Why was my financial aid package so ungenerous?

Colleges and Universities A-Z Georgetown University
1

<p>My EFC as calculated by FAFSA is $19,681.</p>

<p>When my family used the Georgetown Net Price Estimate Calculator, the estimate came out to be around $9,000.</p>

<p>My family also has special financial circumstances, which I informed Georgetown about via letter.</p>

<p>However, when I received my financial aid letter today I was shocked at how much they expected my family to contribute:</p>

<p>The "need" they calculated came out to $38,897. However, the package they are offering me includes a grant worth $28,440, a direct federal subsidized loan totaling $3,000, and work study for $3,000. This package, in total, comes out to $34,440.</p>

<p>The cost that remains for me to cover is $30,540. This means that Georgetown is NOT meeting full demonstrated need, not by their own calculations or the FAFSA's.</p>

<p>That cost is simply too high for me to afford. My parents are not helping me finance my education, and in no way do I want to be over $130,000 in debt by the time I finish undergrad.</p>

<p>How can Georgetown get away with offering such a stingy package, especially when they claim to meet full demonstrated need? I'm really upset because Georgetown was my top choice, but at this point it simply seems impossible for me to attend given the cost. Is there anything I can do at this point to try to get more money from them?</p>

<p>Now I'm just hoping that when I hear back from the other schools I applied to their offers will come with more generous financial aid packages. </p>

2

<p>You could contact them and ask them to review your financial aid. Do your parents have a small business, own rental property or a second home, are they divorced and remarried, or do they have any trusts? Are any college savings your family has in your name (the student) vs the parents? Those types of things can affect your financial aid negatively but may not show up when you run the net price calculator.</p>

<p>Also, you say your parents are not helping finance your education. Is this because they can’t afford to at all, or do not choose to? Colleges don’t care about that at all…</p>

<p>Finally, the FAFSA calculation of need is irrelevant to private colleges that also request the CSS profile or their own additional FA forms. The FAFSA only looks at the custodial parent’s information, and does not take into account some types of assets that the CSS profile shows. Then the college does their own calculation based on the additional information they have from the Profile.</p>

3

<p>My mother and stepfather own a small business. My parents are divorced, so the CSS did add my paternal father and maybe his wife into the calculation. There aren’t any savings, so that wouldn’t matter. All of these things did contribute to lowering the package, I’m sure.</p>

<p>My family’s financial situation has never been as high as it was last year, unfortunately for me. For example, this year our AGI was ~$85K, whereas last year it was around $30K. In my special circumstances statement, I informed them that this year’s income is much higher than usual. My parents are also unwilling to contribute, which I understand colleges don’t care about. </p>

<p>Most of my confusion comes from the fact that Georgetown stated in their financial aid letter that my need was nearly $39K, but that they’re only giving me less than $35K. </p>

4

<p>Yes, those are going to be big factors. A few things you probably should have known before going in:

  • Private schools that ask for the CSS generally take ALL parents and stepparent’s income and assets into account. Unless you ran the NPC for each couple and added together the expected family contribution, you wouldn’t get a very accurate picture of what the schools will be doing.
  • Small business assets are often considered at least partially available for college (they are looking for people who are trying to shield assets that could be used for college).
  • As you said, they do not care AT ALL that your parents won’t contribute.<br>
  • Bad news that AGI was high last year – again, they don’t really take the “ups and downs” of income into account until the year after it happens. Now… if they have a bad year in 2014, you could get better aid next year. But I would not count on it given the other factors.</p>

<p>Your biggest problem is that any school that asked for the Profile is probably going to treat your situation in a similar way (maybe worse in some cases). Georgetown is the least of your worries. You can ask for FA review, but honestly… you did not understand the process going in if you didn’t know all your parents/stepparents income and assets would be considered. I doubt you will get any more given what you have said.</p>

<p>Do you have any more affordable options – a safety or two that you KNOW you can afford where you have been admitted or are pretty sure to be? Like an in-state public school, or one of the schools that guarantees merit aid based on stats (like U of Alabama)?</p>

5

<p>I knew all of those things would be factored in, I just had hopes that the colleges I applied to would be more sympathetic to my personal circumstances. </p>

<p>I was accepted to the Honors Program at University of Michigan, and it will cost about $8,000/yr to attend. I really do not want to go there, however. If there is no other relatively affordable option, I will have to however. </p>

<p>I am still waiting from admissions responses from:
Amherst
Bowdoin
Brown
Carleton
Columbia
Dartmouth
Grinnell
Hamilton
Harvard
Kenyon
Macalester
Pomona
Rice
University of Pennsylvania
Vassar
Wesleyan
Yale</p>

<p>and a financial aid response from Lewis & Clark.</p>

<p>Will the offers from these schools mirror Georgetown’s, or do I have a chance at escaping Michigan?</p>

6

<p>Sorry Alex- there are many ways to get to the place of earning a bachelors degree. Unfortunately some cost $100Ks of more than others. You will get a great education at your more affordable route- whatever that may be. Go that route, get killer grades than go to a awesome grad school that will give you a really good ride. </p>

<p>A few ways to make lower your overall tuition bill ? Take community college courses, graduate college early w/ AP credits, or go to lower tier colleges that give merit $$ for high SAT scores. You don’t need to drive a Rolls Royce to to get where you are going. Smart not to take huge debt- you hold your future hostage if you do. Good luck.</p>

7

<p>Well… I went to Michigan. You could do a whole lot worse with an in-state option than that. Would I like to have gone to some of the colleges on your list instead? Sure… but my dad (back in the day) wasn’t willing to pay for those options. Honestly, you can get to wherever you want to go in life with a Michigan degree. I am not sure that is true of every college, but U of M has very few weaknesses academically.</p>

<p>I don’t know what “personal circumstances” you are talking about… they aren’t coming through in your post. Parents who refuse to pay aren’t going to elicit any sympathy from colleges. I honestly can’t see a single college on that list that is going to be affordable given the information you have provided. Kenyon does have a few full merit scholarships, but if you haven’t heard by now that you are a candidate for them, I doubt you are in the running (last year my kid had a 2380 SAT with Subject Tests of 800 Math II and 800 Lit, and didn’t get a call back for any of the big scholarships at Kenyon, although she was admitted with merit aid). But even the schools offering merit aid aren’t going to be affordable given the info you have provided. Generally if they do give merit aid, they just knock down any need based aid by the merit amount first.</p>

<p>I guess a Harvard or Yale, who are wildly generous with aid, might be within reach if you are accepted. But odds are pretty good that you are going to Michigan. Again… be glad you don’t live in a state with a weaker flagship university.</p>

8

<p>Yep, Michigan is a great school and I’m lucky to have that option, especially with Honors. I just don’t see myself there and I have spent so much time researching, visiting, and applying to the other schools I mentioned that I would be disheartened to have to go to my safety school. If nothing else works out, however, I accept the fact that I will have to. </p>

9

<p>Aaaaah. Wish we lived in Mi or NC or VA. I understand UoM is your safety but having a super strong in state school is really a gift. </p>

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<p>Alexdgi, for what it’s worth, I just wanted to know that I feel for you…it’s tough to get into amazing colleges like this (and it sounds like you were on your own with these applications and forms) and then run into a stumble at the end. While things have a way of working out, I think it’s okay to feel bad about this for awhile…and then you’ll pick yourself up and have an rewarding road ahead of you. </p>

11

<p>Yes, I agree with SouthernHope. I’m sorry you didn’t get better advice on this earlier from the adults in your life. But honestly… you will find an amazing, brilliant group of peers in at Michigan if you end up there. The smartest people I know to this day are still the friends I made there.</p>

<p>Is there any chance of approaching either or both of your parents again on whether they are willing to contribute? If the college thinks they can, then likely they DO have some capability (even if it isn’t as much as the colleges think they do). If you could get some from each parent, maybe you could still make one of your other options work. You could gently guilt them a bit… since they divorced and remarried, the colleges take everyone’s income and assets into account, so you are not eligible for as much financial aid from the schools. If you didn’t know that, they may not have, either.</p>

12

<p>@3tallblonds: UVA is a great school and all, but they really play with VA residents when it comes to financial aid. My family can’t contribute more than $10,000 a year for college, and yet UVA gave me an “aid package” of $14,000 (with $9,000/year in loans, some of them unsubsidized - that’s hardly aid at all!!) When I talked to the staff at my school’s college and career center, they said this is a fairly common practice at UVA. </p>

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<p>My D was accepted to Georgetown in 2012. She was given about 24,000 in scholarship money and the rest in loans. We were not able to afford it. Fortunately , she was given much more at another school that was also at the top if her list. She’s very happy with her decision to attend a different university and mostly to be debt free after graduation.
D2 applied to Georgetown this year. I thought maybe with 2 in college we might get better aid. She hasn’t received her decision yet but honestly I don’t see the finances working anyway. Best of luck to you wherever you attend!</p>

14

<p>@kimjongthriller… interesting about UVA and how they meet your need. For us, UVA would be a humongous gift but I understand it’s not the same for all. Our instate schools are not nearly at UVA’s caliber and they are the same sticker price. I hope you are able to find a school of equal caliber that meets all your need! </p>

15

<p>OP here. I wanted to thank everyone who replied for the advice. Since I started this thread, I’ve been offered admission to several other top-ranked schools, with financial aid packages that were between $10K-$20K better than what Georgetown offered. I’ve read that students can inform schools that they’ve gotten better aid packages elsewhere to try to persuade them to match those better offers. Anyone know if this would work with Georgetown?</p>

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<p>.</p>

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<p>@alexdbgl</p>

<p>I mean, it can’t <em>hurt</em> but the answer is most likely going to be “no.” </p>

<p>Georgetown’s policy is that all financial aid is need-based, and need is determined based on their formula. How much money other schools (who, to be frank, may have far larger financial aid budgets at their disposal) offer you has no bearing on the formula or how it calculates need. The only thing that can really change this is if you have new or previously unconsidered information that impacts the formula or proves that it is not accurately reflecting your family’s ability to pay. </p>

<p>Regardless, don’t be afraid to just pick up the phone and call the Office of Student Financial Services to speak with your financial aid counselor. The worst they can do is say “sorry, can’t help.”</p>

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<p>Alex, which other schools gave you better offers? Depending on which ones, you could tell GU exactly who gave you what. Most tops schools don’t want to lose top candidates – and it sounds like you are one!!</p>

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<p>@living61 Carleton, Kenyon, Macalester, Pomona, Rice. I had the same issue with Brown not giving me enough as well. Georgetown recently revised my financial aid package after I told them how much other schools were offering me, but they didn’t come down enough to match my other offers. </p>

20

<p>Alex, you have amazing choices beyond Georgetown and Brown. There are very few schools that I would pay full price for. Brown might be one of them but it would be difficult to select Brown over Rice, Pomona, Kenyon… if they were a LOT less. Try to look at the looooong road. You have four years now, but chances are that you’ll keep going with another school and more cost. </p>