How does ED financial aid work?

Colleges and Universities A-Z Brown University
1

<p>Say I get accepted ED (fat chance) and the financial aid package Brown offers me is not enough for me to be able to afford to attend. Is there any way for me to back out of the ED agreement on the basis that I cannot afford it?</p>

<p>I am only wondering because as it is, my family cannot afford Brown. It is my absolute dream school, which is why I applied ED, but if I do not get offered much money in financial aid then I don’t know how my parents will be able to send me there for more than a year. My Dad is unemployed and my Mom has to send both me and my brother to school at the same time. So is there any way to back out of the ED agreement if the aid package is not enough?</p>

2

<p>yeah the only way you can back out of ED if you’re accepted is if the financial aid package is not to your liking. you could probably try to ask the financial aid for more but if you still don’t get enough you can back out</p>

<p>source: a Brown representative told us this when she came to my school</p>

3

<p>No matter what, you can always back out of Early Decision despite what the school says. Yes you’re breaking an agreement, but no school ever goes after people who don’t matriculate. Not saying that I would back out (except for financial reasons), but it’s not criminal.</p>

<p>But if you can’t afford it, they understand and will “allow” you to back out.</p>

4

<p>Yes, it is true that they cannot force you to go someplace you cannot afford. However, it is possible that if you turn down the ED acceptance your name will be sent to comparable schools (including the other Ivies), and the presumption is that you cannot apply to those. You would be expected to apply to your state university and other lower cost alternatives.</p>

<p>Did you fill out a FAFSA and get an estimated family contribution? Can you afford that figure? Because that is an approximation of what Brown will expect you to pay.</p>

5

<p>We just completed the financial aid paperwork and their is a good chance we will not be eligible. My daughter applied ED. Is it too late to turn it in?</p>

6

<p>yes the financial aid deadline has already passed for ED.</p>

7

<p>mamma6, you can still apply for financial aid if your daughter is accepted ED, even though the deadline has passed. You would do that if you are interested in your daughter taking out unsubsidized Stafford loans.</p>

8

<p>Thanks, that was very helpful! My daughter’s college counselor said we were scr****!</p>

9

<p>well, you probably wouldn’t get any grant money, but anyone and everyone qualifies for unsubsidized Staffords.</p>

10

<p>Well, the elephant in the room for ED is that generally it’s kids who will not have trouble paying, so it’s those at the top & bottom of incomes. If you need to compare packages, obviously you can’t do ED.</p>

<p>ED makes good money for a school.</p>

11

<p>So I just got accepted to Brown ED, but when I applied, we didn’t fill out the CSS profile or FAFSA because my parents said it wasn’t really necessary and they don’t have the figures for next year.
Therefore, I have no financial aid package for Brown. We can still afford it technically, but we are on the borderline. The only thing spoiling my euphoria of getting accepted is the guilt of making my parents pay.
Basically, what i’m saying is, is it too late to submit a FAFSA (since it technically only comes out in January)? If so, to get any aid package, do I have to fill out CSS in addition to FAFSA, even though the deadline is technically past?
One last question…lets say we pay the whole tuition for next year. Can I still apply for aid in the following year as a sophomore?</p>

<p>I’m kind of freaking out. It was really stupid and bad planning on our part, but i really really hope its not too late!</p>

12

<p><a href=“https://financialaid.brown.edu/Cmx_Content.aspx?cpId=57[/url]”>https://financialaid.brown.edu/Cmx_Content.aspx?cpId=57&lt;/a&gt;&lt;/p&gt;

<p>Q. If I apply for financial aid at the time I apply for admission, but do not qualify for financial aid, am I eligible to apply for financial aid in future years?</p>

<p>A. Yes. On time applications will be evaluated each year for financial need and scholarship consideration. If you do not have financial need in your first year, but demonstrate financial need in future years, you will be awarded financial aid in future years as long as your application is received on time.</p>

<p>Q. Can I apply for financial aid in future years, if I do not apply for financial aid on time through the admission process my first year?</p>

<p>A. Yes. However, you must submit an on time application for any given year prior to being considered for scholarship assistance for that year. Therefore, if you fail to apply on time during the admission process, you will not be considered for scholarship assistance for your freshman year. Students in this situation can apply for federal loans, federal grants and work-study by completing the Free Application for Federal Student Aid (FAFSA).</p>

<p>If you submit an on time application for your Sophomore or a later year, you will be considered for scholarship assistance. It is the student’s responsibility to be aware of all published deadlines.</p>

<p>So, the answer to your first question – yes, you can now fill out a FAFSA, and you will also need to fill out CSS. You will be eligible to get an unsubsidized student loan, $5500 for your first year. There are loans your parents can take out, too, and various payment plans. You could call the financial aid office and ask about work/study – there are jobs on campus that you can get. You can also get a job right now, and plan to work this summer, and start saving money to contribute.</p>

<p>Also, there are ways to reduce your costs – my daughter buys all her books used online and spends about $1000 less than what Brown estimates. </p>

<p>Finally, if you and your parents really feel that you cannot handle it financially, you can probably decline your acceptance.</p>