<p>I just got my financial aid today after numerous calls over the past few weeks and found out that I have about 20k in unmet need. My EFC is 0, so I have no means in which to pay this aside from taking out a private student loan which would end up costing 80k for four years. The issue is that I had deferred admission for a year so I'm committed to Carnegie Mellon without a backup or rival offers to contest the package with. 80k in loans just for undergraduate seems like a hefty sum and I'm afraid I'll drown in debt before I even start earning money. I plan on calling the financial aid office on Tuesday to see if there's any way my package could be increased. But is there anything else I could do? Anything I could say that would make them more likely to increase my aid? The reason I had deferred for a year was because of medical reasons and my parents struggled just to pay for the health bills, but I'd addressed this situation in my CSS Profile, so I don't know if I should mention this again to the financial aid office? I've also applied for several scholarships, but even if I managed to get all of them, it would not be enough to make up for the huge deficit.</p>
<p>I think they can help you out if the issue is medical bills. I agree that $80k in loans is too much! I’m not even sure if anyone would lend you that much money anyway. Can you write a letter to the financial aid office detailing the impact the medical expenses on your ability to pay for college?</p>
<p>When a school does a special circumstances adjustment to reflect something like medical bills, it is used to adjust your EFC. If your EFC is already 0 I don’t think the medical bills are going to help. Ask them anyway, but don’t expect too much. It sounds like they just do not meet need without loans, or if they do promise to meet need there is something else on CSS that indicates to them that you have less need than FAFSA does. Did they not give you a FA award last year before you deferred?</p>
<p>You are right to feel that $20,000 is much to much in loans. You do not want to be $80,000+ (it will be higher unless you are able to pay the interest every year while you are in school) when you graduate. You should either look for a school that is still accepting applications - the problem with this is that if you have the stats for scholarship money you may have missed the deadlines. Or you may need to defer another year. Disappointing, but much better that a hige debt hanging over you.</p>
<p>No, CMU does not guarantee to meet need. The OP can talk to the financial aid director and ask for grants to cover the $20K gap. That is really the only solution I can see unless the student/parents take out loans for that amount. I am not optimistic about what CMU is going to do. I know a mom who became a quadraplegic due to a car accident, wanted/needed more money for her son so he could stay locally and had an offer from Vanderbilt that they wanted matched, and it was no go. They would only give out more loans, an option that was available in any case. </p>
<p>Did you originally have a better package from CMU when you originally applied and were accepted? If so, that can be brought into the picture.</p>
<p>Otherwise, with a zero EFC, I suggest looking at state schools to which you can commute that are affordable. You have $5500 in PELL to work with.</p>
<p>Some people in another thread say that my financial aid package could potentially improve after freshman year, but I’m doubtful and don’t want to take the risk that it won’t. I also don’t know how student loans work or if any bank would allow me to borrow such a large amount, but it’s my only solution if the school doesn’t give me more aid.</p>
<p>I’m planning to go pre-med and try for an MD. So I don’t want to graduate with a 300k debt (undergrad + md). Deferring for another year is something I really don’t want to do, because I’m already behind a year and was hoping I could maybe catch up if I take on a greater workload and graduate in 3 years.</p>
<p>You are wise to be careful about running up debt, particularly if you intend to go the MD track. Maybe you can start in the local CC to keep costs down?</p>
I think you are very wise to be doubtful. I think they are giving you bad advice, it is quite unlikely that your FA would improve after your freshman year. Think about it, if the school is not willing to improve your aid when they are trying to recruit you, why would they improve it once they have you? Sounds like “magical thinking” to me.</p>
<p>As a general rule, one gets the best aid package freshman year. Though, it is possible to get additional money as an upperclassman, it is rare. They are usually through departmental awards and many are small amounts, certainly not going to cover ay $20K gap. Most schools increase the loan burden on the student each year.</p>
<p>YOU are not going to be able to take out the loans without an adult with good credit co signing. Your parents might be able to get PLUS, but again, your family will be on the hook to repay those amounts and they are already strapped.</p>