<p>Next year I really want to go back to college. The thing that has kept me back before is not being able to afford it.</p>
<p>Once I become 24 next September I will technically be considered independent. I make less than 15k a year so I think this qualifies me for a 0 EFC.</p>
<p>If this is true, and I choose to go to a school that costs 30k annually is it realistic to expect for it to be paid in full? Or is it more likely to get more money for an in state school that would cost 7-10k a year?</p>
<p>Completely depends on the school, but it’s not a given that you’ll have a 0 EFC and many kids with 0 EFC’s don’t have all of their costs paid. Income protection allowance for independent students (without other dependents) is only $7800, plus allowances for taxes. Then your AAI is assessed at 50%. You can estimate your EFC now using fafsa4caster or the EFC Formula Guide, or just file FAFSA on Saturday…</p>
<p>You probably won’t have a 0 EFC. With a $15k income I would expect your EFC to be in the 3000ish range. That would make you eligible for some Pell grant (probably around $2000 or a little over or under). Other than that you would be eligible for federal student loans. How much will depend on what year you would be in college ($9500 for a freshman, $10,500 for a sophomore, $12,500 for 3rd or 4th year students).</p>
<p>Federal aid is quite limited. Other aid would depend on your school, if they offer institutional aid (many do not). Some states also offer some aid.</p>
<p>I live in Indianapolis now. I was considering a school in the city of Chicago just because I think it would be a great experience to live in Chicago and its close to home, home is in northern Indiana btw.</p>
<p>Or my other choices would be Indiana U or Purdue U and my preference there would be IU because of how nice it is there.</p>
<p>An in state school is only 8k a year. At the end of school maybe I would only need to pay back about 12k in loans if I could get good aid.</p>
<p>Should I wait until I am 24 to do a Fafsa or is it best to do it on the first date possible on Jan 1? I plan on going to school Fall 2011.</p>
<p>If you are turning 24 during 2011 you will be independent for the 2011-2012 FAFSA, whenever you file. It is better to file earlier rather than later. But you need to have applied to the school for them to consider you for FA. </p>
<p>Your instate Us are probably your best bet financially as far as public Us. OOS public Us are unlikely to meet your need.</p>