Financial Aid Package--Good or bad?

Hello! This is for Amherst College.
I am married but not officially–we just married 03/27, and have yet to file paperwork. But they are considering me as married, rightfully.
How do I respond, to ask for more aid, if they’re assuming I can afford $13k a year? Or is this a good award? My wife has made 20k a year consistently, and I have made 40k. That number obviously has gone way down because of the pandemic, and we are currently unemployed.
Any tips on an approach? Thank you!
I’m not sure how it’s worked out, the 13k student contribution, but it’s a burden for us.

My estimated cost was:
$84,168
Tuition and fees: 61,160
Room and Board: On campus, $16,100.
Books and supplies: $1,000
Personal expenses: $2,400
Travel: $1,000
Health Insurance: $2,358
Medical expenses: $150

**Student contribution: $13,170 **
Remaining need: $70,998

Award: $70,998

The books, personal expenses and travel are estimates, not direct costs, so you can possibly economize in those areas. Did they give you any loan information? They may be thinking that your student would take the $5500 Federal loan for part of their contribution. Additional funds would be through work study and summer work. You may want to set up an appointment with one of the Amherst financial aid counselors so that they can walk you through everything.

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Hah, thank you for the info! Just for clarification, I’m the student—35 year old return student, one of the 20 transfers into Fall 2021

Has your income situation changed from what you submitted in connection with your FA application? You mentioned you made $60k and are now unemployed. Which figure did you use for your FA app?

Thanks yeah—combined we made 60k. We based for apps off of 2019, we’re both now unemployed (restaurants). So significant drop. Unasked, admissions encouraged the same— to let them know if our income has decreased. Do you ask for a formal reconsideration or just chat during an appointment?

Thanks for the help!

Usually there is a formal process. Amherst form can be found here, scroll towards the bottom of the page.

https://www.amherst.edu/offices/financialaid/forms_links

Your expected contribution will be based on your income in 2019 and your reportable assets as of the day you completed the financial aid forms. You mention your income (and that of your new spouse), but you say nothing about your reportable assets. Do you have savings or investments (including real estate) outside of qualified retirement accounts? HMom16 mentioned student loans and earnings while you are a student. Is there any reason that you do not have access to student loans or will not be able to work and contribute earnings to your college expenses? My initial sense is that asking a 35 year old student to kick in $13k for a year at Amherst is not unreasonable.

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You need to contact them, explain you are now married (change in housing), and have a new income. They will probably set up a meeting with a FA counselor to go over everything. Have as much documentation as you can, showing all your income (current and past), expenses, what your plans are for living in Amherst.

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Thanks. No assets except a few grand savings. During the process they stressed that they strive for students to not take out loans—so trying to minimize loan taking as much as possible. If I have access to federal loans I’d be willing but not Fannie Mae, etc if can be avoided.

We’re moving from NYC to small town Mass so with me in school, and a eventual baby next year—going to be hard to match the income of what’s available in nyc. But definitely will make any package work, just wanted to get a sense if this offer is expected/standard

Nothing is going to be standard about a 35 year old transferee attending Amherst, where 98% of your fellow students will be at least 10 years younger than you.

If you are using on-campus room and board, I have to think that your other living expenses will be relatively small next academic year. What about health insurance? Do you and your wife have it already, and do you have coverage in mind for a newborn next year? If you will have your own insurance that’s acceptable to Amherst when you start in the fall, then you can take that $2,358 line item off of your estimated cost.

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They included a health insurance scholarship equal to the cost of the University’s health insurance, which is $2358. It’s unclear to me if we have to take their insurance if we’re to keep the scholarship. We have very affordable health insurance, something like $750 a year, in NYS. It won’t work outside of NYS though; so we definitely need an MA option that we’re searching for, either the school’s or outside of it. We’re fully planning to have the baby while up in MA and thankfully there seems to be a lot of great options and providers for healthcare in Mass.

You make a great point about there being nothing standard about a 35 year old attendee. These suggestions are helpful.

Does anyone know if their housing award offer could apply to off campus housing, or if that’s how they’re viewing me in terms of financial aid? Before applying they mentioned that they do not have on campus family housing, but they have a few students each semester, especially transfers, who live off campus.

You have to work with them on housing. I’m sure the $2350 is for a dorm room.

Schools don’t like to write checks for off campus housing. My daughter’s school gave her very generous FA, but did not write checks to vendors, landlords, etc. If she lived on campus, her dorm was covered. Since she lived off campus, nada. Same with insurance. They would not write a check from the school’s funds, so daughter had to pay the insurance from her student loan (billed through school, paid from her loan funds).

You are in an unusual situation for Amherst. You have to check with them.

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As an independent student, you are eligible to borrow $10,500 as a sophomore ($11,500 as a junior)

Even families with 0 EFCs high school students have a student contributions from work to cover personal expenses.

Seeking clarification is your $13,170 based on you applying for financial aid as a single person?

Did you file the FAFSA as a single or married person? You most likely were not married when you filed your original FA application since you just got married on 3/27.

You have a need based package that covers your tuition and fees.
they have factored in a room and board cost of $16,000 for you to live on campus (leaving you $6262 balance for your direct billable expenses).

The school is looking for you to cover this from your EFC. If you are cash poor, then you have to option of minimally a $10,500 (since you are not a freshman but a transfer student).

This will change because you are a married student with a baby on the way. Most schools will not increase your financial aid because of you have chosen a change in your lifestyle. As a married person, this is a family decision for you to attend school as a full time student. In the place of parents being first in line to pay for a high school student’s education, you and your spouse are first in line to pay for your education. The for real, for real is Amherst is going to be hard pressed to subsidize you as a full time student and your wife as a full time SAHM.

They will adjust your housing cost for off campus housing (it may not necessarily result in an increase in aid). Is there any kind of work that you can do between now and August when it is time to attend school. The NYC min wage is $15.00/hr. Whole foods/Trader Joes in NYC pay approx $17/18 as a starting salary. If you got a fast food job you could make a few thousand to put a dent in this cost. If both of you are unemployed how are you meeting your bills now?

You will need start of money when you get to college. How do you expect to pay for the sundry items that you will need once you are a full time student?

I would get in contact with your financial aid advisor and talk about your change in situation. They have forms for that where you can show them and declare that your income dropped dramatically and they could reconsider your aid package.

Thanks! About to write to financial aid. Most of the FAFSA questions were based on 2019; on my CSS profile, I indicated a change in household. Amherst followed up and decided that I’m married. I’m okay with maxing out federal loans—that’ll pretty much make the difference.

The big question is housing: is there a way to at least get the 16k toward housing they allowed me for off campus housing? Will they give less? That’ll leave us a 10k gap in expenses that we can make up, through work and a partial loan.

They have not left you with a gap.
Financial aid is based on the following premise COA- EFC = Demonstrated need.
They determined your EFC to b e 13K
Amherst met your demonstrated need.

Unfortunately, it is going to be a struggle to pay your EFC (not an unusual occurrence). If there are no loans in your financial aid package, you can use your loans to pay your EFC. However, it is highly unlikely than Amherst is going to take your EFC from 13K to 0 to cover housing.

Thank you for the clarification. My big question is: if they have determined my room and board is 16k, and they grant me permission to live off campus Bc they do not have family housing—can that 16k still go toward room and board, or will they take it back? The 13 k contribution plus unaccounted for expenses I can make up in federal loans, the Amherst loans, and work, but it’ll be too much if I don’t get anything that’s allowed toward housing, which in their seminars they acknowledged that they are aware even if you live off campus that it’s required…

You need to ask an Amherst Fin Aid Director these questions…there is variability in how schools treat this situation. Good luck.

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I don’t have any insight into the financial end of things - hopefully you can get your portion down a bit, especially with a baby on the way. What I want to say is Congratulations! Amherst is a great school and I am beyond impressed that you are going back at 35 to get your degree. It’s a testament to incredible perseverance in my eyes, and someday you can share your journey with child (and Congratulations on that as well).

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They will most likely repackage you based on off-campus housing. Does that mean that you are going to get 16k more in aid, Your package is currently $70, 998.

If they back out tuition (61, 160) they will probably refund you the difference $9838 to use toward your room and board.

For example they have currently estimated your room and board as 16, 100.

16, 100 -9838 = 6262 (which you would have paid from your EFC).

Let’s say the difference in off campus housing is $6000 more ($25,100).
Amherst may end up increasing your aid package by the difference ($6,000). If your housing is more than what they allocate because you want a 2 bedroom apartment (or other bells and whistles, you pay for it).

They are not going to front this money to you.

When you live off campus, the school does not make deals with landlords. You are going to be responsible for finding an apartment, signing the lease, paying your first and last month’s rent in order to move in. Yes, you are going to need upfront money.

The landlord is not going to wait for you to get a disbursement from school.

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