If I apply ED under the assumption that the financial aid package will work for me, but once accepted I realize my family can not afford it, how to I back out? What’s the process?

If I apply ED under the assumption that the financial aid package will work for me, but once accepted I realize my family can not afford it, how to I back out? What’s the process?

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Financial aid is a government program for students who need the funds, it’s not a program that’s given by the school itself and therefor as long as your parents don’t make too much money a year for funds (this has happened to a bunch of people who end up with loans… yikes) you’ll be eligible

That’s true, but I mean let’s say the finaid family contribution is 12,000 per year, and the college meets that 100%

meaning I only have to pay that family contribution and nothing else, but it’s STILL too much

(like even though the government dictates that as a feasible amount to pay, my family in reality can not afford it) then what do I do?

Sorry it’s all separated this app won’t let me text any substantial amount at one tome

I would recommend getting a scholarship or a grant to help supplement. I start writing my essays for them right around now cuz the really good ones pop up around now. Having a Scholarship will take a load off of your shoulders. But be aware that finaid also has a pell grant option so even with family contribution the pell grants will help pay for college

If it’s a school that meets 100% need then you can re-apply for financial aid. I did that. The first step is to talk to financial aid

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In any case, appeal your financial aid offer with the fin aid office and see if there are any other documents you can give to prove eligibility for more aid. (My contribution went down $5,000 when I did this). Also work on winning outside scholarships and grants. If it’s still not enough, it doesn’t matter, you can still tell the school you’re not going there because you can’t afford it.