Vassar ED admit. FA help/advice please!

Paying for College
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<p>Okay so I was admitted to Vassar early decision, but now I'm at a really unfortunate crossroads. My parents have a very high income, but due to a lot of really unfortunate circumstances, basically all of our money is tied up. Both of my parents suffer from mental illness, but we did not acquire debt because of their psychological treatment. Rather, it was as a result of their inability to manage funds. We are paying a lot of money to the IRS ($7,000 a month), and trying to keep me in my private school, which costs $12,000 a year (we got some financial aid in the fall of 2011). We can't sell our overly-expensive house, since it has an IRS lien on it. I have a sister in a local lib arts college on scholarship, and two brothers at my high school too (and no, they're not going to be taken out so that I can go to a fancy school like Vassar). Also, my parents own their own business, so that's something to take into consideration. </p>

<p>Vassar took into consideration our circumstances and gave us a lot of money, but unfortunately it is enough. We can really only pay a maximum of $20,000 a year, and they are asking for about $37,000 (that is after work study and my $5,500 Stafford loan). They really want to help, but since my family's income is so much, it's hard to give me a lot of money. My dad doesn't want to take out PLUS loans, which he would likely be denied for anyway. </p>

<p>Is there any way to communicate to them that we need more? What else is there to show them? How can we lower that number? I really don't want to give up hope yet. I was also admitted to UChicago EA, but their financial aid doesn't seem to be any better (haven't gotten the numbers yet though). Are all top-notch liberal arts schools going to be like this? I have also missed a lot of the deadlines for scholarships as well, though I have an option of a free ride to a school that I really don't like and that doesn't suit my interests at all, University of Texas at Dallas. </p>

<p>Since I got my Vassar finaid award back, I have applied/am applying to Amherst, Brown, Tufts, Hamilton, Kenyon (missed their half and full tuition scholarship deadline by 6 days though), WashU, URochester (applied in time for priority), Wesleyan, UChicago (applied, accepted), Vassar (applied, accepted), Swarthmore, Indiana University (applied, accepted with partial scholarship--pretty sure), and Smith. I'm thinking of adding Austin College, Denison, USC, U of Richmond, and Tulane, for scholarship things. I'm interested in writing and lit. If there are any other schools with good scholarships that I could apply for, let me know.</p>

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<p>Are there any extenuating circumstances? It looks like they have already taken into consideration your sibling in college and your brothers attending private school.</p>

<p>All you can do is ask. IF they say no, are you willing to walk away. You really do not have a financial safety on your list. You will probably face the same challenges at schools that only give need based FA. If a school gives you merit (about 20-25k), your family will still have to come up with ~ 25-30k in order for you to attend. what is your plan B?</p>

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<p>University of Texas at Dallas is a guaranteed full ride, and so is Indiana (though I need to contact them to verify some things). Also, Austin College gives out about $24,000 for students of my stats.</p>

<p>EDIT: Forgot to answer the extenuating circumstances q. They are the house that we can’t sell that lost a lot of its value in the housing market crash, and the IRS back taxes.</p>

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<p>For financial aid, some of the guide lines are pretty strong and fast. IRS liens and irresponsible handling of money is not something that is given a pass. Unfortunately, your parents are in the same situation as a lot of people in this country. They are, fortunately, making a high income so they may be able to dig themselves out of the financial hole, unlike others who will not. My opinion is that you are going to face teh same situation with other schools in terms of financial aid. I dont see how such schools are going to take your circumstances into account. I would not do so. There are too many families who have hardships and lack of funds through no fault of their own, do not make as high of an income, do not have kids in private high school, do not live in a pricey home, etc. </p>

<p>You;ve done well that you have included some schools that are likely to come up with merit money. That’s where you should go. Your family has enough financial problems without paying out even what they are saying they are willing to squeeze out for you. By going to a schools that costs much less, particularly those guaranteed full rides, you would be helping them out of their financial tribulations.</p>

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<p>It’s really a shame. You cannot accept the Vassar offer. You have a $17K/yr gap and can request a release. </p>

<p>I think you need to go into the regular decision round. You are smart and you are fortunate that you applied to so many places with good scholarships. You are also not without resources and there ARE colleges that you can afford the list price of. </p>

<p>A couple of more ideas, your mileage may vary. </p>

<p>1) It’s getting late, but if you got into Chicago, you might be able to get a very big scholarship from University of Pittsburgh. I don’t think that you are too late, but they have given out a fair amount of money. </p>

<p>2) You should look into Truman State University. It’s a small inexpensive public liberal arts honors college in the middle of Missouri. I think you can afford that at the list price. </p>

<p>3) SUNY Geneseo. It’s the New York State public liberal arts honors college. It’s very close to being within your budget if you are OOS. If you are in state, it’s a no brainer. </p>

<p>4) University of Minnesota-Morris. Minnesota public liberal arts college. Even less expensive. </p>

<p>I think you need to go to the regular decision round with as many possible offers so that you can negotiate. Would you consider a liberal arts college in Canada like Mt St Allison? That might be within budget. I’m not sure. </p>

<p>What state do you live in?</p>

<p>Do you have enough APs so that you could graduate in 3 years and pay more per year?</p>

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<p>I hope that many juniors read this thread and let it be a “heads up” if their families have high incomes but their money is “tied up”.</p>

<p>Scholarship deadlines for many big scholarships have deadlines that have past…many were Dec 1st or thereabouts. </p>

<p>I wonder why a student like this (and parents) would apply ED to a “need based aid only” school??? </p>

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

<p>Are you a NMSF? Sounds like you are if UTDallas will give a free ride. If so, then there are other choices that will give you large NMF scholarships. What is your likely major? </p>

<p>What state are you in?</p>

<p>The fact that Vassar still thinks your family can pay $37k per year after all of its obligations and having a sibling in college seems to suggest an enormous income…not just a high one. Your lucky to have gotten much/any consideration at all if the debt wasn’t medically related.</p>

<p>Is the USC scholarship deadline past? You’d get $20k there if NMSF, but you’d be expected to pay the other $40k…so back in the same boat as Vassar. You’re too late to apply for their other scholarships.</p>

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<p>“I dont see how such schools are going to take your circumstances into account. I would not do so.”</p>

<p>To this: Vassar seemed to indicate that they took into consideration all of the IRS liens. They significantly lowered my EFC after we provided documentation, just not enough. The problem is that the salary is so high, even though we have no money. </p>

<p>Also to cptofthehouse, my parents are also mentally ill. Your words of reproach aren’t helpful or necessary. My parents need to get better; they don’t need to be castigated any more. If it weren’t for the stigma attached to mental illness in this country, they WOULD be better and this would not be an issue.</p>

<p>I live in Indiana, ClassicRockerDad. I might apply to PIT also, but I don’t know anything about these other schools. I’ll look them up though, so thank you.</p>

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<p>My parents make $350,000. Approx. 1/3 goes to income tax. 1/3 goes to the IRS for back taxes. The rest goes to my six person family. My sister’s college tuition isn’t much since her school isn’t very expensive and that she is living at home and has some scholarship. However, a lot of the financial decisions that we made prior to these back tax problems are undoable, such as the house. This is why our problems persist. As I said, my family lives in Indiana. I am not a NMSF, but I have a 4.2 W GPA, 4.0 UW, 2220 SAT with 780 W 760 R 680 M. I am also a competitive chess player and have done research/volunteer work/employment. </p>

<p>Yes, the USC deadline is past. Fortunately, a lot of the other deadlines are not. The reason why I didn’t do more merit schools before is that before applying to Vassar, I talked to the financial aid office and they made it seem like we would get the aid that we needed.</p>

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<p>If your family has “no money” then how can they even pay out $20k each year for you? I would think that it’s better for you to take the free rides …or near free rides and let them put much of that $80k towards whatever debts they have to move past all of this.</p>

<p>I’m sorry to hear that your parents suffer from mental illnesses, but one must still be very functional to be able to earn what seems to in the very high 6 figures. To be honest, any stigma in this country hasn’t kept them from earning a huge amount, so claiming that they’d be “better” and this wouldn’t be an “issue” seems a little odd. The “stigma” or “lack of a stigma” isn’t what causes the mental illness nor does it make it chronic. The mental illness exists regardless of what a country feels about it.</p>

<p>edited to add…
The reason why I didn’t do more merit schools before is that before applying to Vassar, I talked to the financial aid office and they made it seem like we would get the aid that we needed.</p>

<p>Let the above also be a warning to others. Without them actually having your verified paperwork in hand and providing real numbers, their estimates or words can sound “generous” while still not meeting your expectations. We don’t know what their actual words to you were, but if they just spoke generally about “taking these things into acct”, you may have mistaken that to mean that they would expect your family to pay very little.</p>

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<p>To mom2collegekids, people can be smart and hardworking without being in perfect or even good mental health. Many mental illnesses don’t develop until later in life. I was saying that my parents could have been more comfortable in seeking help earlier on if it weren’t for the stigma, which is undeniable. </p>

<p>Also, we do not have “no money” literally, but all of our money is “tied up,” as you say. We only found out about the debt that caused the back taxes in the fall of 2011. IRS liens make many things that we would be able to do to fix the financial situation, like selling the house, undoable. </p>

<p>Additionally, Vassar did see my numbers. They just didn’t look very closely at them. </p>

<p>edited to add a few things.</p>

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<p>Yes, your money is tied up. Your family has about $120k to live on with a high mortgage, private K-12, and a large family. So, that would suggest that they don’t have $20k per year to put towards college…and it suggests that the money should be used for other things…like paying down debt or saving for emergencies, etc. You have options.</p>

<p>Many mental illnesses don’t develop until later in life</p>

<p>Most mental illnesses appear by the time the person has reached young adulthood (twenties)…not later in life.</p>

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<p>^^^and $350,000 goes a long,long way in Indiana. OP did you apply to Indiana University? I agree with the others, your only “hope” is a school that will give you merit money based on you…it is unlikely you will get much “financial aid.”</p>

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<p>I did apply to Indiana and got a generous scholarship. I’m doing the Selective Scholars Application at the moment to perhaps get more scholarship. Counselor seems hopeful that Rochester and Kenyon will be generous also. I did get a substantial amount of aid from Vassar, so that is why I said I was confused. Everyone on here is saying that they won’t consider it, but they did!</p>

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<p>Then you should count yourself very fortunate that they did consider your situation where on face with a $350k income, you would not have received any aid. In theory they are asking your family to come up with slightly more than 10% of their income to pay for you to attend college.</p>

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<p>Brownhopeful13,</p>

<p>Yes Vassar did consider your situation, but it is almost certain that they have offered as much as they are going to. You have other decent options for fall 2013, and if you want more you could take a gap year and apply for fall 2014. Take a look at the lists of guaranteed merit aid schools, and see if any of them with early cut-off dates might work for you if you are willing to wait and apply next year.</p>

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<p>Can you apply to the college where your sister goes?</p>

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<p>Because you are in Indiana, Truman State is even cheaper. Through the Midwest Student Exchange Program, you are entitled to pay 150% of in-state tuition. </p>

<p><a href=“Truman State University - Acalog ACMS™”>Fees and Financial Aid - Truman State University - Acalog ACMS™;

<p>2012-2013 tuition + room + board for you would be $18,328</p>

<p>Admission is automatic for your stats. Just fill out the application when you get a chance. This would give you a financial safety that may be more personal and appropriate for you than UT-Dallas and Indiana. If you fill it out soon, you might be able to get some other small scholarships. They recommend filing by Dec 1, but they only say that scholarships are all awarded by Jan 15th. Still it’s affordable at list price even if you’re too late for the scholarships.</p>

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<p>I have some ties at UTD for chess, so its not as foreign to me as you may think. But guys, the question isn’t can I go to college. That is definitely answered. I have a few options. Rather, it’s can I go to college where I’d like, which is much trickier and which no one has answered. I was simply curious as to why Vassar adjusted my award at all, and if this meant that other colleges similar to Vassar would also do that if I applied and was accepted. None of you seem to have any definite information on that. The school where my sister goes is a joke, and I have some problems at home. I really need to get out of my town and also Indiana. She likes it here, I don’t. Thank you for your help and everything, but you’re simply reiterating what I already know and making the grieving process worse…not helping.</p>

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<p>No one knows the answer. Your situation is unfortunate. I know that you are hurting. You are doing the right things with your application list - trying to find schools that will want you badly enough to make it affordable. I was merely trying to identify places that you might LIKE if you want to guarantee access to a good liberal arts college experience, which it seemed like you wanted. You have to optimize within the realm of the possible. I’m not saying you should go to these places. I’m saying that you should apply through trivial applications and figure it out later when you know your options. I’m hoping that you get a more attractive option.</p>

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<p>Thanks, ClassicRockerDad. I’m definitely looking into these schools.</p>