Financial Aid Question

<p>Hello Everyone!</p>

<p>The financial aid I received from Penn was unfortunately very little and unless I get a little more lovin' my family and I won't be able to pay. Other colleges have been willing to pay almost twice the grant that Penn gave me too. I was wondering if it the FinAid office will help us out if I call and is it worth mentioning the other schools which are providing so much more aid? Thanks.</p>

<p>Here’s some of the specifics:</p>

<p>FAFSA EFC: 13K
Duke EFC: 19K
Penn EFC: 38K</p>

<p>I don’t really get it…</p>

<p>Penn is terrible with aid. My family went in with the sharks to pay for my first year and I’m now on my own paying what I’m projecting is full price for second year (3rd and 4th year financing is a flight of fantasy at this point).</p>

<p>You’ll have to decide whether the difference is worth it for you. I’m forced into Wharton because I have absolutely no immediate family or distant relatives in the field so I’m 100% dependent on Wharton’s brand name and network. If you’re in a better situation, might not be worth the price for you.</p>

<p>Definitely have your parents call Penn’s Financial Aid Office. Do some reading though. A quick google search brings up:</p>

<p>[Don’t</a> call it negotiating - US News and World Report](<a href=“http://www.usnews.com/usnews/biztech/articles/060417/17negotiate.htm]Don’t”>http://www.usnews.com/usnews/biztech/articles/060417/17negotiate.htm)
[Negotiating</a> Your Teen’s Financial Aid - CollegeBound.net](<a href=“http://www.collegebound.net/content/article/negotiating-your-teens-financial-aid/1160/]Negotiating”>http://www.collegebound.net/content/article/negotiating-your-teens-financial-aid/1160/)
[Negotiating</a> Your College Financial Aid Package - Associated Content - associatedcontent.com](<a href=“http://www.associatedcontent.com/article/36316/negotiating_your_college_financial.html?cat=48]Negotiating”>http://www.associatedcontent.com/article/36316/negotiating_your_college_financial.html?cat=48)
[If</a> you need more financial aid than a college offers, try negotiating — carefully - The Boston Globe](<a href=“http://www.boston.com/business/personalfinance/articles/2010/04/13/if_you_need_more_financial_aid_than_a_college_offers_try_negotiating__carefully/]If”>http://www.boston.com/business/personalfinance/articles/2010/04/13/if_you_need_more_financial_aid_than_a_college_offers_try_negotiating__carefully/)</p>

<p>My daughter got her aid package yesterday. They met our need higher than Yale. They included a much larger workstudy (which of course has to be paid upfront) of 3100, a 5500 loan (which we don’t have to take but it was there) and a much larger, by 1000.00 student contribution. My daughter doesn’t have a large amount in savings, and that was more than the ratio I thought they used.
I could call, but she said she’d rather have me not, she knows what Yale is offering, how they figure it out and is comfortable with that, and it saves us money.
It is an education to read how many schools figure out need in their own way, especially 100% need.
I did read UPenn will match or look at other offers, it can’t hurt to try, one poster said they met another schools package.</p>

<p>No…I would call. Make sure they know theres a chance they’ll lose your daugher to Yale if they dont give you a better financial deal.</p>

<p>last year during new student open house a girl presented her Yale fin aid package to a sfs rep and asked if they would match. She was literally laughed at.</p>

<p>man…I hear from Penn regarding financial aid on Friday. If they pull the same thing they pulled on the OP, I will seriously consider some of my other top schools. I will ask them to match my aid offers from Dartmouth and Duke, though, so maybe they wont laugh at me = /.</p>

<p>She really prefers Yale, but it would have been nice if they had been closer…if they adjusted it this year, would they next?</p>

<p>I think Debruns is saying that Penn’s package was better than Yale’s… My Penn and Yale packages were pretty similar, as I recall. </p>

<p>Also, necro, If I remember correctly, last year, the problem with your financial aid was that your parents were making a lot of money. If they have the income, no school is going to give the aid.</p>

<p>No actually, I was saying, Penn was higher. Yale was a better deal by about 6.000, maybe more. They gave her more need-based aid, less work study which means less to pay upfront (and 1200. is enough vs 3100) and less of her own savings.
What I meant in my last post was that even if for some reason they said, we’ll give you 6,000 or 8,000 more, would it be the same next year, or just a freshman offer, that happens a lot more than people realize.
Yale told us if things stay the same, same number in school, etc. the award would.</p>

<p>nychica, 150k / year with 1,000,000 debt isn’t “making money.”</p>

<p>Penn is completely unsympathetic towards debt. If you have the gross to pay, you’re expected to pay.</p>

<p>@Callifornian: At my nursing preview weekend, a boy told them he wouldnt be able to come if they did not match boston college. They said they will try and let him know. My friend’s sister went to Penn and negotiated her financial package and it helped. It’s worth a shot. </p>

<p>@Debruns: At my preview they told me as long as your income stays the same, the financial aid package would stay the same.</p>

<p>Yes, I know that is what they say, but if they change an award to match another, would the matched award stay the same? You would think so, but I’ve heard of times when they didn’t. The CC administrator told me the “bait and switch” happens and you always ask questions and get it in writing.</p>

<p>I do like the idea of getting it in writing. However, realisitically, they could screw everyone over financially who isnt a freshman. I’m not really sure they would be that slezzy and try to reverse the financial aid because they no long have competition for you. Yet, Wall Street can indeed be slezzy so make sure you get it in writing anyway =D.</p>

<p>Necro-</p>

<p>Did your parents have some major assets? At 150k, shouldnt Penn have still given you money? Your story worries me as we are just below 150k and dont have much in investments…all our money is in retirement. So, there is no way Penn can possibly expect my parents to pay 50k a year…</p>

<p>I had a little below 150k too, single parent household and no retirement plan at all. Not trying to scare people, just stating facts.</p>

<p>K…I am praying penn will just match my dartmouth offer of around 20k. It sounds like they may be willing to do this…so ya…i guess ill wait and see.</p>