<p>So, I'm in a bit of a dilemma when it comes to financial aid... I just got accepted to NU and its my absolute TOP choice! However after calculating my EFC numerous times it comes to just about 60,000. So, according to that figure, Northwestern probably wont give me ANY aid, right?? </p>
<p>The problem is, my family can't afford to spend 60,000 a year on tuition. We have an income of about 220,000 a year, but very, very little saved up in the bank. With that in mind I looked on NU's financial aid site and sort of figured that with those stats I could maybe get a small amount of aid, 5,000-12,000? from Northwestern. But it seems that my home equity is really driving up my EFC, as we have about 700,000 in equity on our home. I'm really frustrated, because I know my parents can't afford to pay full tuition, especially since I already got into some decent state schools that cost half as much as NU......but I don't want to give up on NU over money, after I worked sooo hard to get in, and it is top choice school..........</p>
<p>Anyone have advice or info that would help??
Thanks</p>
<p>I’m sort of in the same boat. Make your Net ID account (the info was in the mailing that came today) then tomorrow you can check your CEASAR to see your financial aid award (if any). If it’s not enough, I think you can appeal.</p>
<p>With 220000 in yearly income and 700000 in equity, your parents are fully capable of paying full tuition. You and your parents will need to learn to forgo some things for them to afford your college education. </p>
<p>You probably should have discovered this before applying to NU. Home equity is a big deal for calculating FA, and yours is very high. When combined with your relatively high household income, I can see why you would not get any FA unless there were some extreme special circumstances. From the college’s perspective, your parents are making a lot of money and chose to buy a very expensive home. Many families with higher incomes have to tighten their spending by making sacrifices like having a more modest home and spending less overall in order to save enough for investments/education, etc. It’s something that really needs to have been planned out ahead of time. Though NU may be your dream school, you will have to weigh the costs and benefits of saddling yourself with so much debt. Good luck!</p>
<p>When schools look at your financial situation, they don’t care how much money your parents have set aside for your education. They just see how much they make (and some other things like equity, as others mentioned) and determine what they think they should be able to pay. Unfortunately, most people don’t really understand this until after they get financial aid info. They think if a school meets “need,” you can go wherever you get in. That’s why many middle class students, who you think are well-off enough to go to schools might actually be in a worse spot aid-wise than students of lower income families. And students can only take out so much in loans, so your parents would probably have to take out loans as well to pay for the 60k a year price tag. So, like others have said, you have to weigh what’s most important to you and your family. </p>
<p>My son was accepted and we are now waiting for financial info. We have a complicated financial story (divorce, blah blah blah). I’m worried that what looks good on paper is not the reality of my situation.
Regardless, he’s a national merit finalist and placed NU as his preferred school. Anyone have experience with this?</p>
<p>Great. Just saw it. He’s been offered more for work study (and for a loan) than for being a merit finalist. This is basically telling kids that youre better off coming from a dirt poor family than you are working hard and achieving outstanding academic milestones. </p>
<p>^ What they offer is need based aids. As all admitted students are great academically, being a NMF is just one of the way to measure that. You just cannot get in if you don’t work hard disregarding your family income.</p>
<p>Agreed that the vast majority of students at a school like this are highly qualified. That said, not all of them are merit finalists in addition to the other high qualifications. Additional merit aid would have helped.
Our financial need is really messed up due to broken family. Very complicated, but I don’t think they can possibly have the time to thoroughly evaluate the minute details - even tho it was made available to them.
It will all work out one way or another. </p>
<p>You can always meet your financial aid officer in person and explain the situation. Ir worked very well for my friend’s son a couple of years ago. Good Luck!</p>
<p>Just checked, only got 5,000$ in loans. The sticker price for us is still about 60,000, which my parents made very clear to me that we can’t afford… I am planning to appeal, but I don’t really figure it’ll get me anywhere… We do have an appointment with the financial aid office for the day we are supposed to fly out and visit NU, but it’s april 21st, which worries me because it is so close to May 1st deposit deadline… Also, my parents are hesitant to let me even go visit if it’s not a “financially viable” option for college. Ugh…</p>