<p>I was blessed to receive an acceptance and a financial aid letter from one of my favorite colleges today. </p>
<p>I was surprised at the expected family contribution on the letter, as many are. I thought it was just normal sticker shock. But then I looked at the college's informational brochure and found that they make these offers using the estimated income numbers, and will adjust based on the 2010 tax returns during the summer and send us updated letters.</p>
<p>We estimated our income for this year to be around $10000 higher than it actually was, which could make a significant difference for a family in our income bracket ($50-60k). After adjusting to the actual income amount, my family contribution should hopefully be lower. However, I have to make a decision about what college to go to before the summer, which is when these updates are supposed to be sent out. </p>
<p>What to do? Should I call or email the financial aid office now and ask what our updated contribution would be? Should I wait until I get more acceptances and financial aid offers and then contact them? It's not really an issue of negotiation, so I don't know if other colleges are relevant. </p>
<p>College is a full need college, by the way. </p>
<p>Does the school promise to meet 100% need? If so, they will probably plug in the numbers when they get them and increase your aid. If not, however, their budget could be limited.</p>
<p>I agree with bluebayou – get the 2010 returns to them ASAP. ALSO, send copies of the 2010 returns to the financial aid departments of any colleges that you haven’t yet heard from – make sure every college has current information. The colleges should be able to give you the answers you need in April so that you can compare awards and make a decision – but they can’t do that without the documentation from you. You should also make corrections to the FAFSA with the correct info from the tax returns as soon as possible as well.</p>
<p>I sent it already, and updated my FAFSA, all back in February. But their deadline for it is not until mid April, and they say they typically review it and send out altered packages in the summer. Should I ask them to review it early? And should I ask them now, or wait until April 1st? </p>
<p>They expect you to wait until this summer until you know exactly what you’ll be expected to pay? This sounds completely unreasonable to me.</p>
<p>Assuming that you have to notify them of your decision by May 1, I think you can wait till April to see if they send you any updated numbers. If not, call FA to verify that they’ve received the actual returns and the updated FAFSA. Then tell them that you can’t make an informed decision until you have a firm idea about any revisions they might make to your package.</p>
<p>I think you should call your first choice college…tell them they are your first choice but you aren’t comfortable making a decision without a firm finaid offer and see if they can’t get you one before the end of April. I The difference will not be dollar for dollar eg they are not going to give you $10,000 more in aid because the income/asset number went down $10,000, you do understand this right? The difference will be some percentage of that $10,000…whatever percentage that particular college uses…</p>
<p>agree with mom above. Send a letter to the head of finaid with a copy to the head of Admissions: first choice school, but cannot commit until final numbers are in…no need to wait until April. Send now.</p>