Question: I guess it’s true what they say about early decision financial aid – it sucks. I just got accepted ED to Williams, and although I’m very happy about that, I got significantly less financial aid than I’d been hoping for. I got $12,000. I need probably another $8,000. Is there any way for me to come up with that kind of money other than giant loans? About how much scholarship money can a person get if she’s a National Merit Finalist who’s not a minority and has no kind of affiliation with a National Merit-awarding company? And I thought all my problems were over… About how much scholarship : money can a person get if she’s a National Merit Finalist : who’s not a minority and has no kind of affiliation : with a National Merit-awarding company?

Answer: At most a one time $2000. If you aren’t willing to take out the large loans you will need, I don’t think you are under an obligation to attend Williams. Apply to some less expensive schools or some which give merit aid like Emory.

It can’t hurt to contact Williams, explain your situation, and see if they come up with more money. But don’t get your hopes up.You got about the average amount for a middle class family, based on the stats that get reported. You should attempt to negotiate with Williams to obtain a larger aid package, but don’t expect ED acceptees to get over 2 or 3 grand more annually. Also, if you have savings, you can’t increase your aid in subsequent years by drawing down these savings in your first year of college. If your folks have a decent pension plan, they might consider a home equity loan to reduce your post graduation loan total to under $20,000 (the recommended maximum). If you have a brother or sister who will be in college in the next year or two, your aid will also rise (by the drain on your family will, too). At least you know that you are good enough for one of the best colleges out there, in case you want to take your chances on the regular application period.

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