My father lost 150k to crypto. We are literally behind poverty line right now. This is not a joke

I am a first-gen student who just got off pomona’s waitlist. I am currently enrolled in UF. I am so scared. Please help

I would find out from your parents what your financial situation is, and then call the financial aid office at Pomona.

This is a very unusual situation and I have no clue what Pomona will do, if anything.

Are you from Florida? Is UF still affordable for you? It is a very good university.

I am very sorry to hear about this. I hope that things can work out for you either at UF or Pomona (both of which are excellent, although they are different in some ways).

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Yes. I am a Florida resident. I also have a scholarship that covers everything for free the first year. The total cost of my four years at UF would be $38k, but Pomona is also my dream school. Thank you for the suggestions

How much would Pomona cost?

I still have some supporting documents to file, but I hope they will understand my circumstances

One thing that I thought I might add: Keep in mind that this is very tough on your parents. They are almost certainly feeling very bad about this in several ways.

If this means that you need to attend UF on a good scholarship, remember that it is a very good university. You can do very well with a degree from UF (particularly if you choose an employable major).

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And remember it is much cheaper to live in Florida than California. In CA, you’d have airfare to worry about, trips to and from the airport, expensive entertainment. It’s really hard being the kid who can’t afford to go out for pizza or to a concert, travel for spring break or go home more than once a year.

Family financial set backs happen. Sometimes you have to change plans when they do.

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It is not a dream school if your parents have to lose even more money to send you there. How would you feel knowing that you are at or behind the poverty line and your parents have to pay for an expensive California dream school, with additional costs for travel, health insurance, dorm needs and limited cash? That’s not fair to them. California is a very expensive area to live in. You need to think about your family’s needs and not put everyone in further debt.

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Give your family a break and stay at UF. It’s an excellent school. Now is not the time to be self-indulgent.

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When did your family lose this money? Was it before you applied to Pomona?

You can’t afford to attend Pomona. It’s a shame, but that’s reality. Unless your family has the funds, the right thing to do is finish your degree where it’s affordable for your family.

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I’m not quite as pessimistic as everyone on the thread is. See if Pomona will re-run the financial aid package for you based on the changed circumstances. If it does, and the price becomes pretty close to $0, have a conversation with your family. Do you have any money saved from working? Are you willing to work during the school year to pay for your personal expenses (including travel home, if need be)? Will your family’s health insurance cover you in California, or would additional insurance need to be purchased for you?

Pomona is generous with financial aid, so things may still work out. Losing $150k with cryptocurrency is a lot of money, particularly if that was money expected to be used on your college expenses. But families that had the means to invest $150k in cryptocurrency may have other assets and annual income that would disqualify them from receiving much in the way of financial aid. So I would see what Pomona says, but I wouldn’t be banking on a happy resolution to this situation.

The great news is that you’ve been accepted to a terrific school that is in-state (low travel costs). You have a full-ride for your freshman year, which is amazing. There are so many highly qualified students who didn’t get in to to UF who would love to be in your place right now. Wherever you end up in the fall, make sure to go in with a positive attitude and dive in ready to take advantage of every opportunity available, including building up your social network. Whether you end up a Pomona alum or a UF alum, I’m sure at the end of the 4 years you will be very happy and proud of your college experience.

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Early June - Late June that he lost this money.

I initially thought of majoring in psychology. Now it seems like I have to change majors because the possibility of grad school is probably not going to be feasible for me

You don’t necessarily need to think about changing your major. You want to keep your college expenses low. But depending on what type of grad school you were thinking of, many doctoral programs can be fully funded.

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I really really hope so, but I also understand that UF might be my only option

I’m sorry this has happened.

It’s not clear how much this impacts your parents’ asset picture (and doesn’t impact income, correct)? Have you spoken with Pomona FA yet? If this $ loss materially changes your family’s ability to pay for college, you should talk with them.

I know this situation seems overwhelming, but try to take just one step at a time, starting with contacting Pomona FA, if that makes sense. Then make the decision where to attend this Fall…can your family afford UF? (It wasn’t clear to me if your first year at UF is free, or Pomona).

Grad school is a long way off, and many, maybe most students pay for grad school without the help of their parents.

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No, it doesn’t impact income. my mom transferred all my college funds to my dad’s bank account once they got divorced. I don’t know what my mother’s assets are because we are not on speaking terms, but yes, this changes my family’s ability-my dad’s ability-to pay for my college. And I honestly don’t know where he got the 150k from… I hope he will tell me when I confront him today

I realize this is a very tough situation for you and for your family right now. I would not, however, “confront” your father. The two of you can discuss what happened, what the next steps are, what you can expect financially through college, etc. Unless you think the crypto money came from your college fund and those funds were so designated by your parents’ divorce agreement along with agreement on permitted ways for it to be invested, your dad’s money was his to do with as he pleased. Although most colleges disagree, parents are under no obligation to pay for a university education. Barring any legal agreements between your parents, any money you receive from here on out is a gift that you have no legal right to. “Confronting” someone over the size of their gift is not likely to get you a larger one, or to help your future relationship with your father.

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Ok thanks for the advice. I will try to be as prudent as I can

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Unfortunately for you, Pomona requires both parents’ financial information even if they are divorced. This could make it difficult to get any financial aid offer from them if your parents are not cooperative on this matter.

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