Is it possible?

Paying for College
1

<p>I live in metro Detroit, MI.</p>

<p>I was accepted to Florida Southern College in December. It's a pretty small private school in Lakeland, Florida. I'm visiting on April 9th-10th. Before I even visit though, I want to know if it is even going to be possible for me to attend.</p>

<p>I should explain a little before entering into the whole discussion. My mom lost her job in November 2011, she has been working on getting disability since. My dad lost his job in March 2012, and he has been working on getting a job since, to no avail. They cashed their 401(k) in 2012 to help support our family of four. This brought my EFC to something like 19,500. Unbelievably stupid.</p>

<p>I applied for an Unusual Circumstances claim with FSC, and the following is what came of it all...</p>

<p>2013-2014 Yearly Expenses
Tuition: $28,580
Room and Board: $10,350
Miscellaneous fees: $2,000</p>

<p>Total Expenses: $40,930</p>

<p>2013-2014 Yearly Financial Aid Award
Scholarship: $7,000
Residency Grant: $3,500
FSC Grant: $6,000
Federal Direct Loan: $5,500</p>

<p>Total Aid: $22,000</p>

<p>Difference: $18,930</p>

<p>I can pay for a little. I have an OK job, and could probably pay like $3,000-$4,000. That leaves about $15,000.</p>

<p>Thoughts?</p>

2

<p>Where will you come up with $15,000? You already have the maximum federal direct student loan.</p>

<p>It does not sound like this school is affordable for you. Hopefully you have more affordable options.</p>

3

<p>Are your grades leaning toward the upper end of what they are looking for? Maybe you could make a case for more merit aid? Is this this absolute best FA package you’ve received? A better package from a peer school might lend itself to some leverage. Besides that, the only thing I could suggest would be a face-to-face meeting with your parents and your FA rep. Sort of caught between a rock and a hard place cos I wouldnt be willing to visit a school 6 states away unless I was absolutely positive it was a viable option.</p>

4

<p>That’s what I’m saying. Will any bank give a 15,000 loan? Is Parent PLUS a possibility? I’m sure they’d be denied, but isn’t that another 4k?</p>

<p>I do have other options, but in all honesty, I dislike them very much.</p>

5

<p>I’ll finish HS with about a 3.4 GPA and a 28 ACT… What could a meeting with them accomplish?</p>

6

<p>The school cannot really give you more money than your EFC without a special circumstances exception and yes, taking money out of the 401 K makes it a big problem. Perhaps a gap year if the school cannot grant exemption or give you more merit money. Given your parents are in such tough situation financially, taking out a lot of loans is really not a good idea. Yes, if they are denied by PLUS, you can get $4K more this year, but that still puts you way short of what you need right now. </p>

<p>Look at the common data on the school and see what % of kids get full need met there. It may not make that much difference if you even have the need if the school does not tend to meet it.</p>

7

<p>A gap year has always been such a ****ty (pardon the language) option. All of my friends are headed to college while I sit on my ass?</p>

<p>I just don’t like the sound of it. Is it really a good option? :/</p>

8

<p>Actually, the top schools in the country advocate students taking a gap year. But what do they know? </p>

<p>If you can’t come up with anything better than sitting on your ass for a year, I agree it’s not a good alternative for you. But right now, I don’t think you are going to get any exemption from the school. They knew the situation and you have their offer. Less that a third of the students there get full need met anyways even if your EFC were lower, so it may not have made any difference. Also only 20% get merit money with an average grant of about $10K . So I don’t think it looks good that this school is going to come up with enough money for you to go there. But you’ll never know unless you try it again without 401K withdrawals clouding the issue. If you reapply as a transfer, the chances are generally lowered in terms of getting any money; the odds are definitely better as a freshman admit. So you either give it up in terms of going to this school or, take a gap year and give them another chance.</p>

9

<p>I’m saying my mind percieves the gap year as such, not that that is what would happen.</p>

<p>What do people who take a gap year do in said year if they aren’t attending school?</p>

10

<p>They get a job and work at least 40 hours a week - so they have money to help pay to go to college the next year.</p>

11

<p>Mjr, if you cannot come up with any ideas, than a gap year may not be for you. You have your choices in front of you now and that 's what you have to choose from.</p>

12

<p>Did you apply to Wayne State, MSU and Oakland? In state schools will typically be the most affordable options.</p>