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URGENT! Double deposit! ED! No $$$ at all!

byanillabyanilla Registered User Posts: 101 Junior Member
edited May 2012 in Brown University
This isn't a case that I am facing but one that my best friend is. :(

Earlier this year, she had the privilege to be accepted into the awesome Brown University via ED. However, she hadn't received her financial aid package until today, and up until this point, she was quite confident that her package would be substantial enough for her to attend this Ivy. But, seeing that her FA package offered her ZEROZIPNADA dollars, her parents paid for her safety school's enrollment deposit.

Having already contacted the university, her parents were sad to hear that the Brown financial aid office could not pitch in any aid for her. However, they have already paid the enrollment deposit. My BFF still wants to attend Brown; this is her flippin' dream school, and she doesn't even care about the name. Just the environment and people and opportunities.

Anyway, what should she do?

She is wondering if it is possible to extend the decision, say, until July? She wants to see if she could work this summer/get scholarships/get MONEY in general. (Her other college isn't going to rescind her acceptance; they really want her).

tl;dr What to do when you are an ED acceptee, were denied financial aid, cannot afford the full tuition, and have a double deposit going on simultaneously?
Post edited by byanilla on
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Replies to: URGENT! Double deposit! ED! No $$$ at all!

  • alwaysleahalwaysleah Registered User Posts: 2,737 Senior Member
    How much in loans would she have to take for brown?

    Does she plan on grad school?

    What's her major?
  • byanillabyanilla Registered User Posts: 101 Junior Member
    Thanks for answering alwaysleah!
    She doesn't know how many loans that she can take out, but she is willing to take out the maximum amount of loans in order to attend Brown.
    She plans on attending medical school.
    Major is biomedical engineering.
  • alwaysleahalwaysleah Registered User Posts: 2,737 Senior Member
    Max subsidized loans is $5500 freshman year. It goes up around $1000 per year but nowhere close enough to cover brown tuition. To borrow more she would have to take out private loans, which her parents would have to co-sign.

    If she wants to go to med school, she should go to her safety. I know it is hard to give up the dream school, but med school is going to cost hundreds of thousands of dollars. She should minimize debt now while she has the opportunity. What is this safety school anyway?

    Have her contact brown's FA and tell them it is impossible for her to attend given the current award. This is a situation where she can back out.
  • BigFireBigFire Registered User Posts: 195 Junior Member
    Biomedical engineering major is not an easy one. It might lower the GPA, could jeopardize her entering med school. Try non-engineering major, keep high GPA. Unless she is a top gunner, by all means stick with any engineering major. Ivy school is not that easy to get "A", you are competing with the brightest pre-med kids.
  • BrownfordBrownford Registered User Posts: 295 Junior Member
    I know almost nothing about this topic, but I feel for your friend; maybe she can defer enrollment and work for a year? Reapply to other schools?
  • ender94ender94 Registered User Posts: 275 Junior Member
    It seems like others have already shared a lot of good advice. The one thing I wanted to add was that I am pretty certain that Brown does not have an enrollment deposit. This isn't much of a comfort but at least if your friend cannot go, they will not be out any money for the deposit.

    Hope your friend gets it all sorted out and can attend though!
  • fireandrainfireandrain Registered User Posts: 4,737 Senior Member
    First of all, to answer your bolded question, anyone accepted ED who does not get enough financial aid can decline the acceptance with no penalty. So that's that.

    Second -- this story does not sound right. Brown provides at least a preliminary financial aid package to ED accepted students when they are accepted. So your friend must have known for months what her aid was going to be. And, if she accepted ED she was supposed to withdraw all other applications, so how come she has an acceptance somewhere else?

    If your friend got limited financial aid, she needs to decline and go where she can afford. There's nothing she can do over the summer to make up a gap of $50,000. She shouldn't borrow more than the federal minimum, which is $5,500 for freshman year. There are no magical scholarships out there that will at this late date give her thousands of dollars, nor can she earn that much over the summer.

    Finally, as a lesson to everyone else out there, don't apply ED anywhere if you need financial aid and you aren't absolutely 100% positive that you will get it.
  • alwaysleahalwaysleah Registered User Posts: 2,737 Senior Member
    ^I agree with fireandrain

    Additionally, even working for a year won't solve this problem - the excess income will be taken into account and she will receive less financial aid the following year (unless she is already full pay). Even so, she can't make enough in a year to make a substantial dent in Brown tuition.

    There is simply not a way to pay for Brown that is reasonable.
    she is willing to take out the maximum amount of loans in order to attend Brown.

    This is worrisome. This is exactly how people get themselves into hundreds of thousands of dollars of debt. Med school will likely put her 200k in debt, if you add another 200k from Brown she's looking at $2,000/month payments for the next 25 years. Think about how much money that is. It's not worth it for four years of undergrad when the safety will get her to the same place. Med school admissions are GPA and MCAT centered - if she does really well she can get into ANY med school.
  • burryburry Registered User Posts: 615 Member
    There is a long article in the Brown Daily Herald about Brown's financial aid. While generous if compared across the country, it is smaller than some Ivies.

    Maybe it's different for ED, but I didn't think Brown had an enrollment deposit either.

    To add my two cents, I would not recommend big debt for college in general, but especially when an alternative is available.
  • umboFever09umboFever09 Registered User Posts: 87 Junior Member
    @fireandrain: ""And, if she accepted ED she was supposed to withdraw all other applications, so how come she has an acceptance somewhere else?""

    I knew at least 4 kids in my senior class who got in ED at schools and still followed through with RD. It's a rule with no enforceable penalty. The process has become kind of a joke in that regard.

    To OP: Brown's endowment is the smallest in the Ivy League and pretty stingy compared to many of the elites. It doesn't compete well in FA. One's reason for going there can't be economics-based.
  • byanillabyanilla Registered User Posts: 101 Junior Member
    In reply to #4 post:
    Thank you for replying, alwaysleah. I will inform her of the loan information and your advice. The college she is going to is Xavier, a historical black college, and they really want her at the university.
  • alwaysleahalwaysleah Registered User Posts: 2,737 Senior Member
    Tell her to take the money and GO!

    I have a good friend at a historically black college. I think that average SAT score there is like 1600 for all three sections. She's headed to grad school at Columbia next fall. She also got into Penn. Do well, and your friend can go to med school anywhere.
  • byanillabyanilla Registered User Posts: 101 Junior Member
    Bigfire, thank you for your advice. My friend is passionate about what she wants to study, so I doubt she would drop engineering in order to just maintain a high GPA.

    Brownford, ender94, thank you. I will express your condolences to her, haha.

    fireandrain, I assure you that my friend did not receive her financial aid package until mid-April. I applied early action to a school and did not receive my FA until April 1. My friend nor her parents could access the FA right after my friend's acceptance into Brown. I promise you this; my friend's parents checked the FA status at least twice a week.
    Thank you for your substantial advice. I will pass this on to my friend.

    burry and umbofever09, thank you for informing me about Brown's "stinginess."

    This situation of hers is confusing me at the moment too, but thank y'all so very much for your rapid replies. We are grateful for your help.
  • byanillabyanilla Registered User Posts: 101 Junior Member
    Congratz to your friend, alwaysleah! I hope that story will sell to my friend.

    I'm now not sure if my friend was exaggerating her need for money. I'm not sure how wealthy her family is, and her parents are also paying for two of her sisters in college too.
  • alwaysleahalwaysleah Registered User Posts: 2,737 Senior Member
    Perhaps, but for premed students, I almost always advocate the cheaper option. She should ask her parents if they could pitch in for med school instead.

    Then again, Xavier seems to be miles behind Brown. It is a once in a lifetime opportunity, and I would recommend Brown ONLY if she can graduate with less than 30k in debt.
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