I just got my financial aid. I GOT NO GRANTS FROM UVA??? (out of state)
Federal Work-Study - UGRD
Work/Study
2,700.00
Direct Subsidized Loan 1
Loan
3,500.00
Direct Unsubsidized Loan 1
Loan
2,000.00
Academic Year Totals
8,200.00
My dad works as an Architect for the Department of Defense and makes around ~70K a year and we have 5 members.
We do live overseas and receive allowance money, but the Department of Defense gives that money based on where you live. For example, if you live in San Francisco, the price of housing and food is very high, so you get more Living Quarters Allowance (LQA).
My dad has a BUNCH of education loans for his master’s degree that we haven’t paid off yet, and not to mention mortgage and loan payments on our house (we live in)
We sold a house in 2015 (might be the problem) and gained around $300,000 (the house was the one we used to live in California before we moved), but $50,000 was spent to settle a lawsuit and the rest was spent to repay loans on the house we currently have.
IDK what to do… UVA was supposed to be affordable for me (at least 15~20K a year out of my parents’ pockets with loans)
Should I call SFS and see what hindered even a $1 grant?
You might also make sure that all your father’s income is reported correctly. If it is a COL adjustment or location allowance, it is income (base income plus location=income). If it is subsidized housing if may not be income. UVA uses CSS, so there are places to explain, but unless you explain it all appears as income.
I think both the 70k and the living quaterters allowance are included. Most people have to pay their own out of income, even if it is a high cost area. The capital gain likely was too. What was your FAFSA EFC?
EFC was 19084 or around that. I am OOS, but UVA is known for its generous financial aid program, even to OOS students. I was expecting a 20k grant as estimated from the NPC.
UVa gives need based aid, for both instate and out of state. They include loans (but those are capped). What was your EFC? How much are you being asked to pay each year? If you were expecting merit aid , that could be the problem. UVa is need based, not merit.
Thanks @HRSMom . So,what is the figure out of pocket that they expect you to pay? I am surprised that a DOD architect is only making $70,000 a year. Your family does seem to have assets and that may be factoring in.
I believe you can always contact financial services and ask them to review things. Good luck.
Have you tried putting your info into Myintuition? It was pretty accurate for us. The link is: http://sfs.virginia.edu/costestimator
UVA does an excellent job of meeting need, but it is based on your income and assets. Also, I believe the housing allowance is income. And, any money paid to a retirement account might also be counted as income. You should also look on the website at their sample financial aid. I believe the examples are based on families with no assets. Assets are considered when UVA creates the aid packages. You should call the office if you have questions:). They are very helpful.
UVa aid is primarily need based so there seems to be a disconnect between what you feel you can pay and what the school feels you can pay. As @oldUVAgrad says, they will consider assets. It is good that you emailed financial services. Maybe there is something that will change on further review.
Your EFC was about $20k, so that’s about right for a salary of $100-110k; his locality pay is income ($80k+ locality). Were you living overseas in 2015, the tax year you are reporting? If so, he should get a big overseas tax break of about $95k, so it would be as if your family only made $5-10k. If not, they’ll be looking like he was earning the SF locality pay. That’s a change in circumstance you have to ask for professional judgment.
It does seem wrong that your EFC is $20k and you got no other help from UVA as it is a meets full need school. You need to contact them and figure out what is happening.
Understand that since UVA is a Profile school, FAFSA EFC means nothing. I suspect (but have no idea) that UVA considered part of the home equity of 250K as an asset. Did your dad receive any other benefits such as tuition assistance for you and your siblings?
The reason UVA awards are currently preliminary is at least partly because the state of Virginia hasn’t yet established the exact costs for next year. (My D just got an instate preliminary award.) But it’s unlikely this would have any effect on your award when they go to final.
It does seem like they are going by the Profile and other documents they may have and considering you to have an expected contribution of at least $40-45K, and not $20K. If you can convince them their interpretation of your family income and assets is not correct you might get them to lower the expected figure and add some aid. I don’t think any current loan or mortgage payments your family has will affect things, though.