So I got my FA package from WashU a couple of days ago. They gave me 17.7k, 5k of which is loans. My EFC is 52k (my dad makes 150k a year) but this is way too much for him to shell out of pocket each year. I am currently attempting to appeal for more aid by explaining my situation.
However, my dad is pushing for me to go to his alma mater, UIUC. I have a 10k/yr merit scholarship from them, and my 529 (college of illinois) would cover full tuition–essentially, UIUC would be free for me.
WashU, however, has a 3-2 program for Social Work (meaning in five years of school, I will get my BSW AND MSW). UIUC does not. My 529 would contribute ~14k a year to WashU. If they dont increase my aid at WashU, I’ll have to pay ~31k. BUT one of my sisters starts college next year, and the other will start my senior year, so my FA would increase at WashU (I assume?).
Would it be worth it for me to take my chances with WashU (if they increase my FA this year, and then in years coming), or graduate debt free (and then possibly do a ton more grad school… cost unknown/ time investment unknown) at UIUC?
WashU flew me out free in September for Discovery Weekend and since then I’ve been in love–I don’t want to hurt my family with debt and loans, but I’m a bit iffy at the “a degree is a degree!!” idea that my father spews at me every few hours. Also, I’m just super ecstatic at my WashU acceptance and don’t want to have to turn down my dreams because of money.
Anyone have help/ suggestions/ stories?
Call the financial aid office. They may not necessarily be able to help, but in some cases they have been able to adjust aid. UIUC is a fantastic school and one that I would have been happy going to as well. I will say WashU’s social work school is incredible, but you should consider that the average social worker is not making a high salary (which could affect loans).
Did you run the net price calculator on their website when you were doing the application? If so, was it was much different?
S didn’t get a FA package yet, although he got his acceptance package on Wednesday. This makes me completely unhopeful. They also flew him out for Discovery weekend, He got rejected as a Rodriguez finalist, so the scholarship part is out.
@kROCK91 I sent an email asking what info they would need me to have on hand for when I call, but I assume they haven’t replied since it’s the weekend. I know realistically UIUC would be fine for me, I’m just not as enthused because over half of my graduating class goes there, and it’s just not WashU.
@bordertexan I don’t remember if I did or not–I think my EFC is only so high because of my dad’s assets (300k), half of which is retirement and the other half is three 529s (for me and my two sisters). I was rejected as a Rodriguez finalist as well, even after having an interview for it during Discovery Weekend. Good luck to your son, I hope you get the money you need!
It would appear that saving for retirement and childrens’ education is a big mistake if you want financial aid.
A bigger mistake would be for parents to use their retirement savings to pay for kids’ college education. Ask any financial planner/adviser.
Correct me if I’m wrong, but I was 99% certain that 401k/IRA/pension account balances do NOT get factored into fafsa or css.
That’s not why you were denied aid.
That’s correct your retirement balances are not part of the FA equation. However, my understanding is they do take into consideration how much you’ve put into the 401k the past year and that your 529 is factored in though. FA is really complicated. If you need help with FA, I recommend that you post your question on the FA cc board because they have some really sharp people over there that can help you understand it better.
they’re “retirement” but in stocks. my dad doesn’t have a 401k (he’s self-employed).