<p>I recently got accepted into Northwestern ED, and I got tons of fin aid through CSS/PROFILE (about $38000, including the loans, though I probably wont accept those), and I'm still going to try for some money from FAFSA. Does anyone think this is a waste of time?? When I file for the FAFSA, do they consider other fin aid I've gotten before they offer to give out money?? Northwestern is $43,000 a year, but my parents are poor, and I wanna see if I can get some more from FAFSA...</p>
<p>You have to submit the FAFSA just to assure you get the aid you already have. What you have now is the estimated fin aid package and FAFSA (and at Northwestern also your parents' 2004 tax return, which they file in 2005) needs to be submitted because at least part of that estimated fin aid package will be government backed grants and loans and FAFSA is necessary for that. Will doing so raise your aid? Probably not because they were basing it on information provided in Profile which is the same as what you provide in FAFSA. Neverthless, if estimated numbers on Profile turn out to be different when you submit FAFSA and the tax return, it is possible the package could change (either up or down).</p>
<p>Gotcha... thanx! So, I have a question: the CSS is basically just an estimation of what I should expect to get from FAFSA? I thought they were from two different sources, each providing students w/a financial aid package?</p>
<p>What Northwestern has given you is an estimate of all aid. Profile and FAFSA are simply forms that provide info upon which aid is based. Profile provides a lot of similar information that is in FAFSA. FAFSA has to be submitted for Northwestern to be able to provide any loans or grants that are funded by the govrnment. But the college used the info in Profile to determine the estimate for both your government backed aid and any additional aid it is giving out of its own funds.</p>
<p>nufrosh09...bottom line is ...make sure you and your family fill out the FAFSA, send in the 2004 tax forms as soon as you can, send in the updated CSS Profile and memorize the NU financial aid counselor's phone number on the back of the "What's Next" booklet and call him with any questions. Make sure you dot every "i" and cross every "t."</p>
<p>That is a boatload of money...take care of it! Look at it like you just won $128,000!</p>
<p>Good luck and congrats!</p>
<p>drusba...</p>
<p>wouldn't it be better for her to accept the loans listed with the initial financial aid offer. One is probably a Perkins (ours was). Any outside scholarhips she receives would reduce the work study and then the loans right? I would think it easier to accept the loans now then if additional money is earned and saved or won through scholarships the loans can be reduced? </p>
<p>My son's package from NU was very similar</p>
<p>Thanks.</p>
<p>It would be really nice if I didn't have any loans though... If I don't get the additional money in scholarships and such, then I'm stuck w/icky loans. Well, either way, thanx both of you for your input - it has helped tremendously!</p>
<p>Nufrosh...I understand not wanting loans... I'm not sure I'd turn down the loans until you know where the rest of the money is coming from..."icky loans" are better than not having the money at the beginning of each quarter...I think you can accept the loans then actually accept lesser amounts if you get the money from somewhere else</p>
<p>that makes sense... so, i if accept the loans, and it turns out i dont need them after all (as in, i got money from somewhere else), then i dont have to keep them, do I?</p>
<p>Take the loans. The loans they are offering are special and are much better deals that a normal loan. </p>
<p>Also when I got my Uchicago info, it said that outside grants would be taken from the total amount of the Uchicago grant not from the loans</p>
<p>Nu,</p>
<p>Congratulations on your admission into Northwestern. Don't cut yor nose to spite yourt face. Take the loans. If at the time you don't need the money you can always return the check back to the school (no harm, no foul). RIght now the interest rate on student loans are extremely low (insome cases lower than your parents taking out a home equity loan or pulling money out of their savings ). </p>
<p>Also check how your school applies outside scholarhips to your financial aid package. As Ottothe cow stated, at UChicago, the outside scholarships takes away from his grant money and does not lower his self help aid. My daughter attends Dartmouth where outside scholarships are first applied to reduce the self help aid (work study , her loans), and then the Dartmouth scholarships/grants. However some schools allow you to use your outside scholarships to reduce your EFC, all schools handle the outside scholarhsip issue differently , so the sooner you know , the sooner you can formalize your plan of action.</p>
<p>Don't forget, file the fafsa on 1/1/05, your parent (only 1 has to file it, ususally your custodial parent but if you live with both your parents, the one with the lower income) can use thir last paystub for the year and last year's taxes as a guide line. You can put your tax information as Will file, have your parents file their taxes asap as NU will most likely require a copy of thier signed taxes and W-2's for verification purposes and to finalize the financial aid offer. Once they file they can also update/amend the fafsa.</p>
<p>COngrats again and all the best.</p>
<p>I really appreciate this! thank you... i'll check the nu website to see what their policy is on outside scholarships. Uno mas question :): I live w/both my parents, and my mom definitely has the lower income, but she only has had a few sparse jobs recently (making her income much less than $5000). Should I have her file for it? My dad makes more than that, but he still makes less than $40000... what do u guys think?</p>
<p>bumpity bump... anyone??</p>
<p>let your mother file the fafsa because it only asks for one income. The CSS profile will ask for the income of both your parents, as will the school when it comes to finalizing your financial aid package. The CSs profile will take into consideration how your money is spent (mortgage, health care and will "protect" part of your parents income because it does take into consideration the age of your parents. Based on a total income of $45,000 your EFC probably won't be that bad. Check into the average amount of debt that students graduate from NU with. Over all the cost of your education from NU will cost your parents less than the amount they would have to spend at for the Cost of attendance at your state university.</p>
<p>Who knows depending on what you decide to do after graduation, some of your loans may be forgiven (if you teach in underserved areas where there are shortages, if you practice law for special needs populations, if you paractice medicine in an underserved area).</p>
<p>All in all to owe $20,000 on a $172,000 cost of education is not bad no matter how you slice it (you will end up paying approx 12% of the cost of your education) It's still a wonderful blessing to have. Again, congrats</p>
<p>thanx soooo much!</p>
<p>Julie, you are SO lucky. I can't wait to get admitted somewhere---hope its not UNM!</p>
<p>I do not believe you can avoid reporting both incomes of your parents on FAFSA, as suggested above, if they are still married. FAFSA is designed to seek household income (yours and both your parents). Thus, you cannot just report your mother's income (unless they are divorced and your mother is the custodial parent).</p>
<p>As to how Northwestern treats outside scholarship, the follolwing is its stated policy:</p>
<p>"Because outside scholarships are a resource that you will be receiving, your financial aid will have to be adjusted accordingly. Northwestern's policy is to reduce self-help first (subsidized loans and Federal Work-Study), and then University Scholarship assistance. Scholarship funds are generally divided and applied equally over your quarters of enrollment."</p>
<p>The Fafsa only has to be filled out by one parent. The other's parent's income is still sent ion and accounted for in the financial aid process, so no one is getting around the system.</p>