Fear of Not Enough Aid





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Discus: Financial Aid and Scholarships: April - August 2003 Archive: Fear of Not Enough Aid
By Tenisghs (Tenisghs) on Sunday, April 06, 2003 - 01:08 pm: Edit

I'm not expecting to receive much financial aid from the FAFSA or Northwestern University for me to attend their school. If I don't have sufficient financial aid, does it mean I will have to matriculate to University of Michigan?

By Northstarmom (Northstarmom) on Sunday, April 06, 2003 - 06:21 pm: Edit

We can't answer that. It's up to you and your family. I have known students, though, who chose Michigan over Northwestern because of finances.

By Emeraldkity4 (Emeraldkity4) on Sunday, April 06, 2003 - 11:35 pm: Edit

Have you received your EFC yet?
if you haven't go to finaid.com and plug in your numbers, you have the choice of either federal ( public) or institutional ( private/PROFILE) methodology

I have found it to be pretty right on the money, for our fairly uncomplicated figures.

Is Northwestern need blind/ meet 100% need?

We have found that oftentimes the private school is a better deal than public, when dealing with schools that meet 100% need.

By Tenisghs (Tenisghs) on Monday, April 07, 2003 - 12:05 am: Edit

Thank you so much! I've never heard of the EFC. We did file our FAFSA and income taxes, but I won't see my packages until late April.

By Emeraldkity4 (Emeraldkity4) on Monday, April 07, 2003 - 12:55 pm: Edit

The EFC is Estimated Financial Contribution. I file the FAFSA online so we get the EFC right away, but if you did it by mail, they should have mailed you that info.

http://www.fafsa.ed.gov/

http://www.finaid.org/fafsa/

I just checked and Northwestern does meet 100% of need so you should only have to come up with your EFC

By Tenisghs (Tenisghs) on Monday, April 07, 2003 - 01:23 pm: Edit

I just wish I see more grants and less loans!
Will they take age into consideration?

I live in a single-parent household where the parent is approaching 60 years of age. She has over 30 years of service, which means she's eligible for retirement. But she's not retired and makes $$$$$$ just to keep me in school.

By Northstarmom (Northstarmom) on Monday, April 07, 2003 - 07:49 pm: Edit

They will not take a parent's age into consideration. If the parent is working, their salary will be factored into how much aid you'd qualify for. If the parent is retired, then things are different.

Your EFC is recalculated each year, and if your family's economic situation changes, your EFC will change, too.

Also, typically the amount of loans one is expected to take out increases every year. The aid one is offered the first year of college is usually the best that one gets.

Also your own expected contribution from jobs goes up every year, too, because each year, the college expects you'll be capable of earning more over the summer.

Meanwhile, tuition and housing costs will increase each year, and if your major requires an out town internship (as journalism does), you'll also have to cover those costs even if the internship pays nothing.

Even if they qualify for retirement at age 60, unless they are wealthy, there are few parents with college-age kids who can afford to retire while their kids are still in college. The exceptions are either wealthy or have kids who got fabulous merit aid.

did you apply for any outsidee scholarships?

By Tenisghs (Tenisghs) on Wednesday, April 09, 2003 - 02:15 pm: Edit

What if the parent is in extreme amount of debt? We have only ONE single income and that consists of ONE PARENT.

I don't think the FAFSA covered that, but the CSS Profile had a section about that.

We are in extreme amount of debt.

By Tenisghs (Tenisghs) on Wednesday, April 09, 2003 - 02:19 pm: Edit

Oh yeah, on the EFC and FAFSA, my mom and I are not eligible for the Federal Pell Grant.

By Northstarmom (Northstarmom) on Thursday, April 10, 2003 - 10:29 am: Edit

You can appeal financial aid decisions, and you can use things such as debt to appeal decisions. Somee colleges are more generous and understanding than are others. Northwestern is not known as being generous.

Some colleges will take debt into consideration. The nature of the debt is important, though. Things like debt incurred for hospital bills tend to open financial aid purses more than does debt incurred for things such as expensive cars and vacation homes.

The best place for you to get info would be the college's financial aid office.

Did you apply for outside scholarships?

By Eri (Eri) on Saturday, April 26, 2003 - 11:31 pm: Edit

i hate this system....why does the government make it so difficult to get an education? why is education, our cvountry's most valuable asset, so hard to pay for? It just doesn't figure...

Peace,
Erika

By Calmom (Calmom) on Sunday, April 27, 2003 - 03:21 am: Edit

Erika, if you want a government financed education, I would suggest that you look into your home state university. I am sure there are many affordable options for you.

The governments of every state help make education affordable to their residents by financing an in-state, public university system. The federal government helps makes education affordable by establishing loan and grant programs to help low-income students pay for their in-state educations. The combination of work-study, Stafford loans, Perkins loans, and Pell grants should be adequate to meet the in-state tuition at just about any public university.

It is private education which is expensive, and the government programs aren't really intended to help students who desire a private education.


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