<p><strong>Have you run EFC estimators?</strong></p>
<p>I have and I’ve also completed the full formula worksheets by hand. I’ll have another post soon since there is a huge discrepancy on EFC on calculators/worksheet and what SAR says.</p>
<p>Applied and accepted at 5 FAFSA only schools. Two privates have offered merit money. Two are state universities. One out of state public will no doubt be too expensive.</p>
<p><strong>If your daughter is still under 18 and if her dad is collecting social security retirement, she may be able to receive SS too</strong></p>
<p>She has been getting SS and it will continue until May when she finishes HS. It does NOT have to be reported on FAFSA or tax returns. It has been very helpful now, but it won’t be there when college starts.</p>
<p>Unfortunately I can’t take a loan to pay my living expenses if all the assets are used for college, and even if I could, I wouldn’t have any way of paying the loan without the assets. The gap year idea is interesting. I don’t know what I could do with the assets but if I didn’t have to file 1040 then would have zero AFC. The losses from the sale of the property were high and CPA told me I’d have to carry forward the loss over several years. I’d have to see if it was worth forgoing the loss to gain Pell. I don’t know if you are allowed to not take the loss or if you are eligible for 1040A if there is a loss that you could take but choose not to.</p>