I’m trying to write a financial aid appeal letter. I saw my financial aid package 2 weeks ago, and I have been in the process of writing one ever since. If you guys could please give me some advice on what to do, that would be great!
I have a sibling who currently attends Notre Dame, and my parents are roughly paying $20,000ish a year for her tuition. But for Boston College, I would have to pay $30,000ish a year, and my father only makes about $120,000. Demanding that about half of his income be paid towards education is kind of too much, as we thought it would be lower due to the fact that my family already has high home equity loans and has already taken out a lot of loans due to my sibling’s education.
Has anyone had previous experience writing an appeal letter to BC? Has anyone succeeded?
If you guys can please give me advice on what to do, or tell me their success stories, that would be much appreciated! Thank you!
can someone please help?
if this information is needed: my family’s home equity is currently about 52k, which is a LOT and that means that my family will have a hard time paying off my college education.
Dear spiritusmuse : Your post presents a very familiar financial scenario that looks at the cost of college tuition through the prism of one year’s income. College finances are not like paying the monthly mortgage, electric bill, or heating bill, but rather is a process of planning for many.
[For those reading, each child requires $10,000 per year in net savings into a college bank account for a period of 20 years in order to afford a top level private four year education. Two children - $20,000 per year. Only have 10 years of savings time? Make that $20,000 per child.]
Your predicament is not at all unusual. However, your view that Boston College is demanding that half of the family’s annual disposable income is used for college tuition is completely misplaced. That is a decision you are making by choosing schools like Notre Dame and Boston College.
If your family is already heavily leveraged, you should include that information in your appeal, however it will not be Boston College’s responsibility to make the University affordable unless there is significant documentation indicating why your current finances are so seriously strained. Here on College Confidential, we have seen documented cases of an additional $10,000-$15,000 per year being made available in specific cases, but your current $30,000 annual bill will not completely disappear. It sounds like you need to understand what you believe your family can truly afford and be prepared to discuss that number and the reasons surrounding it with BC’s financial aid counselors.
Did you run the NPC? Is that amount lower than what BC actually expects you to pay? If so, then, you can call and ask them why and to reconsider your aid package. I don’t see BC having any sympathy for your parents having to pay to send 2 kids to very expensive private schools. Unfortunately, they consider that a choice. Usually schools expect college cost to come from savings, current income and loans. I hope things work out for you.