<p>So I posted yesterday about my being overscheduled and my parents not understanding that...and I got some amazing responses and advice. I thank everyone for that.</p>
<p>Today has presented a whole new set of difficulties (by the way, I spent a couple hours this morning cleaning my room and doing laundry, to everyone who commented before, so that little problem is out of the way!).</p>
<p>I was using Princeton's EFC this morning with my parents 2005 tax returns. The expected family contribution (not including what I would be contributing from summer earnings/campus job) was between $8,100-9,200. </p>
<p>My dad was unemployed from basically 2001-2005. He had "his own company" that had a revenue of probably 500 dollars total...he's a dreamer but unfortunately it didn't work out. However, last year he finally, after a lot of hard work, found a wonderful new job.</p>
<p>He told me roughly what he thought the difference between our last year's finances and this year's would be. I re-calculated, and...according to Princeton (and I know this is only one school, but other schools of the same caliber calculate EFC roughly the same way) my family would now be expected to contribute between $19,000 and $25,000.</p>
<p>There's no way my family can pay that. My parents have taken out countless loans so that we can keep our house and such, and a lot of this year's income is being put towards getting ourselves out of debt. It's not as if there's a way to explain that to Princeton, though. Basically, I'm really at a loss because my parents have been poor for so long and the first year that we have a substantial income is the one year that it would benefit me more NOT to have it!!!</p>
<p>I know Princeton is incredibly hard to gain admission to and that I shouldn't focus on financial aid problems at that type of school before I'm even admitted (which I understand that I probably won't be). But...parents, I know that ya'll are much more informed about financial aid than my peers are...can you help me out??</p>
<p>First, given the stats that you've posted, I think there is a good chance that you will be admitted to a top school, whether it's Princeton, or Yale or Harvard, or some other one. I am no expert on financial aid, and I hope that other parents will come forward to help you. Maybe, you can PM them with some more specific information. Some schools count a primary residence as asset, others do not, so it is important to pay close attention to these differences.</p>
<p>What I can suggest is that you look into some merit aid schools as well as some excellent but somewhat less expensive schools than HYP. Rice comes to mind. Look into LACs as well. Some give very generous aid.</p>
<p>If a school has a supplemental financial aid application, there are often places to explain extenuating circumstances. This is where your folks would explain their debt despite the increased incom from 2005 to 2006.</p>
<p>j07,
There IS a way to communicate that. You can attach a letter of explanation with the CSS Profile (and I think possibly the FAFSA too. In fact, financial aid officers encourage you to do so.
I haven't seen your stats, but the more schools you apply to, the better your opportunity to compare financial aid offers and possibly negotiate once you have admissions offers.
Your financial aid offers may vary greatly. Just be sure that when you do your applications, you have a "financial safety" too.</p>
<p>As you've already been advised, you should attach a letter explain the circumstances. However, the exact circumstances can make a difference. Business debt in your dad's name is considered differently than personal debt that was used to pay of business expenses. You might try contacting Princeton's financial aid office with some details of your financial situtation. Hopefully they would be able to give you some idea of how financial aid would work in your situation. Good luck!</p>
<p>JO. You have moved past the petty disagreements with your family in order to concentrate on a VITAL part of your college application process. Well done.</p>
<p>There are a few parent posters who know this issue inside out. curmudgeon is one. Try sending him a pm if he doesn't post on this thread.</p>
<p>Also, I second the suggestion that you contact the FinAid offices--by email. You want to know the best way to frame your finanical aid application in order to be able to accept an admission offer if the admissions office decides you should get one. In that email, ask the Fin Aid staff for advice. Adults love to give advice. ;)</p>
<p>Good luck--and keep those questions coming. You are in a world of knowledge here.</p>
<p>It's of vital importance to contact the financial aid offices of the schools to which you apply as your family has special circumstance before you receive your financial aid package - if you don't they will accept what is on the FAFSA and the majority of funds may have been allocated by the time you appeal. Financial aid offices want to hear from you - appeals take time and effort. So, look up their contact information and e-mail or call them about how to disclose your family's special circumstances.</p>
<p>There's a right way and a wrong way to negotiate for more aid. Marching into a financial aid office brandishing competing aid packages is the wrong way--unless the office is at Carnegie Mellon University, which encourages students to fax in offers from other schools.</p>
<p>Explaining how the FAFSA didn't capture your family's special circumstances, on the other hand, might get you some results. In fact, it has a name--professional judgment review--and is even encouraged by financial aid officers. "People expect the financial aid office to intuit their circumstances strictly from the numbers," says Joe Paul Case, financial aid director at Amherst College. "You need to provide a narrative. We translate that narrative into dollars." They'll want to know about unusually high medical expenses, for example, or a family income that varies significantly from year to year. The FAFSA does not provide space for such detail, so aid officers suggest that families contact them with any extra information that may be relevant, including documents whenever possible. Roughly half of these appeals garner families more aid.</p>
<p>"Today has presented a whole new set of difficulties (by the way, I spent a couple hours this morning cleaning my room and doing laundry, to everyone who commented before, so that little problem is out of the way!)."</p>
<p>Great! I'm sure that wasn't your idea of a fun way to spend a holiday. Congrats with following through on doing those things.</p>
<p>OP's STATS
Here's what you posted on the other thread:
I'm a Hispanic female from a public high school in Texas (I'm half Meixcan and half white, I don't think that matters though.)</p>
<p>TEST SCORES:
PSAT: 214 (I will probably get National Hispanic Merit Scholar and cross-my-fingers Commended??)
SAT Math: 650 (I hope to raise this to above 700 when I take it again, but I couldn't afford to do a prep course like most other kids I know)
SAT Critical Reading: 800
SAT Writing:800
--I haven't taken SAT Subject Tests but I should probably score high on Spanish and Literature. Kind of freaking out about the Math IC or IIC (haven't chosen yet) though!
AP Spanish: 4
AP Psychology: 5 (I don't know if this one matters much though)
AP English Language: 5
IB Psychology: 6 (on a scale of 7)</p>
<p>With your stats (and the Hispanic merit) you should be able to get a full scholarship at a few places (at least apply to them as safeties). </p>
<p>Now that you have shared some of your family's financial situation (dad unemployed for a long time).... Am I wrong for now thinking that some of your mom's anger at you may be some "displaced" anger at your dad. Perhaps she hasn't felt "allowed" to get mad at your dad for his "job failings" so she threw her anger onto you. Even tho your dad is making good money now, your mom is probably still angry (at him) because they can't "enjoy" that money because it has to go for debts run up from when he was unemployed.</p>
<p>By the way.... you don't need some pricey prep course to bring up your math SAT. Just get a good reliable test prep book (avail from counselor's office or library) and go thru all the math sections --- you don't need to do EVERY math problem, just focus on the problems that are "new" to you OR are set up in a way that is unusual for you. My son was able to bring up his Math SAT just by doing that. It exposed him to unusual or new ways that math questions are posed.</p>
<p>j07 -- please expand your search beyond the Ivy League to look at many excellent colleges that offer substantial merit aid. Someone mentioned that you should send a PM to Curmudgeon - his daughter turned down Yale this year to accept a full-ride scholarship at Rhodes (an excellent LAC in Tennesses). </p>
<p>In 2005 there was a poster called EvilRobot who, after some agonizing, turned down Yale and opted to accept a very generous merit-based financial package from Vanderbilt. He has since posted to let us know that he is doing tremendously well at Vandy -- as well as the academic opportunities he has, I think his love life was also going very well there at the time he posted, so he was a very happy camper. </p>
<p>I know from following threads this year that Brandeis seemed to prioritize its merit money to fulfill a collegiate goal of increasing diversity, passing over many exceptionally well qualified students in order to offer generous aid packages to students coming from minority backgrounds. </p>
<p>All of these are excellent colleges. There are many, many excellent LAC's and small colleges that are willing to wine and dine students like you, and offer you the moon... if you are willing to expand your options beyond prestige schools. You can find resources on this site by looking at threads about which colleges give good merit aid -- and you will also find info on the college web sites. A lot of colleges that do NOT promise to meet full "need" of all of their applicants leverage their aid to be very generous with the 5-10% of applicants that they really, really want -- and you have a good shot at being one of those.... ESPECIALLY if you swim will enough for Div. III competition. (Div 3 can't give athletic scholarships, but I am sure that the schools are happy to be able to give academic scholarships to scholar-athletes). </p>
<p>If your heart is set on Princeton or another Ivy, you should also apply there - you will kick yourself forever if you don't at least try. But focus your college search on colleges where you've got a good shot at getting a full-ride, or at least full-tuition, scholarship. I think you will be pleasantly surprised about what many non-Ivy, slightly less prestigious colleges have to offer you.</p>
<p>I'd agree that you & your folks should write an informative lettter with supporting docs for the FAid departments of each school that you're seriously considering applying to explain your unusual family circumstances & the substantial debt that has been incurred by your family with your dad's very low income over those years.
There are many schools that offer MERIT aid as well & those don't consider financial need. I would strongly urge you to seriously consider some of these schools as well, just to keep your options open, as need-based FAid is quite difficult to predict in any given circumstance.</p>
<p>Check with local Hispanic organizations in the area you live. Since you live in Texas there will be many Hispanic/Latino organizations that most likely offer scholarships to students in your specific geographic area as well as the entire state.</p>
<p>Many colleges and universities also offer specific scholarships for those of Hispanic descent. </p>
<p>I agree with Marite that you should look at schools besides HYP. There are some great LACs out there that would love to have you on their campus. If they want you to visit be honest and tell them your Dad is just now working after being unemployed for four years and that you will need financial help to visit their campus.</p>
<p>See this thread for schools that offer good merit aid:</p>
<p>I agree with the thinking on here that you need to broaden your college search to include schools where you are likely to receive merit aid or that you can outright afford. I would not assume for a minute that your EFC will be "readjusted" to take into account miscellaneous back debts. It's possible; but more likely not.</p>
<p>By the way, it is the rare exception that people can afford the Ivies, or other very selective schools. You are not alone with that problem.</p>
<p>j07 - depending on how your Dad structured his business he may have loss carryforwards that will lower the income reported on his tax returns. Some of those loans your parents took out might have been to support his business and not for personal purposes.</p>
<p>Your Dad should check with a good tax accountant - he might not have correctly deducted business expenses while in business for himself.</p>