<p>Hi, I need a little bit of advice about financial aid. I just got accepted to a school off of the waiting list and just received my financial aid. The school is private and costs about 35,000 per year. I received 6,000 in grants, 5,500 in loans and a 4,000 parent plus loan and work study for 1,500. This totals 17,000 in financial aid for the entire year. My parents are in a very unique financial circumstance which is very unapparent on our FAFSA, and we are currently working with the financial aid office to appeal and receive more aid. I'm trying to plan how I can get the additional money, in case my appeal fails. I have around 12,000 in a savings account that my parents use for my education costs, which would leave roughly 5-6 thousand that i would still need to pay for. Can anyone list some options that i might have to cover the rest?</p>
<p>Thanks!</p>
<p>It doesn’t sound like a school you can afford. If you spend your whole savings account for freshman year and still need $5-$6K, what will happen the remaining 3 years when you are again $17K short and you have no savings left?</p>
<p>I also believe that, at this point, your chances of dramatically increasing your aid are very uncertain. This is very late for a waitlist admit; the school may not have much left to give. This may be a case where you can go through life knowing you were admitted- but find your education at a financially manageable college. Good luck.</p>
<p>There is no option for the rest other than for your parents to borrow the additional funds - in addition to the $4k they’re already being asked to borrow (the parent plus loan). Well, okay, there is one other option: they could cosign a loan so that YOU could borrow the rest . . . but that’s a really lousy arrangement and should be avoided if at all possible. Better for them to borrow and for you to repay them (privately) when you are able.</p>
<p>But, as BobWallace pointed out, that still leave the question of what you’ll do for your junior and senior years, once those savings are gone. (You’re a transfer student - correct? So you’ll be entering this school for your sophomore year?) No point in spending all your savings, going into significant debt . . . and then still not being able to continue at that school because you’ve run out of money after your first year there.</p>
<p>It sounds like the school doesn’t meet needl and you’re a transfer student coming off the waitlist. </p>
<p>You have 3 strikes against you. :(</p>
<p>1) School doesn’t meet need and/or you have an unaffordable EFC.</p>
<p>2) You’re a transfer student (and they often get the WORST aid).</p>
<p>3) You’re coming off the waitlist (when a school usually has no more funds to give away).</p>
<p>What is the breakdown of your aid pkg?</p>
<p>What is your EFC? </p>
<p>Your parents certainly can have the Plus Loan increased if they want. They can borrow all of the costs minus aid given. </p>
<p>However, this school sounds unaffordable to you. </p>
<p>It’s highly unlikely you’re going to get more money.</p>