<p>I got my first financial package today and was somewhat disappointed and a lot worried. There is a huge gap between the aid given to me and the price I have to pay. Exactly how have you guys manged to close your gaps? Where have you gotten the extra money needed?
BTW, this gap is around 20,000 - 25,000.</p>
<p>Jessy, if you mean that there is a $25K gap between your FAFSA EFC and the level of aid that you have, then the "award" that you have is simply not worth considering.... unless there is a realistic chance of appealing the award, you probably need to rule that college out, and wait to see what offers you get from other colleges. </p>
<p>It is worthwhile to double check with the financial aid people to make sure that they were using correct, current information in calculating your award -- it is always possible that there was some mistake. So try to get in touch with someone in the financial office and ask them to go over the figures with you, telling you how they calculated need. </p>
<p>I know how you feel -- I really am dreading the possibility that my daughter will get into her top choice but end up with insufficient financial aid. I almost prefer that she doesn't get in, than to get in but have to turn it down because of money. My son actually had to turn down his top choice for that reason -- but within a couple of weeks after receiving the bad news from that college, he was accepted to his second choice and given an excellent financial aid award, so you never know. </p>
<p>I did find a great tool on the internet recently -- its on this site:
<a href="http://www.collegedata.com%5B/url%5D">http://www.collegedata.com</a></p>
<p>You need to register (its free) and then click on the link that takes you to the "Net Cost" estimator. What it does is take your EFC and then compare it to the particular college's track record for meeting need, and give you a cost of attendance figure. So you might find it interesting to compare the award you have with the award that you should expect to receive from that particular college. </p>
<p>Keep in mind that colleges that do not promise to meet full need for all students also "leverage" aid, giving more money to students they really want, less to the students they don't really care about. So if you see that your award is significantly lower than typical for that college---- think about it this way: do you really want to go to a college that treats you so badly? (I know that as soon as my son heard from the #2 college his attitude changed a lot -- it's nice to feel wanted).</p>
<p>Just make sure you have applied to several colleges--the aid packages will vary tremendously. Our first aid package left a gap of $10,000 in addition to the EFC, but the next two we received came close to covering the gap. Your best chances are at a school with a large endowment and more funds to give out, or a school where you qualify for some kind of merit aid.</p>
<p>My D , after the typical federal limit of loans , has a gap that she manages to close with summer earnings and small money gifts from relatives for her birthday so far every year as we can't help her ( but we do her books , cell phone & transport $$ ) . Will your parents do a PLUS loan ( unlike your loans , they have to start paying on it right away )?</p>
<p>Check the privacy policy on the collegedata site. And don't give them your ss# (although they probably already have it) if you do register. Waay too much personal info being given to a company for my liking.</p>