Would I be eligible for a financial aid appeal?

I’ve been waitlisted to two other universities, so it’s looking more like Fordham might be an option (other than my state school). The issue is affordability. Fordham is $75k/year, and I was graciously given $27.2k/year. I know universities are hurting for money, but I would really like the opportunity to go to Fordham and allow it to be affordable. My parents only became full time employees about six years ago, so they don’t have as much in savings as they should for people their age. Something I should note is they are divorced, and my dad is remarried. They asked for my step mother’s tax return which I’m wondering if is the reason I didn’t receive more than I was expecting. I know my mother’s EFC (from FAFSA) is around $5,000, and if you combine all three incomes it would be around $20,000. I alone cannot make up the $28k/year deficit assuming they’re all willing to spend $20,000 together. I also would really love to not have three figure debt let, and anything over $50,000 before interest is a lot for a college grad.

In my letter of appeal, I would highlight that I would like to be considered for work study. I plan on having 1-2 jobs this summer plus a side hustle to pay for incidentals and personal money throughout the year with the hopes of most of it going to pay tuition.

I know people typically ask for an appeal when there is a sudden change in finances, but that hasn’t been the case with my family. I’m wondering if, as a low-middle class student, I would considered, or is it a waste of time and I should decline my acceptance?

TIA

How much are your parents willing/able to pay? You can only borrow ~$5500/year. If your parents can pay $20k and you can earn ~$3k this summer you’re still $20k short. I don’t think Fordham will give you that much. How much is your state school?

I would only be paying room and board if I decided to live on campus for the state school because they gave me very good merit scholarship for being at the top of the applicant pool. I’m grateful for their generosity, and I hate to sound like a brat, but I really need to get away from this area and be independent. My dad and step mom are employees of the school, too, which is why I’m rather reluctant to go there. I have other possible options but nothing confirmed. These are the only two universities where I have actual possible plans.

Then state university it is.

Your rationale that you know that universities are hurting for money only hurts your cause. Why would you think that they have additional money to give if they are hurting for money? (If they are really hard pressed for money they would practice need aware admissions and only admit those who could pay the full freight).

Fordham is not going to give you an additional 50K in aid. If you were eligible for a full tuition scholarship (which is basically what you need), you would have received it.

Regarding need based financial aid, Fordham does not meet 100% demonstrated need. They gave you 27K.

Does this amount include your 5.5k loan? You won’t have to worry about having 50k in student loan debt because no one is going to loan you this money without a cosigner.

Your family are first in line to pay for your education. The reason your stepmom’s income is being looked at is because the school wants to know the family’s full financial picture.

You are very fortunate that you are getting full tuition from your parent’s job. Does their school participate in tuition exchange with other schools? IF yes, did you consider those schools?

IF your family is willing to pay room and board, that can provide you with the independence you need. DO you think that they are going to roll up in your dorm or in your classes during their lunch break? Probably not.

You need to let Fordham go, because it is not going to be a financially feasible option for your family. While it may hurt now, you will realize what a great gift financial freedom can be once you begin your life after college.

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I agree Fordham isn’t going to be affordable. What state are you in? Are your parents willing to pay room and board for you at the local public university there? Residential college is a luxury. If your parents will pay for the state school I’d take them up on it. Your alternative right now is to commute to a cc.

OP will has received merit at the university. In addition his/her parents are employees of the university.

Would you be able to use your parent’s employe benefit for tuition and perhaps use the scholarship for fees, books, and possibly room and board? Or does your scholarship only cover tuition? These are the questions that you should be asking, not how you are going to get 40-50k from Fordham.

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One thing I thought would be worth mentioning: I have heard of a few cases of students who got part way through their bachelor’s degree with private student loans, and then discovered that the student plus the cosigners had reached their borrowing limit and could not borrow enough money to complete their degree. They ended up with the debt but without the degree. This can be very bad.

One case of this was a guitar teacher that I had a few years ago. They had to give a LOT of guitar lessons to pay off their debt.

Forget Fordham. Unless your parents decide they can spend more, Fordham is not affordable. State university it is.

Another option is to apply to colleges still accepting applications. There are quite a few. It’s possible another college may end up being affordable for you. Consider applying to another public university in your state. The price should be more or less the same, and you would not have to attend school where your parents work, if that makes you feel better.

What is the basis of your appeal? Have your financials significantly changed since you completed the financial aid application forms? If not, what is the basis for the appeal?

I agree with the comments. A 75k tuition bill with a $27k scholarship leaves you around $50k to pay. That’s not a deal at all. If you’re low/middle income it’s going to be very difficult to get the 200k+ in financing you’ll need to finish your degree…even of your parents co-signed. And even if they did co-sign, it would be financial suicide to take out a 6 figure loan for a bachelors degree. I would just toss the acceptance and move on to a more affordable school. It’s far better to start at community college and transfer to an affordable school later.

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Can you live on campus at the state school?
(What state school is it? If would help us compare to other choices).
Is it large? Did you get into a special program, honors college, or is there a Living Learning Community you would be interested in?
Even if you’re not considering them right now, what other colleges did you get into?