Financial Aid (Panicking a little)

Paying for College
1

<p>So I was accepted to Wesleyan University through their ED1. At the time that I applied I said that I wouldn't pursue need based aid because my guidance counselor told me that FAFSA isn't due until April. I didn't realize this, but I missed Wesleyan's priority date for my CSS profile and am worrying that I won't be able to get anything. I can afford the school without any gift aid but I would need some loans.</p>

<p>My question are...
1. Can I call the school and ask them if I can submit paperwork without rescinding my application?
2. What kinds of loans/how much can I take if Wesleyan doesn't offer me any financial aid?</p>

<p>Thank you and please help a student having a bit of a crisis!</p>

2

<p>^^ a rather poor excuse, given that Wes’ website clearly says that financial aid apps are due Nov 15.</p>

<p>[For</a> Prospective Students, Financial Aid - Wesleyan University](<a href=“http://www.wesleyan.edu/finaid/applying/prospectivestudents.html]For”>http://www.wesleyan.edu/finaid/applying/prospectivestudents.html)</p>

<p>Regardless, the issue you have now is that if you submit your forms today, you may not have a response back until early January. (Financial aid staff takes holidays.) And, of course, your deposit is due before then.</p>

<p>The only thing you can do is to call the Admissions office, explain your lack of following directions, and request an extension on the ED deposit deadline. Then get your forms in per the school’s instructions.</p>

<p>Good luck.</p>

<p>p.s.: if you only want federal loans, a late financial aid app should not be a problem.</p>

3

<p>“I can afford the school without any gift aid but I would need some loans.”</p>

<p>If all you need is a federal student loan of $5,500 freshman year, then you don’t have to do anything right now. Filing the FAFSA will qualify you for that, and Wesleyan will take care of the paperwork at their end.</p>

<p>If you need more than a $5,500 loan to make your education possible, then you need a different guidance counselor.</p>

4

<p>Ive already submitted my enrollment deposit. I am going to submit the FAFSA for the student loans and I will call financial aid today. </p>

<p>What about private loans?</p>

5

<p>What about them? You can’t get a private loan without a credit worthy co-signer if you are typical and have little income and little/no credit history. If you need loans in excess of the direct loans I would disagree that you can afford this school without any gift aid.</p>

6

<p>I will have a credit worthy co-signer. I’ll call admissions today and see what happens.</p>

7

<p>Private loans are a terrible idea. The max loans you should take out is the Stafford/Direct loan. If you can’t pay for all 4 years using those combined with your savings, parents savings, current income, and any aid from the school then you can’t afford the school.</p>

8

<p>And you can’t file FAFSA until 1/1/14. Don’t take out private loans.</p>

9

<p>The school isn’t the source for private loans. They’re not going to be involved with that. That’s up to your parents to pursue.</p>

<p>BTW…you can’t afford the school “without gift aid” if you’re needing private loans to pay.</p>

10

<ol>
<li>Do you need more than the Federal Direct Loan amount?</li>
<li>Do you qualify for need based aid?</li>
</ol>

11

<p>Mitch, your post doesn’t make sense. You wrote, " At the time that I applied I said that I wouldn’t pursue need based aid because my guidance counselor told me that FAFSA isn’t due until April." </p>

<p>You said you wouldn’t apply; you didn’t say you would apply later. They asked if you would apply and it’s a simple yes/ no question. Wesleyan is no longer need blind. Their struggle with this has been pretty public; there are people associated with the school who really wish they could return to being need blind but, for now, they’re not. So checking that you wouldn’t apply gave you an admissions advantage. </p>

<p>That said, you are entitled to take out loans and can fill out the FAFSA anytime in the next year+ to get your freshman $5,500, assuming you qualify (U.S. student, registered for selective service, etc.). You can approach your bank or credit union about private loans.</p>

12

<p>Ok thanks for your help. So 2 questions.</p>

<ol>
<li><p>Is everyone who isn’t eligible for need-based paying full tuition for private colleges or FAFSA 5,500 plus the rest?</p></li>
<li><p>Are direct plus loans good?</p></li>
</ol>

13

<p>Rephrase your first question. It does not make sense. </p>

<p>Plus loans are taken out by your parents. They are over and above the $5,500 Stafford Direct loan you can take. And they are a very bad idea. </p>

<p>The interest rate is high. Your parents have to start paying back this loan immediately. And the loans cannot be discharged in bankruptcy. </p>

<p>If you need a Plus loan your first year at this school you will one each year after. Your parents must re qualify every year and the payments get higher. If your parents can’t qualify say in year 2 you are stuck not being able to go back to your school and they still have to pay off the existing loan. Because you are not in school after 6 months YOU have to start making payments on your Stafford Direct loan!</p>

<p>If you need outside loans to try to pay for this school then you cannot afford it. People ruin their lives this way. Find a school you can afford. </p>

<p>This is exactly why kids should never apply ED if finances are a question.</p>

14

<p>Not sure what your first question is. </p>

<p>Those who aren’t eligible for aid can borrow $5500 in unsub loans.</p>

<p>Plus Loans? Are your parents going to borrow the money and are THEY going to be paying those loans back? </p>

<p>It sure doesnt’ sound like you can afford this school.</p>

15

<p>This is the average cost for freshman last year - this year’s COA has not been determined: $59,914. You personally are entitled to $5500 in federal loan for freshman year. This will leave approximately $54,400 or slightly more (after next year’s COA is established) for your parents to pay for freshman year. This does NOT include books, spending money and transportation costs.</p>

<p>If your parents cannot afford $55,000 there are two options - you say no to the college or your parents have to determine if they are willing to take out loans for whatever they cannot afford.</p>

<p>Year two: rinse and repeat. Year three: rinse and repeat. Year four: rinse and repeat. The costs will be slightly different each year since costs at the college may rise and your loan will increase, but it is never certain what those increases will be. </p>

<p>How much did your parents tell you they could afford? When they signed the ED agreement do you think they understood what they were signing? Have you talked to them at all about this?</p>

16

<p>Hey guys. I just spoke with my parents and everything is under control! We can afford college I was just worried about not applying for FA but they said its ok and I can just apply 2nd year if anything. </p>

<p>Thank you all for the input and help!</p>

17

<p>Make sure a Wesleyan will allow you to apply second year if you didn’t apply first year. Some posters have said that some colleges do not allow this without a significant change in circumstances.</p>

18

<p>Good news for you!</p>

19

<p>Mitch…you cans still get a $5500 Direct Loan by completing a FAFSA after January 1. Anyone who completes the FAFSA is eligible,for,the Direct Loan.</p>

20

<p>The following info is from the Wesleyan financial aid section of the website. It is very good. I would strongly urge you to read it all. I’ve only I included the parts that seem pertinent to your question.</p>

<p>As an aside…there WILL be deadlines should you decide to apply for aid in subsequent years. Make sure YOU find those. It’s your responsibility to do so.</p>

<p>Congratulations on your acceptance!</p>

<p>Wesleyan Home → Financial Aid → Applying for Financial Aid → For Prospective Students</p>

<p>For Prospective Undergraduates
2014-15 Application for Financial Aid and Deadlines
Wesleyan University’s financial aid program awards assistance solely on the basis of financial need to US citizens and eligible non-citizens. No aid is based on academic merit, athletic ability or special talents. Wesleyan does not “negotiate” financial aid, but does consider extenuating circumstances that may affect a family’s ability to contribute to a Wesleyan education.</p>

<p>Students that apply to Wesleyan and indicate that they will not be seeking financial assistance will not be eligible to receive Wesleyan financial aid until after the student has been enrolled for one year at the university. If an incoming student would like to apply for financial aid after he/she receives their admission letter, they are encouraged to contact the Financial Aid Office to discuss whether we are able to consider their special circumstances.</p>

<p>Documents required to determine eligibility for assistance are listed below. Links have been provided to download forms in Adobe Acrobat format (when available) or connect the viewer to the appropriate application website. </p>

<ol>
<li>FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) 2014-15
(SUBMIT ELECTRONICALLY) NOTE: THE 2014-15 FAFSA WILL BE AVAILABLE AFTER JANUARY 1, 2014
WESLEYAN’S CODE NUMBER IS 001424. </li>
</ol>

<p>It is recommended that both applicant and parent obtain PIN numbers to sign the FAFSA. Electronic processing takes approximately 8-10 business days. Use income estimates if necessary, so you don’t miss your priority date. Please plan accordingly. </p>

<p>Wesleyan recommends that you use the IRS Data Retrieval process in an effort to reduce additional documents. If you haven’t completed your taxes yet, you will not be able to use Data Retrieval until you do. However you can answer that you “will file” your taxes and you can still use estimates to answer the income questions and come back later to complete the Data Retrieval process. In the event that you have filed your federal tax return electronically at least two weeks prior to today or submitted your paper return 6-8 weeks prior to today, you may be eligible use the IRS Data Retrieval tool to pull your prior year tax information directly into your FAFSA. If you are applying to more than ten schools be sure to resubmit your Student Aid Report (FAFSA filing confirmation) with the additional institutions. </p>

<p>Students applying only for Federal Direct Loans are not required to submit 2013 federal tax return and W-2 documents.</p>

<p>Students applying only for federal student aid (primarily Federal Stafford Loans) should complete the FAFSA and e-mail the Financial Aid Office so we could waive your taxes and CSS Profile at <a href=“mailto:finaid@wesleyan.edu”>finaid@wesleyan.edu</a>.</p>