I just found out I was accepted into Stanford today and that my dad lost his job today. Prior, my situation was a bit unique - my parents are divorced, I live with my mother who is low income (<60k a year) but has high assets. My father was also expected to contribute. Thus, I did not receive any FA for this year, and no FA at my other schools UChicago/Wharton as well.
How successful would I be at appealing my aid at Stanford given that my father has now lost his job? Both parents also live in the Bay Area with a very high cost of living not included in Stanford’s calculations.
University of Chicago did not consider your father’s income and assets if you live with your mother. Chicago uses only the FAFSA, so would use only your custodial parent…and that is your mom.
If your custodial parent is your mom, and she was on your FAFSA form…and University of Chicago gave you no aid, then she must have huge assets.
I am wondering why Stanford would give you aid just on the basis of your mom’s information when Chicago didn’t either.
Sure, contact Stanford…and. You need to find out what their process is for a special circumstances consideration.
Do you have an affordable acceptance, or did you get no aid everywhere you applied?
It sounds like you received a merit award from Fordham.
And even with a FAFSA only school like Chicago that used only your mom’s info, Chicago gave you no aid…and you were hoping for merit there as well.
You need to file an appeal on the basis of your dad’s job loss right now, so you can receive a response before May 1st deadline. If that doesn’t work, then Fordham would be a good choice.
Again…University of Chicago meets full need for all accepted students. Your mom is your custodial parent…and only her income and assets would have been included on the FAFSA form for Chicago.
You got no need based aid from University of Chicago, and that was JUST with the income and assets for your mom. Your dad’s income and assets were not considered.
So…if you got NO need based aid based on your mom’s income and assets only at Chicago, why would your dad losing his job make any difference? It seems your mom’s income and assets are too high for need based aid consideration.
Stanford gives super aid so if you got zero aid then between your dad’s income/assets and your mom’s assets (how much??), and two households to support, there must have been a substantial financial picture shown.
Your dad just lost his job. Any severance pay?
Seriously, the economy is so strong now and unemployment is so low, that the assumption will be that your dad will soon find another job…so no adjustment would be considered now. They’d probably say that if he’s still unemployed after severance runs out or a few months, they will review at that time.
How much in assets does your dad have? How much does your mom have?
If both of your parents have a lot in assets, then that will also be an issue.
I see that you’re a NMF. Is that correct? If so, and your family can’t figure out how to pay for Fordham, Stanford or any of your schools, be aware that there are schools that are still awarding mega-sized scholarships for NMFs.
What is your major and career goal? Sounds like Business? What is your career goal?
You can run the NPC for UCh and Stanford with just your mom’s information to see if it would make any difference that your Dad’s finances are not in the picture at all. You can also talk to the financial aid office and find out yourself, exactly what went into the aid calculations.
He can’t assume that his dad’s finances aren’t in the picture at all for Stanford. Dad may have fabulous assets as mom does. And he may be getting quite the severance package. And he may find another job within a few months since unemployment is low.
His dad’s income and assets, as non-custodial parent, would not have been considered the first time around with University of Chicago. This is a FAFSA only school and does not use non-custodial parent income and assets.
If OP runs the NPC for Stanford just for the mother’s finances with no mention of the father, and there is NO financial aid, it isn’t going to matter what the father’s situation might be.The mother’s numbers alone might be bringing the student over the financial need threshold.
Stanford gives great need based financial aid, and they do consider unique situations like sudden loss of employment, and high cost of living area, but if they gave you no aid before with your dad working, I wouldn’t expect them to be giving you tons of aid to more than offset 4 years of a full tuition scholarship at Fordham. They re-evaluate need based aid annually, and chances are pretty good that your dad gets another job in the next 4 years.
If you told us the reason your dad lost his job was a sudden disability, and he now needs around the clock care - then Stanford might be more willing to assist sooner, instead of waiting until you reapply for aid for your second year. But see what they say.
Congratulations - you got into great schools, and your family must have substantial assets. Enjoy the Bronx! Go RAMS!