<p>I was told from a Caltech's financial aid officer that they are going to send out an email of our financial aid package this month, but I haven't received it yet. Has anyone got the package?</p>
<p>I received mine today!! Sadly I will have to discuss it with the financial aid office :/</p>
<p>^ Perhaps there was an error in your filing or soemthing along the way.</p>
<p>In our experience, Caltech has fantastic aid, but then it depends upon the amount of need :-).</p>
<p>The financial aid mail was quite curt and disappointing. The calculated EFC is really way higher than something I can afford easily. They do advertise that they strive to make the study affordable yet when it comes to delivering it, they seem to shy away from it. Any suggestion from the group as to how to approach and convince them regarding reducing the burden? Walking out with an undergrad degree with a 200+K loan seems absurd.</p>
<p>oh, if that is what you are looking at, then i doubt you’d be able to get enough assistance to lower that significantly.</p>
<p>i did find financial aid department easy to work with, but we are in a very different situation financially than (seemingly) you are. </p>
<p>do you have more reasonable offers from other high caliber schools?</p>
<p>@crazymomster how did you approach the finaid department? Was it through the email/phone or in person?</p>
<p>TJParent, </p>
<p>The Caltech Finaid department is known for being among the most generous of the top schools’ finaid departments. A full ride at Caltech is likely better than a full ride at MIT, for example. And, if you have special circumstances that you feel should be considered, you can write them a letter and ask that they consider raising the award. </p>
<p>Here is where I would caution you. I don’t know your circumstances personally, but I’ve heard about scenarios similar to the following: A parent lives in a higher end home in a better gated neighborhood, drives a luxury car, takes very nice vacations overseas and to Jackson Hole, has investments, a nice inheritance from a rich uncle, retirement savings, a beautiful wardrobe, and a very good income compared to most Americans. They may even send their younger children to private school. They receive their finaid letter and are aghast at how little they will get, feeling that the remaining tuition will not allow them to continue their current lifestyle and that of their family. Across town, another family receives a finaid letter that grants them almost full coverage. The dad will have to take an extra job immediately to pay for the EFC in installment payments and get their student a computer for college on a high interest credit card. They don’t have cable, share one computer as a family, and care for the infirm grandmother in their small home. It’s all they can do and they hope nothing else comes up. The first family calls and complains that there is no way they can afford the balance of the tuition and demands to know why they don’t make attending Caltech more affordable as advertized. The financial aid person looks up their records and sees some pretty significant resources, telling the parent that they will take a closer look and see what they can come up with. The second family calls finaid and thanks them profusely for the generous aid, telling them that it’s been their family goal to get this one child to a good college where finally she can be with kids as smart as she is and one day work for NASA. Discovering during the conversation that there is also a grandma who is dependent on the family, the finaid office determines to try to find a way to lighten the family’s load so that dad doesn’t have to take a second job leaving mom at home with grandma and their younger children alone all that time. At the same time, the finaid person sees the file of the first caller who complained that they couldn’t afford so much contribution, and there is a time share, jewelry, stock options, and an expected inheritance equalling three times the EFC. The first caller didn’t budget college tuition in and doesn’t want to sell off anything to pay for it. The second caller is doing their best just to keep everyone fed and housed with the education and skills they have, yet they are grateful and willing to make what amounts to a bigger sacrifice than what the first caller is willing to make, in terms of percentage of wealth, time, and effort. </p>
<p>This may seem like an extreme example, but it’s pretty spot on compared to what I’ve heard from people who were similar to both callers. And, I’m saying I have heard this from the parents themselves and heard from people who were financial aid officers about what they deal with day in and day out. When I called one university to thank them for their very generous offer, the finaid officer was delighted and said that they usually only hear complaints. That surprised me as this is free money for the most part. </p>
<p>My advice would be thus: </p>
<p>1) Sit down with your accountant or financial advisor to see how you can manage the EFC. Look at everything you own and money in the bank and weigh it against the value of a Caltech education for your child.
2) If you still feel that you cannot possible make that contribution from your existing assets, consider whether to ask your child to attend a different school, look for scholarship money elsewhere, earn more money somehow, cut back on expenses, or something else.
3) If you are truly incapable of covering that cost, determine what the discrepancy between Caltech’s impressions (which are likely largely based on standard formulas applied to everyone) and your true reality. Then, write a letter describing your hardship and send it to the Finaid office. You might have to sign it, make a .pdf file and email it, but get instructions from them before you do it. Examples they might be used to seeing are: recent or current cancer treatment bills that were not figured into the original application, an additional dependent that showed up, a sudden job loss, your house burning down with no insurance coverage, your husband wiping out your bank accounts and running away without leaving a trace, etc. And, you will want to show evidence of the reason. If there is no obvious evidence, ask them what evidence they need. </p>
<p>So, in review, standard formulas are used, with possibly some consideration to special circumstances if known. You may offer additional information and ask that it be considered for additional relief. Call first and thank them for the award. If you feel that there is a valid reason to adjust the award, ask them if it is possible to offer additional information, describe it extremely briefly and ask what documentation they need. Ask them when they need it, provide it by then as asked, and go from there. I would not complain, and I would be careful to be brief but accurate and at all times appreciative. </p>
<p>Keep in mind that scholarship money from outside sources may be available if your child applies for it. Also, Caltech students may do summer work that pays more than some students’ parents make combined in the same time period. If you can ask for a raise or do more work it might help for the coming year, and if you have anything to sell or lease out, that might also help generate cash. Your child can take out student loans and also work very part time during the school year in a lab or other setting that helps with their actual career training. And, you likely can economize in a variety of ways. For example, keep your car longer or get a car with better gas milage when you switch. Eat out less, take different kinds of vacations or do staycation instead of the typical trip, etc. Those are all small things, but they add up. If you combine a variety of resources, I suspect that your total debt from Caltech expenses can be much lower than the figure quoted. As an example, I had a major burglary in my home. When they sold my things, they came back with two cars and a house full of high end furniture. I didn’t realize I had much of value in the house until I added it up on the burglary report and then saw them bring all that home. But, I had collectibles, antiques, high end items from over the years, practical items, etc. that they sold for money to launder through cars and furniture. So, be creative. But, do ask them if you feel you have a special circumstance that they may not be aware of. Frankly, I also sold the house and while I dumped it for little profit to get away from that unexpected crime, I also dumped the cost of maintaining and keeping the home. It’s a surprising relief. I live more humbly now but with less stress. Not saying to sell and move. Just saying that if you look at your overall resources, you may have what you need all around you just waiting to get converted into tuition, room and board. </p>
<p>Another point I wish to make. The books can be had for pennies on the dollar by buying them upon arrival from older students. Food in the sophomore year and after can be purchased and cooked instead of the meal plan, saving a lot of money if she lives off campus, which could literally be on campus but be considered off campus. You might be able to save money on transportation and other expected expenses as well. So, chip away at that $200K and you might be looking at less than $100K and possibly could liquidate something you no longer need or bring in more cash later to take it down further.</p>
<p>Your daughter is likely to make about $80K a year after four years of successful study. Perhaps you can ask her to pay you back some of that money over her first five years out of school. Do it in writing if you do it so fading memories and a potential spouse don’t get it confused. If she’s in grad school, give her a break or make her a deal about forgiving part of it if she gets an assistantship to pay for tuition and a stipend. </p>
<p>You can do it.</p>
<p>Fantasticgirl, since this is their busiest time of the year, I’d wait till at least midmonth and then call and see if you should have received it. Their staff is small but professional, as one would expect with Caltech.</p>