Hello! I just received my Beloit College financial aid package and it says that I have to take $9000 in loans and $4550 in remaining direct cost after I receive around $45000 in scholarships and grants. The school boasts to meet 94% of students’ financial need. I am planning on going to graduate school and I really want to save money for grad school. I have not received my other colleges’ financial aid status. I was wondering, is this a good offer?
Good or bad, it is the offer. Many schools that try to meet full needs do require their students to take loans. You’ll have to compare it to other offers to know if this is the best deal for you.
Tthe school thinks you can pay $4550 from income, savings, parent earnings, and they are giving you the opportunity to borrow the rest. Was that your EFC?
No, I am actually an independent student.
Same logic applies. They expect you to take the full loans ($9000) and then to contribute based on your past earnings and assets. They do not care that you will go to grad school, they do not expect you to save money for grad school during undergrad.
$45k is a good award, but is it good for you? Is it your best offer?
I understand that it is a good award, but it is not the best offer for me. I guess I have to wait until I receive my financial aid package from other colleges. By the way, I received $30k in scholarship and the rest of the money(around $15k was the financial aid package). Thank you so much for letting me analyze it deeper.
What’s your EFC?
Can you list thing exactly as they appear in your award letter?
@Cjesusinme1 Congrats tho! If you don’t mind me asking, where are you from and what’s your stats? I hope you can have all things worked out!
Beloit has an appeal letter. There’s a few reasons to appeal, reconsideration due to other aid packages from comparable schools, change of income, and healthcare expenses. other educational expenses (parent, siblings in k-12) and “other unusual”. We are waiting for all financial offers to come in for final decision. According to the letter, it takes 2-4 weeks for appeal to be reviewed.