<p>I was just accepted into Brown under the early decision program. We were anticipating a much higher financial aid package than was offered($11,745, almost half of which is federal loans). The expected parent contribution is over $29,000, and student contribution is around $5,000. If I sell my car and give them all the money I have in the bank, I should be able to cover my part. However, there's no way my parents can cover $29,000 a year plus federal loans. What can you suggest we look into to cover these costs? Thanks!</p>
<p>Addicted, I don't have anything to offer you, but this is definitely one of those ED horror stories. I am sorry this is happening to you, how very frustrating to gain admittance to your #1 choice and have the package be so different than expected.</p>
<p>Did you use both federal & institutional methodolgy calculators to determine what you expected?</p>
<p>You might try posting on the Brown board and see if it is assets or income that is causing the high EFC. It is a particular frustration to have the need met by loans! When you may need to borrow the remainder!</p>
<p>Is this unexpected despite the research? If it differs greatly from those calculators, you may be able to contact the finaid dept and ask why the big difference.</p>
<p>You can contact your financial aid officer at Brown to see what is driving the EFC. It is possible they missed something or that you failed to include some key piece of information. For instance, they could have taken retirement savings as general savings. If, in fact, your parents have enough assets to afford to pay (whether they wish to or not) then I wouldn't expect any sort of break.</p>
<p>I am sorry this has happened to you as this is one of the potential drawbacks of applying ED and goes back to the CC parents mantra: if money is going to be any kind of issue, don't apply ED. Brown is one of those schools who stands steadfast in not negotiating aid. </p>
<p>I agree with Bandit and somemon, that your parents should contact the FA office to find out what is driving their EFC. IF they have had a change in their financial situation, of if their financial situation is not accurately reflected then they need to get intouch with the school ASAP.</p>
<p>I agree with Sybbie
By applying ED it is before you can find out what your FAFSA EFC is- and before you get an idea of what schools who don't give merit will expect you to contribute.
a coarse rule of thumb for us has been that the EFC seems to be 1/3 to 1/4 of income- the instituitional and federal calculators can tweak it some- but unless you have unusual( like supporting elderly relative) documented expenses, it may not change much
That does seem to be a high student contribution.
I know my daughter contributes about $3,000 from a summer job, and that at least $2,000 is assumed to be earned by the student, but $5,000 sounds high</p>
<p>Well,</p>
<p>5K is the typical student contribution.</p>
<p>Here is the example</p>
<p>Parents income: 120K
Yearly Cost(incl. tuition, fees, room and boards, books misc.) : 47K</p>
<pre><code> IVY A IVY B
</code></pre>
<p>Parent Contribution 29K 29K</p>
<h2>Student Summer Earning(1) 2K 2K</h2>
<p>Total EFC 31K 31K</p>
<p>Fin Aid (Cost - EFC) 16K 16K</p>
<p>School Grants 8K 13K
School Loan 5K 0</p>
<h2>Self-Help (FWS, pt job, loan) (2) 3K 3K</h2>
<p>Total Aid Package 16K 16K </p>
<p>So student contribution (1) + (2) = 5K.</p>
<p>You can either earn this by working (summer, and term pt job) or borrowing (Stafford loan). Most students do combination of the two.</p>
<p>Good Luck</p>
<p>BG</p>
<p>Your best option is to consider a different school. Where else did you apply to, and where else did you get accepted to?</p>
<p>The OP just said they were accepted early decision to Brown, meaning it is binding. They are expected to withdraw all other pending applications.</p>
<p>so I am still unclear what the student contribtion is</p>
<p>I was referring to only the student contribution part of the EFC
example- our EFC is about- $15,000- D is expected to pay $2,000 of that
her financial aid package includes grants- loans and work study
but that is after the EFC is met</p>
<p>emerald-</p>
<p>here we go.</p>
<p>cost 45K
EFC 15K ( your EFC 13K + your D EFC 2K)</p>
<p>fin aid = cost - EFC = 30K</p>
<p>30K can consist of the followings:</p>
<p>grant(free money) : 22K
loan-------------- : 5K</p>
<h2>workstudy---------: 3K</h2>
<p>aid package 30K <---- your need is fully met.</p>
<p>But student needs to come up with 5k, which consistes of</p>
<p>1) 2K (Student EFC, usally comes from summer work)
2) 3K (Work Study, or Term job, or loan)</p>
<p>so your D's contribution is 5K</p>
<p>Good Luck</p>
<p>BG</p>
<p>Another note: HYP is known for generous fin aid packages among ivies, here is why.</p>
<p>Take your example</p>
<p>Your D school</p>
<br>
<p>30K can consist of the followings:</p>
<p>grant(free money) : 22K loan-------------- : 5K</p>
<h2>workstudy---------: 3K</h2>
<p>aid package 30K <---- your need is fully met.</p>
<br>
<p>Havard or Yale</p>
<p>30K consists of the followings:</p>
<p>grant(free money) : 27K
loan-------------- : 0K</p>
<h2>self-help (school job and/or loan)---------: 3K</h2>
<p>aid package 30K <---- your need is fully met.</p>
<p>P'ton</p>
<p>30K can consist of the followings:</p>
<p>grant(free money) : 27K
loan-------------- : 0K</p>
<h2>workstudy---------: 3K</h2>
<p>aid package 30K <---- your need is fully met.</p>
<p>HYP gives u a better package in terms of free money (grant).</p>
<p>Reagrdless, no matter how you slice it, student must contribute about 5K/year</p>
<p>Good Luck</p>
<p>BG</p>
<p>oh Ok
I guess my Ds contribtution is more than that since she contributes $2,000 from summer job to EFC
But then she also has maximum Stafford loan & Perkins loans plus some workstudy as well as grants.</p>
<p>I guess I digress from Op's question.</p>
<p>Op wrote "However, there's no way my parents can cover $29,000 a year plus federal loans. What can you suggest we look into to cover these costs? Thanks!"</p>
<p>I am sorry to hear your dire situation. May I suggest the followings:</p>
<p>1) Ask ur dad to talk to your fin aid officer and make an honest appeal for reducing EFC</p>
<p>2) If 1) doesnt follow through, plead your dad to make a sublime sacrifice for his beloved son (daughter). Tell him that you will chip in repaying his PLUS loans when you grow up.</p>
<p>Congratulations tho on your outstanding achievement.</p>
<p>Good Luck</p>
<p>BG</p>
<p>OP's cost of attendance is $45,745</p>
<p>S/he has an EFC of $34,000 (consisting of $29,000 EFC based on the parents assets and $5,000 based on the student's assets + summer earnings)</p>
<p>Leaving him/her with a demonstrated need of $11,745 (COA- EFC)</p>
<p>His/her $11,745 demonstrated need is carrying approximately 1/2 or $5872.5 in loans. Looks like brown's average student loan is approx. $4750</p>
<p>Brown gives a univeristy work scholarship so that students do not work their first year .</p>
<p>My take is the student's $5000 EFC is based on his/her assets and contribution from summer earnings.</p>
<p>Student s probably already getting the maimum stafford loan for freshmen. with his parents having an EFC of 29,000 it is very unlikley that he would be considered for perkins. If his parents are deemed to be not credit worthy for obtaining a plus loan, then OP would be eligible to borrow another $4000 as an unsubsidized stafford loan</p>
<p>Missed the deadline to edit posting:</p>
<p>OP's cost of attendance is $45,745</p>
<p>S/he has an EFC of $34,000 consisting of :</p>
<p>$29,000 EFC based on the parents assets and </p>
<p>$5,000 based on the student's assets of 2850 + summer earnings of $2150</p>
<p>Leaving him/her with a demonstrated need of $11,745 (COA- EFC)</p>
<p>His/her $11,745 demonstrated need is carrying approximately 1/2 or $5700 in loans. </p>
<p>Looks like student falls into group 4 where parents income is more than $85,000 thus giving him/her a loan in the amount of $5,700</p>
<p>Brown gives a univeristy work scholarship so that students do not work their first year .</p>
<p>If his parents are deemed to be not credit worthy for obtaining a plus loan, then OP would be eligible to borrow another $4000 as an unsubsidized stafford loan</p>
<p>If the op's parents are unable to obtain a PLUS loan due to uncreditworthiness, an additional $4K in student loans is not going to cut it!</p>
<p>However, with an EFC of 29K that probably isn't the problem here. Assuming no mistakes/misinterpretations were made on the FAFSA and PROFILE, belt tightening and lifestyle changes should be expected.</p>
<p>no I agree an extra 4K is not going to make a big difference
I feel bad for students who apply ED- and whose parents may have big incomes but also big expenses- schools don't really care how much money you spend- not when other families are keeping expenses low so that they can cover college.</p>
<p>ED should only be a choice for students who aren't applying for aid- who KNOW they aren't going to change their mind- or for students who can pay their EFC.( at school that meets 100% need)</p>
<p>Do I remember correctly hearing on this forum about a way out of ED if your family is not able to meet EFC?</p>
<p>Yes there is, but that leaves the question why are you applying ED if you know money will be an issue. If money is an issue you shouldn't be applying ED.</p>
<p>while you may be let out of your ED commitment, it is not without consequences. Many schools have access to ED list, so the OP may have limited his/her chances at other schools because they did not honor their commitment. </p>
<p>The one thing that the OP has to take into consideration is that if s/he is applying to any school that meet 100% of demonstrated need, they are probably going to get the same type of package (other schools are probably going to throw in work study) but the EFC is probably going to radically change. </p>
<p>So if OP looking at private schools , s/he need to take into consideration that the out of pocket cost is still going to be roughly $34,000 at any private school (unless they can get some major merit money). </p>
<p>Once Op gives up their ED commitment, they are still hedging their bets as to whether or not they are going to get a better package (they may not).</p>
<p>Some schools only allow you out of yoru ED commitment to attend your state university (which is the more affordable option)</p>