I’ve heard back from one of the six colleges to which I applied, and their financial aid package is quite generous at half the total price of attendance, but it’s still far out of my budget: I calculated what I could reasonably expect to earn over summer breaks, campus employment, and how much I have in savings, and if lucky, I might be able to reduce my college debt from $120,000 to $67,000 (as rounded estimates). First off, I’m averse to the notion of going into debt, and that sum is far more than I would be comfortable with. But not only that, that price is in American dollars, and I’m a Canadian and our dollar is weaker, and of course, there’d be interest on top of that I imagine, and I don’t want to trying paying it off with a liberal arts degree. When I read on the university’s website months ago what the average cost of attendance was, it was much less, though that’s likely because it wasn’t including room & board. I indicated in my CSS profile that I have a fair chunk in savings, and they may figure I can get more where that came from… but I can’t. It’s not that I think I deserve more aid than the average student, but unless I receive it, attendance it untenable.
Is it tacky and frowned upon to request for more funding? How would you recommend I proceed? They want me to attend, and I want to attend, but we’d have to meet part way.
You can try, but what is the reason for reconsideration…because “gee, it’s not enough money” is not likely tomgwin you much. Usually reconsideration is based on new financial info that was not on your financial aid forms…parent loss of income or something like that.
If you have savings…that IS considered in the financial aid calculations…whether you want to spend it…or not.
It sounds like you need a HUGE amount more in aid to make this affordable.
I would suggest that you wait until you have all of your acceptances and financial aid offers. Look at them all. See if another school is within your price point.
@AmicusPlato You’ll get a better value at Canadian universities. Go to an American uni for grad school. Financial packages are not random. They are calculated. They don’t look at your savings and guess you can get more. Did you run the NPC on all of your options?
Did you report your earnings and savings in Canadian dollars? The schools won’t convert for you. However, unless you applied to schools that meet full need, it’s unlikely you’ll get a lot as an international student. Many schools/states limit the financial aid to non-residents, and really don’t have that much to give anyway. Some of the aid they can give if federal aid, and you aren’t eligible.
You won’t be able to borrow $120k or even $67k in the US.
You can ask for more aid but the likely answer is no.
You are correct that $67,000 is too much debt to get a liberal arts degree, regardless of whether that is in US or Canadian dollars.
“You can ask for more aid but the likely answer is no.”
Very likely correct in my experience, particularly for an international student.
You should also note that costs will go up over time, and yes there will be interest payments. Also, you need to be very sure that you will be able to afford a full four years before you start borrowing money to attend university. I have met at least one student, and heard from more on CC, who went into debt for their first one or two or three years of university, and then found themselves unable to borrow any more money and had to drop out with debt but no degree.