JFSinIL Posted January 31, 2010 Share Posted January 31, 2010 Not what we expected - even with the nice merit scholarships ds has so far gotten, he will still need $20 - 30 thousand to attend most schools. EFC is almost $20 thousand - hello? Is the government kidding me? Is ds going to end up at the local CC after all??? Am I expected to have a goose in the back room laying golden eggs??? Sigh. Quote Link to comment Share on other sites More sharing options...
Blue Hen Posted January 31, 2010 Share Posted January 31, 2010 My sentiments too. I've looked at our EFC and thought --- ya, right, not happening. FAFSA doesn't take into account so many things,...... I went to Drexel's financial aid website to see what they came up with---of course there is no guarentee that what the website says is correct either. Their page said that with our EFC DS would qualify for this loan and that loan ---- still, it means that DS would leave school with loads of debt. That's not an option I really like. Some debt is OK but we're still talking $$$$$. Between you and me, some days I feel like these acceptance letters and merit scholarships have been just a nasty tease. It's great that DS has been accepted, great that he has merit scholarships but the reality might be that he'll be headed to the school down the street. I'm just hoping that I feel different come April then right now. :grouphug: Carole Quote Link to comment Share on other sites More sharing options...
JFSinIL Posted January 31, 2010 Author Share Posted January 31, 2010 Yeah, I will be writing a letter to each financial aid office detailing the circumstances which preclude our having that kind of money... ds's twin with autism and his related expenses are a biggie!!!! Quote Link to comment Share on other sites More sharing options...
K-FL Posted January 31, 2010 Share Posted January 31, 2010 Plus debt does not exist in the FAFSA world. That's a BIG hunk of lots of folks income! Quote Link to comment Share on other sites More sharing options...
Blue Hen Posted January 31, 2010 Share Posted January 31, 2010 Exactly --- nor how long or short your present income has been at a particular level. A one-year snap-shot does not reveal what life has been like for the last 18 or 20 yrs. Quote Link to comment Share on other sites More sharing options...
Sharon in MD Posted January 31, 2010 Share Posted January 31, 2010 To the College for additional aid. We shared ds's other scholarship offers and our debt issues with his top choice and asked if there was anyway they could bring the cost of attendance in line with the cost of attendance at the other schools. With Drexel or other co-op schools, don't forget the co-op will help a little with the cost of attendance too. I know that may not be any help for those who qualify for aid, because the money earned on co-op will be counted as income for the student once they start earning. However, since we didn't qualify for need based aid, the income ds earns from his co-op, starting next spring, will definitely help with the debt load. Not much, I know, but every little bit helps. Quote Link to comment Share on other sites More sharing options...
creekland Posted January 31, 2010 Share Posted January 31, 2010 The "good" thing for us is that with the down economy, we qualified for more financial need than we would have before. The "bad" thing is with the economy down we don't have the $$ we would have before - yet our other bills haven't changed. So... I looked into getting a job. Beware that FAFSA considers another job as more income. When we did the nuts and bolts of it, only 20 cents on a dollar would have been able to go to helping my oldest. The rest would have been eaten up by taxes of all types (social security, etc) and increasing our EFC. Since going full time would also require an update in my wardrobe, increased commuting costs, and an increase in our food budget, we've decided that my going full time is essentially worthless. We're going to be taking on the debt and I'll work after all my boys are done to then help them pay off loans. It's not ideal, but it's better than working for nothing. In the meantime, maybe the economy will improve. It's taken a BIG bite out of what we thought we had saved for college as well as our current income. Such is life. Their education only comes around once, so we're going to chug through to get them places we determine to be the best fit. I'm REALLY thankful for merit aid plus he's applying for any and all scholarships he can locate. My other two should be able to do the same. The schooling and high scores will pay for themselves in that aspect. Quote Link to comment Share on other sites More sharing options...
TravelingChris Posted February 1, 2010 Share Posted February 1, 2010 Our EFC is more than double that and that accounts to something close to 40% of our income. I don't have an answer for you. The way we are doing it for number 2 is to give her her dad's GI bill. Then for number three, I am preparing him to retire from the military and get a well paying job. He is active duty military and they think we should be able to afford about 44K. That is so undoable for us. I just think it will get worse for number three so it is why I am telling him he needs to retire before then or we need to hit a lottery which I don't play anyway except for an occasional 1 dollar ticket. My dh is so upset about the high cost of school. WHat happened is that the tuition has been rising faster than inflation for about the last 15 years. Unless you really hit it big, your income probably did not keep up. Quote Link to comment Share on other sites More sharing options...
Osmosis Mom Posted February 1, 2010 Share Posted February 1, 2010 Dd goes to a school with a very generous financial aid which you can kindly appeal. The other school she was seriously interested in (BU) would have had us pay around $20k. It's interesting to me how huge a school BU is, yet, they don't offer that much money. Wellesley is a smaller private school, but with a very giving alum apparently as most students get help. Of course that also builds a lot of loyalty so the circle of giving can continue... These days some motivated students decide to go their BA's in 3 years in order to save money. The student can take out interest-free loans that you have a 6 month grace-period upon graduation to pay off. But this is probably common knowledge anyways. Quote Link to comment Share on other sites More sharing options...
JFSinIL Posted February 1, 2010 Author Share Posted February 1, 2010 So... I looked into getting a job. Beware that FAFSA considers another job as more income. When we did the nuts and bolts of it, only 20 cents on a dollar would have been able to go to helping my oldest. The rest would have been eaten up by taxes of all types (social security, etc) and increasing our EFC. Since going full time would also require an update in my wardrobe, increased commuting costs, and an increase in our food budget, we've decided that my going full time is essentially worthless. We're going to be taking on the debt and I'll work after all my boys are done to then help them pay off loans. That's the rub. A second job would not help that much - it would jot us into a higher tax bracket = PLUS I need to be home when my teen son with autism is not at school - he can not be left home alone to get himself on the bus, or to unlock and let himself back into the house. In three years he will be home 24/7 when he ages out of school. Our taking on debt is not happening - hubby and I are 50 and have scant retirement since so much went into autism therapies when ds was smaller. I will be going over all this with financial aid folks, I imagine. Quote Link to comment Share on other sites More sharing options...
Murphy101 Posted February 1, 2010 Share Posted February 1, 2010 but what if your dc doesn't claim your info on the fafsa? Has it changed since I was 18? When I was 18, it meant no college aid AT ALL. My parents told me how much money they make and what they will do with it was none of my business and they weren't giving a dime. Fine. I didn't want their money anyways. But I couldn't get anything without their income info. Personally, I think that's ridiculous. They sure don't have a problem getting students independently in debt before then.:glare: And they don't ask for parental income info on 19 or 20 year olds entering? Or has that changed too? Quote Link to comment Share on other sites More sharing options...
Only me Posted February 1, 2010 Share Posted February 1, 2010 How do you find out what your EFC is? We haven't filled out the FAFSA quite yet. My husband needs to finish taxes first. We will probably finish within the next few weeks. I was wondering if you need to finish the FAFSA in order to find out what your EFC is. Quote Link to comment Share on other sites More sharing options...
Kareni Posted February 1, 2010 Share Posted February 1, 2010 but what if your dc doesn't claim your info on the fafsa? Has it changed since I was 18? ... And they don't ask for parental income info on 19 or 20 year olds entering? Or has that changed too? Martha, All students under the age of 24 are required to give parental financial information. There are a few stringent exceptions some of which include the student being married, serving in the military, having a dependent, or being an orphan. ETA: I've sometimes thought we should set up a WTM matchmaking service to marry off our offspring so that they can go to college counting only their own financial resources! Regards, Kareni Quote Link to comment Share on other sites More sharing options...
Murphy101 Posted February 1, 2010 Share Posted February 1, 2010 Martha, All students under the age of 24 are required to give parental financial information. There are a few stringent exceptions some of which include the student being married, serving in the military, having a dependent, or being an orphan. ETA: I've sometimes thought we should set up a WTM matchmaking service to marry off our offspring so that they can go to college counting only their own financial resources! Regards, Kareni ok then it hasn't changed. I still think it's stupid. I mean really, how can they require anyone to give someone else's financial information anyways? :glare: Quote Link to comment Share on other sites More sharing options...
QueenCat Posted February 1, 2010 Share Posted February 1, 2010 Martha, ETA: I've sometimes thought we should set up a WTM matchmaking service to marry off our offspring so that they can go to college counting only their own financial resources! Regards, Kareni :smilielol5::lol: That is too funny! Quote Link to comment Share on other sites More sharing options...
QueenCat Posted February 1, 2010 Share Posted February 1, 2010 I know the EFC isn't always the number you are actually expected to come up with. When ds got his financial aid package, the merit scholarships essentially reduced the EFC to a zero, and he gets cash back from the school to use for books, gas, food, etc. He commutes so a dorm is not part of the equation. Quote Link to comment Share on other sites More sharing options...
Blue Hen Posted February 1, 2010 Share Posted February 1, 2010 When my ds learned of this little requirement he suggested that we disown him so he could be an orphan. He didn't like the idea of getting married at 19---he even has two hs'ed friends who did do that, not for FASHA or any other reason---- Quote Link to comment Share on other sites More sharing options...
JFSinIL Posted February 1, 2010 Author Share Posted February 1, 2010 but what if your dc doesn't claim your info on the fafsa? Has it changed since I was 18? When I was 18, it meant no college aid AT ALL. My parents told me how much money they make and what they will do with it was none of my business and they weren't giving a dime. Fine. I didn't want their money anyways. But I couldn't get anything without their income info. Personally, I think that's ridiculous. They sure don't have a problem getting students independently in debt before then.:glare: And they don't ask for parental income info on 19 or 20 year olds entering? Or has that changed too? Law now is unless a student can prove they are MARRIED they count as dependent and up to age 24!!!! the gov. expects parents to help pay for college!!!! That includes requiring parents to file the FAFSA etc. Quote Link to comment Share on other sites More sharing options...
Murphy101 Posted February 1, 2010 Share Posted February 1, 2010 Law now is unless a student can prove they are MARRIED they count as dependent and up to age 24!!!! the gov. expects parents to help pay for college!!!! That includes requiring parents to file the FAFSA etc. But how is that enforcable? Really? I heard that back then too - you can't claim independent status unless you are 24 or married. That hasn't changed. When I was very clear that my parents would not be giving me paperwork, much less money, they just told me that sucks and to let them know if anything changes.:glare: I get that many (most?) parents will help some, if nothing else by letting the student live at home food/rent free while attending college, but I'm beyond certain that there's a heck of a lot of parents that flat out can't or won't. Guess their kids are just up creek.:glare: Quote Link to comment Share on other sites More sharing options...
Kareni Posted February 1, 2010 Share Posted February 1, 2010 When my ds learned of this little requirement he suggested that we disown him so he could be an orphan. .... Somehow I suspect the government definition of orphan would involve deceased parents. I don't think any of us want that!!! Regards, Kareni Quote Link to comment Share on other sites More sharing options...
TravelingChris Posted February 1, 2010 Share Posted February 1, 2010 THe other exception is grad school. We won't be paying for our son's grad school and won't be expected too. Quote Link to comment Share on other sites More sharing options...
TravelingChris Posted February 1, 2010 Share Posted February 1, 2010 For the poster who wanted to know EFC before filing, check the EFC calculators on the web. They were fairly accurate in our case- a real shock. My son ended up going to a school where we paid less than EFC because he got a half scholarship. NOw he is attending a school that is less than our EFC and we don't even file anymore. No point when his school is less than 10K tuition. THe shock comes when your income rises a bit. That is because they think you can live off of a very low income and then use most for your kids education. FAFSA doesn't consider things like JFS' autistic son who will need care 24/7. In those regards and if you have low or no home equity, the CSS/Profile is a better one, not that you can choose. BUt realize that if you make an average income, you will probably be expected to pay around 20K. IF you make an income in the second highest quintile, it will be more like 40K. I haven't tried it but assume that if you are in the highest quintile, it is full pay anywhere. THe system is set up to benefit very low income people. Now, I do want to cheer people up. In many colleges, hardly anyone pays full price, even those in the highest quintile. That is because they have that price for certain students and everyone else gets some form of discount. How much of a discount depends on how much the school wants your kid and what they think you can and will pay. The ones who pay full price with no discount at many private schools which cost a lot are rich foreigners and very rich Americans with a bit of a problem- not the greatest GPA, lower test scores, minor discipline problems, etc. Quote Link to comment Share on other sites More sharing options...
at the beach Posted February 1, 2010 Share Posted February 1, 2010 Our share of our dd's tuition comes to about $20,000 a year after her scholarships. To cover that, she takes some loans (subsidized), she works in the summer and almost all of that goes to tuition, and we pay the rest. It's painful. Truly. She has two scholarships. She won a Trustee Scholarship at her college, which is $22,000 per year for four years. She also won a scholarship through dh's employer that is $2,500 a year for four years. She's in a 0-6 Pharm.D. program. The last two years are considered grad school, and she'll be on her own for that, which she understands. I hope we can help her when the time comes, but if we can't, we are all okay with that. Our EFC was lower than $20,000, much lower. We only had to fill out the FAFSA. I have no idea what would have happened with the other aid application as our home is paid off. I can't imagine digging into that equity. What we painfully discovered was that after merit aid at her university, the rest of the package came in loans, for either her or us, regardless of what our EFC was. Because she chose pharmacy, her options were limited. There are not many pharmacy schools. We felt this was her best bet. She will likely be making a significant salary when she gets out, so we feel okay with the loans she's taking. She plans to move home after she graduates and pay them off quickly. If your kids achieve independent status, then okay, the EFC will be lower and they would then qualify for federal grants maybe??? But even that won't completely take away the cost at a pricey school. My dd attends school with kids who have much less merit aid than she does and they are taking loans for the rest. Lots and lots of loans, mainly private unsubsidized loans. :001_huh: And if you find yourself in a position of taking those kinds of loans or your child does, then I have heard it is best to pay the interest as it accrues yearly because this can make a big difference down the road. Keep in mind, too, that right now the tax credit for undergrads is $2,500 a year max. We will be able to take that and this comes straight off of our tax liability. It is a big help. Some schools have policies where most of your aid comes from grants, not loans. However, of course, if you have a huge EFC that you cannot afford, then that doesn't really help, either, does it? If I had special circumstances, I would appeal. It can't hurt to try that as others have suggested. It's a depressing reality that college cost is high. But then again, for $20,000 a year, my dd is receiving her undergrad education, her room and her board, and is training in a field that will offer her lots of opportunity upon graduation. So, when I look at it that way, I feel blessed even though it IS truly so hard to pay that money every year and even though I don't want her to have loans, it is simply the best we can do at this point. Looking at all of our options that we had when she decided where to go, we all still feel this was the best choice. Take heart. I was so distraught when we first got her aid letter to this school. But we have found a way, and we have managed. It's been hard, but we've managed. Quote Link to comment Share on other sites More sharing options...
Nan in Mass Posted February 1, 2010 Share Posted February 1, 2010 We know a father who took the financial aid package from one college, marched into the financial aid office at the college his son really wanted to go to, and plunked it down and said, "This is what it will cost me to send x here, so you should be able to do at least as well as that." The office was considerably taken aback and tried to tell him that it didn't work that way, but he insisted and in the end, they gave him what he wanted. Quote Link to comment Share on other sites More sharing options...
Brenda in MA Posted February 1, 2010 Share Posted February 1, 2010 How do you find out what your EFC is? We haven't filled out the FAFSA quite yet. My husband needs to finish taxes first. We will probably finish within the next few weeks. I was wondering if you need to finish the FAFSA in order to find out what your EFC is. Hi, Try the govt's website here: http://www.fafsa4caster.ed.gov/F4CApp/index/index.jsf to get an estimate of what your EFC would be. You do need to complete the FAFSA to find out for sure what your EFC is. However, you don't need to have completed your taxes to complete the FAFSA. You can complete the FAFSA using estimated tax info and choose the "will file" option. Then after the taxes are done, you need to go back and update your FAFSA with the actual numbers. The EFC shouldn't change much with the update unless your original estimates were way off. Do keep abreast of Financial Aid deadlines at your child's school(s). Schools usually have a limited amount of grant aid and such, and those who file early are more likely to get it. HTH, Brenda Quote Link to comment Share on other sites More sharing options...
Brenda in MA Posted February 1, 2010 Share Posted February 1, 2010 A second job would not help that much - it would jot us into a higher tax bracket = PLUS I need to be home when my teen son with autism is not at school - he can not be left home alone to get himself on the bus, or to unlock and let himself back into the house. In three years he will be home 24/7 when he ages out of school. Our taking on debt is not happening - hubby and I are 50 and have scant retirement since so much went into autism therapies when ds was smaller. I will be going over all this with financial aid folks, I imagine. JFS, If I were you, I'd start right now drafting a letter describing the autistic son's expenses and needs. I'd recommend that you be specific and show how much money your family spent on his therapies over the years (include receipts if you have them). Also, if possible, project what you will need to spend in the next few years. Mention, too, what you said above about how you cannot take on a job right now because his medical condition requires your full-time care. If you have some kind of letter or paperwork from a doctor or school describing the severity of his condition, you might reference that or attach it as well. From what I've read, FA offices can make overrides to the EFC, but it's professional judgement and requires a lot of documentation. Apparently, they don't often make exceptions for things like high debt, but medical expenses are often considered. You might surf on over to College Confidential forum and ask the folks over there how best to appeal your son's aid based upon medical expenses. There are several FA professionals who frequent that site, and they generally give very good and informed advice. HTH, Brenda Quote Link to comment Share on other sites More sharing options...
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