(Since I made this account only for this post, I will include specific numbers)
I’m not really sure what to do right now. I’m currently a high school senior and was accepted ED to Penn. When the financial aid package came around, I received far lower than I hoped or even expected. I live in a family of 4 (10yo sibling) and only my dad works. He was unemployed for 3 months in 2015 and his income that year was 130K. Based on the chart that’s posted on Penn’s website, the average aid given to 130K-150K income is $42K. I instead received 16K (3000 of which is expected from work study).
I planned on filling out a reevaluation form and discussing with the financial aid office at Penn (visiting Philly this week). The issue is that there isn’t any significant change in our family’s ability to pay; we just don’t believe we can cover the remaining $50K every year. Should I fill out the form anyway? If so, I would talk about how my family had a dip in income last year due to brief unemployment and include that I don’t qualify for FAFSA since I’m a Canadian citizen living in US on a visa. Do you think they will consider these valid reasons?
My guess is that Penn also considers assets/investments in their formula while you probably just used income. Your parents probably have considerable assets/investments-which can include almost anything. Everyone has to fill out the FAFSA but most people have incomes too high to qualify-you would not qualify even if you lived in the US.
The best thing you can do is have a discussion with the financial aid office at Penn about your circumstances. Have u applied to other schools? If the amount Penn gave you is lower than what you indicated you need in your FA application, then the ED contract is no longer binding and u can attend other colleges. You could also use that as leverage once admissions from the other schools come out.
@lostaccount o i didn’t know i could apply for FAFSA (my school counselor just told me i wouldn’t get anything). also while it is true that our house is valuable, we live in silicon valley, where it has really high housing rates + cost of living @aunt bea I thought Penn had a policy that it reviews all north american students the same for FA @lookingforward i’m not sure what NPC is @Penn95 the ED agreement forces you to withdraw all applications so no i basically don’t have any choice
No such things as ‘apply for Fafsa,’ The Fafsa is a form to submit for federal aid for US kids.
And Penn does state, “more than $7 million in undergraduate aid funds to support non-citizens and non-permanent residents of the United States, Canada, and Mexico.”
You found an example of aid for an income tier 130-160. Right above that, they give a link to the Net Price Calculator. It takes your family circumstances (income, assets and more) into account and comes up with what is usually a closer prediction of aid for a family. I’ll admit some of Penn’s wording is complicated, but its standard advice to run the NPC, not assume.
It’s probably other assets, plus that you didn’t file the FAFSA. Our income is mid - $120K and my daughter gets a Penn grant of $44k a year. But we have no other assets.
I think this might likely be because your parents may have saved a lot, or have valuable assets (such as one or more houses and other investments). Here is the link the the net price calculator (NPC) that everyone is talking about:
My son was deferred ED at Penn. Recently accepted at a highly competitive LAC, His grant was 48k a year. Pheea (in state PSA) estimate $500 and Pell zero, loan $5k and $1k work study. So balance can only be paid out right, payment plan or additional scholarship or grant. So basically $10k is not covered, Penn will give us a decision on Thursday. I assume maybe Penn gives a similar aid package. Really like the LAC feel and personal touches that I did not find at Penn. (I attended Wharton many moons ago)
I think unless under $50k the contribution after grant will be $10k. So will need a payment plan to cover. My sons friend got the max and his dad was a Alum but he was making $40k or less. (Architect who was affected by the building slow down cause by the recession)
