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Decision-making experiences if/when an ED acceptance comes with disappointing financial aid ?

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Replies to: Decision-making experiences if/when an ED acceptance comes with disappointing financial aid ?

  • OHMomof2OHMomof2 Registered User Posts: 12,275 Senior Member
    Sounds promising!!
  • twoinanddonetwoinanddone Registered User Posts: 20,562 Senior Member
    No. Financial aid office most often works independently from admissions. They are just loaning things. You wouldn't have to do the promissory note until this summer even if you are accepted. The don't even announce the rate for the loans until July 1.
  • mom2twogirlsmom2twogirls Registered User Posts: 2,064 Senior Member
    edited February 2
    I totally get why you went ahead with the ED2. Makes sense. Backing out if the FA doesn’t work is appropriate and fair given that the colleges all state that is a reason to back out. Contacting them after getting the FA award and explaining circumstances to see if they can award more is fair and appropriate, if needed. Asking for an extension until getting a possibly revised FA award to make the decision on is fair and appropriate and just makes sense.

    One thing that doesn’t at all make sense is wanting to extend the decision until other schools RD decisions/ FA is announced. Why? Either the ED2 is affordable or it isn’t. If you can’t do it financially, then it doesn’t matter whether other schools are even worse financially.
  • austinmshauriaustinmshauri Registered User Posts: 8,029 Senior Member
    Have you tried contacting the college your first child is attending to get a preread on financials with two in college? If your current senior gets accepted ED I'd ask that college if they can give you an estimate of what your net cost would've been with just one in college
  • splokeysplokey Registered User Posts: 195 Junior Member
    edited February 2
    @Mom2girls , parents can borrow the entire cost if they choose to. what is affordable is subjective in that case. how much the parents need to borrow if, like us, no assets are liquid, is something that anyone faced with having to borrow would want to compare between different colleges. i dont understand why you would think there is some bright line for affiordable or not, in that situation. some might judge that if any parental borrowing is necessary, it is not affordable while others may judge it on the opposite extreme , in which case any amount is affordable because the parents can borrow even the full cost.
  • splokeysplokey Registered User Posts: 195 Junior Member
    edited February 2
    @austinmshauri , yes my other kid’s school was kind enough to do a preread but said they could only do it based on the 2017 income and that later when they consider the lower 2018 income upon the full financial aid decision it will be adjusted. so i have a kind of minimum but definitely inaccurate baseline from that, and it may be inaccurate by ( based on the income change) as much as 20,000-30,000 per year of grant aid , so there is still huge uncertainty for comparison purposes.
  • splokeysplokey Registered User Posts: 195 Junior Member
    @twoinanddone , the ED2 school is needaware and i believe admissions works closely with the financial aid office since admissions decisions very much factor in financial need there.
  • mom2twogirlsmom2twogirls Registered User Posts: 2,064 Senior Member
    @splokey because that’s not how ED and deciding financial viability works. Doing it that way is unethical and could potentially result in the admission being rescinded, from my understanding. I would be shocked if they don’t just say no to the extension, unless they are lied to about the reason for the request.
  • splokeysplokey Registered User Posts: 195 Junior Member
    edited February 2
    We had an unexpected change of circumstances (which we have documentation to show is true) that is not within our control and if the online calculators turn out to be very inaccurate, there was no way for us to have a realistic expectation re: what the financial aid amount would be. When the ED2 was filed, we did not know about this. @mom2collegekids , how would that be unethical? Why do they have it as part of the ED agreement that the commitment can be released for financial reasons, if not for a situation like this??? If a major source of income is a business, and things beyond your control happen that affect the business income, it's a whole different situation than when you have a job with a set salary for which the online calculators are fairly dependable re: financial aid! Incidentally, at this point after exploring more, I don't expect to get an extension; I expect to have some back and forth discussion with the financial aid office - if the financial aid award is much lower than the online calculators indicate - and only if that doesn't result in something reasonable, then to consider asking to be released based on financial reasons.
  • twoinanddonetwoinanddone Registered User Posts: 20,562 Senior Member
    If the ED decision comes and it is not affordable, you can turn down the offer and 'be released.' You can also ask them to reconsider new facts about your financial situation. All that is in the ED rules.

    It seems like you'd like them to give you the 6 weeks to see what other offers there will be. That's the rub. I doubt they'll do that. I think you'll get an offer, maybe a review and reconsideration, and then have to make your decision without knowing if other schools will offer more.
  • splokeysplokey Registered User Posts: 195 Junior Member
    edited February 2
    @twoinoneanddone , yes, since I originally started this topic, I have realized there is no way that they would give 6 weeks. As I understand it, they'll be in a rush to make sure that it's resolved with adjustment to the financial aid or that we're released (and the acceptance forfeited) long before regular decison notifications come. So that we're going to be stuck having to take a financially risky leap in whatever we decide (if the financial aid is much less than we expected) because we won't know if it will be just as insufficient, or if it will be much better, from any of the RD schools. Since we're expecting to need to borrow some (we just don't know how much) of the parental EFC through parental loans. When I originally posted, that was desperate wishful thinking that we might manage a 6 week extension!
  • collegemom9collegemom9 Registered User Posts: 415 Member
    OP you've applied ED2 which binds you to accept admittance if the financial aid is acceptable. If it's not you can either decline or appeal and ask for more aid. What you cannot do is game the system by asking for an extension to see the others offer. That goes against the entire meaning of ED. Acceptance during the ED round is given to a student who has agreed to withdraw all apps as soon as the financial aid comes out and is deemed acceptable. Your admission is contingent on that and if you were able to do what you're suggesting, everyone would apply ED. Best of luck to you.
  • 1NJParent1NJParent Registered User Posts: 843 Member
    If you apply ED or ED2 and you're not full pay, you run a greater risk of not getting sufficient financial assistance, by the very design of the ED system. First of all, for ED or ED2 applicants, colleges have no incentive to put their best foot forward because they don't need to compete with other colleges in terms of financial aid. Secondly, they assume, often correctly, their colleges are a reach for the applicant, and his/her alternatives are not as attractive in other areas as theirs, so they don't really need to compete as aggressively in terms of financial aid. Last but not least, for ED or ED2 applicants, financial aid office has to work nearly simultaneously with the admission office on the same application (for EA or RD applicants, financial aid office generally doesn't even look at the application until the applicant is accepted). Even for colleges that are supposedly need-blind, there's greater chance of information leakage/exchange between the two offices as their officers, who are working on the same applications concurrently, are human beings and they gossip, socialize, etc. They're more likely to know more about you on the other aspects of your application that aren't supposed to be in their purview.
  • collegemom9collegemom9 Registered User Posts: 415 Member
    @1NJParent I disagree. Schools that offer excellent FA (80-100%) aren’t going to offer less money in the ED round. They may offer less merit aid but the financial aid remains the same. Schools are well aware that not receiving enough FA is the only acceptable reason to back out of an offer of acceptance in the ED round. What you will be offered in ED will be the same as what you’d be offered in RD as the formula for determining FA remains the same.
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