Is this a generous financial aid award?

[Anonymous]

Let me get this straight, the child got at least a $240,000 scholarship over four years to an elite college. The parents have to pitch in less than 10% of their household income towards associated costs while the child is being housed, fed, and educated. There are no loans.

Forreal? People would kill to have such an opportunity. How ungrateful could someone be?

[Anonymous]

^What they said^

[Anonymous]

Wow, congrats to that kid. I hope he/she gets to go!

[Anonymous]

Did the kid get a full ride somewhere else, and what's the loan situation?

I think that is a very good offer, but $92,000 can mean a lot of different things-is this a family of 3 or a family of 6, do they have medical expenses/debt or unstable employment or some other factor that makes $7K a year a hardship? I think families do need to be really careful, but it's always better if parents can be really clear about how much they can spend before the offer letters come in.

[Anonymous]

Anonymous wrote:Did the kid get a full ride somewhere else, and what's the loan situation?

I think that is a very good offer, but $92,000 can mean a lot of different things-is this a family of 3 or a family of 6, do they have medical expenses/debt or unstable employment or some other factor that makes $7K a year a hardship? I think families do need to be really careful, but it's always better if parents can be really clear about how much they can spend before the offer letters come in.

No, the child is considering taking a gap year and re-applying to local schools to try to get a full ride. I believe their situation is adequate (no huge family size, debt, etc)- they were just expecting that the child would earn a full ride somewhere with their stats and didn't expect to pay anything.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Did the kid get a full ride somewhere else, and what's the loan situation?

I think that is a very good offer, but $92,000 can mean a lot of different things-is this a family of 3 or a family of 6, do they have medical expenses/debt or unstable employment or some other factor that makes $7K a year a hardship? I think families do need to be really careful, but it's always better if parents can be really clear about how much they can spend before the offer letters come in.

No, the child is considering taking a gap year and re-applying to local schools to try to get a full ride. I believe their situation is adequate (no huge family size, debt, etc)- they were just expecting that the child would earn a full ride somewhere with their stats and didn't expect to pay anything.

That is completely ridiculous.

[Anonymous]

Sounds like an amazing deal
If they are broke, ask for a gap year, have the kid work all year, and take the 5500 loans!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Did the kid get a full ride somewhere else, and what's the loan situation?

I think that is a very good offer, but $92,000 can mean a lot of different things-is this a family of 3 or a family of 6, do they have medical expenses/debt or unstable employment or some other factor that makes $7K a year a hardship? I think families do need to be really careful, but it's always better if parents can be really clear about how much they can spend before the offer letters come in.

No, the child is considering taking a gap year and re-applying to local schools to try to get a full ride. I believe their situation is adequate (no huge family size, debt, etc)- they were just expecting that the child would earn a full ride somewhere with their stats and didn't expect to pay anything.

Huge mistake to turn it down as what if next year they get nothing. If its a good school, child should take loans if parents are that selfish not to pay or help. I don't understand why a family with that income cannot come up with $7K a year. One would have hoped they had $30-40K put away over the 18 years. We don't have a high income and are saving since birth. We go without fancy vacations, put off buying new cars and live way under our means in a lesser house to make it happen. Parents are selfish.

[Anonymous]

OP, tell the student/family that taking a gap year over $7K is really risky.
I asked a friend who is director of admissions at a top school often mentioned on this forum and he agrees. Plenty of posters have offered solutions: work, loans. The student may end up paying more money and may not be considered as competitive waiting a year for a full ride. They would have to do something interesting/great to explain the gap year beyond looking for more money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Did the kid get a full ride somewhere else, and what's the loan situation?

I think that is a very good offer, but $92,000 can mean a lot of different things-is this a family of 3 or a family of 6, do they have medical expenses/debt or unstable employment or some other factor that makes $7K a year a hardship? I think families do need to be really careful, but it's always better if parents can be really clear about how much they can spend before the offer letters come in.

No, the child is considering taking a gap year and re-applying to local schools to try to get a full ride. I believe their situation is adequate (no huge family size, debt, etc)- they were just expecting that the child would earn a full ride somewhere with their stats and didn't expect to pay anything.

LOL. Good luck!

[Anonymous]

Must be a smart kid. Too bad about the dumb ass parents.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Did the kid get a full ride somewhere else, and what's the loan situation?

I think that is a very good offer, but $92,000 can mean a lot of different things-is this a family of 3 or a family of 6, do they have medical expenses/debt or unstable employment or some other factor that makes $7K a year a hardship? I think families do need to be really careful, but it's always better if parents can be really clear about how much they can spend before the offer letters come in.

No, the child is considering taking a gap year and re-applying to local schools to try to get a full ride. I believe their situation is adequate (no huge family size, debt, etc)- they were just expecting that the child would earn a full ride somewhere with their stats and didn't expect to pay anything.

Darwin award.