Expert: Todd Johnson - 4/28/2010

Question
Do you have any advice for us that will help paint the story for the Financial Aid office at Stanford that we really do have a "need".  My daughter has been accepted at Stanford Univ, and we have gone through the Financial Aid process, and unfortunately Stanford package says our EFC is over $60K.  And the price for Stanford is $50K, ergo, no aid (ok, they did offer a $5500 Student Loan, but that won't go too far).

However, I don't see how they can look at our income and make the assumption that we can afford Stanford without any aid.  Of course they say take out loan, but given our current situation (I lost my job and my husband job does cover our living expenses so we aren't on the street), but we don't have $4K a month to pay to Stanford either.

I can't imagine her graduating with over $100K in loans.  How does this seem fair?  I have appealed to the FAO and they again say we make too much money.

I can't imagine anyone would want to loan us this money given our debt equity ratio.  But the FAO says that they don't look at Debt Equity, just your credit score.  

I am frustrated with the system, because all along they kept telling my daughter - money shouldn't be a factor,we help our students.  But they don't help the ones that look like "on paper" to be "rich".

What are the magic words that makes the Financial Aid office listen?

Answer
Linda,

Unfortunately, there are no magic words. Financial aid officers use the information provided on the FAFSA and PROFILE to make their determinations of who gets aid. The only option is to appeal if there is something they has changed since submission of your financial aid documents but since you have already done this there are no practical options.

Sorry I couldn't provide more help.