<p>I'm new here, hoping I can get some advice. Don't laugh if I sound totally naive. Our S is sorting through his college acceptance letters, rather excitedly while my husband and I are panicking over the bare minimalism of the financial aid award letters. We've been saving for all 18 of his years (was that our mistake?) and if we are awarded only what the school's have offered us, he'll be through the money his sophomore year, leaving none for his sister.</p>
<p>What have we done wrong? He's gotten all (but 3) As in mostly advanced classes and so far has been awarded $5-10K in merit scholarships outside of the colleges' offers. Our FAFSA came back with an EFC amount basically 100% of his college costs. My husband lost his job 3 years ago so we ate into our savings when it was lean for a few years. Last year his new company made up for the lean years with bonuses, etc, giving us a high AGI that shot up our EFC as if that had been our AGI for all these years.</p>
<p>We've been offered tiny govt loans and see that private loans will make saving for D's college all the more difficult. Are we missing something here? Should we be sitting in the Fin Aid office asking for more? If we pay 100% of his first couple years of college it wiill leave D with no money at all. We're only looking at state schools - nothing fancy. I see friends cash in their 401ks and take out 2nd mortgages to pay for college, but that only puts off the problem. What should our next step be?</p>
<p>I appreciate anything you can tell us - so very much. Feeling lost and discouraged.</p>
<p>Was the initial application list made with cost, financial aid, and/or merit scholarships in mind?</p>
<p>Attending inexpensive community college for the first two years, then transferring to the state university to complete his bachelor’s degree in the remaining two years can be a cost saving move. This is not necessarily a bad option, since some students who went this route were successful, including doing well enough to go to top PhD programs in their majors. But it looks like you may be only able to afford one year at the state university if you want to have anything left for the younger sister.</p>
<p>The younger sister needs to know about the price limit before making her application list. Knowing that issue beforehand may help her find options that will fit within the price limit (e.g. large merit scholarships guaranteed for grades and test scores that she has).</p>
<p>Your post is kind of confusing. Is the outside merit $5K or $10K? What does your S have that has garnered him that much in outside merit? Have the colleges offered merit as well? What kind of COA (cost of attendance) are you looking at? What is your ballpark regular income sans bonuses, etc.?</p>
<p>Saving was not a mistake! It don’t think savings plays that much of a part in the deciding of fin-aid. It is mostly based on Income.</p>
<p>The hard facts- this is something you figure out before you apply. Hopefully there is a financial safety in the list (someplace you can afford)</p>
<p>Colleges have estimated cost calculators on their websites. That will give you an idea of what the costs will be. </p>
<p>We had that same moment for our DD -when we realized that we were not eligible for aid and that really competitive schools give little to no merit aid.
So now we are looking at lesser known schools that give merit and state schools.</p>
<p>I think some places are still taking applications -maybe you scurry around and find something you can afford.</p>
<p>award packages include scholarships, loans, and work options… have you explored each of these? I had loans and work, my parents paid a small part. I believe strongly in the “having some skin in the game” for these kids. Makes a 4 yr. graduation much more impt Community college as stated above is becoming real popular around us. Employers will never know where your student started his college career.</p>
<p>Is this continuing in 2012? If not, and his income is going to settle back to a more “normal” level, after several lean years, then IMO a call to the financial aid offices would be warranted. As of now, the only thing they have is your FAFSA, and it sounds like it’s not a fully accurate picture of your situation.</p>
<p>If they won’t budge even with the additional information, ask what would happen if your EFC is substantially lower next year. Would they be willing to consider giving him more non-loan aid for Years Two, Three and Four?</p>
<p>I never had to do it, but I’ve read that you should ask for a “review” based on circumstances that you were not able to include in your FAFSA. They will ask you to put it it writing, possibly with documentation, so be prepared to do that. Obviously, be calm and professional in your conversation, and clear and factual in the letter. And don’t use the word “negotiate;” colleges apparently don’t like being put in the same category with used car dealerships.</p>
<p>I think the “mistake” was to assume in the long run a state school was going to be less expensive. State schools are making cuts left and right and just don’t have the aid to give like many of the private schools. For a student with high stats (3.7+GPA and 28+ ACT), private schools tend to give very healthy merit aid packages.</p>
<p>I would call the schools and explain the salary situation as well as the unemployment, however, it is likely that they won’t be able to review his aid package any time soon until they know who is coming for sure and how much money they have left over.</p>
<p>Our kids are juniors so we don’t have official numbers yet, but one example-one state school we visited and loved and the kids will apply offers $3000 for it’s top merit aid scholarship. It’s a “selective” school for a state school but certainly not top 25 or anything like that. Private school down the road has similar stats needed for entrance, similar stats for their top merit aid (automatic), but that figure is $15,000, bringing the cost of attendance of that school below the state school even with that merit aid. Then, the private school has already offered S an additional $13,000 for attending a summer program they offer (that costs us $300 to attend-wow). His final cost of attendance for the state school is still about $14,000 assuming he gets the top merit aid and $3000 for the private school.</p>
<p>We had a similar situation last year. You need to get in touch with financial aid offices NOW. They will give you a special circumstances form to fill out, or you can write a letter. You need to explain that your income for 2011 was inflated due to one time only circumstances, that your income was such and such for such and such number of years, that your husband was out of work and your lost x amount of savings, that he returned to work and received x amount above his now usual salary, and what your actual income will be next year and going forward.</p>
<p>As you spend your money down, your aid will, of course, increase, and your daughter’s financial aid will be much higher.</p>
<p>But now, you need to get to the financial aid offices. Did you write any of this story in the section of the CSS Profile that asks for explanations and special circumstances?</p>
<p>With information on your real income for next year, some schools will actually go in and change your FAFSA. Some can use discretion, but many schools, and all public schools, use a formula based on those figures.</p>
Community college as stated above is becoming real popular around us. Employers will never know where your student started his college career.</p>