College tuition

[archcommus]

Well I guess I'll see on Wednesday what the school is giving me as a scholarship, again I have no idea what to expect. If they fulfilled most of my calculated need that would be too good for words.

I have about $4k in the bank, but I was hoping to not exhaust it and instead continue adding to it.

 

[shopbruin]

Originally posted by: archcommus
Well, my friend's family, for example, who is also going to the same school as me, makes about $75k and they have about ten grand in the bank. They estimated that they could contribute about $13k, and so his need is only two grand. He may not get anything from the school at all.

However, my mom made $26k last year, and my dad was unemployed for nine months of the year because he quit his job and was setting up a business. After you add in what he got back from his last job's 401k our income was $41k, and since they exhausted most of what they had in the bank, they estimated our contribution to only be $5500, making my need about $9500. I HOPE that they actually try to fulfill your entire need with a scholarship, but I'm not sure if they even attempt that.

i don't understand these words called "need based." somehow according to the forumla the goverment set up when i was applying to school, my parents contribution was 30k a year. since i went to UCLA, that covered twice what an annual year would cost. i only got unsubsidized loans.

it really is up to the financial aid dept, you can always try to argue your award if you think it's too low but it's tougher nowadays with less money being available and everyone needing some kind of aid. most will try to fulfill as much of your need as much as you can, if they can't provide grants, then hopefully at least subsidized loans.

your friend won't get anything, but they will probably offer unsubsidized loans. as for the scholarships, you have to look at what they typically offer to students, see what you qualify for based on academics, but otherwise, it's just wait and see.

 

[Tiamat]

Originally posted by: freesia39

Originally posted by: archcommus
Well, my friend's family, for example, who is also going to the same school as me, makes about $75k and they have about ten grand in the bank. They estimated that they could contribute about $13k, and so his need is only two grand. He may not get anything from the school at all.

However, my mom made $26k last year, and my dad was unemployed for nine months of the year because he quit his job and was setting up a business. After you add in what he got back from his last job's 401k our income was $41k, and since they exhausted most of what they had in the bank, they estimated our contribution to only be $5500, making my need about $9500. I HOPE that they actually try to fulfill your entire need with a scholarship, but I'm not sure if they even attempt that.

i don't understand these words called "need based." somehow according to the forumla the goverment set up when i was applying to school, my parents contribution was 30k a year. since i went to UCLA, that covered twice what an annual year would cost. i only got unsubsidized loans.

it really is up to the financial aid dept, you can always try to argue your award if you think it's too low but it's tougher nowadays with less money being available and everyone needing some kind of aid. most will try to fulfill as much of your need as much as you can, if they can't provide grants, then hopefully at least subsidized loans.

your friend won't get anything, but they will probably offer unsubsidized loans. as for the scholarships, you have to look at what they typically offer to students, see what you qualify for based on academics, but otherwise, it's just wait and see.

Yeah, they use your parent's net worth against you. For instance, my dad has put a good amount of money into a retirement plan and 15 year savings bonds. When I asked the financial aid depo why they didnt allot me more money, they said that technically the school expects my dad to take out from his retirement funds and the non-matured savings bonds, and if need be, take a second mortgage on the house to pay my education. I was bullshit with that. I don't understand how they can just say "Oh, your parents can go into debt and use their retirement for your tuition cost".