<p>Received second school's FAO, even more discouraging than the first, including $7k in OPTIONAL loans. Their capitalization. Acronym? Emphasis? My search for a program or special type of loan labeled as such only turned up grad school loans, not applicable here. </p>
<p>Feel free to giggle, but enlighten me?</p>
<p>That means you can decline taking the loans if you can find more cash of your own.</p>
<p>Well, all loans are optional. You should have been offered Stafford loans if you filled out the FAFSA. The other ones typically available are Parent PLUS loans and private loans. There’s a loan comparison chart and plenty of info on student loans here:</p>
<p><a href=“http://www.finaid.org/loans/privatestudentloans.phtml[/url]”>http://www.finaid.org/loans/privatestudentloans.phtml</a></p>
<p>Thanks for the info. Actually did max out the Perkins and both Stafford, this was their suggestion to make up the difference. Bottom line–probably just can’t afford it even with all the merit scholarships and grants. It’s a shame, love the school and love my kid.</p>
<p>I remember when my oldest was accepted to an OOS public university. THey offered a FAO equal to the ENTIRE bill. Sounds like a full ride but the Problem was that the entire FA consisted of loans. Seemed to us they really didn’t want her… But then a couple days later, they sent a letter stating that she was a top candidate for large scholarships through her department - but those scholarships wouldn’t be announced until after the MAY 1 deadline. Naturally, she declined and opted for more financially feasible schools.</p>
<p>That’s exactly where we are. Possible scholarships are hanging out there, but without that guarantee, this school won’t be an option. State school money has already been promised and S can go there with no loans and minimal cash. Not first choice, but most responsible one. This whole process is becoming a cruel chess game.</p>
<p>It is, and that is why I have come to say that there are times to put deposits down on more than one school on May 1. By doing so, you are making a move that is a bit of a push on the school when you say the kid is coming, here’s my deposit, but without more money, he won’t be. And it’s not an empty threat. You have crossed beyond the first line of defense these colleges have and you are holding a back up in your hand, because if you cannot get those possible funds, your kid is going to the state school. I would not out and out say that you have accepted there too, by the way.</p>
<p>In May the colleges also have a better idea who is coming and how much money is left since there are always kids who go elsewhere that have been offered funds. So it could open up some things for your child. IF they have not come up with money by the May 1 deadline, your kid is second string–others were offered those funds, and if enough turn them down, they will go to yours.</p>
<p>Glad to hear I am trying to do the right thing. Even non-refundables are going to be deposited, with an outside chance still there. I figure it is an investment. Right now we have spots saved at several schools just holding our ground until we hear more. I’m thankful I have that ss card to play (though mums the word for now), many kids don’t even have that. Some kid somewhere is hoping for the SS money if it works out for mine at the private. </p>
<p>I never knew it was this way. Son 1 picked a school, we could swing it, he went and all was well. This is foreign territory.</p>
<p>well now i would like to ask a even stupider question</p>
<p>do all schools reply back with a decision (accepted/rejected) regardless of financial aid? i feel like this is something i should know but honestly i have no idea. its march 18th and i’ve only heard from UMiami and OWU…oh god, do i need to quickly try and file all this financial aid or are schools already deciding whether or not they will admit me??</p>
<p>" There’s a loan comparison chart and plenty of info on student loans here:</p>
<p>[FinAid</a> | Loans | Private Student Loans](<a href=“Your Guide for College Financial Aid - Finaid”>Private Student Loans - Finaid) "</p>
<p>Oh great. I clicked on one of the lenders in the link above, CampusDoor, and this is what it said:</p>
<p>Thank you for your interest in CampusDoor</p>
<p>Due to further deterioration of the credit environment, we are not accepting new applications for student loans at this time. If you have a question regarding the status of an existing application, please call 800.786.0002.</p>
<p><a href=“http://www.campusdoor.com/[/url]”>http://www.campusdoor.com/</a></p>
<p>"It is, and that is why I have come to say that there are times to put deposits down on more than one school on May 1. "</p>
<p>Not ever a good idea because if the schools find out, they can rescind your admission.</p>
<p>It is possible, however, to ask for an extension of the May 1 deadline. Some students do this when they haven’t, for instance, gotten all of their financial aid offers yet.</p>
<p>Northstar, it depends, read the letter with your acceptance carefully. Becuase of the waitlist system, schools realize that some people who inititally accept are not going to show up. My Ds letter merely said it had to be returned to get in line for housing and was nonrefundable. It did not say it was an obligation to attend (as would be the case with ED).</p>
<p>More chess moves. The letter indicates that by sending in the deposit you are planning to attend and the deposit is non-refundable. Nothing about a binding contract or obligation to attend. I read that as you can send it in, but if you change your mind we keep the money–nothing more. Can there be more to it than that?</p>
<p>I cannot remember when I was more discouraged by a process.</p>