<p>OK, here's my problem, I am a permanent resident here now and live with US husband. I made $7,000 last year as I only worked 6 months and he didn't work at all. We were in the UK. We sold our property there and also I received a lump sum in a pension annuity. We have been unable to find work and have lived off the money since arriving here last August, renting and camping. Now in process of going back to college to add a special ed endorsement to my teaching credentials to try and give me a better chance at employment. As we have $70K left in cash, still renting, I had to include that as our assets, with the result I got a figure of 13428 as my EFC. I now can see that this is high, I know we need to buy some land or house to reduce assets. My questions are these. 1) should I have included my cash balance with the property sale and pension lump sum? 2) if we buy some land or a cheap place to live can I reduce the figure held in cash assets on my Fafsa, or has this got to be done by end of June, (we won't have bought something by then) Kind of tricky as I am scared we go ahead and buy something but they hold out with the original high figure and we can't afford it so can't go to college and get an improving credential, so back to square one!</p>
<p>Yes you were right to report it as an asset. The assets reported on FAFSA are supposed to reflect the assets as of the day you initially filed FAFSA. Even if you do purchase a home this year you cannot change the assets already reported to reflect subsequent changes. You can only make changes to items that were not correctly reported as of the day you filed FAFSA, you cannot make adjustments to FAFSA to reflect changes in assets. If the money is invested in your primary home (not just a piece of land) when you file FAFSA next year then you will not have to report it. A piece of land is still a reportable asset.</p>
<p>It may be a moot point. Do you already have a bachelors degree? The main federal grant, the Pell grant, is only available for people who do not already have a bachelors degree or who are working on certain types of teacher certification. You would have to check to see if your program would even make you eligible for anything other than loans…</p>
<p>thanks for all that info. Yes I have a BA already, this would just be a 1 yr credential course, so I am hoping I can at least get a loan then as we don’t want to use the cash assets we have in the bank to pay for tuition fees. When do I find out about that, this is new to me as I have never been a student here before. I know I am v late in applying, have just sent off application package yesterday.(program is still open as I have spoken to coordinator)</p>
<p>You should be eligible for student loans as they do not require need. As an independent student I believe the loan limit for teacher certification coursework is around $12,500 for the year (though not to exceed the Cost of enrollment at the school). You would have to check if your program comes under that category with your school. I am familiar with FA rules for undergrads but not with those for teacher credentials after graduation.</p>
<p>If your state requires that you have a master’s in order to gain permanent certification (as mine does) would you be better off just doing that instead of adding a special ed certification? Not sure exactly how that works - but seems I’ve seen grad level programs for special ed master’s. Then you’d be eligible for Grad Plus loans which allow you to borrow up to COA (not saying you should, but if you’d have to get a master’s at some point it might make sense and loan forgiveness programs may apply).</p>
<p>all very helpful replies, I am glad I found this forum. I will call the financial aid dept of the two schools I have applied for. I didn’t really want to do a masters as it takes longer and I have already retrained, the teaching certificate from the UK (1 year) and then been out of work a further year in this country, with the next year spent studying, I kinda wanted to get on with earning something before I retire! If I am ever able to do that, that is,…I am actually 50 years old now, 51 in August.</p>
<p>Could you take courses towards your masters part time while you work? That is what most teachers do. You first would fulfill whatever you need to do to get yourself certified in special education…but if you take the right courses, they probably can be applied towards a masters degree in the field. It think that is what the above posters might be suggesting you do.</p>
<p>But how long will you be able to work without a master’s degree? In my state, all teachers must have it to gain permanent certification…without it they can only teach for a few years. Make sure you know your state’s licensing provisions! For many provisionally certified teachers, the master’s is only a one year course though many take longer as they’re also working full time.</p>
<p>I’d get a 5 yr cert, really need something before I can teach as they don’t really need English teachers doing this so have better chance of employment.</p>