Hey all! I applied ED to the college of my dreams and got in. Based on the NPC finances weren’t even close to an issue, however when the financial reward was given, it was almost double the NPC, now likely making finances a problem. Is there any way to get more aid in this situation, citing the original NPC quote, or how easy is it to withdraw ED if I can’t afford it?
I can provide more info on the specific situation if needed, but just let me know. Thanks all!
Did you contact them to ask about the discrepancy between the NPC and the actual award?
I have not yet. I wasn’t sure if that would be a valid thing to do or if this was a situation that probably wouldn’t get anywhere.
Contact the financial aid office and tell them exactly what you posted here…that the NPC results were markedly different than your actual financial aid award. Someone there should be willing to go over your financial aid application with you…and tell you why.
Is there any chance that what is on the NPC isn’t accurate.
Perhaps the info on the NPC and forms don’t align. They will help you understand what’s what.
Also, are your parents divorced, do they own real estate other than your primary residence, are they self employed or do they own a business? These can affect the accuracy of the NPC.
Find out what happened…explain that you applied EC based on that estimated net price. See what they say.
Don’t withdraw any of your pending applications or acceptances until you have this resolved. YES you can withdraw from ED if the finances are not sufficient for you to attend.
I noticed in one of your other threads that your family owns a law firm and people said that might affect the validity of the NPC. Did you reach out to the school before you applied ED about whether it would be applicable for your situation?
I will contact them then. Should I wait until after I rumor the FAFSA and get a new award (if that even happens).
My parent is a self-employed lawyer so I wonder if that affected anything.
I reached out and they said it likely wouldn’t matter. They sort of beat around the bush but the NPC was well within budget that even if it did affect it, it probably wouldn’t have mattered too much.
Meanwhile you work with the FA office, do leave all your other apps in, it’s also ok to apply to more schools if that makes sense.
On a side note, what makes my situation a bit more difficult is that my family could easily afford this school of I was an only child. I have three siblings also starting college next year, so my parents now have to pay for four children at once instead of one. I saw that the new FAFSA no longer recognizes multiple siblings. This seems absurd since it essentially cuts my family’s budget down to 25% for my college costs.
Is there a way to have colleges factor this in any way or at least be able to see this info?
Some colleges that use the CSS Profile will be taking multiple siblings into consideration for awarding need based aid. In addition some FAFSA schools will do the same (@kelsmom…am I correct about this?). But the FAFSA hasn’t even been received by the colleges yet.
I think that your parent is self employed might be part of your issue. There are deductions allowed by the IRS for tax purposes that are not allowed for financial aid purposes. These are added back in as income.
The net price calculators can be inaccurate for those who are self employed.
Are you quadruplets?
Edited: I was thinking that your siblings didn’t start until a year after you. You can request a professional judgment review to ask them to take into consideration the cost your parents are paying for your siblings’ colleges. It’s possible that they already did, though. Another thing to ask the financial aid office.
What do your parents have to say?
The question is still on the FAFSA…so the colleges will see that. I don’t know if it’s on the Profile or not…but if you completed the Profile…was that question there about siblings in college?
You need to talk to your college financial aid office about all of this.
We are quadruplets.
Well…that does put a significant twist on college funding!
Please reach out to the financial aid office at your college asap.
It’s very possible they already considered your multiple siblings attending when they computed your need based aid. You need to ask!
My parents don’t seem to recognize the gravity of the situation that I applied ED and they’re not really being proactive with the whole process. They sure waiting to see if anything updates are made to our award letter but I’m not sure it works that way unless we talk to the fin aid office and let them know that there is an issue to begin with.
My parents still agree to pay a little more than the NPC originally said, so I’m wondering if I can maybe take on the rest in debt? I’m not too sure how much debt is too much debt though.
How much? In your name only, you can take $5500 for freshman year in Direct Loan money. Anything above that will need to be cosigned by your parent or taken by them. Multiply times four years in college.
Is there a way for them to take on debt and I make payments towards that debt? I guess I’m confused how all these people have $100,000 in college debt if they can only really take on $22,000,.
The way it looks is that it would be ~80-100k
You need to ask the school if they took your siblings into account. If they did, then it sounds as if perhaps the financial aid is not enough to allow you to attend. Have a very honest talk with your parents. Ask them how much they are prepared to pay each year for your school. If it’s less than the amount you will owe after aid is applied, you need to let the school know that your parents are only able to pay that amount, and that you had assumed that it would work for you because the NPC showed that you would get more aid than what was offered. Ask them if it’s possible to review your file to see if there is any way that they can provide more aid. Then if they say no … ask to be released from ED due to financial reasons. Be sure to discuss with your parents!
Loans that their parents co-sign.