Wednesday, June 30, 2010

The miracle of financial aid.....

(I never saw the real ring so this one is a fantasy)
A friend of mine was the Director of Admissions at a small college, in the day, and she related this story quite sheepishly.

A mother and daughter came to visit with her, and the daughter was fully acceptable to the school, however, they wanted to talk about finances. The mother was a small, chubby woman who wore older style, drab clothing, and spoke with a heavily accented voice. She wanted what was best for her daughter, of course, but it’s always a matter of funds.

The Financial Aid Forms had been filled out, and there was obvious need. The school would pitch in some scholarship funds as well, so it would be possible for the daughter to attend.

For those of you who are not from the US, or do not have kids going to colleges, I do need to explain. The FAF (Financial Aid Form) gives a score related to your ability to pay. It’s based upon income and holdings, as well; you need, as I remember, to provide tax forms etc. to back up all your answers to many financial questions. Your scores are than matched with available funds from federal, state and local sources, as well as school work, federal work study and scholarship dollars. Usually, students must make their own contributions as well as parental contributions based on your financial records. These days it’s quite challenging to come close enough to meet need.

In those days it was easier, although the information needed etc. was pretty much the same as now.

After the work was over, and the class was in, and the young woman was secure in her place in the freshman class, the Admissions Director was quietly sitting at home on a Saturday morning, looking out her front window. A Cadillac limousine pulled up to the house. The driver got out and opened the door for a well dressed gentleman who walked up to her house. He knocked on the door and she answered.

He introduced himself to her, and in a heavily accented English he thanked her for the very nice way she had helped his wife and daughter in his daughter’s college experience, and he handed her a small package as a token of his appreciation.

She thanked him, and he went back to his car and drove away. After he was gone, she opened the box and inside was a diamond ring! She took it to a jewelry store on Monday and had it appraised, just to make sure it was real (of course it was!).

She went back and checked the financial aid information. It seems he showed an annual income of $12,000!

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