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Signed LOI, and now find that Fin Aid isn't doable
ilovepyrs
50 replies3 threads Junior Member
My daughter signed an NLI at a school (private 4 yr), that meets 75% of the family's need. It is on collegeboard.com.as well as many FA guidebooks. Subtracting our EFC from that and coming up with the 75% figure, and then lowering that a bit just in case, we felt that if that was what the school offered, we could handle it. She signed the NLI last fall and thus, did not apply anywhere else. The package we rec'd meets 26% of our need, and of that package, 37% is loans. WE are sick to our stomachs and can't believe that this is happening. From reading many posts on these boards, this is a common scenario - so many schools offer paltry packages, even to honors students that are excellent candidates.
We are now in the process of appealing this award. there is a $36,000 gap between the award and the full cost to attend. So this is bad. Has anyone had any luck with appeal letters? I was going to include the information from collegeboard.com in the letter. I have had a few conversations with the FA person and she is hard to read. she never sounds too hopeful for us. And it is not like we are rich, our EFC is around 5K, my husband's income dropped way down in 2009, but we have some savings she was asking about that is not a retirement fund, so I don't know if that is the problem. It is 108K, so is that alot to have as non-retirement savings?? enough to skew the numbers against us?
If any experienced parents have been through something similar, with the appeal or NLI, or anything, i would welcome any advice. thanks.
92 repliesWe are now in the process of appealing this award. there is a $36,000 gap between the award and the full cost to attend. So this is bad. Has anyone had any luck with appeal letters? I was going to include the information from collegeboard.com in the letter. I have had a few conversations with the FA person and she is hard to read. she never sounds too hopeful for us. And it is not like we are rich, our EFC is around 5K, my husband's income dropped way down in 2009, but we have some savings she was asking about that is not a retirement fund, so I don't know if that is the problem. It is 108K, so is that alot to have as non-retirement savings?? enough to skew the numbers against us?
If any experienced parents have been through something similar, with the appeal or NLI, or anything, i would welcome any advice. thanks.
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Replies to: Signed LOI, and now find that Fin Aid isn't doable
As far as NLI, I know that the athletic director of the school can release your daughter and I would appeal to him/her immediately, may be able to help ith FA, may not. But I think the sooner the coach and AD are aware of the situation, and the impossibility of the financial end of things, the better for you and your daughter. Best of luck with all of this.
YES they are looking at that savings as something you "should/could" use to pay your student's schooling...
what I don't understand is how the EFC is "only 5k" and you are saying the gap is ALOT more?
I would ask on the Fin-Aid threads for more help.
good luck and please update us here.
HOw do I write an appeal letter to make at least some of this happen???
Regarding the savings, my husband is in sales in a very volatile industry. Due to a recent buyout of one of his suppliers, he may loose a huge account. The 2009 income drop was so pronounced, that his tax accountant's assistant casually asked him if he lost his job! So the 108K savings is our safety net if something happens and we need it to live until.... well you know. we are in a good position if he ever did loose his job, which is always a possibility, hence the savings.
Thanks for the well wishes and support. I promise to post the ending to this story.
FAFSA has strict formulas for their determination of your EFC. Current income and current savings/stocks are the primary determinant of your EFC. High current income and high current investments results in higher EFC. Yes, $108,000 in current investments is considered high. Also, just because you have equity doesn't mean that you can get an equity line/second mortgage. Whether or not you can get a loan and whether or not you want to access that equity is not a concern of the college.
Additionally, loans can and generally are part of the financial aid package.
That the college didn't meet the financial package you were hoping for is not their concern.
One college said to me when we were in the same position, "I guess you'll have to send your daughter to a cheaper college". (no kidding, they really said that).
right now that is my husband regarding this school. We have had the admissions letter on the fridge and he took it and said, put this away, I can't look at it... He is so mad.
It is hard when you look back over the months and realize what you could have done differently prevent this mess. I was the main researcher, did so many hours of reading and comparing stats, so I feel it is my fault, since I really believed what I read.
I hope whereever your daughter ended up was a great fit for her.
You mentioned in your other thread that back in November, the coach was going to consult with the FA office to see what kind of package you could get. What happened as a result of this? Were you able to get some information at that point?
I feel for you here. This is a very difficult situation and I am hoping that in some particular way, this school works out for you.
Of course I will post the end to this story when I know it, and for all of you that gave advice and support for my problem, I thank you from the bottom of my heart.
I didnt't know what to do, because I didn't want to rattle the feathers of the FA person that is handling my case. But I have been in touch with her monthly since November and a whole lot has not happened for us. And while she was very sympathetic yesterday and promised to do her very best for us, she did end the conversation with, just don't get your hopes up. UGH.
So this morning my husband said : send it, it can't hurt. SO I DID. I actually sent a letter to the president and told him the whole story, start to finish. I wonder what will happen? Of course, I will keep everyone posted with this new detail.
Now I must go, because I think the Lifetime channel is calling because they are interested in this story for one of their TV movies.......