My dad is a partner physician; he had a small online business which is as good as dead right now. My mom is unemployed.
We live in VA; my dad has told me he can only afford $3k per month (ie: $36K per year). The only going for me is my GPA of 4.0. I didn’t do any sports.
You need to look at the instate public universities in Virginia. You are fortunate to have a large number and they are great. Find an affordable instate public university. $36,000 plus your $5,500 Direct student loan should pay that bill.
If you didn’t apply to any of those schools, see if any are still taking applications.
If not, you might need to take a gap year. If your parents will contribute $36,000 a year, you could also consider starting at a community college and transferring to an instate public university to finish your four year degree.
Your parent is self employed. You have assets, and your parents have a pretty high income. Did you expect to receive need based aid?
You can decline the acceptance you already committed to. If you can’t pay the net costs to attend, you won’t be able to attend anyway.
It sounds like the school you committed to us not an affordable option for your family. If that is the case…you need to move on.
What is your plan B.
You had a 4.0 GPA. What was your SAT or ACT score?
Both FAFSA and PROFILE would have used 2018 income figures and assets as of the date you filed. If there has been a huge drop in income and loss in assets since these financial aid applications were filed, that is information you can use in an appeal.
It happens frequently that the breadwinners of the family lose their jobs or get a pay cut. Certainly in these times. Financial aid offices are, I’m sure, inundated with change in financial circumstances appeals. Businesses that have gone defunct may no longer have assets. A 2018 schedule C for taxes may no longer be relevant. A reassessment in ability to pay may well be in order.
However, given your family current income and assets, it may still be the case that you are still expected to pay a lot more than your parents want to pay. The formulas do not take into account debt ,nor do they care about the lifestyle your family wishes to maintain. They just look at the dollar amounts of what income and assets are. In circumstances like your, I am not optimistic about getting a $40k financial aid windfall.
The $36k your parents outright say they can pay, along with the student Direct Loan and part time work on your part will likely pay for your state university. That’s what you can afford unless you can find a college that has merit money to make up the difference in cost. If you have high test scores, with your gpa, there are possibilities especially these days for merit money to make it work. However, not necessarily at your school of choice. It might be a good idea to redo the application process, wiser by a year and doing the research for affordable options.
You have some terrific in-state publics in UVa and W&M among others (VCU for arts, VTech for engineering). These are schools that other kids who are unfortunate enough to live in other states pay private school money to attend.
All these VA publics also guarantee admission to VA CC students who hit a certain GPA (but the guarantee only applies to certain majors).
@cptofthehouse the student already appealed his award. He went from $0 in aid to $1700. He says that wasn’t enough, but he committed to attend anyway. Why?
@SteelJustice does this college guarantee to meet full need for all? What IS the cost of attendance there?
In addition to the $1700, you can also take a $5500 unsubsidized Direct Loan in your name. If that doesn’t make the school affordable, then you need to find a less costly option.
You have already appealed your aid award. The school didn’t give you enough money according to these posts. That being the case, why did you commit to attending?
Is this a college that uses the CSS Profile also? If so, it’s very possible they included some of the business deductions your dad took as income. Does he own the building where his medical practice is located? The equity in that would also add to your family contribution if he does.
If your parents cannot or will not pay the net cost at this college…you can’t attend the college.
I believe VCU and maybe JMU are still taking applications. Give them a call and see. You might find other VA publics also taking applications. You need to check. Do it ASAP so you will have some options.
I agree that with a 4.0 GPA, maybe a gap year is your best option. You could start over next year. Apply for colleges where you might be eligible for large merit scholarships. You could even take the SAT or ACT again and give yourself a real shot at some great schools that offer good merit.
It’s not May 1 yet. Explain the family’s financial status in light of the economic downturn and see if they will refund your deposit. I should think that they would, given the situation and the deadline still a few days away.
“Apply for colleges where you might be eligible for large merit scholarships.”
Or just apply to in-state publics, several of whom are schools top percentile kids pay top dollar to attend.
Colleges are hearing al kids of appeals. If the student wants to ask again, citing change in circumstances—that the present financial situation is not as the financial picture that the aid applications show, if that was not the tack taken before, it might be wet a try. Clearly, little adjustment was forthcoming with a flat out appeal. No idea what the student had to say and what evidence was submitted. Some colleges are giving extra consideration due to the unusual situation this year. Frankly, it’s a long shot, but if that is what the student wants to try .
We have no idea what colleges these are. How important is it to OP to find an affordable college to attend this upcoming year? Would starting the process over next year be a better route? Perhaps looking at what colleges need studebts— the list that comes ou in May, though likely later this year. Or perhaps a local 4year state or community college for the next year and transfer as suggested.
This is also time for an overdue talk with parents as to what options are available.
He has had the money talk with his parents.
$36,000 a year…plus the $5500 Direct Loan would fund instate cost of attendance at just about every VA Public university, I believe.
This kid knew the money was $36,000 a year…and committed to a more costly school, it seems.
If the parents really aren’t going to fund this expensive school, then it’s time to move on.
Time to deal with plan B.
@SteelJustice what is your plan B?
Your family has $100,000 in the bank in checking and savings, did you think the college was gonna say keep it , your good? Assuming these were schools that you also had to fill out the CSS, they would take in a lot more info such as 401k, house equity. If you family can only afford 36 k a year you have 2 options, find a state school or a school that would cost you around 41 K a year. I do not think it is your family’s income as much as the 100,000 in the bank that caused the very high EFC. I assume you did not bother to run the NPC for the 2 schools. You could maybe apply to OOS schools that tend to offer good aid, U of Alabama or perhaps Uof New Mexico but your very late in the process. As others mentions VA has some great state schools and if you have a 4.0 you should be able to get into one even this late. Did you only apply to 2 schools?
For FAFSA purposes, $100,000 in the bank would add $5,600 or so to the EFC. Primary home equity is not considered at all.
For Profile purposes, the home equity is likely considered in some way.
@NJdad07090 balances in 401 K accounts are not included in the need based aid calculations. BUT the contributions made to tax deferred retirement accounts are most definitely added back in as income. This student mentions “income” but I am wondering if this includes those 2018 tax deferred retirement account contributions. That could make a large difference depending on the amount contributed.
I wonder what this parent’s gross income is…before any deductions are taken.
The student mentions a side business that has dried up. But he doesn’t say if the medical practice income has changed.
The OP seems to be…gone.
Unfortunately, I have no plan B.
Was hoping for some scholarships to make up the cost of attending.
So, far just less than $7K in private scholarships.
I really do not want to attend elsewhere. My parents are looking into loan options.
SAT 1540
ACT 36
Thank you for your advice.
I committed to attend out of excitement. I was later my dad informed me I acted too quickly. Is that also affecting my appeal?
Unfortunately, I have no plan B. My parents are looking into loan options.
Well, we can’t use up all our lifetime savings. We filled out the FAFSA and CSS honestly and with all the facts we had.
I had applied to 12 Ivy league colleges; only 2 offered me admission, 1 wait listed me.
There are only 8 Ivy League colleges/universities.