Hi, my D got an ED admission from top20 university.
Last week we received a Financial award letter and it took away our joy of celerbration. Total cost $81K and our family contribution is $76K. Yes, you heard it right.
This is out financial status.
Living in NJ.
Household income $160K
Home purchased $810K with 450K down payment.
Current value at Zillow $ 960K (not true, we purchased this house with poor conditions they require repairs and improvement.s But we never done any improvements, so the market value would be $ 830K I think)
529 for my D and 10th grade son $40K
Mutual fund $50K
We ran NPC on 10/30/2019 and they gave us $48K family contribution ( I input current home value at $820K as I mentioned above)
Now we are just shocked…
Have you seen anyone experienced case like us?? I am bringing $ 8K /mon after tax from my work. $76K/ year?? $6K per month??? How on earth can anyone do this?Is this something that we can appeal and get it adjusted?