I applied to UC Riverside but sadly got wait listed, a couple months later I received financial aid award of over $12,000. My question does my recent award mean they are more likely to accept me from the wait list. Also should I accept the entire award package.
Call the school…and ask them what the deal is. You should only accept the package if you are an accepted student.
What does your admissions portal status say? Regardless, I agree that you should call.
If you learn that you have been admitted, then you can figure out if you need all of the money offered. My son was waitlisted at a UC a few years ago and I definitely don’t remember seeing any financial aid information being posted until after he had been accepted. I hope it’s a good sign!
I wouldn’t accept any of the money I didn’t have to because you’ll have to pay it back and they don’t allow you to get out of it in bankruptcy. $30,000 student debt can easily turn into $90,000 in a matter of years because of compound interest. https://www.youtube.com/watch?v=y8c_rroWFmA
The financial aid office and the admissions offices are separate. The admissions office has to prepare packages for students who may or may not be admitted.
I have just heard UCI sent out admission notice by mistake. Perhaps there is another computer glitch at UCR too.
You wrote this:
You are talking about LOANS. If this student got $12,000 or more in aid, it probably all was NOT loans. For all we know, it was all grant money. If that is the case, and he got accepted! It would be foolish with a capital F not to accept the full award. Grant money does not have to be paid back. Neither do monies earned through work study.
Since I am in a very desperate spot, are my chances looking bright.
My admission portal still says I am on wait list but the email that I received with the award is the following.
"Our records indicate that you have opted in to UCR's admissions wait list. Actual admission decisions will be released by the Undergraduate Admissions Office based on the deadlines sent to you via e-mail. Meanwhile we have prepared a preliminary financial aid award for the 2018-2019 Award Year for you to review. Please note that this award is contingent upon your official admission to UCR."
I think it is pretty clear. You are waitlisted and this FA award is preliminary. If you are accepted off the waitlist, you’ll have very little time to decide if you can make it work financially, so they are getting the info to you so you’ll have the most time to decide. If in fact the FA doesn’t work for you, you can take your name off the waitlist.
Yup. Keywords: “preliminary” and “contingent.”
Ok. That is very clear. It confirms that you are on the waitlist and nothing more.
I would not expect a school that offers a preliminary package before admission, particularly from one that has a low admission rate. There are far many excessive work to do. Nevertheless, it is near the end if admission cycle that they should have finished the package for all admitted students and now focus on a small number of WL students. As the notification and decision deadline for WL admission is very short, they may need to do that ahead of time. But even in that case, they do not need to let the student know the package until admission is offered.
I have heard of a few schools doing this - sending out a FA letter with a WL. That way students can decide to stay on the WL or not with this information in hand.
I think that’s an outstanding idea. It would be great if more schools could do that.
Thank you everyone for replying. Things are much clearer now. C :
Students who drop out of college are required to pay back a portion of their federal-aid funds such as the Pell Grant.
https://www.fastweb.com/financial-aid/articles/dropping-out-means-paying-back-financial-aid
That is for students who drop courses DURING the term. It is not for those who finish the term in which the aid is awarded…and then drop out of college before the next academic term starts.
It’s only for aid disbursed and courses not completed in a term…not for dropping out of college after completing courses.
Read the article carefully.
The point is some people have to pay back a grant.
@thomas4881 It is not the topic of this thread. You may want to start a new one, if you feel kids don’t understand the terms.