<p>So, I opened up my acceptance envelope today, threw confetti all over (much to my mom's dismay), cheered--
And then got slapped in the face by the financial aid section, which amounted to a big fat nothing (except loans...which don't really make a difference with over 50k a year..)</p>
<p>No more Reed for me :[[[</p>
<p>Anyone else in the same situation?</p>
<p>Reed meets 100% of need, though grants and loans and work study. If your EFC was close to their 52K COA, then I'm not surprised that they met the difference through a few K of loans.</p>
<p>If, on the other hand, you had 20K need, I'd be very surprised if they met that with just loans.</p>
<p>From Reed</a> College | Financial Aid | REED COLLEGE - Financial Aid, here are the current loan limits:</p>
<p>*2008-09 Self-help Aid Components</p>
<p>Loans </p>
<p>$2,500 first-year students
$3,500 second-year students
$4,500 third-year students
$5,500 fourth-year students*</p>
<p>So what was your EFC? These loans are quite modest.</p>
<p>Those are smaller loans than what my daughter had freshman year. ( our EFC was about $14,000)
She had maximum subsidized Stafford and a small subsidized Perkins grant.
However- as they use the PROFILE, it is certainly possible, that money was determined to be available for college- that a FAFSA only school would not expect.
Equity for instance.</p>
<p>Thats why even though Reed meets 100% of need, that it is necessary to determine early on, what amount can be paid from loans/savings/current income.
Then when you get all the offers you already know what your stretching point is.</p>
<p>I'm in the same situation. FAFSA & PROFILE said our expected contribution was something like $35k, which we were already hoping to haggle down to something far lower (it SAYS we can pay it, that doesn't mean we CAN in any way, shape, or form). That would mean that for a school with a total cost of around $50,000, I'd get maybe $15,000 in FA.</p>
<p>Reed decides they'll instead give me $5,000.</p>
<p>Gee, thanks.</p>
<p>If you feel like you have extenuating circumstances that weren't in your application it is worth giving them a call. They have reconsidered the package for my student at least once. But the profile calculation does take other things into consideration that are not considered in the FAFSA, in particular home equity. Generally our expected contribution has been greater than the FAFSA amount. The self help component can be increased also (so you can take a Federal Loan larger than those amounts if you want) up to $7500 for juniors and seniors. But since there is no merit aid, as a middle class student – you will either have to have the savings or take loans.</p>
<p>$2500 just will not make it.... off to UCSD.</p>