You do NOT “have to accept” an ED acceptance.
I would talk to Vandy about it and see if there is any flexibility. If there is you are better off there where they are theoretically 100% need met than a state school that won’t have anything to give you. I wouldn’t expect your EFC would go to zero if your parents do have savings so you should be prepared to do what you can in terms of work study, summer job, and possibly some small loans. My kids can earn $3000 each summer very easily and I would guess they could earn that much working part time during the school year. The college work study jobs we’ve seen pay very well. If they even cut the $20K they expect to $10K you could pay a good bit yourself.
I would keep the V acceptance instead of going to CUNY. Your parents could get another job before you need to pay for Vandy. If they do not get another job then take a gap year and re-apply the following year. You may get better FA because of your new financial situation or you could apply to schools that give good merit aid. If you are able to get into Vandy then you have good enough stats to get a full ride some where. As most veteran FA guru would tell you, as a transfer you wouldn’t get as good of aid as a freshman. So why go to CUNY or just any school now? I would take the chance of your parents getting another job or Vandy coming through with better FA. If neither comes through I would ask Vandy if they could defer you for a year. You can turn Vandy down up until your first payment is due.
The EFC can easily go to EFC if the main wage earner suddenly makes no money. The FA officer can do a professional judgment determination and make the adjustment even if there is income on the prior tax form.
I knew my job was ending, had the letter with the date, and contacted the FA officer. I was told they couldn’t do anything until the job actually ended (which was a week or two away) but suddenly there was a $2000 alum grant on my daughter’s account (thanks, Tuition Fairy). When my job actually did end, I sent all the required paperwork in and they adjusted the EFC. The following year, when all the information was exactly the same except that I’d now filed it on a tax return, they adjusted the EFC to $0.
Every school is different. Some will do it the day of the job loss, others have a different policy of waiting 90 days. You just have to talk to them.
I agree with everyone. Vandy has been my #1 school for a long time and my parents support it fully but I won’t let them pay if it means we lose our apartment and go into debt or worse. Their money is none of my business and it is their call in the end. Hopefully the tuition fairy comes to my rescue.
I don’t have a problem taking a gap year, so if worst comes to worst I will do that.
I will call them tomorrow and ask every question, I hope it works out.
@twoinanddone I didn’t know that, thanks! I will ask about that as well
Good luck serena, I hope the Vandy call goes well on Monday.
Great idea with the gap year options @oldfort
This is a big overdue- haven’t had time to go on this site. I called Vandy and they said they will recalculate after the job loss and cannot predict anything at the moment. However, my dad got extremely lucky with his job and was able to get another position in the same line of work in the same city with a slightly higher income. However, my mom is a freelance musician so she makes virtually no money, so that shouldn’t affect our EFC. Thank you to all who gave advice!
Congratulations.