<p>Hi Guys,</p>
<p>I recently got into one of my dream colleges in the form of Santa Clara University.</p>
<p>I come from a family with an annual income exceeding $200,000, but our expenditures mean our annual savings amount to roughly $20,000 or so. We currently have a fair bit of savings in the bank, but it is soon to be gone as my parents are about to purchase a home and most of it will all be used as down payment. This, however, was obviously not evident in the FAFSA or the CSS Profile. As such, I'm left with an expected family contribution I can't meet.</p>
<p>Here is the offer I was made:</p>
<p>"SCU Incentive Grants": $10900</p>
<p>My parents tell me they can cover all the costs but the tuition (I'm local, so I'll commute to save room and board), so that means that I'm really only worried about that. Given that:</p>
<p>Tuition: $42,156</p>
<h2>-Total Financial Package: $10900</h2>
<p>Unmet Costs: $31,256</p>
<p>As I said, we can cover ~$20,000 (though, it'll be entirely through loans)
I'm ~$11,000 short of what I need to be able to go. Essentially, I'd need double the award I was given.</p>
<p>Is there a chance that they may be willing to do that? If not, what else could I do to make it up?</p>
<p>If I schedule a meeting with the financial aid counsellor, how should I approach them? Are there any words/arguments to make? How about any to avoid?</p>
<p>Unfortunately, if your parents have a pile of money in the bank and the only “extenuating circumstance” you can offer to support an appeal is a new home purchase than I’d say that your chances are slim to none. 
Assuming it’s their only home, it’s a shame they couldn’t time the purchase differently. Good luck tho’!</p>
<p>Look, the fact of the matter is that the family’s primary residence would be exempt from consideration, and if the timing had been different, the OP might have been eligible for significantly more aid. So explain that to to financial aid counselor and hope for the best. Also, find out if you will be eligible for additional aid in subsequent years, once those huge savings are gone.</p>
<p>With a family income in that range, need-based aid is very unlikely. Run the Net Price Calculator at the SCU website and see what the results are. </p>
<p>How much can your family contrubute each year?Something? Nothing? Who is cosigning those loans with you, and will that person help you pay them off?</p>
<p>What other options do you have? SCU looks to be unaffordable.</p>
<p>With a family income around $200K, there is no way the OP is going to qualify for much aid, even if one takes the assets out of the picture, which I cannot see anyone doing because the family is saving for a house.Purely and simply, this family does not qualify for much financial aid and on a need basis would be in line waaaay behind those families and students who truly have their backs against the wall because not nearly as much money is in the picture. You can’t squeeze water out of rock,but this family is a friggn sopping wet sponge. I don’t think the OP is going to get anywhere in the sympathy department in terms of “not being able to afford” this school. Zip, zero, zilch. </p>
<p>However, the school can give merit money and it does have merit awards. That is entirely up to the school as to whether it wants to do so or not. The OP can discuss the situation with the admissions officer that admitted him/her when s/he calls to thank the person for the admissions decision, profusely thank the counselor for the award already given and then go through the above explanation and ask for more. If the school thinks s/he is a worthy catch at even further discount, maybe it will happen. </p>
<p>If a student is commuting to college, has a $10K award, and the parents are saying they can cover everything but the tuition, they are saying the kid can continue to get his three squares and a cot but aren’t going to be paying ANYTHING else, the way I interpret it.</p>
<p>OP, as a freshman, you can borrow $5500 all on your own. That’s about half of the $11K you need to make it happen. I suggest you get a job for the remaining amount, like right now for weekends to continue through the summer. Your parents are borrowing $20K, right? That’ll do it. If the school will throw in a little more, that makes the pressure to earn what you need a little less.</p>
<p>Edit to add…FYI for others…SCU is a Profile school and the primary home equity WILL be considered when the family buys their home. In addition SCU has a director of enrollment management which means they practice enrollment management. They balance acceptance/aid with the intent of balancing their budget.</p>
<p>Considering your family income, you are fortunate that SCU gave you ANY grant money. You might want to check with them, but some of their “grants” are actually merit awards. This would be good to know as if merit, it would be renewable all four years regardless of your income (my daughter had a SCU grant that was merit based).</p>
<p>By all means go and talk to the financial aid office. I seriously doubt that you will see additional grant money. When we did this, they gave our DD an additional loan and work study. As noted you already can take the $5500 Direct Loan. I will say that non-work study jobs ARE available at SCU even if you don’t get work study.</p>
<p>You should also be working now and during the summer.</p>
<p>Congratulations on your acceptance.M y daughter is a SCU grad and the school is fabulous…if you can afford to attend.</p>
<p>I think the OP had better check if that award is even renewable as it might not really be a merit award, and I don’t think it is really financial aid either, as it is highly unlikely that the family is going to come up with defined need. I am seeing this hybrid products more and more these days that are being used for enrollment management purposes. Which is fine as long as the terms for its renewability are made clear. Some of them avoid the gpa requirements for renewal like financial aid awards, and also escape the “need” verification each year, but being hybrids, they do not have to follow any rules and are often designed to be the exception thereof</p>
<p>I believe Santa Clara, uses FAFSA only to monitor need after freshman admissions (when PROFILE is initially used too) so if the OP’s family does buy a home, those assets they currently have will no longer be in the picture if they are rolled into home equity. But given that the EFC and any such figure is so heavily income driven, with the OP’s family income level where it is, I don’t see any need emerging. In fact, I see it going up if any mortgage is taken since taxes will go down in such a case, all other things equal.</p>
<p>Unless something has changed in the last two years, the Profile is required annually for financial aid renewal at SCU.</p>
<p>OP, just ask if this grant is renewable. They will tell you.</p>