<p>So I submitted my FAFSA about two weeks ago.
I also received a letter telling me I was one of their "top applicants", inviting me to Experience Fordham.
My mother and I assumed based on this that I would be receiving good merit scholarship. Well, I got my "Personalized Information Packet" a few days ago and I received a little less than half of full tuition, which brings me about $35,000 short. This would be wonderful news if this number represented solely merit-based aid, but if it includes my comprehensive need and merit-based aids, then clearly I cannot attend. I live in a single-parent household and my mother makes less than $60,000, so we were expecting more in need-based aid.
Does anyone know if the Personalized Information Packet is drawn upon merit AND the information submitted in the FAFSA?
The packet suggested that the estimated $25,000 would be all I would receive from the college. If it most likely is, what are my chances in having success if I appeal my estimated aid?</p>
<p>I could be wrong, but I thought the Personalized Packet discussed only merit aid. My daughter received hers before Christmas. We don’t qualify for any need based aid, and the info packet clearly stated that the $13,800 she was receiving was all scholarship and grant, and said “you will not have to pay back the money”. It stated she had to maintain a 3.0 average. Our FAFSA is complete as of a couple of weeks ago, but we have not heard back about government aid. We already know we will not be getting any, based on income. So I would say you will still hear about need-based aid – just my guess.</p>
<p>Does it list Stanford loans or anything like that? As those aren’t from the college. What about pell grant? Also not directly from the college.</p>
<p>Does the package include Stafford Loans, Perkins, work study, NY State TAP if you are eligible? Run a NPC for yourself and see how that compares. If you are one of their preferred students, you should be getting a bit more than what the averages come out.</p>
<p>Call the financial aid office and find out if this is pretty much the offer subject only to verification of tax info, and let them know this is not doable for you. Ask them what they figured your need to be and share the NPC info if favorable to you. </p>
<p>If this is it, start focusing on your other schools and if you don’t have financial safety plans, start making them. Iona College , Manhattan College have some generous awards. University of Scranton does too. I am sorry if this doesn’t work out. Fordham does not guarantee to meet full need, but it would be useful to you in terms of looking at other schools and evaluating their packages to find out what they define as your need in their analysis.</p>
<p>It didn’t clarify which type of loans it was giving, which I thought was… interesting. I e-mailed them today and they said that the number was based on the info I provided to Student Financial Services (which I thought was a fancy FAFSA-filing service), but in the next paragraph, they said that “after they review the FAFSA” they will send a new letter with an estimation that is often close to what was stated in the PIP.
Honestly, I’m so confused.</p>
<p>The only thing the packet did mention was a possible work-study plan. Nothing about specific loans or Pell grants.</p>
<p>I just did the Net Price Calculator and it was exactly the same at the PIP…
I’m pretty disappointed… that seems like virtually no need-based aid.
Oh well, hopefully I’ll get into one of my reach schools that meets full need.</p>
<p>Artobsessed…would you mind sharing your stats? Just curious about your aid – seems as if you should have recevied more need based, for sure.</p>
<p>Your mother makes $60K? What is your FAFSA EFC? Are you a NY state resident? Do you have a non custodial parnt in the picture? </p>
<p>You will almost certainly be able to take out $5500 in Stafford loans which will bring your need to about $30K, still half of your mother’s income, which makes no sense to me. Does she have a lot of assets? With a $60K income,a required contribution of $35K doesn’t wash without some information missing here.</p>
<p>Just was fooling around with the NPC. Clearly, Fordham does not meet full need. It has some matrix of need and merit with the emphasis on merit, so that the OP got maybe $10K of need in that package still putting him short of what his EFC would be. At $60K, one would expect an EFC of $10-15K. The Fordham formula is double to 3 times that. </p>
<p>I’m sorry. My son got a little more than you did with nearly perfect SAT scores, and we, like you, were thrilled with that big grant. Sobering to do the numbers and find out that we would still have to come up with $30K or so., in our case, it would have been doable with the Stafford, summer job, savings and our parent contribution, but it was still scary to me that such a big award would still leave so much to pay. </p>
<p>My son did not get his award till the last minute, but it seems that since the NPC is close to being in synch with the way this school awards money, it’s unlikely you are going to get more than the $5500 Staffords, and maybe another $3K at most, more likey half that in Work Study. At any school, you will be expected to contribute something with summer work, savings, etc. so, what it means is that your mother would have to come up with $20 somehow from savings, current income (stinting) and loans. If it isn’t doable, start looking for other options. If you have the stats that get you an award at Fordham, you are likely to get some more money at other schools, that will hopefully bring down the cost to closer to what your family EFC is. Be aware that unless you get a huge award that is higher than your need, or apply to a college where the total cost is close to your need, it is highly unlikely that you will get a package that is less than EFC, and you will be lucky to get that. Money is really, really tight, and the reality is that few school meet 100% of need. Any merit one gets is usually applied to the need, so you don’t get more unless that merit award is in the full tuition range and is more than what the need would have been.</p>
<p>I believe some of the Ivies expect no contribution at a household income of $60,000 and a contribution of only 10% of the tution at $180,000 down to $61,000. I can’t remember where I learned that, but I’m pretty sure it is true for some of those colleges.</p>
<p>It is hard to believe that any calculation would deem that $60,000 houshold income would be able to contribute $10 -$15,000 a year.</p>