NEED help with Financial Aid Appeal, unique situation (WUSTL)

Paying for College
1

Okay here’s what’s going on: Earlier this year I applied to Washington University in St. Louis Early Decision. I was accepted, and I will be attending that school next year. A slight problem though, is that I got zero grant money (just loans, work study, etc.). However, my family anticipated this, and we met with a financial aid consultant before I applied to WashU, who confirmed that I wouldn’t get anything. Net Price Calculators also determined this result, so it wasn’t much of a suprise. Also, when WashU sent us the financial aid decision, we just let it slip by without agreeing to it, since no grant money was given, and loans aren’t yet necessary. We signed on to the WashU early decision contract as well, so I’m definitely going there.

My family actually makes the type of money that would allow us to receive a pretty generous need based financial reward (like 30K), but because of factors like assets and home equity, I don’t qualify for any aid. Also, my dad changed jobs last year, and he was making more money at his previous job than he is now, plus he got a hefty severance package between jobs. This isn’t reflected on the financial aid application(s). As you can see, my family’s financial aid situation isn’t black and white (no-one’s is lol). My parents said that we can make it work, and don’t need to take any loans out this year, but I’m still concerned.

I applied for a bunch of scholarships, but so far I haven’t gotten any money from any of them. Also, after turning in the FAFSA a month or two back, it’s pretty evident that no aid is coming my way.

Recently, I’ve been looking around some WashU forums and whatnot, and I’ve been seeing that some people have successfully appealed their financial aid, and that the office of financial aid is apparently very understanding. To quote: “I’ve seen people go from no aid to 10k or 15k.” I want to call the WashU office of financial aid and see if they are able to give me any money at all. Anything they gave me, even 1K (or even $100!) would be great, and I would be very grateful. On the other hand, since I’m an ED student, they have no incentive to try and sway my decision to their school since I’m already committed to going there. There’s also the point that since I didn’t get ANY money to begin with, who’s to say I’ll get any now?

Do I have any chance of receiving ANY aid whatsoever, or am I just kinda screwed? Also, do you think it’s possible that I could try to appeal my financial aid next year after I complete freshman year?

Any advice at all would be welcomed with open arms. Thanks so much! :slight_smile:

2

You are making no sense. Are you saying that you have $1.5 million in assets because that is what would Be needed if assets onky added up to $60,000 family contribution.

The other things that will factor in. Yoir dad is making less, but is he making a low enough amount that you would qualify for need based aid.

Things like a severance package DO count as income.

What about your mom? Does she work? Her income counts too.

Sure, call Wash U and ask. Nothing ventured, nothing gained.

3

I think it’s worth trying for sure. You said that some people have had successful appeals. Your appeal in this case sounds like it would be based on the fact that your father has had a big step down in income between the time he last reported it and right now. The fact that he also received a hefty severance would offset that though.

Going forward, I believe that your financial aid should be based on his new income (as well as assets, of course) which could change the calculation somewhat. Did you and your consultant have a chance to run the numbers to see what your financial aid might look like in future years (ie without the severance pay, and with the new, lower income level?) It may be that you wouldn’t even need an appeal in future years since your financial aid forms will have “caught up” to your family’s actual circumstances.

4

@thumper1‌ Like my family’s annual income is around 130K, which correlates with a ~30K award. Mom does not work. Thanks for the input!

5

OH! That is a little different. $130,000 income would correlate with a family contribution of about $30,000-$40,000 a year. Depending on your assets.

And if you have large assets, the family contribution could add up to being full pay.

You absolutely can get a $5500 Direct Loan on your name for,your freshman year.

Where will the money to pay for this college come from? When you accepted the ED offer of acceptance, where did you think the money was going to come from?

Do you have a 529 or other college savings?

But yes…do contact Wash U…but make sure you have all the details when you call. Everything!

6

Since we were a bit confused by your opening post, you should make sure you have ALL the relevant numbers at your fingertips when you call WashU: assets, home equity, dad’s earnings, dad’s prior earnings, and any other numbers that are relevant. Have them written down in front of you so you have easy access to them while you’re on the phone. And I’d suggest calling and setting an appointment to speak with a financial aid counselor - that will give him or her a chance to review your file ahead of time.

Good luck!!! :slight_smile:

7

I thought WashU doesn’t count home equity. See http://www.thecollegesolution.com/will-your-home-equity-hurt-financial-aid-chances/

8

Sounds like the severance pkg is also an issue. Maybe you’ll get aid next year.

9

You may want to run the NPC without the unusual items (severance) and see what it shows before you call? Good luck!!