Some aid questions
Hello. I was admitted to the class of 2028, but the maximum my parents can afford to pay per year for my college is 40k. This makes going to WashU impossible unless I want to be $200k in debt.
However, our household combined income is around $300k, making it highly unlikely that we will be able to get significant aid.
I put our info into the aid calculator (the more detailed one) and it said we can expect $15-20k per year of aid. I don’t think I’ll be able to attend unless we get about $25k.
So, 3 questions:
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For people with similar family incomes, how much aid were you offered, if any? I know there’s a lot more factors than that, but I would really like to get an idea.
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How accurate is the finaid calculator?
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How difficult is it to appeal for more aid, and if you do, how much do they typically increase it by?
Any answers would be much much appreciated. Thank you.
- For people with similar family incomes, how much aid were you offered, if any? I know there’s a lot more factors than that, but I would really like to get an idea.
with a $300,000 a year income, you are unlikely to get need based aid at many colleges. That you might get the amount you note above is good
- How accurate is the finaid calculator?
this year…close. You wouldn’t qualify for federally funded aid except the $5500 Direct Loan. Wash U uses the Profile to determine need based institutional aid. Assuming the info you put in the NPC was accurate, I’d say the NPC is accurate.
- How difficult is it to appeal for more aid, and if you do, how much do they typically increase it by?
have you had any changes in your financial picture since you submitted your application for aid? If not, that makes it harder. Do you have lower net cost at a peer school? If not, that makes it harder.
You are hoping for at least a $10,000 increase in need based aid. Ask and see…but I think that’s asking a lot given your family income.
Do you have some affordable acceptances or colleges with meri aid offers? Merit aid doesn’t usually take income into consideration.
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I just did the NPC for WUSTL with $300k in income, two kids in college, $200K of home equity and $300K of assets.
Not sure where your family sits with this time of info.
My first thought was like @thumper1 - $300K, no one is giving you a nickel. Yet surprised with the #s I put up it said $51K in gift aid.
Most that make $300K will have more in assets than I just listed. But I went low - just to see.
I think this goes back to list building:
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You need, as @thumper1 noted, an affordable and surefire acceptance. Everyone needs that first and foremost - more importantly than any other school.
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Schools like WUSTL can be applied to - but knowing up front it’s unlikely you can attend - unless you win a scholarship like the Danforth, etc.
Back to your question - I would “assume” the NPCs are correct but you won’t know until you see the final #. And hopefully that’s soon.
Is it difficult to ask for more? No. Difficult to get more? Likely, very difficult - so be ready for when you get your package - to be able to show what you add to the campus and why they need you there. What’s in it for them? Sell yourself to them!!
But don’t expect the outcome you want. But you can’t get it if you don’t try.
Good luck.
The OP just needs to wait for the financial aid offer.
We don’t know the value of any assets, 529 accounts etc.
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Congratulations on your admit. I expect the FA calculator is reasonably accurate…there can be certain issues that result in less than accurate results though such as your parents are divorce, or own real estate and/or a business, are any of those the case for you?
Just confirming…did you apply for financial aid by completing FAFSA and CSS Profile? Have you received any merit from WashU?
Regarding appealing…what would be the basis for appealing? Of course you can ask for more $, once the FA offers come in. You can close the gap with a full time summer job and by taking the $5.5K federal direct student loan.
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