<p>Recently Accepted to emory ed2.
Gave me 20,502.00 as a financial package with everything included. I have to pay 36500 a year.
My parents make 35k a year and owe 200k for the house. There's no way I can afford this.
what do i do?</p>
<p>Hopefully you have an in state safety?</p>
<p>Tell them that you cannot attend for financial reasons.</p>
<p>Then make sure that you have a safety which you will definitely be able to afford to attend (though it may be past the deadline for many schools). If no other suitable safety exists, consider attending community college and then transferring as a junior to a state university to complete your bachelor’s degree.</p>
<p>I have applied to other schools and did not rescind my apps yet so i am safe</p>
<p>Do you know what happened? Emory meets 100% of demonstrated need. Had you calculated your need? Is this a mistake or is there a disconnect?</p>
<p>If you would attend Emory if it were made affordable, it is OK to call them and ask them to talk you through their calculations.</p>
<p>There seems to be a mix-up.</p>
<p>Are you saying that your parents only make $35k per year AND have no assets…and you got that aid pkg?</p>
<p>Or do your parents have assets that you’re not mentioning? Or do they own a business and with massive deductions they are claiming that they only earned $35k?</p>
<p>Something is not right. If your parents truly only earned $35k, they have little assets and YOU don’t have much money/earnings, then you should have gotten a free ride or close to it.</p>
<p>I think there’s more to the story…how did your parents get a $200k mortgage on such a low income?</p>
<p>I agree with Mom2ck. Those numbers aren’t accurate for the info given</p>
<p>Alright so I found out my parents had someone do my css profile since they don’t understand English. After reviewing my css profile I noticed that for the question
“What is the total current market value of your parents’ real estate other than their home?”
400,000 was filled in. But my parents don’t own any real estate other than my home. 400k is probably the market value of my house right now but that’s not what the question is asking.</p>
<p>So there is an error in my css profile that probably explains why I received so little aid. </p>
<p>I am going to fax my changes to the collegeboard tomorrow. I just emailed the undergrad of financial about my aid. </p>
<p>They replied with an email: </p>
<p>The Early Decision aid estimate that you have is just that; an estimate of aid we may be able to award based on preliminary data. We will re-review the file along with the FAFSA and 2011 tax returns; ask about any other business value/debt or ownership and award you based on this final review. You will have to make your deposit decision based on this aid estimate as we cannot adjust it and create a second estimate prior to April 1.</p>
<p>Aid awards are made yearly so what you receive for 2012-13 is for that year only. We do try to maintain consistency in our awards, so if things stay relatively constant throughout the next four years, the aid should stay constant. If major fluctuations in income, family size, assets or other financial data occur, the aid can change along with it.</p>
<p>So guys what should I do?</p>
<p>Given that they will not update the aid offer for the changed information before you need to decide, accepting (and therefore canceling your other applications) takes the risk that the revised aid offer will be insufficient. That is a pretty big risk to take.</p>
<p>How likely are your other schools to accept you and offer sufficient financial aid?</p>
<p>I have no idea how likely my other schools are to accept me and offer sufficient aid. </p>
<p>I am unsure of what I should do. Given that I accept (sending the deposit due March 1st) I will have to rescind all my other applications. If the revised aid is insufficient I will be screwed…</p>
<p>It looks like you do not have any safeties in either case, so your default safety is to attend community college and then transfer to a four year university as a junior, correct?</p>
<p>How do you feel about taking a gap year while you reconsider your college list? If you do not take any college classes at all, you will still be able to apply as a freshman.</p>
<p>What would happen if I don’t rescind my applications…?</p>
<p>Do you have some FAFSA only schools that will not consider home equity? 200k listed home equity is quite a bit. Emory might be expecting your parents to borrow from that value even if you didn’t have the other error. If your parents’ AGI is really that low you would likely be better off with FAFSA only schools.</p>
<p>I think you need to call the admission office and talk to someone fairly high up, not the student that received your fax in the financial aid office. Explain to them the situation and the generic email you received about not recalculating. Its ridiculous for a student who can get into Emory to have to go to community college. I am sure they will be able to fix stuff by the deposit deadline.</p>
<p>On the side note - you write that your parents income is 35k and they have a 200k mortgage – wow that’s 6 times the income, which bank gave that away???</p>
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<p>Some top students who are now in top PhD programs in their major got their start in community college, then transferred as juniors to the state flagship to complete their bachelor’s degrees.</p>
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<p>It is entirely possible that income was significantly higher when the mortgage was written. Also, if the current value of the house is $400,000, then there is such a large margin of house value over the mortgage amount (even more back in the mid-2000s) that the risk is/was likely quite low of the house value going “underwater”.</p>
<p>I think you need to call the FA office and tell them about this serious mistake and that you’re updating. Tell them that you’re an accepted ED applicant.</p>
<p>I think it will all work out for you. I don’t think you should decline.</p>
<p>oh the email was from an associate director that I had emailed. </p>
<p>I just tried to call the FA office today and “attempted” to speak with the director of financial aid.
First Lady picks up and asks if I had spoke with an advisor or asst. director. I told her I had and she directs me to the director. But after a few minutes of ringing she tells me that the director isn’t picking up and for me to call back in fifteen minutes. </p>
<p>Twenty minutes later I call and another lady picks up. I asked to speak with the director or the head again. This time she tells me whats your question and asked if I had spoken with anyone else. I told her I had and i began to tell her my situation, but all she would say is that they can’t give me another estimate and that’s that. She recommended me to leave a message to the college advisor and to speak with her. I was getting really frustrated with this one because she didn’t understand the situation one bit. </p>
<p>Left a msg for the college advisor and i think i’m just going to send my deposit and hope for the final aid to be fixed.</p>
<p>You really need to get in touch with the director of financial aid. With so little time left, you need to talk to someone who can make action happen fast. Good luck!</p>