Can anyone appeal financial aid because they think they can’t afford college?
For me, I got about 10k in scholarships/grants from UT Austin already and the last 15k are loans(3k in subsudized, 2k in unsubsidized and 10k in Parent Loan for Undergraduate). If I appeal can I explain that my parents’ income is not enough to pay for the loans(like 99% of the money on their 1040 tax form is from property or the like and they haven’t saved any money for me; my parents aren’t rich either: their property or other stuff only adds up to 20k on the 1040 tax form) and ask for more scholarship money?
(It would probably be need based scholarship money b/c my credentials aren’t that good)
Are you saying that your parents own real estate?
How much more aid do you need?
What school?
If your parents can’t afford the loans, then you can’t afford the school. Did they save any money for your college expenses?
My parents tell me not to worry about money–we have the mindset that education comes first-- but they don’t reveal any of their plans for my college expenses(tuition) and with their extremely low paying job now I’m afraid they don’t have a plan at all.
Do your parents own real estate other than your primary residence? Your first post indicates that 90% of what they put on the fafsa is property. Please explain. That will help folks give you a better answer in terms of asking a school for more money.
What are your AFFORDABLE acceptances?
Your parents “low paying” jobs will not qualify them for large loans unless they put their property down as collateral. That means if your parents can’t repay the estimated $2K per month, then they lose their house. If you don’t get a job that can cover those costs, they still lose the property.
Bea, where are you getting the “estimated $2K per month”? He said his parents would have to take out $10K. Are you figuring that for 4 years? Because that is a 5 month repayment rate with the $2K per month. That’s loan shark terms.
But yes, you should talk to them and expect to have to go somewhere else when they reject your request. You might get some more, but I doubt you will get $10,000 more.
Ark Dad, I was generalizing and I based it on the fact that the student is already at $15K in loans without the parent loan of $10K.
Maybe you shouldn’t be looking at a school that will cost 25k.
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like 99% of the money on their 1040 tax form is from property
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???
What does this mean? Property isn’t listed like income on the 1040. Are your parents receiving INCOME from those properties, like rent or farm income??
The OP said $15K in loans and pointed out that that included the $10K for parents and $5K for the student.
OK, that adds up to 60k for 4 years. Although it will be more than 60k because of the interest accruing during deferral./ It will be something like 800 a month.
@punctiliouseye if you gave the school your financial information they already know your situation. You didn’t answer the question if they have property other than your home. I think you should sit down and work the numbers out with them. This sounds too expensive if there is no college fund, unless they are going to sell their property.