So your EFC is $15k and they have put you at paying almost $40k?

Walk away, OP. Far, far away.

Please tell us what school is perpetrating this kind of madness so others can steer clear.

OP back. The total expenses, including travel and books, are $51,000. The $22,000 is 43% of that, with total cost to us being 76%. Again, our expected family contribution is $15,000, which is doable, but light years from the $37,000 they want us to pay.

DD qualifies for $5,500 in federal loans (I included that in the $22,000 that is the gap between our expected family contribution and aid from the school). I think those loans are OK, but cannot see borrowing too much beyond that.

It's sad because it was her first choice. She does have other options I know will be somewhat cheaper, though.

thanks for those links!

^^second link talks about faulty net price calculators.

http://www.thecollegesolution.com/deciphering-misleading-financial-aid-letters/

http://www.thecollegesolution.com/why-you-must-use-net-price-calculators/

Anonymous wrote:Most financial aid packages have a loan component. What % is the $22k of the to9al expected costs?

I would walk away from any offer of "financial aid" that includes any loan other than a stafford student loan (which is limited to $5500 for a freshman).

If your family needs that much financial aid, it is important to focus on schools that pledge to meet a large share of their students' need. This school may not be one of those. Do you mind saying which it is?

A lot depends on what kind of student your DD is and how the school approaches aid. Some schools meet 100% of need! but these tend to be the most selective. Other schools don't even approach meeting students' need, and these should be avoided. And some schools try to balance meeting need and offering merit based scholarships to try to entice better students who aren't quite so needy.

It's really crappy though that the schools net price calculator gave you an estimated price that was so far off the mark. If I were you, I would call and ask why.

But IMO,there is no way in hell you should borrow that kind of money for college. I hope she has some affordable options on the table?

Maybe you read the thread about Sweet Briar closing. Other SLACs may not have the money they once had to give out. Which SLAC was this (if you don't mind answering)?

Most financial aid packages have a loan component. What % is the $22k of the to9al expected costs?

How much is your HHI? They offer you what they have to offer. It may not be anywhere near how much you are eligible for.

We got our first financial aid letter yesterday, and I was astounded at how little was offered, especially as we have a low expected family contribution ($15,000), and the school, a small liberal arts college, keeps trumpeting how affordable it is. Basically, they expect us to take out $22,000 in loans a year (the difference between the family contribution and their cost of attendance for DD). The net price calculator indicated we would get more than this.

Is this typical?