Updated financial aid package LESS?

[anxiousmom]

<p>

Yet, I am now being offered only $37k. This doesn’t sound like a big deal, and I am still grateful to Rice for such a large amount of money, but this leaves my parents with $9,000 to make up. Considering their current financial situation, they could not possibly afford to contribute this much. I counted on Rice’s assurance that families that make less than $80k per year would not have to take out student loans, but it looks like this is what I’m going to have to do.

You are MISUNDERSTANDING what it means that “students with families that make less than $80,000 don’t have to take out loans”. It means that the STUDENT will not have to take out loans to meet their SELF-HELP portion of the total financial aid package: FA packages are made up of:

1. work/study (self-help)
2. student loans (self-help)<br>
3. grants/scholarships. </p>

<p>The REST of the cost of the schooling is supposed to be paid by the family - the family’s “EFC” or "Expected Family Contribution (although some families choose not to pay it - or expect their kids to pay it). The EFC includes a summer earning contribution from the student, along with money from parental income and assets. </p>

<p>In the case of families with incomes below $80,000, the STUDENT LOAN amount is removed, and all slack is taken up by grants/scholarships. This is a GENEROUS thing for the school to do. Right now, the OP is talking about the parental contribution - the EFC amount. He/she is saying that their contribution is going to be $9000, instead of, I’m assuming $8000 a year, and is saying that he/she is going to have to take out loans to contribute to their amount. That’s not being screwed over or forced to take out loans. Families are supposed to make their EFC contributions! </p>

<p>If the FA doesn’t agree to change your aid, here are some suggestions. The difference is $1000. Work another job/babysit at night/walk neighborhood dogs/pick up aluminum recycling - and make extra money this summer. Ask out of your housing agreement and live off-campus in a shared apartment near Rice (check the online housing guide for people looking for roommates - many places within a few blocks of campus, and you will save money since Rice budgets the same amount for on and off-campus housing. You can still eat oncampus etc and be a full member of your residential college.) Or bite the bullet and pay the extra $1000 the first year, then plan to live offcampus the following years. Or do your workstudy job, but also work a little extra. Over 30 weeks oncampus, you only need to earn an extra $34 dollars a week. </p>

<p>There are plenty of opportunities to earn that much; tutoring a local kid in Chemistry/Calculus twice a week in the library should do that, working at the faculty club serving food or for catering events. Or live a little frugally, buy used books or borrow books from the library or read that ones on reserve. Rice budgets a standard amount for personal expenses - some pay more, some pay less.
I’m sorry that there is a problem with $1000 - and perhaps you can get it resolved. Perhaps (:eek:) Rice discovered a change in your resources or assets, and it was correct for them to adjust your EFC up by $1000! In any case, by using a combination of the suggestions above, you should be able to make up the difference. And I hope the rest of you 17-year-olds understand how the system works a little better!</p>

<p>P.S. We’ve now had Rice financial aid for 5 years, with two more to go. We’ve never had any surprises in our FA packages. It’s been good solid financial aid each year. :)</p>