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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

  • ilovepyrsilovepyrs 50 replies3 threads 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!
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  • 10scholar10scholar 582 replies7 threads 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!
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  • mayhewmayhew 636 replies7 threads 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!
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  • rjpfl5rjpfl5 179 replies10 threads 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.
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  • SoccerTrackSoccerTrack 46 replies1 threads 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.
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  • TheGFGTheGFG 6037 replies213 threads Senior Member
    Is there such a thing as a NLI with no scholarship at all attached? My understanding was that if no money was available for the athlete or if the school did not wish to spend their available money on that particular student, then the student would still sign for a nominal amount like 1% of the COA.
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  • keylymekeylyme 2778 replies47 threads Senior Member
    My daughter and and 4 of her teammates were recruited walk-ons and they did not receive a nominal amount nor did they sign an LOI. 2 of the girls have since received full scholarships.
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  • rjpfl5rjpfl5 179 replies10 threads Junior Member
    TheGFG... There are a lot of high school kids that sign NLI's with no scholarships attached. They do this merely so that they can participate in their schools signing day activities. Since there is no athletic scholarships involved there is no binding agreement with that NLI. There were over 100 kids in the area of Florida that I am in that participated in their schools national signing day. I would bet that no more than 20-30 of those kids received athletic money.
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  • TheGFGTheGFG 6037 replies213 threads Senior Member
    What keylyme reports confirms what I had understood: when there is no money being offered, no National Letter of Intent is drawn up since according to NCAA rules, a NLI must include a statement regarding what athletic financial assistance is being promised. Can the school offer nothing and still have it be a valid contract? I don't know. Has anyone you know signed a NLI which said $0.00? rjpfl5, did the kids you are talking about sign an actual NCAA NLI document, or was it just a simulation of one? If so, was this document provided by the college, or was it written up by the student, his/her parernt, or the high school AD?
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  • rjpfl5rjpfl5 179 replies10 threads Junior Member
    The kids with the $0 signed a NLI. In some cases the high schools hosting the events probably did tear them up. I do know in some cases the high schools faxed the NLI to colleges. In talking to a college coach, he said that he gets a few NLI's with $0 athletic money faxed to him each year and they go into the garbage can as there is no requirement for him to do anything with them.
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  • CountingDownCountingDown 13683 replies113 threads Senior Member
    One of the issues here may be that because the OP's husband has his own business, its value gets included in available assets (i.e., building, equipement, etc.). Have heard over the years from other CCers that sole props can get hosed in FA determinations.
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  • fogfogfogfog 3868 replies188 threads Senior Member
    Small businesses can exempt assets...depends on the size and ownership.
    If the cash is held by the company, then its not a personal asset.
    Check with your accountant, your mileage may vary...
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  • ilovepyrsilovepyrs 50 replies3 threads Junior Member
    UPdate: we had a meeting with the college counselor, have 3 apps in at other colleges, and are exploring gap year options. This is a nightmare. Also, we could still send her to the original school and bite it. She is totally confused at this point and so am I.
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  • riverrunnerriverrunner 2663 replies52 threads Senior Member
    ilovepyrs, hopefully the admissions offices at the 3 schools will turn things around quickly. Are they schools your daughter would be happy to attend, or are you reserving judgement until you know if there is any possibility of things working out? So sorry. I know this month is crazy enough with a senior, without this piled on top.
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  • ilovepyrsilovepyrs 50 replies3 threads Junior Member
    I think things are moving pretty quickly, her first choice said 7-14 days, and the other school got the app on tuesday and today they were looking for her FAFSA stuff, so to me that is fast. This first choice would be ideal if it works out, the coach is great, we both happened to be at the same sporting event recently and she had a chance to have a face to face with him and that went well. But we haven't heard alot back from admissions so it is hard to tell.

    I think the school is a bit of a reach for her academically, her SAT's are just a hair under what they are posting as average, but she is coming from an incredible highschool with quite a reputation, and has all the other stuff, EC, GPA the sports, etc, so perhaps they will find the situation compelling, like her, and take her. She could do well there so fingers crossed that it all comes together. tonight while baking cookies for her last day of high school tomorrow, I had this flash that we received a rejection letter from them. It just popped into my mind.

    Thank you again for all your posts and support. I wish I could hug each one of you.
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  • MaineLonghornMaineLonghorn 41455 replies2249 threads Super Moderator
    DH and I have an S Corp business, and there wasn't anything we could do to exempt assests - we talked to our attorney about it. We were hurt on the FAFSA because we have a big mortgage, due to the house addition we built in order to have a good-sized office. They just looked at our assets, though - they don't care if we have a lot of debt.
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  • riverrunnerriverrunner 2663 replies52 threads Senior Member
    My fingers are crossed for you ilovepyrs. It would be nice if you got a phone call before the weekend, but maybe that's too much to ask for... I'll go out on a limb and say "SAT slightly below the admitted average" is not a reach, its a match. I hope admissions sees it that way. With a word from the coach, I'd think there is reason to hope.
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  • fishymomfishymom 1707 replies142 threads Senior Member
    Ilovepyrs, that sounds promising to me! I hope your daughter has a wonderful last day of high school! My heart breaks for her having to live with this uncertainty through what is an emotionally charged time anyway. A big hug for both of you! Sending you my very best wishes for a great outcome, soon!
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  • TheGFGTheGFG 6037 replies213 threads Senior Member
    Please keep us updated, and know that in life no experience is wasted, especially difficult ones. Cyber hugs to you and your D!
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  • ilovepyrsilovepyrs 50 replies3 threads Junior Member
    Hi all, just an update, no really good news, actually kind of scary news.

    The one school that she would love to go to, the one where she met the coach detailed above on the 5/6 posting; well, her college counselor told her to ask about an interview and she called the person handling her app, left a VM, never heard back, called again last week and left another VM, still nothing.

    I needed to call him because the application fee did not go through on the common app, so I was sending a check and wanted to make sure he got it and asked about the interview. He did not sound very hopeful. He said that at this late date an interview wouldn't help and that it did not look very promising for admission. I told him this was the first I had heard and what about the coach wanting her? He said there is still a chance, but the whole tone of the conversation was not one of hope.

    I immediately called the coach and he said that it all depends on the admissions returns and if there are any spots left. (I didn't want to ask the admissions guy that in the call because the place where I thought of it, if I would have asked, it would have come off as challenging and perhaps argumentative). The coach told me that until we get a rejection letter, that there is still a chance.

    So, we are in the waiting game, like so many other people on wait lists and what not.

    I did also send an email to the FA head at my daughter's NLI school. (which she doesn't even want to go to anymore, but I think if it all works out, she would warm up to it again) I had spoke to him a few weeks ago after our appeal was done and asked him about the misleading information about the school being on record IN MULTIPLE PLACES as meeting 75% of a family's demonstrated need and our daughter's situation. He said that there was a chance that some additional aid would be available after all the admission returns were in. So I asked about that.

    I do agree with the GFG about life experiences making us who we are, but it is a hard thing to live through in the present.
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