Negotiating Higher Aid with Low EFC

Paying for College
1

<p>Ok this is my situation.</p>

<p>I just recently got admitted to JHU which is like my dream come true and I really want to go there.</p>

<p>My federal EFC was 8K and although I still have to send in my 2005 tax returns and W2s, I sent in my 2004 ones and Hopkins supposedly determined that my family has to pay 42 K out of 47 k and the 5 k difference doesn't include any grant aid.</p>

<p>I know Hopkins has more than enough to help us afford college, so I don't understand why I am not recieving any grant aid. People with higher EFCs got grant aid, so why didn't I? is it because I still need to send in my 2005 returns (they are NOT that different from our 2004 ones)</p>

<p>Anyway I would really appreciate advice from experienced people in this fin. aid negotiation process. If Hopkins doesn't give me like 20-30k in aid, I'm will probably end up at Rutgers with my full ride and I really don't want to go.</p>

<p>Thanks</p>

2

<p>Could it be that you were calculating FA based on your EFC information you got from your FAFSA? </p>

<p>JHU also request the CSS profile.</p>

<p>If Hopkins gave your family a $42k EFC you after assessing the information from both the FAFSA and the EFC, they found yoru family to have considerable income /assets .</p>

<p>The information from the profile will account for your increase in EFC because your EFC may show that you have considerable income/assets/equity which shows up on the profile that you don't have to indicate on the FAFSA.</p>

<p>The FAFSA is requested by all schools and is mainly used by schools that calculate FA using the federal methodology. </p>

<p>The schools that require the CSS profile often distribute their own institutional funds and use an institutional/ concensus methodolody. The Profile is used to get a more complete picture of your financial situation.</p>

<p>Differences between the IM and FM models include:</p>

<p>IM collects information on estimated academic year family income, medical expenses, elementary and secondary school tuition and unusual circumstances. FM omits these questions.</p>

<p>IM considers a fuller range of family asset information, while FM ignores assets of siblings, all assets of certain families with less than $50,000 of income, and both home and family farm equity.</p>

<p>FM defines income as the “adjusted gross income” on federal tax returns, plus various categories of untaxed income. IM includes in total income any paper depreciation, business, rental or capital losses which artificially reduce adjusted gross income.</p>

<p>FM does not assume a minimum student contribution to education; IM expects the student, as primary beneficiary of the education, to devote some time each year to earning money to pay for education.</p>

<p>FM ignores the noncustodial parent in cases of divorce or separation; IM expects parents to help pay for education, regardless of current marital status.</p>

<p>FM and IM apply different percentages to adjust the parental contribution when multiple siblings are simultaneously enrolled in college, and IM considers only siblings enrolled in undergraduate programs.</p>

<p>The IM expected family share represents a best estimate of a family’s capacity (relative to other families) to absorb, over time, the costs of education. It is not an assessment of cash on hand, a value judgment about how much a family should be able to use current income, or a measure of liquidity. The final determinations of demonstrated need and awards rest with the University and are based upon a uniform and consistent treatment of family circumstances.</p>

<p>Except in the most extraordinary circumstances, Colleges classifies incoming students as dependent upon parents for institutional aid purposes, even though some students may meet the federal definition of “independence.”</p>

<p>Students enrolling as dependent students are considered dependent throughout their undergraduate years when need for institutional scholarships is determined.</p>

<p>For institutional aid purposes a student may not “declare” independence due to attainment of legal age, internal family arrangements, marriage or family disagreements.</p>

<p>Your COA (cost of attendance) is tuition, room board, books travel expenses and some misc. expenses associated with attending college.</p>

3

<p>wow thank you very much for that information.</p>

<p>One more question. Is is possible that JHU will understand our family situation (my dad lost his job a year ago and just recently has started to get back on track)</p>

<p>we have lots of debt, etc, etc...considering Hopkins has tons of money, do you think that it is worth trying to appeal to them on this matter and if it is, what are certain aspects that I should point out in my appeal.</p>

<p>When I say certain aspects, I mean to say things that colleges actually consider when evaluating family circumstances. thanks</p>

4

<p>Unless you have unpaid/ non reimburseable medical expenses, taking care of elderly parents, high school or undergrad tuition for another sibling and this was not mentioned, then the school will not take into consideration the fact that you have debt.</p>

<p>If your was unemployed at the time you filed, did you explain that the the FA office (if he got a really big separation package, it probably won't matter). Does this job now pay considerably less than the last job (change in your financial picture).</p>

<p>All you can do is ask, as you have nothing to lose.</p>

<p>good luck</p>

5

<p>Taking the attitude that a school has "so much money" won't help. They have many, many uses for all that money, it's not just sitting there. The point is if your family has assets like a home, stocks, etc., they will not ignore that. Most people's EFCs are a lot higher than they are comfortable paying. Colleges assume your family has been saving for college, not that you have cash to pay for each year. Good luck, try, but be realistic.</p>

6

<p>if your dad recently lost his job and your family now has a lot of debts and stuff, send them an updated FAFSA AND CSS/PROFILE immediately. also send them an updated copy of your tax returns, as well as a letter explaining your situation. it also helps if you call the financial aid office and talk with a counselor and explain your situation. they should understand. your circumstances changed dramatically. 2004 and 2005 taxes are probably light years apart.</p>

7

<p>I just used the Hopkins estimator with my 2005 values and their EFC came to be 17K, which still is kinda high, but I think that the prior EFC was because I didn't send in 2005 returns in and had only estimated 2005 figures on Profile...they might need them for verification or something. </p>

<p>The 17k makes sense though, but the fact that we should pay 42K just doesn't. We really don't even have too many assests or savings for that matter. The reason that 17k seems to be there is, because of this rundown business my dad has a 10% partnership in or something. I think this falls under other real estate or something...but anyway...</p>

<p>I have to write a letter of appeal as well as send in my 2005 W2s and Tax Returns.
Any advice on what kind of stuff to write on the letter of appeal...aside from what sybbie said?</p>

<p>Btw thanks for the input guys.</p>

8

<p>If you really want to go to JHU, then get that message across in an appeal letter right away. Think of all the pointers your high school English teachers taught you about writing persuasive essays. I would think the points to cover would include: 1) that you are excited to go to JHU because of its outstanding reputation in your field 2) explain your changed family circumstances - your dad lost his job - if it was unexpected, then say so. Let them know if family savings are now being used for living expenses, or unexpected medical expenses, or house repairs like a leaky roof from storm damages etc. etc. 3) let them know that you would be a great advertisement for JHU. Do you plan to help out with a JHU program like tutoring inner city kids which presents a good face of JHU in the community? Tell them that! Or volunteer to go back to your high school to enthusiasically recruit others. I know a kid who was instrumental in convincing 3 younger kids to attend her university. This, as well as her volunteer work in an inner city school helped to increase her aid package. If you can explain how you can help JHU, and not just have your hand out for what they can give you, you'll have a better shot at getting more aid. 4) Finally,say that you would be grateful for any aid to help you attend your dream school. The people who work in the Financial Aid office must be very, very busy right now and letting them know you deeply appreciate their help will speak to them on a very human level. Also - get that letter in soon - the sooner the better before everything is doled out.(Though I think they must keep some monies in reserve for unexpected contingencies). Good luck to you!</p>

9

<p>thanks a lot man.</p>