<p>I am not going to suggest that your mom should go to work since I don't know your family situation, the opportunities for work, etc... I am going to suggest that while Duke is your dream school, an amazing financial package from Wash U will make a lot of difference to your college experience. If you were to appeal, Duke might come through with some more aid, but it's unlikely to match what Wash U is offering you. Think of what you can do with the aid differential: less work-study, loans, more opportunities for travel and generally enjoying college life. Life won't be that much fun at your dream school if you have to work all the time to earn your finaid. Wash U, by the way, is an excellent school, too.</p>
<p>If Mom is not disabled, I second the idea that she should go get a job! Financial Aid is not arranged to allow leisure for parents capable of working
And now to temporarily hijack the thread to a Rice issue.....
[quote]
I know Rice upped their tuition by 12%, but will the estimated cost really be $35k?? $11,000 grant (congrats by the way) AND $24K out of pocket??? I'll have to go back and recheck my numbers..
[/quote]
JYM - sophmores will pay less tuition ($21830.) than incoming Freshman ($23,310). Both figures include most of the fees and things that weren't included in last year's figures. I know it seems like a lot of money, but (for those parents of current seniors who are PANICKING at the total budget figures) a college student can earn $5000. or more for the summer and school year to help with the cost, and can save more money if he/she lives off-campus, and we parents save some money because junior is not at home scarfing down food, and there is a tax credit worth at least $1500..... I was terribly scared of the cost of college - but in actual fact, we are surviving! LSandin - I really think Rice is terrific and my (liberal, humanities type) daughter loves it. She has had wonderful professors, one who invited her over to.... well, Easter brunch just lately, and the advising and opportunities are great. PM me if you have any questions about Rice from a parent-of-a-daughter perspective!</p>
<p>Just FWIW: Yale tuition is $31,460. for 2005-2006 (all undergrads), plus $9540. for Room and board. Ouch. Makes Rice's tuition increase seem not quite so bad... For Rice sophmores, tuition is almost $10,000. less than Yale, and even more for jrs and seniors.</p>
<p>To those discussing tuition at Rice: I understand that the new freshman had to "feel" the substantial increase in tuition.. the total figure they gave us with her financial aid letter was:</p>
<p>Fees: 436.00
Tuition: 23,310.00
Room and Board: 8980.00
Books and Supplies: 800
Misc: 1550.00
Transportation: 800.00
Total: 35,876</p>
<p>I think that the difference in EFC between the Federal Methodology and Institutional does not come from the equity in the properties. It does come from the impact of depreciation. While it decreases the taxable income of taxpayers who own income producing properties, the Institutional Methodology does not consider depreciation to be a deductible expense because it does not represent a real cash outlay. Accordingly it is one of several deductions that are added back to the AGI, resulting in substantial changes in financial aid awards.</p>
<p>I haven't read this whole thread...trying to catch up after being gone for four days...but in a dialogue with the FA folks at Smith, they backed some depreciation back out of my AGI, resulting in more grants. <em>What</em> the depreciation is for and why can matter.</p>
<p>Umm, first of all being a mom IS a job. Being a stay-at-home mom does not make one a person of "leisure." Sigh. Second, I think it is totally disrespectful to tell a teenager that he should ask his mother to get a job, especially if there are younger siblings. This is a family values issue, not a pragmatic one. </p>
<p>Good luck to you MJ; it's a tough spot to be in.</p>