financial aid for returnees

<p>Nobody’s disagreeing with you on that, interesteddad. But in my experience and in the experience of others, there are definitely people who, knowing that Swarthmore is known for very good financial aid, are disappointed with their financial aid packages and expected more.</p>

<p>@ shellfell - I am just curious: did you end up taking a plus loan for your child? And if so, do you feel, looking back, that it was worth it? </p>

<p>PLease forgive me if I am asking too many personal questions - just curious as to how you handled your situation.</p>

<p>@ Interesteddad - In our case, I just feel that the first year FA that Swarthmore offered our family was particularly low and was done to entice us into accepting their offer of admission. In year 2 we are now going to have to pay the piper as it were, and Swarthmore probably feels justified as we got a fair deal in year 1 FA package. But I dont think it was fair giving us a false sense of expectation/security as to what would be the reasonable cost to our family to attend Swarthmore. </p>

<p>so here is my dilemma : Return to Swarthmore and take out a plus loan that may end up equalling $134K upon graduation (on a child that is going on to graduate school) OR transfer to U of MD and if daughter commutes to school (15 minutes away) will only cost us $4K /year with Pell grants.</p>

<p>very tempting: no loans …no stress…but also no Swarthmore.</p>

<p>ps - daughter has been a gem and is resigned to having to leave Swarthmore. I have not had any histrionics from her although I know she does not want to leave. Swarthmore was her first choice school and I know she would like to go back. She says she will be happy at U of Md but it is such s different school from Swarthmore. I really feel I have left her down.</p>

<p>we are trying to get through the reality of the situation and remove emotions from our decisions - but it is hard.</p>

<p>Joix,</p>

<p>I have no experience with fin aid at Swarthmore, but something does not sound right here. Unless your income had changed, I don’t see why their finaid offer would change this much. Did you try to call and talk to them? All my contacts with administration at Swarthmore were always a good experience. They are informal, and try their bast to be helpful.</p>

<p>joix: we did not take out a PLUS loan & fortunately our income went up the following year (and we didn’t bother applying for FA again). But I can appreciate your dilemma…is it worth going into debt for a Swat education? I’m not sure how much debt I’d have been willing to take on.
I agree with nngmm that it would be worth talking to someone at Swat…maybe they can do something or offer a better suggestiion.</p>

<p>Hi nngmm - the FAO was very kind to our daughter when she called to ask for a review. A review was done but no additional aid was offered (which we expected since Swarthmore always tells you they give you their best offer). The people at Swarthmore have always been helpful but I think they are just following guidelines. </p>

<p>They cited an increase in my income (which still put me well below 50K/yr in the high cost area of Washington DC! Anyone who knows this area knows that 50K is not alot of money to live on). The only thing that could have made such a substantial difference to our family contribution may have been the ex’s income which of course I do not have access to and he wont tell me.</p>

<p>I am in conversation with daughter’s father and so I think by the end of this weekend a decision/plan would be reached as to how we move forward. I think what interesteddad said may be correct which is that only swarthmore really knows the real financial standing of all parties. I am hoping that the increase was primary a result of ex’s income which I hope translates to his ability (and willingness) to pay the increased tuition. </p>

<p>@ Shellfell - thank you for your reply. I am still in shock when I hear that people can pay the full swarthmore tuition, R&B without financial aid! God bless you! Like you though, FAO told us to get a PLUS loan, apologized that there was not better news and hoped that the info would help us stay at Swarthmore. (which suggested to me that they were prepared to let us go…and that after all the effort spent recruiting my daughter)</p>

<p>I’m just not looking forward to paying 1600/month for the next 10 years…that’s almost half of my take home income. The other half would be my mortgage! So what’s left???</p>

<p>Thank you everyone for your comments. I do feel better than I did earlier…I think I will also take a lesson from Shellfell and that is to increase my income next year!</p>

<p>joix:</p>

<p>I don’t think Swarthmore low-balled you in the first year. They didn’t even increase expected summer earnings. Something changed.</p>

<p>

</p>

<p>Something doesn’t compute. That’s over $40,000 a year for three years of Plus Loans, but you implied that Swarthmore increased their family contribution by roughly $12,000 a year (you said they went up to where everyone else started). None of that makes sense to me, but I’m stepping away. I just don’t get involved in individual financial aid calculations. The devil is in the details.</p>

<p>On your income, the family contribution would be very low – unless there were signficant cash assets available to pay for college. Any increase you saw would not have made much difference. There’s gotta be income and/or assets you aren’t seeing. </p>

<p>Ex’s are a nightmare for financial aid offices. They run into cases every year where ex’s can afford to write a check for tuiition and refuse to pay a dime. Alas, need-based schools don’t award aid based on what both parents would like to pay; they award aid based on what both parents can afford to pay. Sucks for everyone involved.</p>

<p>I’m sure that whichever way you decide to go will work out fine for your daughter. It’s a rotten position to be in for you guys.</p>

<p>Hi Interesteddad - Thank you for your comments. I understand how you feel because it doesn’t make sense to me either!</p>

<p>…but I think it doesn’t make sense because I haven’t sufficiently accounted for ex’s financial situation. I have assumed that my income increase alone was the primary reason for the increase in family contribution. This may not have been the case. (and no, I do not have any hidden assets or cash - I have a ton of equity in my primary residence but that’s it.)</p>

<p>So a fair assumption is that it must be the ex’s situation that has changed and has impacted things. For me that is good and bad: it’s a relief to know that on paper he can technically pay the increased in tuition but the question is will he? </p>

<p>I thank you for patiently listening to me - I know it can’t always be easy! But the comments here have made a difference and have helped me think more clearly through this. </p>

<p>As I said by this weekend I will know what exactly the plan is for my daughter. </p>

<p>(ps - the 134K assumed the worst case scenario which was that we would pay close to full tuition in year 3 and year 4!)</p>

<p>Good luck with your ex. I hope things work out well for you & your daughter.
The year we applied for FA we were dealing with lots of extraneous factors that affected our income & outgo that, altho we explained them to Swat, seemed to not matter to them. We were fortunate that it turned out to be a one year blip, but I do understand that not everyone’s finances can recover in one year or that everyone has the resources to afford Swat.</p>