ibz120

I've gotten accepted into WPI, the school that I've been interested in since sophomore year. I've visited twice and the school seems like a perfect fit for me, but the cost is just ridiculous (54k a year). The FA package I received from them consisted of $18,700 in scholarships, $8,550 in grants, $8,500 in fed. loans, and $950 in work study.. totaling $36,700. This leaves me with a remaining $17,000 to come up with if I want to attend...

I plan on calling them and speaking with the FA department and asking if there is any possible way I could get more money, but I'm lost on how I should approach asking. Any ideas?

Erin's Dad

What is your EFC?

ibz120

My EFC is 00000... my mom is a single parent (father passed away) who's on the brink of needing dialysis for her kidneys. She has about 12k in medical bills before anything serious has happened, which I actually faxed over to WPI yesterday as "documentation for FA review."

kleibo

Do you have any other FA packages in which you received more grants or scholarships to make the out of pocket less. Sometimes you can ask a school to match your other offer. It may be better to wait to get all your FA packages in and then try and negotiate for more aid.

Did you apply to any schools that meet full demonstrated need?

mom2collegekids

WPI doesn't promise to meet need. On Collegeboard the average need met is 71%...with the avg grant about $19k.

I could be wrong, but it seems to me that schools like this often don't work out for 0 EFCs because that would require a much larger award than they typically give.

It doesn't look like this school will be affordable. It's highly unlikely that they're going to give you a large enough increase to be affordable. It sounds like your mom can't contribute much.

How much can your mom pay each year? If she can't pay much, then the likelyhood that WPI would give you $10-15k more to better close the gap is unlikely. Requests for increases seem to only net a couple thousand more.

Are your stats really high for this school?

Where else did you apply? Do you have any financial safeties?

ibz120

I applied to Wentworth Institute of Tech (WIT) and got accepted, and they gave me a $10k scholarship. That brings it down from 38K COA to 28K, but according to collegeboard the average FA package is only $18k...

I heard that the rule of thumb is to not exceed the estimated 1st year salary after graduation in loans. In my case, being an electrical engineer major, is around 70-80k. My thinking for WPI is that I could take out 20k/year in loans (9k in fed), and then I would only need an extra 6k to attend. Is that a bad idea?

My safety school, if I absolutely have to, is a state school. They are known for their EE program and only cost $20k/year. They gave me a $10k scholarship, so that means I only need a $10k FA package, meaning I will definitely be able to attend. I would much rather go to another school.

mom2collegekids

$70k is waaaayyyy too much to borrow.

Besides, your mom would have to co-sign those loans, and it's doubtful that she would (and it's doubtful that she'd qualify).

That guideline of "one year's salary" is not a good guideline.

Besides, many kids start in engineering and end up changing their major...either because they don't like it or they aren't getting the grades.

What is your state school?

What are your stats?

ibz120

The state school is University of Maine at Orono (UMO)

Stats:

Rank: 3/173
GPA: 99.02 weighted
SATS: 1810 (all three scores)
Classes:

Honors Physical Science, Honors Bio, Honors Chem, Physics (all with labs)

English I, II, II, Composition/Literature

Algebra I, Geometry, Honors Algebra II (year grade of 99), Honors Precalc/Trig (year grade of 99), AP Calculus BC (grade of 100, so far)

Geography, US History, Government

Honors Span II,III,IV, AP Spanish V

Wiring/Electronics

Extracurriculars:

Math team: '10,'11, captain '12 (ranked 2nd as a senior, 5th overall)
Business League: 1st place every competition - '10,'11,'12
Science Program - '10
About 25 hours of volunteering..

mom2collegekids

I think you may need to go to your state school.


WPI middle quartiles


SAT Critical Reading: 560 - 670

SAT Math: 640 - 730

SAT Writing: 560 - 660


It looks like the upper quartile of students have SATs above 2060.

I think to have a good chance for the school to give you a LOT more aid (which is what you need), you'd have to have higher stats.


"$8,500 in fed. loans,
This leaves me with a remaining $17,000


The above means that you'd be borrowing $100k......$25k per year. That is more than TWICE what an undergrad should borrow.





ACT Composite:

27 - 31

Waverly

$70-$80K starting for a BSEE? Where did you get those numbers? You are far from guaranteed a job with an income anywhere near that. You may not even be able to borrow that amount if you want to, you would need a cosigner with a good income and good credit.

mom2collegekids

I agree that that starting income would be unusually high. And, that might only happen in an area where the cost of living is so ridiculously high that the income isn't really "real" since too much is spent on rent and taxes.

And, probably half the kids who start in engineering end up changing majors since it is very hard....even if you're good in math.

Iron Maiden

UMaine is a great school, especially for Engineering. It is absolutely foolish to go into debt for undergrad IMO when you have a great public option, especially with a large gap like that.

Put private schools out of your mind and do the smart long term thing and go to UMaine!

mom2collegekids

Also...when you consider that his widowed mom has health issues, she may need for him to go to college within an easy drive home. Plus, once he graduates, he may need to help support her, not be burdened with big loans.

Depending on the debt, his payments would be $800 a month to 1000 per month....for 10 long years. That's ridiculous. Again, he may need to help his mom during that time, so paying out that much money for loans would be terrible.

njfootballmom

Just curious,...if your father is deceased then don't you get SS survivors benefits? Can't you/have you saved any of this $ for college? I don't have any idea if schools factor the survivor benefits in or not.

It sounds like in your financial situation you need to be looking at less expensive schools. Sorry, but that's the reality, but maybe you will get lucky when they review your file with any additional info you sent in.

Dungareedoll

BTW don't be discouraged. An EE degree in the tri state area and Boston does start around $70K-$80k a year. But definitely think about saving your money and attending Orono. Maine state schools are quite good, you will probably love it and you won't be in debt.