<p>Today the estimated Financial Aid for RPI just came out and said that my EFC is around $34k a year. Before applying to RPI, my family estimated the EFC on RPI’s Net Price Calculator and stated that my EFC would have been $22k. However it seems that my estimated ~$40k in grants as stated on RPI’s official NPC turned out to be only ~$29k. My family currently cannot afford to pay $34k a year. Would I be able to appeal and withdraw my application to RPI? My family makes around $44k a year.</p>
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OP, could your family afford the $22k EFC?</p>
<p>The $22k was completely fine. On the other hand, $30k+ is way too much.</p>
<p>If your family makes $44,000 a year, $22,000 a year is a large amount to pay. </p>
<p>Do your parents have a large amount of money in savings that they can afford $22,000 a year college bills which is half of,their income? If so, that money in savings would affect your family contribution. Do YOU have money in the bank?</p>
<p>Does your family have some assets…real estate in addition to your home? Are your parents self employed or do they own a business? If so, the NPCs tend to NOT be accurate.</p>
<p>Yes you can decline the ED acceptance if the finances really do not work for you.</p>
<p>Something’s not right.</p>
<p>Your family either has assets or something. A family that doesn’t have assets and only makes $44k per year can’t pay $22k per year towards college.</p>
<p>How would your family live on ONLY $22k per year (and that’s before taxes on the $44k)</p>
<p>Does your family have savings, investments, property?</p>
<p>Does your family have its own business or take “business deductions”.</p>
<p>My parents do have a small amount of money (should have covered a decent amount of the cost if my EFC was $22k) saved up and were planning to take out a loan for me. No, I do not have any money myself and my parents do own a business (very small, around 3 employees). The only piece of real estate my family owns is only the house that I currently live in.</p>
<p>I’m just planning to call the college tomorrow and see what I can do to fix this/see if I can appeal and withdraw my application.</p>
<p>The business could be the issue. NPCs and EFC calculators are not accurate many times when a school uses PROFILE for financial aid. The way a business is assessed can be greatly skewed and a lot of deductions on tax forms are added back into income.</p>
<p>If you can’t afford to attend, you don’t withdraw your applicatio–too late for that–instead you simply decline the offer of admission, as you are entitled to do when a financial aid offer from an ED school is inadequate.</p>
<p>At this point, you need to talk to the financial aid director and admissions director. Have all of your paperwork ready to discuss. First call and ask for your admissions director, the one with your file, and explain the situation to him/her. Ask if there is any advice, anything s/he can do for you, what alternatives there are, who you should ask for in Fin AId. Then call Fin Aid, and ask for a phone appt to go over the numbers, so that you can best file an appeal with the most chance of getting some serious reconsideration . See if there is anything that can be done. If the gap cannot be closed, you can turn down the ED offer, and request to be released from your contract due to unaffordabiliy. Make sure you let Admissions know that you are working on an appeal so that your name does not get put on the ED list which could get you booted out of considertion from your other schools.</p>
<p>Also, you might want to get your other application out, especially the ones with deadlines approaching. You don’t want all your eggs in this basket as it may not work out.</p>