<p>I received a fairly generous financial aid package, but my parents still think it would be too costly for me to attend Smith (even though the two colleges my parents want me to go to gave me pretty terrible aid). On the FAFSA, I wrote that my parents have around $60K in assets. However, half of that amount is reserved for emergencies and my mom's past and future medical expenses. Is it likely that I would receive an increase in financial aid (preferably through grants) if I tell the SFS that only $30K of my parents' assets is to be used for my educational expenses?</p>
<p>I think you would have better luck spelling out the medical needs, and why there are funds reserved for the medical needs.</p>
<p>Let me start with the obvious that i"m not a financial aid expert and I don’t have a lot of experience with these awards. But just looking at it from a common sense angle, I think that you’d need to explain or document the medical billing and how much of a toll it takes on the assets. As for the part of it that’s reserved for emergencies, I don’t know how convincing that would be. Financial aid assessors seem to see everything as fair game. They don’t calculate for future needs, the calculate for what your need is right now. They probably think it’s reasonable to draw down that money since it’s not at the moment dedicated to another financial obligation. If your parent’s don’t agree that’s certainly their prerogative however. </p>
<p>In general, my advice with these things is that it never hurts to ask. You’ll be no worse off than you are now if they say no and you never know what might happen until you ask.</p>
<p>Treefingers, why do your parents want you to go to either of the schools that gave you “terrible” aid? And do you mean by “terrible” that their packages are less generous than Smith’s?</p>
<p>^^^ I too am confused - - OP are you saying, perhaps, that although the other schools offered less attractive packages (more loans?), the family contribution is lower (maybe b/c the other schools started out w/ lower COA)?</p>
<p>As for the appeal, you can’t just designate sums of money as “off limits.” If the $30k (of the $60k) is already “spent” b/c for medical expenses accrued, but not paid, you will have to document those expenses (probably something along the lines of explanation of benefits forms indicating the portion NOT covered by insurance). Likewise, if your M has a medical condit requiring on-going care (dialysis, chemo, etc.) you will have to document the anticipated expense (probably w/ past statements and EOBs). With appropriate documentation, you have a good chance of a successful appeal - - the ultimate increase, however, may be less than you’d like (as indicated in a recent thread the Smith board). </p>
<p>If, OTOH, you’re saying that the $30 in question is an emergency fund w/o any specific anticipted medical expense, that’s another story entirely. Most families have to sacrifice to pay for college, so we-want-that-money-for-a-safety-cushion-just-in-case is really no different than any other family - - and thus, not at all a compelling reason to increase your award. </p>
<p>Most families have to dig deeper than they’d like in order to pay for college. If the COA Smith is outside your parents’ comfort zone, you may just have to look for a more affordable school.</p>
<p>CarolynB and nyc - Even if I commute to one of the two other schools, which is possible as they’re both within 20 miles of my house, it would still be less expensive to go to Smith. My parents also plan to buy a car for me if I end up having to commute (I don’t currently have my own car), making it even less sensible for me to go to either of those two schools.</p>
<p>Of the $30K that my parents consider off-limits, $10K is for medical expenses and $20K is for emergencies (according to my mom, one should always have enough money to survive on for 6 months just in case everything goes wrong).</p>
<p>I have assured them repeatedly that because the amount of money in our assets will go down as they have to continue to pay for my college education, and because it is expected that our income will go down this year (my mom is now working part-time instead of full-time), the amount of aid I receive from Smith will increase each year. That wouldn’t happen if I go to one of the other schools, which is notorious for giving heavy loans and, because of the cuts to education here in Texas, would not be able to meet my need each year.</p>
<p>You can’t just designate $20K as “off limits for emergencies.” Your college tuition is one big emergency. If your parents don’t want to spend cash, they should take out PLUS loans or equivalent. We hadn’t saved, so we had to. That’s the moral: you either save or you borrow to meet parental obligations, otherwise it penalizes those who did save.</p>
<p>With the check I just wrote, we will have passed the 1/6 mark on paying off the loans we took out for D. Huzzah! And the amount going towards principal increases with every payment.</p>
<p>I personally have no problem with taking out small loans (Smith gave me $3500 in loans, which is by far the smallest loan I’ve been offered), but my mom is extremely insistent that I don’t take out any loans during college, regardless of the amount or interest rate.</p>
<p>To give everyone some numerical values to base their advice on, my first year at Smith would cost around $15K (assuming I take the loan), “School A” would also cost $15K, and “School B” would cost around $19K. The figure for Smith does not include the price of books, transportation, etc., but I intend to use my own money to pay for anything that isn’t tuition or room and board. Also, if I go to Schools A or B, my parents plan to spend anywhere from $8K to $12K on a car for me.</p>
<p>I can’t put this politely: your mom just doesn’t understand the college financial landscape these days. A reasonable amount of loans is expected for virtually all students whose families aren’t independently wealthy.</p>
<p>It’s just like parents who don’t get that Smith isn’t the same education you can get more cheaply at a community college.</p>
<p>The money your parents would spend on a car for you could be offset against the loans they’re so dead set against.</p>
<p>Frankly, I think some of what’s going on here is that your parents are worried about your leaving Texas and going far away to school. I really don’t think it’s about the money. They want you nearby. I think that’s the conversation you should be having.</p>
<p>I agree with TD. You don’t have to go overboard, but a small amount of student loans is part of the landscape today for students who are on financial aid. I also agree with CB, it seems like there’s more going on here than money. You’re getting the same or cheaper education at Smith as at the other two schools. Even if they’re adamant against loans, instead of getting you a car for 8000 they could front the extra 3200 and spare you the loan. It sounds like what they want is for you to be nearer to home. Maybe you should try to sit down and discuss it with them. Make a list of why you want to go to Smith so that you can discuss it more rationally. Explain the financial aid situation to them again, and see what they say.</p>
<p>“Of the $30K that my parents consider off-limits, $10K is for medical expenses and $20K is for emergencies (according to my mom, one should always have enough money to survive on for 6 months just in case everything goes wrong).”</p>
<p>If I were a financial aid officer, my response would be, “Oh, that’s nice. Now why is it exactly that you are appealing?”</p>
<p>If OP’s parents are willing to pay the $15-19K for school A and B, PLUS $8-12K for a car, the Smith award (which brings your tuition/room/board to $15) is not the issue. Even if OP communtes to A or B - - saving the cost of room/board, and then using that savingst to purchase the car - - Smith is still no more expensive that the other schools. </p>
<p>Is there something I’m missing? If Smith was never the most expensive school, why does OP thinK the $60 emergency fund is implicated in any way? (Since school B is $19K, even if OP declines the $3.5 Smith loan, Smith [$15K + 3.5K = 18.5K] is less expensive than school B.)</p>
<p>Even if OP’s parents want her close to home, why say it has anything to do with $$ when the numbers so clearly indicate that is not the case?</p>
<p>“It’s just like parents who don’t get that Smith isn’t the same education you can get more cheaply at a community college.”</p>
<p>Thank you TheDad! I am so happy to hear someone on CC infer that an education at a school like Smith is better than a community college! I read CC all the time and while I definitely believe a community college is good for some students etc., I"m tired of feeling guilty because I think going to a community college or our state school would NOT be good for my D, even though we’d save a bundle with her starting at a community college and some money over the big state school (not a bundle as some people would like to think). With the fin aid from Smith (or the other schools she’s still considering) a first class private education will cost us about $5000 more a year than the state school (this doesn’t include a community college). And at an OOS school, forget it! I’m sure we’d get no aid and it would cost us more-- UMASS Amherst is around $32,000!!</p>
<p>“Also, if I go to Schools A or B, my parents plan to spend anywhere from $8K to $12K on a car for me.”</p>
<p>Does the car come out of the “emergency fund”? I don’t get it, and I wouldn’t expect a financial aid officer would either.</p>
<p>USM, Smith was about 10 percent more expensive than the UC schools for us and while I suppose D could have received a UC Presidential Scholarship, it certainly could not have been counted on and in any event Smith was a far better fit, D didn’t apply to any UC schools, and a 10 percent differential was easy enough to swallow for what was received in return.</p>
<p>Folks: value = cost/quality. Smith costs more than some options but the quality is a heck of a lot better.</p>
<p>===</p>
<p>I’d taken things at face value, the thought that this was a camouflaged argument about how far away from home the parents wanted their D had not occurred to me. Bleah.</p>
<p>Are they afraid you’ll get infected with “New England values” or something?</p>
<p>In all fairness, airfare to and from Texas has to be part of the calculated cost of attending Smith.</p>
<p>Still, I think you have your answer. This is not about finances. This is about your parents wanting you within driving distance, and they are willing to bribe you with a car to do it. You really need to get the truth out in the open so you can all discuss the real issues and come to an understanding, whatever that may be.</p>
<p>Although many of us here don’t understand why parents would limit their daughters based on geography or a perceived equality in education, geographical distance is a deeply emotional issue for many parents. I have a friend who wouldn’t let her daughter go to college beyond driving distance – and unfortunately this came out after a coveted acceptance. My sister-in-law wouldn’t let her kids go to college out of state. It’s not easy to let your children go out into the world. If you approach this issue with both compassion and logic, they may be swayed.</p>
<p>I have told them that making me go to a college that would already be more expensive and makes no promise of meeting all of my calculated is ridiculous, and that adding a car into the equation is by far THE dumbest thing I have ever heard. My mom responded with the idea of her driving me to school everyday. Sounds a lot like what I do in high school.</p>
<p>She has read the book about finances that came with my aid award, but it seems like she skipped the page that mentions a 3.4% interest rate and loan caps.</p>
<p>My parents do understand why I want to go to Smith, why it’s better than my other options, etc., and claim that they would send me there if they had the money. But don’t they have even less money for Schools A and B? I’ve told them that my aid award from Smith will most likely increase each year, which is highly unlikely at Schools A and B, but my mom is extremely cynical about the entire financial aid process. She thinks that Smith is trying to lure me in with an amazing amount of aid, only to make me pay the full price for the remaining three years.</p>
<p>Let me guess: neither of your parents went away for college. </p>
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<p>Tell her that if Smith does that, you’ll transfer. :)</p>
<p>Neither of my parents went to college, period. They’re both immigrants from the former Yugoslavia. While my dad does think college is a place to grow and have new experiences and would love to let me go to college wherever I want, my mom thinks the only reason anyone should go to college is to get a bachelor’s degree and make more money than someone with just a high school diploma would. And then she brings up stories about people she knows who took out a huge amount of loans to go to college away from home and won’t pay them all off until age 70. She doesn’t understand that that won’t be the case if I go into a high-paying career (I plan to double-major in government and Russian) and that my current loan award and the loan caps mean I can’t possibly graduate with more than $19K in loans.</p>