DS recently interviewed for a competitive full scholarship at one of his top choice schools. He received word he did not get the scholarship, but he was awarded a smaller merit amount equaling about 40% of the COA. This was a surprise, since we thought it was all or nothing. But there is still a gap of $13K (an outside limit) for us to afford this school. Is that gap too large to ask them to consider? It feels like he is so close, but yet it is still too far for us to manage.
Your S can always ask for more $, but should have a net COA to communicate to the admissions or FA rep.
Does he qualify for any need based aid? Does the $13K gap include the $5.5K federal direct student loan? Does he have any affordable acceptances?
Ultimately it is up to the parents to decide what is/is not affordable.
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He does qualify for some need based aid, but we think (it’s a bit unclear) that the merit award has taken the place of the need aid. The $13K is not taking into consideration the $5500 loan option, but does include the work study offer amount. If he were to reach out, is it better he state a specific COA or state the specific gap “I’m $13K away from committing?” Or would that be an offensive ask, given what he’s already been offered?
He does have some more affordable options, but this school was the shoot for the stars ideal fit. We knew it would be off the table if he didn’t get the invite to compete for the scholarship, but now it feels like we are in a gray area.
In the end, you’re in a difficult spot.
They made a decision based on the financials you submitted - and assuming they don’t stack merit / need, you are where you are.
You can appeal, explain your financial situation and inform the gap you need covered, but go in knowing it’s a huge long shot for someone to step up that much. You might start with talking to the financial aid counselor about the process for doing so.
That your student has affordable options, hopefully even more than $13K cheaper, might be a huge blessing in disguise - to keep your financial picture more sane.
Best of luck.
I don’t think it’s an offensive ask, especially if it’s not clear how the need based aid is working. Start by asking for clarification on that, and then move into I will commit if the net COA is X. I wouldn’t get my hopes up that they close the gap by $13K.
Can your S close that gap by taking the student loan of $5.5K, working full time this summer and part time during the school year?
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I think you have more than one question then just “can you increase the award”. Your kid also needs to understand the conditions for keeping the award for all four years; if there’s a GPA component is it “all or nothing” or is there a grace period (i.e. an additional semester) to bring it up or is it a “once it’s gone it’s gone” type of deal. And the biggest question in my mind- will the award increase if tuition increases and if so, will it keep pace (i.e. maintain the family contribution) or will the gap increase as tuition increases? I know a lot of kids whose freshman year had a gap- but one that the family felt they could handle with the federal loan, doubling down on summer and vacation jobs, extra belt-tightening. But by junior year the family was choking- they had not factored in the reality that costs go up… and therefore the gap kept increasing.
You need to get a handle on a four year plan!!! Good luck.
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I appreciated when students told me how far off they were from committing. I couldn’t necessarily bridge that difference, but sometimes I could (especially with a student we really wanted to enroll). Or sometimes I could only come up with an additional $x, but often the student was able to figure out how to make that reduced amount work. And there definitely were times when I just couldn’t do it, but at least the student could be assured that they tried everything they could to make it work. You don’t know if you don’t try.
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These details are actually part of why we feel so torn. Other than satisfactory academic progress, there is no GPA requirement. And the merit award will increase dollar for dollar with COA increases each year, so we know what our cost is now and that should remain the same those 4 years.
The loan is definitely an option, but the $13K gap takes into account the extra work on the part of the student and our significant belt tightening.
The other factor we are considering though is that the award matches COA increases each year, so the first year would likely be our most difficult to pay for, assuming no major changes on our side.
Have you gone through every credit card bill, recurring subscriptions, insurance statements, etc. to identify exactly where the belt-tightening is coming from? It’s easy to say “we can come up with an extra thousand dollars per month if we are careful”. It’s a lot harder to say “we’ll keep the 10 year old car for another four years (budgeting for repairs and maintenance, but with reduced insurance coverage, we’ll drop HBO and Netflix, we’ll cut our own lawn, we’ll brown bag it to work and oh look-- that only yields $800 a month… whoops- let’s go back and take another look”.
I am a little obsessive about budgeting- but I like to know ahead of time exactly what’s getting eliminated ahead of time. I trimmed my own hair during Covid (out of necessity) and it looked horrible for almost two years. So I know I’m not going back to THAT unless finances get really dire, or I get comfortable wearing a baseball cap all the time!
I’m sure you’ve got your own “Ride or Die”.
Good luck!
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Housing may be a potential saving.
I don’t know the school so the residential living requirement - but some kids save money moving off campus. On the flipside, some spend more when moving off campus.
I have one of each.
The issue with finding a job and earning money is - not everyone can do it - some are just stretched too thin.
Don’t forget students can have a great experience at many many schools - not just one.
Certainly, inquire - get your ducks in a row as to the financial picture (maybe there is something they missed) but also why they need your son on campus.
But if they can’t make it work - it’s not worth it - go to somewhere you can afford.
One thing you noted up top which, to me, ultimately makes walking away (if you have to) an easy decision - that you knew he could only go there if he attained the scholarship (and he hasn’t).
You planned properly up front so please ensure you follow that original planning.
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Also, remember that for work study, the student/parent pays the tuition costs up front, and then the student is repaid via work study. I’m on one college parent FB page, and the parents are saying the students needing work study are having a hard time finding spots open.
Usually those awards only take official work study into account and many kids can earn much more than that over the summer and school breaks. But on the other hand, a work study job isn’t guaranteed — it just makes your student eligible for work study positions.
But if he can work summers and breaks and during the school year (work study or non-work study) and can take the federal loan each year, it sounds like he can get pretty close to the gap?
He can also likely earn more than the work study amount during the school year. It’s not a maximum.
Sometimes yes, sometimes no. I’ve worked at schools where the work study cap was a hard cap. I also worked at a school where we could switch students to regular pay once work study was exhausted. But of course, a student is always free to try to find non work study jobs on or off campus.
Sure, kids can earn more. We all can earn more.
But presumably the kid is interested in this college for the academic experience, EC opportunities, the chance to attend interesting symposia and art openings and concerts and all the other stuff that make college so fun and challenging. And at some point, adding work hours starts to meaningfully reduce the time to explore.
I could be driving for Uber in my spare time, but my need to sleep, hobbies, family obligations, etc. means I don’t since I need my energy and focus for my main job. This kid’s main job is going to be “college student”. So any plan that starts to reduce his study time, ability to attend office hours, have a social life, etc. needs to be thoroughly evaluated.
My spouse was on the “self funding” plan at college. He’d be the first to tell you that it’s NOT what he wanted for his kids!!! Study, work, sleep. Lather rinse repeat for four years. Be grateful that your fellow students were going home for Christmas break, so you got extra hours those weeks. It’s not for everyone!
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I think OP has made the decision - they noted to their student up front, you get the scholarship, or you can’t attend.
They simply need to follow the path they predetermined.
There really shouldn’t be guessing involved.
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In response to your question, I would be surprised if the school can close your gap. With that said, if you don’t ask, you can’t get a better deal. And who knows? They might come through. I agree that you need to say what you can afford, and you may need to be prepared to show why it can’t be more.
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Actually the money for a federal work study job is limited to the amount in the award usually. BUT some jobs can continue to be funded using college monies.
Also, students can earn other money doing other jobs like tutoring, babysitting, another job not on campus, etc.
I must have missed this.
This is what they said:
We knew it would be off the table if he didn’t get the invite to compete for the scholarship, but now it feels like we are in a gray area.
The student DID get the invite but got a lesser merit award.
The family has a $13,000 shortfall, and they are wondering how to meet that. $5500 could be the Direct Loan for the student. The student could earn $2000 or more during the summer, or even starting now. That makes the shortfall even less.
This family needs to determine whether this college is affordable for them.