanks in advance.</p>

<p>*I may get a partial scholarship from my loan from the government. If I don’t, everything is a loan and thus the sum will subsequently be much greater.</p>

<p>I’m not really sure what your choices are at this point… Private colleges in the U.S. all cost about the same, and I would assume that BMC’s financial aid package is pretty average (although some colleges can be more generous.) Even if you were to go to a state university as an out-of-state student, the cost will be somewhere between $38,000 and $50,000 per year, and it’s unlikely that you would get any financial aid (grants.) So, with all that considered, your package from BMC that leaves you to borrow approx. $17,500 per year is about as good as you can expect. As unfortunate as it sounds, $70,000 in debt for a 4 year college education is not so unusual these days ;-(</p>

<p>Hi fairburn, cheers for the reply. I suppose I wrote in a moment of stress and panic, but I’ve talked with a few people in varying situations and reassed my position. There’s some things I’ve found out (non-financial) that might help me, so right now it’s somewhat of a waiting game :-)</p>

<p>If your family contribution seems higher than what your family could theoretically contribute (what they <em>want</em> to contribute is a different matter), talk to the financial aid office and make sure that your financial aid application was processed correctly. </p>

<p>I know several students in my year who got a better financial aid offer the second time around. For example, I am from a welfare state and various mandatory “insurances” we pay were initially counted as voluntary investments; after a review, they were counted as taxes and deducted from my family income before the family contribution was computed. </p>

<p>A friend of mine suffered due to a data entry error. The value of her home was recorded with an extra zero…</p>

<p>

Don’t wait too long. I assume your ED agreement says that you either have to withdraw your other college applications now, or else ask to be released from the ED agreement due to financial difficulties?</p>

<p>

Also take into account that fees increase every year. The long-term national average has been 7% per year, I believe. This means that 4 years of tuition, room, board and fees might actually cost you 4.5 times the first year’s worth of tuition, room, board and fees.</p>

<p>Hey there b@r!um (is that a reference to the element?). Thanks for the information-- I’ve read around a bit and you’ve always been very helpful, so I just wanted to thank you on behalf of the many other people who might surf older forum threads/posts :-)</p>

<p>If I withdraw from Bryn Mawr, it won’t be to wait on offers from other institutions-- I’ve already written to withdraw from the other colleges/universities, and if I decline Bryn Mawr’s offer it will be to stay where I currently live. The deadline for the deposit is the 15th.</p>

<p>Everything you’ve mentioned is very valid-- I have talked to the financial aid office and they have adjusted my financial aid package based on some special circumstances. I believe the amount they’ve given me in respect to my family’s contribution (which I have also calculated myself) is fair.</p>