<p>My parents have a savings account that nullifys us from recieving financial aid. But my father has been unemployed for the past three years, and bounces from temp job to temp job. So I was accepted to Bowdoin College ED, but they are not giving any financial aid. I don't know what to do? The ED contract isn't the main problem, I want to attend Bowdoin, but I can't afford to take out loans and be in debt 160k. Can anyone else whose been in this situation give me any advice.</p>
<p>I would suggest contacting the schools finaid office.
If the main breadwinner has an income that isn't stable that should show in the tax forms. You may want to let them know that while you have savings, that, that is to cover periods of unemployment, if what I am thinking is how your family is doing.
The problem with ED however is that not only do you have to attend that college, but you have to be happy with the aid package, ED doesn't give them a lot of incentive to make you happy with the package, nor do you have other packages to compare.
How is your mothers income? Is hers unstable as well?
The more accurate information your school has, the more they can give you a fair package.
good luck</p>
<p>Yeah we already talked with Bowdoin a few times. They are adament in refusing to give me financial aid. It is really frustrating, and the savings are all locked in cds anyway so its impossible to utililize them without being penalized. Arg, its just so annoying.</p>
<p>I'm confused.....on 3/6 you posted on the Bowdoin board:</p>
<p>"I at least I was accepted to all nine colleges I applied to. I guess its back to scratch board, start comparing fin aid packages. Hopefully University of Rochester works out, else I have three back up colleges with full rides, and honor college at TCNJ. "</p>
<p>How is this possible if you were accepted at Bowdoin ED?</p>
<p>ed2, sorry for the confusion. Most colleges sent me thier response fairly early, even though i applied rd. i applied to bowdoin ed2 but sent the app iur in november cause i missed the ed deadline. It was my first choice, and i was under the impression that i would recieve atleast some aid.</p>
<p>I would go with a college that has an aid dept that wants you.
even if you talked Bowdoin into adjusting their package for this year ( and it doesn't sound like that is going to happen), there would be no guarentee that it would be enough the next year.
It is far better to attend a school, if even it isn't your first choice, not having to worry about money, particulary with your parents unpredictable income.</p>
<p>Even if you were admitted ED 2, the same rules apply that you should have withdrawn all of your other applications or let the schools know that you would be unable to attend.</p>
<p>normally yes, but they told me not to withdraw my apps until they established a financial aid package.</p>
<p>If you have enough in CD's and savings that you're not eligible for financial aid, despite little income from your parents, it must be a very, very large amount in CD's and savings.</p>
<p>Plus, you've been accepted to the college of your choice.</p>
<p>You're not screwed, you're very fortunate. Spend a portion of the savings on college. If you have to take a small penalty to cash in a CD early, so be it.</p>
<p>i wish it were that easy but its not. Firstly its a significant amount but not a huge amount, and lets put it this way, if take out money the savings to pay for college very little will be left firstly, and secondly its an emergency savings. Due to my dad's situation and a whole bunch unplanned expenses I really can't afford it. So yeah I am screwed, because its impossible for me to afford 160k in debts.</p>
<p>The problem is that you are talking what is and colleges are dealing with the here and now. Right now unless you are in line to get some serious merit money, you probably are not going to get much in need based aid at any school that distributes aid based on need so you will end up being a full pay no matter where you attend.</p>
<p>Bowdoin
University of Rochester
Emory
Case Western</p>
<p>You would have to be at the top of the applicant pool to be an Emory scholar or to get the big bucks from U of R or Case and I am sorry to say based on the stats you posted :</p>
<p>Location:New Jersey
SAT I:1890 (1280 old scale)
SAT II: none
GPA (what ur course load's like, if u want to):4.234
Rank (if offered): 1/391</p>
<p>you are probably not going to get much in the form merit money from these schools (so you will probably end up at your financial safety which is your state U..</p>
<p>
[quote]
if take out money the savings to pay for college very little will be left firstly
[/quote]
when you pull the money out of your savings, yes, less money is going to be a factor when you renew your FA next year (possibly opening the door for you to get need based aid). </p>
<p>
[quote]
secondly its an emergency savings
[/quote]
</p>
<p>in the event that you have an emergency, you will have a change of circumstance which at that point the FA office will re-evaluate your package based on the situation in your family and adjust your aid according (this would mean possibly giving you grant aid where right now you are not eligible)</p>
<p>sybbie is correct. Without a major hood, to receive merit money at top tier schools, a 1500 SAT is usually the minimum requirement. Emory even states that most Emory Scholars are "above" 1500. Thus, you will likely be full pay at any private school to which you are admitted.</p>
<p>btw: by my calculation, a family would have ~$800,000 in cash assets (and equivalents) to be full pay, without steady income.....hmmmmm</p>
<p>Per usual sybbie is the expert ;)
The problem is that you are talking what is and colleges are dealing with the here and now.
For instance- my daughter began school in 2001- just a couple weeks before 9/11.
after 9/11 our income was negatively impacted when her dad was laid off from work and rehired at a lower pay scale.
While we knew it was coming- no adjustments were made until it had actually happened. However when it did happen the school ( and tuition managment systems) were very quick to adjust her aid package to make it feasible for her to continue.
If you have that much sitting in the bank ( or in CDs) it is probably going to be expected to be used for tuition, if you have already done all you can to spend it down by paying off bills etc.</p>
<p>
[Quote]
btw: by my calculation, a family would have ~$800,000 in cash assets (and equivalents) to be full pay, without steady income.....hmmmmm
[/Quote]
</p>
<p>Lol thats hardly the case. If I have that much money I wouldn't be complaining, it's significantly less. And I also have a sister who will be going to college in four years, so the savings should remain savings. But still I should be offered some sort of aid that isn't a loan. I have no problem working to pay for the tution but federal work study barely covers any expenses, being around 2,000. The other thing is that its my education, why do my parents have to pay for it. The colleges won't consider me independant.</p>
<p>BTW, I applied to Oxford college at Emory, not emory. Which also reminds me, they told me if I attend I have an oppurtunity to recieve a full scholarship to Emory, can anyone comment on this.</p>
<p>federal workstudy should be enough to cover books- and personal expenses.
You also can earn $3,000 to $4,000 a summer and save most of that for tuition.
It is also not unreasonable to take out loans- to graduate with about $13,000 to $17,000 in debt is not unmanagable in return for a college education.
You aren't considered independent until you are 24, have recieved your first bachelors degree, have dependent of your own/married, or are a veteran of armed forces/ have been a ward of the state.
Most of our kids are in the same boat.
Sounds like you ahve some good choices if your college is not going to hold you to the ED2.</p>
<p>Oxford College at Emory also has a need based Financial aid policy</p>
<p>Any opportunity for a scholarship to emory will be based on your performance at Oxford.</p>
<p>when your sister applies for college in 2 years, your EFC will change but Financial aid is based on where you are now. So should your parents spend down who knows, in 2 years you and your sister may both be eligible for generous need based aid. </p>
<p>However, right now all of the schools will be looking at your current financial situation. If Bowdin states you have enough income/assets to pay for college the others will not be very far off the mark in saying the same</p>
<p>Oxford @ Emory does offer merit scholarships, but they, too, have high SAT cutoffs. Although not shown on this year's website, if I recall from last year, Oxford posted that the winners usually had a 1450+ SAT. Moreover, Oxford semi-finalists notified last month....</p>
<p>Yeah, I know about Oxford, I got the Hopkins Scholarship, 8k a year, but they're also like 38k a year. But that full scholarship sounds enticing, depending on how well I do.</p>
<p>Hmm, I may not be totally against loans, like emarld metioned something in that range, I probally can manage, but my parents are unresonable. I doubt I can convince the colleges to give me a hand, but are there any other outside resources other than local scholarships which I am applying to as I find them.</p>
<p>
[quote]
And I also have a sister who will be going to college in four years, so the savings should remain savings. But still I should be offered some sort of aid that isn't a loan. I have no problem working to pay for the tution but federal work study barely covers any expenses, being around 2,000. The other thing is that its my education, why do my parents have to pay for it. The colleges won't consider me independant.
[/quote]
<br>
Reading your posts it seems to me the first step to really working on solutions to the situation is to get better grounded on the situation. The FAFSA/EFC caluclator definately squeeze families, expecially middle class families. That said if Bowdin will not provide any aid that means that by the commonly used financial aid guidelines your family has significant assets and/or income. It may not seem that way to you and your parents ... but that is the reality of the situation from the viewpoint of the schools (or the info FAFSA and/or Bowdin has is incorrect and should be updated). Colleges across the US expect the student, their parents (and often their step parents) to pay for the student's education to a great extent (up to the commonly used guidelines) ... that is the reality of the situation from the schools viewpoint also. Each family needs to decide for itself if spending it's income and/or assets to the dregree schools expect them to is a good investment or not ... that is a choice each family must make. If the familiy decides it does not want to pay that money that is fine; it is the family's perogative ... however, if that is the family's decision it does not switch the obligation to pay for the education to the school or the government ... the family made it's choice and must define other options for the student. In the quote you ask why your parents should pay ... it is not a case that they SHOULD ... but apparently according to the guidelines they could and are choosing not to. In the quote you say you should get some aid other than a loan ... again according to the guidelines you do not qualify because of your family's finances. To not get any aid implies your family's financial situation is in the top "X" percent in the US ... I'm not sure what "X" is but it much better than vast majority of families in the US ... that is the reality of the situation. Re-reading this it feels harsh; it is not intended to be ... it is meant to be gentle critisim because reading your posts to me they contain a "woa is me" aspect to them ... when you've been accepted to great schools and, apparently, have better financial resources than the vast majority of families in the US that means you have opportunities that few kids do ... congrats on the great choices you have!</p>
<p>I'm confused. I thought the OP of this thread had been accepted ED2 to Bowdoin. If that is the case, the ONLY choice and offer he/she has is Bowdoin. When applying ED (1 or 2) you are required to withdraw your other acceptances if you are accepted to the ED school...isn't that correct? The issue this OP has is that family assets are being kept for emergency purposes. Well...it could be that his/her college bills might fall into the "emergency" category. It sounds like Bowdoin has MET the family need. That is truthfully all they are required to do. This is an awful situation for this student to be place in...and only underscores more the need to be very cautious when applying ED anywhere if finances are a consideration. I truthfully hope this all works out for this student. It does sound like some family contributions from the savings, loans and work on the part of the student are going to be necessary. I believe the only other option is to decline to attend the ED school. Is it possible to defer enrollment for a year and work to save for college expenses. AND as a note...when computing financial aid, no one factors in siblings who will be attending college in the future...or who have graduated from college. The only sibs that are considered are those who will be attending college WHILE you are in college. Part of the formula does consider number of family members...but that is different.</p>