My son rec’d a nice scholarship, but no financial aid. We realized that we had made errors in both the FAFSA & CSS PROFILE. (We are custodians, not owners, of his 529 plan, yet listed them as our assets on FAFSA. Even worse on CSS we listed them as both his asset and ours. Dumb). Changes the EFC by $15K.
We have sent an appeal letter with documentation. This college doesn’t list names of Fin Aid officers on the website or in the offer, and calling there we have only been able to speak with what seems like call center staff. They told us they won’t be reviewing until end of April, but will make a decision before the May 2 deadline.
In the meantime, we can’t sign up for Orientation or make travel plans (1,000 miles away) without paying deposit. We need to get reservations made before costs go way up.
Long story, but my question is, will it hurt our appeal chances if they know we’ve already paid the deposit?? In other words, they’ll know we can probably figure out a way to pay for this school, so why would they give us more money? (Without any additional aid, we are going to have to take out more loans than we would like.)
It’s not a meets-need school, so we know they don’t have to come back with anything, but we’re hoping. But don’t want to shoot ourselves in the foot.
Any thoughts?
Your son’s 529 plan should be reported as your asset on his FAFSA.
As to the gist of your question: you’re really between a rock and a hard place. My personal experience is that financial aid staff does not play games, and they will not look at your paid deposit as a “gotcha” reason to ignore your actual financial situation.
If it is federal money (pell grant, subsudized v unsubsidized loans) it will make no difference if the know you have appealed or not. The numbers are the numbers. If it is institutional money you are hoping for, I don’t think it will matter. The institutions don’t have to give the money to anyone, they choose to give it, so why hold it back if you meet their requirements? Unfortunately, they may not have the one to give.
Is he going whether or not the FA appeal/correction is granted? If so, just send in the deposit and get on the housing/orientation lists.
Maybe you can try finding someone to talk to who can go through your forms? I found with a couple of meet needs schools when I did not have all my papers in but needed an answer that when I called they called me back and went through my papers with me. I realize you called already but maybe politely try one more time to get someone on the phone who can give a sense. Maybe they are less crazy this week?
Is he going to this school regardless?
I have been to a lecture by actual financial aid counselors at a non full needs school who have said things like, if there are a few thousand between what you got and what you need and that is all that is stopping you, and you are serious about us, tell us a number and we will try to make it work He gave this as an example.
@BelknapPoint,
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Your son's 529 plan should be reported as your asset on his FAFSA.
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Yes, you are right, of course; I insist on getting that backwards. (I said it correctly on our appeal letter.)
@twoinanddone , @SeekingPam, we are teetering on the fence of whether or not he’s going regardless. Going with the current offer will be painful and may require loans beyond the Stafford. Having a bit more aid (bringing the cost a little closer to our EFC) would make it much more doable. We can afford our EFC.
The good news is, we called admissions and they said not to worry about the Orientation plans. They said since we were coming from so far away it would be unlikely they would turn us away from any of the sessions. We are able to get refundable flights, so that’s not a problem.
That lecture advice is interesting. Maybe we should give that a try. IF we can get someone on the phone.
Now to just make up our minds. Thanks for your help.
OP, it is definitely a YMMV situation, it is not something I tried, just something the person mentioned.