<p>A friend of mine is planning on going to an OOS public college (55,000) and put down a deposit and everything, and turned down the local state college. Recently she met with the finance consultant and her parents and discovered she’d have to take out 40,000 dollars a year in loans. She got only 12,000 in financial aid. Obviously she doesn’t want to take out the loan. Will there be any repercussions for withdrawing now (I know she’ll lose her deposit money), is it possible for her to get more aid, and would she be able to matriculate to a state school for this coming fall if she had been previously accepted?</p>
<p>She needs to contact the state school to see if they are still taking students. She absolutely can withdraw from the expensive school…without repercussions. Students make these types of decisions at times. </p>
<p>Re: “getting more financial aid”…I’m not sure what you mean. Most schools have given their institutional aid out already. If she is eligible for federally funded aid, she would get that at her new college (e.g. Pell grant, stafford loans). </p>
<p>She should look at all options in her state for the upcoming year. But first, she really needs to talk to her family seriously about the finances. She needs to know what they are willing and able to pay for her for the upcoming year and work within those financial parameters. I hope everything works out for her…I’m sure right now she feels a bit disappointed.</p>