<p>I really would like to go to Whitman College, and I love everything about the school. </p>
<p>However here is my FA package:
Scholarship- 32650
Pell- 4800
Stafford Loan- 3500
Perkins- 2000
Wk study- 2500</p>
<p>COA 54,336</p>
<p>They expect my parents to pay 5196
And for me to chip in 2338. </p>
<p>I got 5000 in outside scholarships (not renewable), possibly with 1,000 or 2000 additional coming in next month.</p>
<p>my parent's EFC is 782, mainly because I worked this year.
With the state school, I have to pay about 3,000 to cover for room and board, nothing if I room at a apartment (not my first choice). </p>
<p>Is your Fafsa EFC $782? Apparently there are some assets or additional Income that didn’t show on FAFSA but that Whitman is taking into acct. You are eligible for an addition $2,000 in unsubsidized stafford loans.
I thought they met full need, do they?</p>
<p>Well only you and your parents can truly answer that question. The scholarship is a nice amount. The other items are mostly loans. Are you comfortable with owning a fair amount after your schooling is over? How much could you earn each summer to contribute to school costs? </p>
<p>Do you live in WA? What about travel costs? Those add up very, very quickly.</p>
<p>At the end of the day, you need to ask your parents how much they can contribute. How much they might have saved, how much you might have saved etc.</p>
<p>Not sure which state school you have in mind but that cost is very reasonable. There is much to be said for coming out of school debt free.</p>
<p>I guess they did technically, since they are offering me 45,450 in awards, but they changed my EFC according to their guidelines to 7,533. My parents have rental houses, but they’re all worth less than they bought it, so they’re still paying those houses off.</p>
<p>I can probably make the Student contribution since I plan to work this summer, and plus my additional scholarships can cover for my parents. </p>
<p>I’d like to keep loans to a minimum though, so I’m not sure taking 8000 a year would be worth it.</p>
<p>and I live in oregon, so traveling costs aren’t that hefty.</p>
<p>I guess they did technically, since they are offering me 45,450 in awards, but they changed my EFC according to their guidelines to 7,533. My parents have rental houses, but they’re all worth less than they bought it, so they’re still paying those houses off.</p>
<p>You might want them to review this. It sounds like they think the houses have equity. Do they have equity or has the market dropped so much that they’re worth about what their mortgages are?</p>
<p>Are you sure Whitman College will not replace its own financial aid with your outside scholarships? That’s what private colleges usually do. They don’t let you cover EFC with outside scholarships they just reduce their own aid…</p>
<p>And the market value was based off the property taxes on the houses.</p>
<p>I’m not sure that’s right. I think it’s supposed to be based on having to quickly sale the properties. Not sure if Realtor costs figure in somehow as well. </p>
<p>And the market value was based off the property taxes on the houses.</p>
<p>I am more than pretty sure this is a huge mistake. Property tax assessments, depending on locale and local regs, can start high and then include exemptions, etc, that lower the basis on which the tax bill is computed. Eg, our assessment is 100k more than we could sell for right now.</p>
<p>For many, many families, market value took a nosedive. Zillow may help or this site, depending on when purchased: [Federal</a> Housing Finance Agency - HPI Calculator](<a href=“http://www.fhfa.gov/Default.aspx?Page=86]Federal”>http://www.fhfa.gov/Default.aspx?Page=86)
I use that because it’s federal and we have an older home, purchased at a steal price.</p>
<p>A realtor can give a realistic number. Zillow can average within neighborhoods or larger districts, which can throw things off.</p>
<p>390k - 308k = 82k
82 x 6% = nearly 5000 that could have been added to EFC. Plus, if Whit factors in car values or other sellable items and whatever cash is on hand or assets that are tappable. Someone can correct me if I’m looking at this wrong. Something could be different for investment property. </p>
<p>I think you need to do some fast homework and see if you need a revised Fafsa and Profile- a “professional review” by finaid staff.</p>
<p>Sheesh. That can happen. The background issue is that colleges assume you could sell the property (drastic loss or no) to fund school. That’s not always a viable option for a family. </p>
<p>A realtor would know what houses in that condition could sell for (sell for not the listing price.) You could also try to look up the “tax assessors database” for your city or county and see what a comparable house nearby recently sold for. Eg, if a near and similar home sold last year for x.</p>
<p>But it still doesn’t sound like the family figured things based on having to quickly sell and pay Realtor fees.</p>
<p>It sounds like the homes are your parents’ means of income. The school needs to take that into acct. These homes aren’t just supplying “extra income”…they are the income…and a low income at that…</p>
<p>I would worry about the outside scholarships if you were counting on that $. If the state school doesn’t reduce aid because of them then the state school become that much cheaper. Debt is not fun. You could have a lot of nice things with the $. Does the state school have a strong program in your major?</p>
<p>$8500 a year is the approximate gap, most of which you can cover with those outside scholarships and an unsubsidized Stafford the first year. It’s going to be tight for you, but my gut feeling is to go for it. I am partial to LACs, and Whitman is a very good school. You should sit down with financial aid and see if you can get some adjustment on those rental properties, so that in future years you don’t get stung, if you take this route.</p>
<p>This one is a close call, and really only you and your parents can make it. It is going to be a rough haul to make those payments over the years. It would be an easier go financially if you take the state option. You are really right on the line in terms of what to do. Hard call to make.</p>
<p>Whitman is pretty generous about outside scholarships, but do double check their policy so you don;t have any unpleasant surprises. Good luck on making the decision.</p>
<p>Did your dad already retire or is he waiting until he sees what school you attend? As your brother is a college senior this year, it would be a good idea to ask Whitman how much they think your EFC would increase when he graduates.</p>