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Signed LOI, and now find that Fin Aid isn't doable

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Replies to: Signed LOI, and now find that Fin Aid isn't doable

  • ShesOnHerWayShesOnHerWay Registered User Posts: 757 Member
    I feel terrible for you, ilovepyrs. Why can't the schools, coaches and everyone involved be honest, blunt and up-front? They have all the experience and we parents have none. And then we are stuck with an untenable situation in the end.

    Please tell your story next year (and years after) on CC to others who are going through it for the first time. You must force new CC parents to hear what happened to you so that they will be wary for their situations and hopefully not be caught off guard.

    I know everything will work out in the end but in the meantime know that our good thoughts are with you.
  • keylymekeylyme Registered User Posts: 2,825 Senior Member
    Gap year does sound good - she could get another year of club play under her belt.
  • ilovepyrsilovepyrs Registered User Posts: 53 Junior Member
    She is exploring the possibility of a gap year. don't know much about it, guess I will have to research that on CC.

    As for those who will follow us in years to come, I plan on weighing in and posting this link where I think it will help. I have other children, so I will be on here for years to come and now that I have reaped the benefits of this "support group" I really want to help others from ending up where we are.

    So thanks again. She is presently writiing the supplemental essays for an application...on april 29th. wow.

    I will update all with any new developments. I hope someday soon I can post a fabulous ending and as fishymom and I believe, that it will all work out. It is just hard right now.
  • keylymekeylyme Registered User Posts: 2,825 Senior Member
    We are all pulling for you and your daughter!
  • EMM1EMM1 Registered User Posts: 2,583 Senior Member
    If your children are close in age, one of the advantages of the gap year is that it will add another year when their college enrollments overlap--a big advantage for financial aid purposes.
  • ilovepyrsilovepyrs Registered User Posts: 53 Junior Member
    OK, not to sound dumb, because I am really tired and just got a new phone that is really hard to figure out, and everything else going on with this, but is it better to have 2 kids in school at the same time or not. if she did a gap year, they would not overlap. thanks.
  • riverrunnerriverrunner Registered User Posts: 2,715 Senior Member
    So with or without a gap year, the siblings are so much younger there won't be an overlap?
  • ShesOnHerWayShesOnHerWay Registered User Posts: 757 Member
    For financial aid, better to have two (or more) kids in at once. What happens is they take your EFC and divide it by the number of kids you have in college. For two, that means your money goes 1/2 to each. Why don't they tell us this when we are doing family planning? I might have had my second kid sooner!
  • riverrunnerriverrunner Registered User Posts: 2,715 Senior Member
    That family of quads starting Yale in the fall were the smartest of us all....
  • dreamer6dreamer6 Registered User Posts: 58 Junior Member
    I hope things work out for you, I can only imagine how you feel right now. One thing I do not understand is how your EFC is5,000 with that much in savings?
    Best of luck!
  • ilovepyrsilovepyrs Registered User Posts: 53 Junior Member
    Actually the EFC on the FAFSA is 3400. the school we were dealing with put us at 5400 for our EFC. my husband is self-employed and took a huge hit in income last year, a smaller hit the year before. so it went down two years in a row. But when he had to call the accountant for taxes recently, the assistant thought he had lost his job. He came home and told me that and felt really bad about it, seeing it through her eyes. anyhow, the savings was accrued during the good years, and hopefully can get on a growing trend again. Luckily, we have it as a safety net for expenses, which is very comforting, college tuitions aside.

    I love all you guys for everything you share and your support, I especially love the person who thought CC up. What a fabulous idea!
  • 10scholar10scholar Registered User Posts: 589 Member
    ilovepyrs, I just wanted to say I'm sorry to hear about your situation and hope things work out for the best. I've always questioned how early commits then have to wait until the spring for their final financial aid package, as this puts them in a very vulnerable position if the package changes.
    Good luck to you and your daughter!
  • mayhewmayhew Registered User Posts: 643 Member
    ilovepyrs: I so hope your daughter ends up just where she wants to be by the end of this journey, even if it is not somewhere she could foresee loving at this point. Regarding gap years, there are obviously a lot of different ways to spend that time. For what it is worth though, I took a gap year and it was absolutely the best year of my life at that time, and an experience I am so happy to have had. I hope she feels the same if she chooses that path. Regardless, good luck with everything - you have a lot of cheerleaders on this site!
  • rjpfl5rjpfl5 Registered User Posts: 189 Junior Member
    I was told that the NLI was only binding if it included an athletic scholarship. Is that incorrect?

    I know of several kids that signed an NLI but ended up switching schools afterwards without any concern because no athletic scholarships were involved.

    Hindsight is 20-20, but every kid (including athletes who signed NLIs) should apply to multiple schools to cover themselves in this type of scenario.
  • SoccerTrackSoccerTrack Registered User Posts: 47 Junior Member
    Check out: National Letter of Intent which is an NCAA site.

    From this site my understanding is that an NLI is used only when athletic money is involved. In it, the athlete agrees to attend for a year and the school states the athletic aid it will provide for that year. It is a legally binding document.
This discussion has been closed.