HELP! Need lots of advice RE: financial aid, debt, appeals, and college selection!

Paying for College
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<p>Alright everyone, here's my situation. I think my family is at the same point a lot of middle class families are at-- our EFC seems to be much higher than we can actually pay. Our EFC has been calculated as ~45k/year, but in reality my parents can only afford ~30k/year. This has led to huge discrepancies in the financial aid packages I've received.</p>

<p>College #1 is Brandeis University. This was/is my top choice and I was absolutely crushed when I got my financial aid back. They only gave me $5,000/year in grants+work study, which means I'd be taking out about $80,000 in debt. As much as I want to go to Brandeis, I know that taking that much out would be stupid. Should I appeal? I know Brandeis has a good reputation when it comes to generous aid packages, so I was surprised when their finaid was the worst out of all my schools (my friends who also got in said the same thing happened to them). I am visiting for accepted students day, so would it be worth my time to stop by financial aid with my parents, explain the situation, and ask them to reconsider? Or would that be a waste of time?</p>

<p>College #2 is Bryn Mawr College. They gave me a $12,000/year merit scholarship and a $2,000/year work study, which means I would graduate with about $36,000 in debt. I think they like me because they're paying for me to come to their accepted students day-- would it be worth it to tell them about the Mount Holyoke (see below) award and ask if they could match it? I like BMC more than MHC and I've heard sometimes it works to do that.</p>

<p>College #3 is Mount Holyoke College. They gave me $15,000/year merit and a $7,000 grant, so I would be coming out with very little debt (~$10,000). I'm happy about that, but to be honest I'm not thrilled with the idea of attending an isolated, all girls school in western Mass :/</p>

<p>College #4 is Smith College. Their aid award was similar to BMC's-- no scholarship, but I got an $11,000 grant which would mean around $40,000 in debt at the end of my 4 years.</p>

<p>College #5 is UVM, my second choice. Like BMC and Smith, I got a $10,000/year scholarship and would be leaving with about $40,000 in debt (I am OOS). A lot of people have been saying a UVM education is not comparable to MHC, BMC, or Smith, but there's a reason why I like it so much: they offer an International & Community Development Major, which is a) unique and b) exactly what I want to do in my life. I'm also in the Honors Program, which seems really cool, and I've just gotten an awesome vibe from all my visits. I feel like it might be worth the debt both for fit and for the feeling I've gotten from visits.</p>

<p>College #6 is UMass--Amherst At the risk of sounding snobby, I hate this school. It doesn't offer my major (International Relations), it's too big, and I don't think I would feel academically challenged (based on the classes I've visited). The reason I'm considering it is because I am instate and would graduate with 0 debt. However, I'm thinking that it might not be worth it because I have no idea what I would even major in.</p>

<p>I've been accepted some other places too, but I've eliminated them for various reasons of fit or money. I was also waitlisted at BC (staying on the waitlist, probably) and am waiting to hear back from Barnard.</p>

<p>So: what do you think I should do? Appeal financial aid at Brandeis? Tell BMC about MHC's offer? Take doubt out so I can go to UVM's awesome program? I'm kind of lost at this point. There are so many options, and I'm really scared I'll make the wrong decision. I'm eager to hear anyone's thoughts, and I'm happy to provide more information (I'm sure I left plenty of stuff out of this, so just tell me what you'd like to know and I'll post it.) Thank you!</p>

<p>NOTE: If at any point in this post I came off as bratty or ungrateful, it was unintentional! I really appreciate everything my parents have done/will do and I realize they're making sacrifices too.</p>

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<p>On what basis would you “appeal” your aid to Brandeis? Has there been a change in your financial circumstances since you filed your initial application? If not, I doubt you will get too far with an appeal. You certainly can try…but don’t be shocked if they don’t budge.</p>

<p>If your family contribution has been calculated to be $45K per year, then between your grant from Brandeis AND the Stafford loan…they would have met your FULL need. </p>

<p>If your parents can pay $30,000 a year…add to that the Stafford loans that YOU can get in your name $5500 for freshman year. Then find a college where you can attend and have sufficient money to pay the bills.</p>

<p>Any loans above and beyond the Staffords will need to be cosigned by your parents…you will not be able to take those in your name only. Are they on board with cosigning a loan?</p>

<p>You have a couple of financially feasible options in the mix. I would strongly suggest you consider them.</p>

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<p>* I know Brandeis has a good reputation when it comes to generous aid packages, so I was surprised when their finaid was the worst out of all my schools*</p>

<p>Schools that are generous with need-based aid are generous to those who have high need. You don’t have high need, so schools like Brandeis aren’t going to be generous to you. you can try appealing, but I doubt you’d get much just because you want more. </p>

<p>I wish people wouldn’t tell others that X school is generous with FA or Y school is generous with merit without including the caveat that you have to have either the need or the stats to get the big bucks.</p>

<p>If you notice, your best pkgs are merit-based. Those schools awarded based on stats. They didn’t give you that money for “need”. </p>

<p>You could show Bryn Mawr your MHC offer to see it they’ll match it.</p>

<p>I don’t think any of these schools are worth much debt…maybe $25k debt at most. UVM isn’t worth $40k in debt. </p>

<p>Try to see if Bryn Mawr will match MHC’s merit.</p>

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<p>@thumper1: Our financial situation hasn’t changed, but I’ve heard of people having success when they go to a college, explain that it’s their first choice, and that they will attend if it’s made affordable. Obviously there’s no guarantee of success, but I thought it would be worth a try since I’m in love with Brandeis :(</p>

<p>And yes, I’ve gotten Stafford loans but I didn’t include those in my original post because there was a limit to how much I wanted to type hahaha. My parents have been a little unclear, but my general impression has been that they would cosign (rather reluctantly) if I really, really wanted to go to that school. However, I don’t really want to put them in that situation.</p>

<p>When you say “financially feasible options,” do you mean only MHC and UMass, or any of the others? Thanks :)</p>

<p>@mom2collegekids: thanks for the opinion! I’ll let you know how it goes with BMC.</p>

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<p>I wouldn’t call Smith and MHC isolated women’s colleges, considering the consortium. No, it’s not the same as a coed school, but there’s plenty of cross-enrollment.</p>

<p>Many colleges got tired of the “blackmail” of trying to get them to match someone else’s offer. It’s more work for them and zero guarantee you’ll enroll. Often, it’s now in their finaid web pages whether or not they will even entertain such a request. You can make a blind call and ask before trying.</p>

<p>And, your Staffords will only finance roughly $25k of the gap. If your parents can’t afford whatever remains, they’d be looking at Parent Plus or other loans.</p>

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<p>You have $20,000 a year in money you need from Brandeis, right? They might give you something but the likelihood of them coming up with THAT amount is not very high in MY opinion.</p>

<p>UMass is free, MHC is affordable. The others are in the middle somewhere. Either your parents can pay the cost to attend these schools, or they can’t. Last time I checked, BMC was an all girls school too. Yes, it’s in a more urban area than MHC. </p>

<p>UVM isn’t likely to budge on their aid. You are an OOS student. </p>

<p>Take Mom2’s advice and see IF BMC will consider offering you more based on what you got from MHC.</p>

<p>FREE ADVICE…get the financial situation reconciled BEFORE you make plans to go to an accepted student event at Brandeis. If it is NOT going to be financially feasible for you to attend the college, I would suggest not attending this accepted student event.</p>

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<p>I would take Mount Holyoke. at minimum you know that the 15k is guaranteed over your 4 year period. I also agree with Looking Forward about calling them isolated women’s colleges. </p>

<ol>
<li><p>you have the 5 college consortium where you can take classes at Smith, Amherst, Umass Amherst and Hampshire.</p></li>
<li><p>The school is part of the 12 college exchange where you can take study at </p></li>
</ol>

<p>Amherst College Trinity College
Bowdoin College Vassar College
Connecticut College Wellesley College
Dartmouth College Wesleyan University
O’Neill National Theatre Institute Wheaton College
Smith College<br>
Williams-Mystic Seaport Maritime Program</p>

<p><a href=“http://www.mtholyoke.edu/academicdeans/docs/academicdeans/Twelve_College_Info_App.pdf[/url]”>http://www.mtholyoke.edu/academicdeans/docs/academicdeans/Twelve_College_Info_App.pdf&lt;/a&gt;&lt;/p&gt;

<p>along with an extensive study abroad program</p>

<p>[Programs</a> :: McCulloch Center for Global Initiatives :: Mount Holyoke College](<a href=“http://www.mtholyoke.edu/global/programs.html#MHC_Programs_and_Exchanges]Programs”>http://www.mtholyoke.edu/global/programs.html#MHC_Programs_and_Exchanges)</p>

<p>I would recommend that you attend their admitted student days, sit in on some classes, talk to students about the opportunities that they have pursued.</p>

<p>If you plan on going to professional school (which the school has a good placement rate), I would consider taking on the least amount of debt as an undergrad. If your parents are comfortable paying for MHC, it is not a fate worse than death to attend.</p>

<p>I do not know if you are an engineering major, but if you are you can do a dual degree at Umass Amherst, Dartmouth or Caltech</p>

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<p>Thanks for the opinions, everyone. So it’s looking like MHC and UMass are really the only options?</p>

<p>I don’t want to criticize Mount Holyoke; I think it’s a great school. I just don’t think it’s the school for me. Yes, I know all about the consortium, but it’s just not the same as a co-ed school-- it’s not like I’m going to be taking a bus for half an hour just to hang out with guy friends every night. The majority of my friends are guys and I really only applied to women’s schools as a result of parental pressure. BMC, while not ideal, seems to have a much closer relationship with Haverford and the proximity to the city makes it a better option (I really, really want a school in or near a city). I have visited MHC multiple times and simply didn’t feel comfortable on the campus/like it was a good fit.</p>

<p>I don’t want to whine, but it’s just hard to realize in the spring of my senior year that good stats + acceptance don’t mean attendance unless your family can afford it. Oh well, I had been seriously considering a Tufts transfer (rejected EDII) so I guess I will just hope that that comes through now. I really do appreciate everyone’s advice-- getting outside perspectives was what I needed to face the music.</p>

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<p>If you are crying about the FA packages that you have now, why would you apply to Tufts, where the FA packages are going to be similar or less than what you have on the table (in addition, Tufts does not offer merit $$). You are only going to add to your frustration should you be accepted to yet another school that is not going to be a financially feasible option for your family.</p>

<p>At the end of the day you are going where your money will take you. At schools that offer need based FA, your EFC is going to be too high to come up with a financially feasible option. From the looks of things you did not apply to any schools where you stand a good chance at obtaining merit money and you hate your financial safety. Unless you are going to take a gap year and reapply to school where you stand a good chance of getting merit money, or your parents are going into substantial debt to send you to your “dream school” (which does not sound like they are) you have kind of backed yourself into a corner.</p>

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<p>If these schools aren’t affordable, then how will Tufts be?</p>

<p>And…if you didn’t want to go to a women’s college, why did you appy to them?</p>

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<p>Another option would be to take a significantly well thought out gap year, and apply to schools in cities, that are coed, that are not isolated, and where you would likely garner significant merit aid.</p>

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<p>@sybbie: no need to be caustic.</p>

<p>@mom: did you read my post? I said I applied because of parental pressure.</p>

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<p>The above posters are not being caustic. They are right. If your family contribution is $45,000 per year, the cost of attending Tufts is not going to be within reach if your family can only contribute $30,000.</p>

<p>You got some good merit awards…at schools you don’t want to attend. The two schools you seem to really want to attend are not affordable. </p>

<p>Time to move on with a different plan. A gap year would give you the chance to craft a better college application list with merit aid options…in cities, coed schools.</p>

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<p>You are obviously very smart to be accepted into either Smith or MHC. As others have said, your realistic options appear to be either MHC or UMASS. The only other option I would say, is take a gap year, live at home if possible, and do volunteer work, hopefully in your intended field, maybe EMT, and reapply to coed schools. </p>

<p>I realize you are discouraged. But listen, you will always be smart. Do not overload with debt.</p>

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<p>@thumper1: sorry I ignored your earlier post, I just didn’t see it (CC isn’t really loading well right now). I kind of like the idea of a gap year, but it doesn’t seem feasible for 2 reasons. 1) My dad is inexplicably opposed to doing one (this is the main obstacle). My mom and I have tried to reason with him, but he’s totally insistent that I start next year. No idea why he’s being like this. 2) I honestly feel too burned out to start planning a gap year at this point. College apps really took it out of me, and I don’t think I can really bear to plan/apply to a whole new list again.</p>

<p>@kayf: Thanks for being kind and reasonable. As I explained above, a gap year doesn’t really seem viable, so I guess I will just see how things work out at MHC. I don’t really even care anymore at this point tbh…</p>

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<p>Post #11 “Another option would be to take a significantly well thought out gap year, and apply to schools in cities, that are coed, that are not isolated, and where you would likely garner significant merit aid.”</p>

<p>Or that would cost you and your family no more in tuition, room, board, and fees than $30,000 plus the $5500 in loans you can take as a freshman (unless there is guaranteed merit for your stats to help make-up the difference) . The loan amount goes up slightly each year, but so will the costs of the school. </p>

<p>For example… it looks like you would qualify for some guaranteed merit aid at University of Alabama ([Out-of-State</a> Scholarships - Undergraduate Scholarships - The University of Alabama](<a href=“http://scholarships.ua.edu/types/out_of_state.html]Out-of-State”>http://scholarships.ua.edu/types/out_of_state.html)) if you applied as a first time freshman. If you would take the SAT again and raise your score to a 1400 [CR/ M combined] you would qualify for full tuition. Regardless… the 30,000 your parents have offered to contribute plus the 5500 that you yourself can take out in loans would cover the estimated COA at University of Alabama. </p>

<p>Another example… if you took a gap year and applied to UMCP the total Cost of Attendance OOS would be covered by the 30,000 your parents have offered to contribute plus the 5500 that you yourself can take out in loans. [OSFA</a> - Cost of Attendance](<a href=“http://www.financialaid.umd.edu/award_process/cost_of_attendance.php]OSFA”>http://www.financialaid.umd.edu/award_process/cost_of_attendance.php)</p>

<p>There are many options for you to afford at approximately 35,000 per year. A gap year would give you the opportunity to explore these options. OR, go to a college you and your family can afford for your first year and then look into other schools that meet your criteria, that are within the 35,000 per year COA range. Or… you may decide you like the college that you initially attend. In that case you would not need to pursue the transfer option.</p>

<p>You have MANY option available to you… even thought it may not seem like it now :frowning: … you just need to explore the options that meet your criteria AND will be affordable to you and your family.</p>

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<p>@KatMT, thanks for the advice, but like I said before, I can’t really do a gap year. I already have a 2230 on the SAT so I would definitely qualify for that UAlabama thing but it is DEFINITELY not the school for me.</p>

<p>UMDCP sounds fantastic, though-- I am really angry at myself for not applying now :frowning: I thought I had a pretty good college list but I’m realizing now that I could/should have researched a lot more. Well, I will consider transferring there depending how my freshman year at MHC goes. Thanks again for such an informative/encouraging post :)</p>

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<p>Diana, It’s all going to work out. You have a good freshman year option (actually two)…pick the one you like best. You may actually find that you like where you matriculate. If not, nothing is forever, and as noted by Kat…there ARE schools where the cost of attendance is within your $35,000 a year range. </p>

<p>Good luck to you!</p>

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<p>Since the OOS COA for UMCP is within the $35,000 range transferring could be an option. </p>

<p>You may also want to revisit the option of a gap year with your parents… they may still say no… but if you have it researched out as to WHY it could make financial sense to pursue a gap year they may listen. No harm in trying? </p>

<p>One thing to remember about transferring is that it could take you a little longer to graduate because not all classes transfer to meet requirements at the new school.</p>

<p>You may find that you really like the school you go to as a freshman and not even want to transfer. I remember visiting the North Hampton area a few times and found it to be a great “college town” community. </p>

<p>All the best to you! </p>

<p>In my above note I put a transfer to the 350000 range… I meant 35,000 range ;)</p>

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<p>At times like this, you have to go with “glass half full.” Friend’s dau was crazy about Brandeis, waitlisted, ended up at UM Amherst and is very happy. Takes advantage of the consortium for both classes and campus events. I only know a handful of folks, young and older, who went there-- they all say, first, wow, it’s big. But they all liked it. You find your niche and circle of friends. I went to a women’s college- it’s empowering, but not for everyone. In retrospect, I see the intellectual advantages, no doubt. And, my best friend went to one, also- again, noting the intellectual plusses. </p>

<p>Don’t knock the power of the consortium- not for the social challenge of the bus ride. Sheesh, you can take classes at Amherst. You can do the Five College IR Certificate. You can even do well and transfer (to a school that offers gobs of money to transfers.) Good luck. We know it’s hard.</p>