HUGE gap between EFC and fin aid Award from wake forest

koven89 · 04-21-2010, 06:45 PM

I was jsut accepted to Wake forest, but when i recieved my aid letter today, my entire package, including loans, was about 15000. my families efc is 18300. Wake forest says they meet 100% of demonstated need, but this just seems impossible. With an EFC of 18300, and a cost of around 53000 a year, i was expecting to get at least 30000 in aid. im paying for my last to years by myself. anyone have any thoughts on my predicament.

thumper1 · 04-21-2010, 06:53 PM

Call Wake Forest and ask them. BUT doesn't Wake use the Profile in addition to the FAFSA? If so, remember that things like your home equity in your primary home are considered. Also, if your family owns a business or if they own other real estate (rental properties, vacation home) this could make a HUGE difference between your FAFSA EFC and what the school computes they can pay using info from the Profile or their own finaid forms.

Call Wake and speak to someone in financial aid.

raiderade · 04-21-2010, 06:56 PM

My FAFSA EFC is 0 but my Profile is 99,999. So depending on their way of determining need, the award can vary hugely.

Bedouin · 04-21-2010, 06:58 PM

You should write a leter immediately to the head of the college's financial aid department (info on the wsite). If you have a competing financial aid estimate from another school you could make them compete for you to see which school can give you a better aid package. It might not work, but the appeal will be documnetation in case the people who want to be the one waitlist can join you if you cannot attend due to bad EFC.

You might end up have to take private loans though, which is tough but doable to fill your gap.

thumper1 · 04-21-2010, 07:02 PM

It is highly unlikely that a student will be able to secure more than $10,000 in loans in their name without a cosigner. The OP needs to speak to his/her parents to find out if they are willing to cosign a loan in the amount needed.

Gardna · 04-21-2010, 07:20 PM

Private loans aren't really a good idea to fill a gap, and you shouldn't take them unless you need an urgent operation to save your life or you are one semester from graduation.

Well, I exaggerate, but still be cautious. Anything worse than a subsidized Stafford can be a burden for years to come.

koven89 · 04-21-2010, 09:20 PM

I also have to mention that i will be only attending Wake for two year (transfering in as junior) and i am currently debt free. does this change anything?

worried_mom · 04-21-2010, 09:33 PM

OP, if I understand correctly, Duke has given you an FA package of just $15,000 -- which includes loans. (Perhaps a Stafford loan?) With a COA of $53,000, that still leaves a bill of $38,000 per year, or $76,000 for the next two years. There is no way a student can come up with that amount of money by himself. Nor can he borrow that amount of money from private sources. Can your parents contribute anything?

I'm sorry, but a gap of $76,000 is NOT "doable." Duke is not affordable for you.

mom2collegekids · 04-21-2010, 10:02 PM

I don't know why some schools claim to meet 100% of need and then they put in large loans. Any school can do that.

With an EFC of 18300, and a cost of around 53000 a year, i was expecting to get at least 30000 in aid. im paying for my last to years by myself. anyone have any thoughts on my predicament.

Your EFC is a FAFSA number. It is meaningless to schools except to determine federal aid.

Wake is a CSS school. they may have used other means to determine what your parents should pay.

What is the actual breakdown of Wake's FA package? What is the breakdown of their COA? It sounds like there are loans in the FA package PLUS a huge gap.

What are your other choices. This is not affordable. Too much debt. Besides, who would co-sign for you?

What is your likely career?

If you have a competing financial aid estimate from another school you could make them compete for you to see which school can give you a better aid package.

The student is a transfer student. Schools don't typically compete for transfer students.

koven89 · 04-21-2010, 11:03 PM

my parents are willing to cosign on a loan for me and assist me i paying it back over time. im not going to grad school and i am on my way to a career in finance. im going to try to talk to wake and see if i can so anything else to pbring down the total cost. RAs get free room plus 3000 cash. might be an option.

koven89 · 04-21-2010, 11:18 PM

worried_mom. you dont understand correctly. no where does it say DUKE on this page.

arabrab · 04-22-2010, 12:44 PM

I'd try to figure out where the profile $99,999 came from -- did other profile schools you applied to have similar figures?

Do you have some other options, perhaps at FAFSA-only schools?

worried_mom · 04-22-2010, 01:01 PM

My mistake, I was also following a thread where the school involved was Duke. But the numbers I posted here are correct, are they not?

mom2collegekids · 04-22-2010, 01:41 PM

My FAFSA EFC is 0 but my Profile is 99,999. So depending on their way of determining need, the award can vary hugely.

This is like a student with....

an affluent NCP
a primary home with immense equity
or something like that.

mom2collegekids · 04-22-2010, 01:43 PM

my parents are willing to cosign on a loan for me and assist me i paying it back over time.

If they're willing to pay for the loan, then let them take out a Plus loan. The rates would probably be better.

YOu will already be responsible for the Stafford loans that are in your package. Unless your parents are willing pay for the lion's share (a specified amount in writing!) of the extra loans, this is not a good idea.

However, sometimes parents can qualify for co-signing loans or Plus loans the first year, but can't qualify the following year. Then what would you do????

What is your likely career?

Where else did you apply?