My husband works two jobs, I work about 60 hours a week, and we are dancing with glee because we can pay for our child’s college education. It is first and foremost our responsibility, as it is your parents’. You might be surprised by how many people make significant sacrifices to make it work, and how many people make significant sacrifices and still can’t make it work. Nothing happened to you that deserves anger. You should be grateful for such a generous package, because it is. The fact that you can make it work by taking a small loan and getting a job makes you pretty darn lucky. Did you really think that your family wouldn’t have to contribute in a meaningful way? Why shouldn’t they?
Definitely not the same. Only a handful of schools don’t have loans as part of their package.
Some schools are committed to 100%need and no loans but most aren’t.
100% need met is absolutely NOT the same as a no loan policy. There are a couple of Ivy League schools and manbe a few others that say they will meet need with no loans. It does seem misleading, but most schools count loans as part of the overall aid package.
BC is one of those schools where you either have to be really low income with no assets or able to pay all or most of the cost. There’s a wide band of kids in the middle who may get in, but cannot afford what BC determines to be their need without massive parent loans, raiding retirement accounts, or second mortgaging the house.
@intparent The money that he put in his retirement account. How is that income though? He can’t touch that money.
@Sportsman88: Yes, the contribution to his 401k.
@HRSMom They gave me a $47k grant, $3500 loans (still dont know why thats a reward), and $2400 work study. Sorry if I wasnt clear, I could go to Dartmouth for $5k, not BU. If I could go to BU for $5k I certainly would. Could you clarify your first paragraph? If it doesnt need to be contributed, why consider it as income?
Update: So I used the NPC once again, adding the 14k to my original income, as if that was how much my parents really made, and then put 0 for retirement. Turns out that the EFC comes out to be what they want me to pay now.
So get over your disappointment and go to Dartmouth.
Its a very nice consolation prize…
NO ONE is going to feel sorry for anyone who is able to go there for $5K/ year.
I understand you are upset. I understand that you worked hard. But at this point you have to pick another school. They are not going to offer you any more money, You can take it as far up the ladder as you want. But in the end you will have to pick another school.
@menloparkmom It’s a terrible school. I don’t appreciate your blunt comment telling me to get over it. Either offer advice or don’t post at all.
I think he means UMass Dartmouth, not the Ivy League Dartmouth.
@mjrube94 @menloparkmom Yes, UMass Dartmouth.
@menloparkmom Maybe if you read the previous posts, you’d understand. Obviously, if I was paying 5k/year to go to Dartmouth college, why on earth would I post this?
Given how snippy you’re being, I don’t think there’s much logic behind it – just hurt feelings. “UMass Amherst, Dartmouth and Boston” isn’t going to read as “UMass Amherst, UMass Dartmouth, and UMass Boston” unless you’re familiar with the school and its…branches? Which I’m sure not everybody is. I’m certainly not and read it the same way as menloparkmom.
It seems like many are offering advice, but you don’t like or appreciate the advice being given. I can appreciate you being frustrated that after working hard you most likely will not be able to afford the school that you desperately want to attend. That being said, the work that you put in does not entitle you to a certain amount of money. It is not like working a job where you are guaranteed a certain amount of money based on your amount of work. You were offered a very generous package that many students would’ve loved to be offered. Also, when you post on an open forum , you need to expect that you will receive information or opinions that you don’t agree with or appreciate, but the forum is open and it is not for you to decide who posts. And here’s my advice , find another school.
Ok. First, please stop being so hostile to people. Most of us don’t know much about the UMASS system.
So the $14k is income. Your dad was paid that income, but chose to put it in his 401k. It is not taxable if you choose to put it in the 401k. But for FA, many colleges feel that a parent can choose to stop making those contributions during college, making that income available for college tuition.
“Update: So I used the NPC once again, adding the 14k to my original income, as if that was how much my parents really made, and then put 0 for retirement. Turns out that the EFC comes out to be what they want me to pay now.”
A misunderstanding and a tough lesson in how FA is calculated for sure.
I know a lot of schools say they’ll meet your full need, but most of the time that’s a lie. I put my info in financial aid calculators and some schools that claim to meet full need came up with 45k a year, which is probably half my parents’ income. I’m sorry it turned out this way for you. The UMass schools (at least amherst and boston) are pretty high quality so I would just go there, but if you absolutely think you couldn’t tolerate going there you can always take a gap year and apply to affordable schools that you’re interested in.
Have you checked your aid applications for any errors? It’s one thing to calculate EFC differently from FAFSA; it’s another thing to give you a number far from NPC estimate…
Besides, going to a state university doesn’t diminish any of the hard work you did. I know a kid who got a near perfect SAT score, had a perfect GPA, and took about 15 AP classes. She was also in choir and was pretty good(made all state and everything), was on student council and all of this fancy stuff. She got into several Ivy leagues but she chose to go to U of A (which is lower ranked than UMass) due to cost. She’s doing perfectly fine. When you go into the workforce, employers aren’t going to care where you went to undergrad, and they won’t even care that much about where you go to grad school either. Especially since you’ll be going to medical school, it’s best to just pick the cheapest option for undergrad and then go for the top-notch private schools later.
Even if the retirement contribution is not a “choice,” but rather a forced contribution by an employer, it gets added back into income. We may not like a school’s financial aid formula, but the school is entitled to figure out need however they choose. As consumers, we can choose to go elsewhere if we like. And, $5,000 is a good deal. Doesn’t UMass belong to the consortium with Amherst, Hampshire & Mt. Holyoke? That sounds like a good deal to me.
At this point you have a decision to make. Merely venting about the FA policies of a school you claim to love will not accomplish anything. Do you make the commitment to attend BC or do you take the offers you know to be affordable. You do have some means of reducing the amount owed. You can find a job while going to school. It might only be 10 hours a week but that should net you over $2000. Check to see if there are cheaper meal options? What do they allow for travel in their COA. If you live reasonably close that cost might be much less. Ordering books on line or purchasing used or e-books can save money. Usually they have a personal expenditure allowance that you have some control over. Your parents should get an education tax credit that they can put towards your education. Often parents will find there are expenses they need to provide while you are at home that they will not have when you leave. Often there are costs for ECs and school charges that are incorporated into your college costs. Food costs drop somewhat as well as for us the water bill.
As for the retirement program question, yes it is income. It will not count as an asset or savings for FAFSA purposes in future years ( though in the CSS Profile it might). Good luck.
ETAthis instead of what was written below.
So…BC gave you $47,000 in grants, $3500 in SUBSIDIZED loans. That’s $50,500. Plus $2400 in work study. $52900. Plus your $7000 family contribution brings you to $59900.
What a I missing here? You are complaining because they gave you a $3500 subsidized loan in your package…and expect your family to pay their EFC?
It sounds to me like BC DID meet your need.
What did Holy Cross give you?
So…go to one of these colleges. Or are you now saying BU didn’t give you sufficient aid either?
Either that or take the loans and go to BC. The school met your need…you just don’t like HOW it met your need.
And YES…the $14,000 your father continue used to his pretax retirement account in 2015 IS added back in as income. As far as not having access…remember…the balance IN his retirement account is not treated as an asset.
You have choices…you just don’t like them.
“Furious over crappy FA”
Really?
You’re getting $47k per year in FREE money, plus the taxpayers are also helping with subsidized loans and work study. You’re getting about $53k in aid. (BTW…need-based aid is not a “reward”…that aid isn’t a merit scholarship)
A school is going to give you almost $200,000 in FREE money for 4 years…and you think that’s “crappy”???
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mom will have to find a job that will only pay her $30k <<<
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Well, like many families, both parents need to work to help pay for college. You’re an only child, with you gone, why wouldn’t your mom work if money is needed??