Trapped in horrible FA - too late to apply anywhere else! HELP!

Paying for College
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<p>First a little background:</p>

<p>Graduated high school in 2009. Accepted at the University of Chicago, William and Mary, UNC, and Virginia Commonwealth University. I chose UChicago, as it was about the same price as W&M and UNC.</p>

<p>Then I recieved a scholarship to study in Germany for a year (usagermanyscholarship.org - you should apply if you are eligible!). So I deferred a year at Chicago.</p>

<p>The Office of Financial Aid gave me about $40,000 in grants the year I applied. This morning, I wake up to find that this year they want to give me about half of that. ****. So the total conribution would be as follows: 3000 from me, 21460 from my parents, and 3500 in loans.</p>

<p>That is an incredible amount of money that I/my parents do not have.</p>

<p>The max per year we could afford would be around 15,000 total (not incl. loans). My father is a medically retired veteran (recieves SS). That means I get about 7k per year from the gov't (thanks taxpayers, for real!) for college. My mom makes around 50K per year. I am the first in my extended and nuclear family to attend college.</p>

<p>So, obviously I will be getting in touch with Chicago to ask what's up, but I really need to get on finding another place to go to school next year. The fact that it is almost April means that nobody is accepting applications. (Okay, this is false. Some colleges are. But the colleges that are do not compare to places like WM, UNC, and Chicago. If I'm wrong, PLEASE correct me.)</p>

<p>So what I am asking for is help figuring out what I can do, where I could go, or perhaps other options. And I need to figure out which places to apply to before next Friday, when my high school back home has a week-long break (meaning my guidance counselor can't send out my transcripts, etc until the next week).</p>

<p>I've been trying to find places that have late application due-dates. New College of Florida is interesting, but I am a resident of Virginia, so out of state tuition is also quite expensive.</p>

<p>There is also the option of just not going to school next year and taking a year to work or travel. I was thinking about getting a working visa from Australia and working in the north end of Queensland. Or WWOOFing it for a year. What are further options?</p>

<p>The most fiscally responsible thing to do would be to go to 2 years of community college while working in my home town, then transfer to UVA or WM. But community college... I can't do it. I've done it during high school, and I just can't do it again.</p>

<p>tl;dr: Got caught bent over by my uni's FA department and not even in school yet, need to find another option.</p>

<p>Please help me, CC. I don't know what to do.</p>

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<p>No, I think that you failed your due diligence. Did you just assume tht if you enrolled a year later you would receive the same finanical aid package or when you decided to defer, did you ask the school if you would receive the same finanical aid in one year when you defer that you would be receiving if you enrolled as a freshman? </p>

<p>Often times if there are scholarships (merit money) involved , you will not receive this money if you do not enroll in the year that the offer is made.</p>

<p>You will definitely need to ask Chicago for a financial review to explain and document your situation.</p>

<p>Since many schools your application on file for ~ 2 years, I would recommend contacting one of your financial safeties, explain your situation to see if your application can be reactivated. Once again, you may not receive the financial aid package that you would have received if you had taken them up on their offer last year, but all you can do is ask.</p>

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<p>No, I assumed that if my financial situation stayed the same, that the FA package wouldn’t change. Which is common sense. There was no merit money involved. </p>

<p>I will be asking Chicago for a review, and I will be calling VCU and William and Mary on Monday.</p>

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<p>Good luck, signitblank.</p>

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<p>One thing I’ve learned from reading these boards is that you should NEVER assume your FA package will be the same for all 4 years. Many of the regular posters in this forum have cautioned that just because a school is affordable in year 1 doesn’t mean at all it will be affordable in years 2-4, and that families need to be prepared to pay MORE in the year following freshman, just in case.</p>

<p>Or at a minimum, discuss what the packages might look like in those later years before making an acceptance.</p>

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<p>Since you studied in Germany, you may not be considered a first time freshman… that can negatively affect your aid. The best packages are sometimes given to entering freshmen.</p>

<p>Did you also apply this year to any of your in-state schools?</p>

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<p>signitblank,</p>

<p>My daughter received her aid package ( no merit money but considerable grants based solely on financial need) from her school ( a private). She has just sent her deposit it but told the school she will be deferring a year to do a gap year in the arts. Financial aid there has told both her and me that we can expect about the same package next year if our financial information stays the same. ( as we expect it will) You were not off base to expect this. We heard the same ( and it proved true) when my son deferred a year before entering his private lac 6 years ago.</p>

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<p>^^^</p>

<p>Do you have that in writing? I’m not saying that anyone might lie, but it’s always nice to have at least a saved email stating such. :)</p>

<p>If you don’t have anything in writing, I would send an email summarizing what you’ve been told to the FA director and then save the response.</p>

<p>In the OP’s case, he actually went to school elsewhere for a year, so what may be the problem is that he’s no longer a first semester freshman.</p>

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<p>Alas things have changed mightily for colleges in the last couple of years. Many schools that were being incredibly generous in 2008 are in a completely different place now. Endowments have shrunk as has alumni giving. </p>

<p>I don’t know if what you can get out of Chicago but, by all means, do try. </p>

<p>It sounds like you are already brainstorming some options. New College in Florida might be expensive but still less expensive than Chicago. Also, contact the schools that accepted you before and see if you could come in either in the fall or in January 2011. </p>

<p>If you like New College and like alternative kinds of thinking, also check into Evergreen College here in Washington State (altho they have non graded classes so things don’t always transfer elsewhere well). I’d also check out the book “Colleges that change lives.” There are some smaller, way cool colleges that do interesting things. </p>

<p>Lastly, do study the Rolling Admissions kinds of colleges carefully. They aren’t all podunk productions. A lot of them serve working people and will do a particular degree or program very, very well. I think University of Idaho may be one and Western Washington U may be another. </p>

<p>good luck. You can navigate this.</p>

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<p>I don’t think he’s obligated to go to UChicago; I think the problem is that he’s missed deadlines to apply to other schools. </p>

<p>The OP’s family can only afford $15k per year. He needs to appeal to UChicago to reconsider their package. Perhaps there’s a polite way to ask why this year’s package is far less generous than last year’s. Maybe a mistake was made???</p>

<p>In the meantime, the OP needs to check into his in-state options as they would be his most affordable options at this time. Other out of state options are probably not so good because the COAs would be high, while their aid would be low. For a family that can only pay $15k (when it sounds like their EFC is higher), that is a problem. </p>

<p>OP…what are your stats? What is your FAFSA EFC? UChicago seems to have determined that your family (including you) contribute $28k.</p>

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<p>Our EFC is 14k.</p>

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<p>Also, I am studying at a high school in Germany. This means I will still be considered a first-time college student.</p>

<p>I have also been thinking - Perhaps my family and I are looking at this the wrong way. We’ve never really considered borrowing for college, and after some research (and finding out average student debt, excluding PLUS, was around 23K), maybe we really should consider loans. </p>

<p>CC’s thoughts?</p>

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<p>Call the schools you were accepted to previously, like W&M and VCU. Most schools have something called “reactivation” where you can reactivate your acceptance. You merely file an updated one page form, stating you hope to attend in the fall of 2010. You should hear back relatively soon after filing. I know VCU has this and would assume W&M does as well. The issue might be dorm space, but if you are considered a first time freshman you should be okay in that regard as well. You might even be able to search for “reactivation” on the schools’ website, to at least print out the form and get started prior to Monday.</p>

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<p>signitblank…</p>

<p>It is not a good idea for your parents to take on big Plus loans. Their contribution is around $21k and they can afford $15k. Well, they won’t be able to contribute the $15k each year, if they are also having to pay for each year’s Plus loan (which it sounds like will be about $6,500 every year. ) Yes, they will have the option to defer paying back the loans until after your graduate, but that will just mean that the debt will grow while you’re in school. </p>

<p>Your dad is retired and your mom makes $50k. I don’t think they can/will contribute $60k towards 4 years of tuition, while also taking on $26k in debt. </p>

<p>I’m glad to hear that you’ll still be considered a high school student. Is that clear to UChicago? </p>

<p>What are your stats?</p>

<p>Contact UChicago and ask them why this year’s FA package is not as good as last year’s.</p>

<p>Also contact your in-state schools and the “reactivation” possibility.</p>

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<p>Thanks for everyone’s help!</p>

<p>Will definitely ask about reactivation. This option has brightened my hopes.</p>

<p>Yes, my father is retired, but he also gets SS income. </p>

<p>Is there an option to defer Plus loans while paying interest?</p>

<p>Also, I just got off the phone with my mom, and she said a coworker of hers has federal student debt, but has been putting off paying it for years and years. How does that work? Has she misunderstood what he said?</p>

<p>My stats:
First gen. college student
34/552 rank
1380 SAT (600M, 780R)
GPA was, weighted, 4.3something
All honors classes except a few art classes here and there. Never had math honors.
7APs (all above 3 except US Gov), got some award from collegeboard this summer, don’t remember what it is
Good, if not normalish, ECs
Did some huge history thesis which took three years</p>

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<p>When they talk about the average debt, they mean your debt through stafford loans. Of course it does not “sound so bad” because there is a limit on stafford loan borrowing (3500 yr1, 4500 yr2 and 5500 each year until you achieve your first bachelors). so if you graduate in 4 years you have borrowed 19k, not including perkins or unsubsidized loans.</p>

<p>Your parents cannot afford to pay 15k out of pocket without borrowing if your dad is getting 7k a year and your mom is making 50k.</p>

<p>The interest and the payments on the plus loan start racking up from the moment you take out the money. The will be no interest on your subsidized stafforf loans while you are in school.</p>

<p>I agree with mom2collegekids; if your parents are going to have problems paying this year’s EFC, what is going to happen the next 3 years down the line? This is not a good financial position to place your parents in especially with one person retired. As time goes by and they are living on a fixed income, they will not be able to afford the student loan payments.</p>

<p>Remember that your EFC will go up slightly each year because your tuition is going to increase each year (~5%). Your student contribution is going up each year because there is an expectation that you will be able to get summer employment. If you do not come up with your student contribution, the school is not going to give you additional grant aid (however, they may increase your loans).</p>

<p>I can’t tell your family how to spend their money, but this may not be a financially feasible option for your family.</p>

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<p>My dad isn’t getting 7k a year for himself, rather I receive 7k a year in education benefits from the VA through him. Taking a look at the FAFSA, it appears that he receives, untaxed, 25K a year. </p>

<p>My mom and I talked a lot about all of our options on the phone. I guess what we’d have to do would be the following:</p>

<p>I take out the full sub. and unsub. Stafford loan every year, with my parents taking a Plus loan to make the difference between their contribution at the 15 or 14k.</p>

<p>But that is, obviously, not the best plan ever. Which is why I will still be calling WM and VCU. </p>

<p>But my question is this: would we be paying around the same amount for WM and VCU as we would be for Chicago?</p>

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<p>^^^</p>

<p>Your in-state schools will not be expecting your parents to pay $21,500 per year. Especially since you get $7k from the feds for education. So, they would be cheaper.</p>

<p>Your VA instate COA’s are probably about $20-22k (is that right)?
Subtract $7k and $15k EFC…there you go…no loans for anyone right?</p>

<p>Are my numbers wrong?</p>

<p>That said, are you hesitant to contact UChicago to ask why your FA package changed?</p>

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<p>Wouldn’t the state school just see my 7k a year, then say “Oh, he can afford 13k a year”? Some friends whose parents make less than mine are paying around 15k a year at UVA. </p>

<p>No way - my mom is calling Chicago Monday and asking. What can asking do other than maybe help?</p>

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<p>You can obtain deferments on loan repayments from the federal government, but it’s not indefinite and it’s not something that you can / should do unless you have no other choice.</p>

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<p>Do you really, really want attend Chicago that much? Unsubsidized Stafford loans and Plus loans are not that much better than private loans. Due to interest accumulation, it will be a lot more than it originally seems. I get what you’re saying about the state schools, but both VCU and W&M have an instate COA of about 19k apiece. You don’t know yet how much aid you might get from them, right? I would recommend trying about that as soon as you hear back from Chicago.</p>