Northwestern or...?

Paying for College
1

<p>I'm in a real pickle. I applied to Northwestern University ED at the urging of one of the admissions counselors with the knowledge that I'm a Questbridge finalist and impulsively accepted.. I was feeling less than zero self esteem about getting into Northwestern and my other top colleges (Yale, Harvard, Amherst, UPenn, Columbia) and didn't think it through. I got accepted (go wildcats!) but the issue is I didn't get enough financial aid. I asked for an appeal but they said that they couldn't give me any larger of a grant because they saw no changes in my family's income. </p>

<p>Basically I would have to pay a little over 10,000 every year and some loans and a work study. I am sure that this is really generous, but they also said in the letter that once my older sister graduates from college the bill will go up. She is currently paying (hasn't received this year's award yet so with me in school it will be less) somewhere around 12000. There is no way my family can pay almost double that. I think after taxes we have 60000.. Plus I have a younger sister we have to save for, too.</p>

<p>My problem is, I don't want to get burned by Northwestern if I have to break the agreement. I also really don't want to, I like the school a lot and I'm still nervous that I won't get into my other top schools. Am I going to get any better offer anywhere else? Should I risk believing that I may have a chance at these schools?</p>

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<p>Congratulations on your acceptance! </p>

<p>There are many posters here who may be able to help answer your questions. If possible could you please post the specifics of your COA and of financial aid award? Include the total COA (if you can also break out direct billable costs, that could be helpful), then amount in school offered grants, school offered scholarships, federal grants, federal loans, work study.</p>

<p>“Basically I would have to pay a little over 10,000 every year and some loans and a work study.”</p>

<p>Does this mean you have to pay 10,000 per year and some of that could be covered with loans and work study, or that you still have an EFC of 10,000 to meet after all grants, loans, and work study?</p>

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<p>

No because you’re required to

</p>

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<p>As 4kidsdad says, you cannot wait to compare other offers to see if you may get a better offer. If you accept your offer from Northwestern, you have to withdraw your other applications. </p>

<p>If ultimately you cannot afford the financial offer from Northwestern you can decline your acceptance, and allow your other applications to play out. There is no guarantee that you will get a better offer from those schools. </p>

<p>Have you also applied to an academic and financial safety?</p>

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<p>I’ll say it…you goofed applying ED if you really wanted to compare financial aid offers.</p>

<p>Yep…you have a dilemma. You need to make a decision regarding NU and their offer without the benefit of knowing whether their offer is your best…or worst. </p>

<p>But I think you summed it up. Your parent’s cannot afford to pay more than double what they are currently paying now. NU is not going to reconsider your award. </p>

<p>I don’t have any idea how Questbridge deals with ED acceptances.</p>

<p>It sounds like NU is unaffordable with the package you have received from them.</p>

<p>If you decline their offer, you will have all of your RD schools to consider and compare…hopefully with acceptances. </p>

<p>I sure hope you have some safety school in your application pile…not just top 20 schools. You need an affordable option in your mix. </p>

<p>Did you apply anywhere with guaranteed merit aid for your stats?</p>

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<p>If the student hasn’t accepted the NU offer yet because FA isn’t enough, then she doesn’t have to withdraw her other apps.</p>

<p>When you say that you “impulsively accepted”…what do you mean? Do you mean that you got your FA offer and you accepted and sent in your deposit? Or do you mean that you accepted being a QB finalist?</p>

<p>Does your family have assets? Do they have their own business? There is some reason that isn’t yet clear as to why a family with that income AND another student in college would have that family contribution from NU…unless you have assets, a family business, a parent is an independent contractor, or you have a Non Custodial Parent.</p>

<p>I think after taxes we have 60000</p>

<p>Aid is based on “before taxes”. What is the income before taxes? Does QB look at before tax income or after tax income???</p>

<p>There seems to be a hole in the QB qualifications if this student has a sibling in college, yet NU would expect the family to pay that much.</p>

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<p>Looking at other threads…this OP was not a match for any of her Questbridge schools. She was looking to add Wesleyan RD at the beginning of December. Wonder if she did.</p>

<p>To the OP, you are planning to be a theater major. Believe me, we fully support degrees in the arts. BUT you have to be able to pay to attend NU I order to be able to accept their ED offer. Will you be able to pay whatever amount is expected? This is the question you and your parents need to answer.</p>

<p>I thought you had to be Pell eligible to be a Questbridge candidate. Maybe I have that wrong. But if I’m right, your EFC per FAFSA would have needed to be below $5000. Of course, NU uses the Profile and it is possible there is something on that Profile that indicates more available money for college. So…OP…are your parents divorced? Are either of your parents self employed? Does your family own any property other than your primary residence?</p>

<p>You say you “have to pay $10,000 a year”. Is that in addition to the Direct loan…or is part of that $10,000 your $5500 student loan? Please clarify.</p>

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<p>My award is (not sure on the break down) is that I have to pay $10,400 per year, with an addition of $6000 in loans annually-I think Pell was one, and another, and a work study of $2000 I think… Sorry this is very nondescript.
Sorry, before taxes my father earns $60000. I was told not to include the $10000 that he puts towards retirement. The only asset I would name would be my Father’s retirement account? Is that an asset? My father works for a company and my Mom is a stay at home mom. </p>

<p>I know that I really goofed… my issue now is whether to break the agreement (no, have not sent in a deposit/officially accepted) and risk not getting a better offer… Or scrape together nonexistent money and apply for loans…? I don’t know. Yes, I’ve applied to several other fit/safety to schools but (please don’t judge) I know that I won’t exactly be happy having to go to one of them… Basically the thought of getting into Northwestern and having to turn it down to go to my state school where all the kids in my school go makes me upset…</p>

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<p>I’m also worried because my Mom thinks that if I have to turn down Northwestern they will “blacklist” me… tell Yale and my other top tier schools not to accept me because I broke an agreement.</p>

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<p>Please give us the specifics that are in your FA pkg.</p>

<p>Something isn’t right. Even with your dad’s retirement addition for the year, with a sibling in college, your family expectation wouldn’t be $10k for each child. Your dad’s retirement acct (401k) isn’t usually used, so that’s not it.</p>

<p>It’s ok that you applied elsewhere…where else did you apply? </p>

<p>what are your stats?</p>

<p>NU doesn’t know where you applied so they can’t tell anyone…and likely won’t anyway. They didn’t give you enough money, you tell them that. Yale would give you more if you got in because Yale gives better aid. </p>

<p>Good heavens…schools are tooooo busy to be contacting a bunch of other schools. Your mom is wrong. Schools really don’t want to mess up your life. </p>

<p>Are you sure that there weren’t any other assets listed? Savings accts? Investments? second homes? rental income?</p>

<p>Is your home paid off? </p>

<p>Who is paying for your sister’s $12k? If it’s your parents, then it seems that something isn’t right…If your parents earn $60k and then pay taxes and your sister’s tuition, then there would hardly be enough to live on.</p>

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<p>You have NYU Tisch on your list. I don’t think Tisch gives much/any need-based aid, does it? How could you afford that school? Did you run the NPC?</p>

<p>You aren’t breaking the agreement IF you decline because of inadequate FA. So, not bad at all.</p>

<p>* She is currently paying (hasn’t received this year’s award yet so with me in school it will be less) somewhere around 12000*</p>

<p>Your sister is at Brandeis. I don’t think that school meets need, so she may not get a lot more money once they include you. She should contact the FA office and see if they can tell her how much her grant will increase…if at all.</p>

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<p>Total grant aid- $44,794. Work study- $2500. Perkins loan- $2500. Stafford loan- $3500. (Sorry, mistaken, no Pell loan.)
So that totals $53,294.
I did the CSS with my Mom, I know I’m not missing anything. Actually, the only other thing is that in 2012 my Dad was deployed in Afghanistan and made a lot more money (at least in my eyes) but it was nontaxable- they might have seen that? But to be honest, thats all probably gone. </p>

<p>My top school (even above Northwestern) is Yale. I also applied to Harvard, Amherst, Williams, Columbia, UPenn, Wesleyan, Smith, American, and my state university. </p>

<p>I’m not sure how my stats help, but:
2190 SAT (800 writing, 720 math, 670 critical reading)
31 ACT
750 Chemistry subject test, 630 english subject test
AP:5 on chem and english language, 4 on calc ab
this year taking stats, econ, physics c, and english lit as well as french 4 and italian 2 (honors) and a public speaking class at a local community college (took psychology there last spring)</p>

<h1>4 in a class of about 220, weighted gpa 4.0 (don’t know unweighted)</h1>

<p>really good recommendations and I think pretty solid essays
President of NHS and my Human Rights Initiative Club, VP of Student Council, newspaper journalist, theatre like crazy (both in school and out), and a couple other clubs. All of which I am dedicated to. Several school awards.</p>

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<p>Personally, I was for taking NYU off my list solely for the fact that I heard that they don’t give out financial aid. But my Mom made me keep it on. So that’s true? :confused:
(forgot it on my list just now!)</p>

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<p>Also, volunteer a lot and a cofounder of my school’s mathletes team. Work in the summer and currently looking for a second job… Gosh right now I sound so boring!</p>

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<p>My parents can’t pay all 12K… She pays half by working night shifts at the hospital… Our house is almost paid off, like another 50K…</p>

<p>If I have a saving account, it can’t have more than 2k</p>

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<p>Sorry everything I’m posting is very jumbled… I really don’t know… My Mom did the calculator prediction and it said we should have to pay somewhere between 5 and 7K. I really don’t know.</p>

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<p>What are the billable costs for NU? Those would be tuition, fees, room, board. Those are what the university will bill you directly. Does $50,000 cover those costs?</p>

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<p>total cost of attendance- $63,228 according to their website.
And then I have to travel.</p>

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<p>

But could your family afford to pay $7k for your education?</p>

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<p>Looking at [Cost</a> of Attendance: Undergraduate Financial Aid - Northwestern University](<a href=“http://undergradaid.northwestern.edu/eligibility-and-policies/financial-eligibility/cost-of-attendance.html]Cost”>http://undergradaid.northwestern.edu/eligibility-and-policies/financial-eligibility/cost-of-attendance.html) it appears that the billable costs to Northwestern in 2013/1014 are $59424. This includes tuition, room, board, and fees. It does not include books, personal expenses, travel. These costs would go up a % in 2014/ 2015.</p>