<p>But, if you want to believe that you’re keeping 90% and that you can take care of your family, then what do you need FA for?</p>
<p>;)</p>
<p>I believe there is a place on FAFSA where you put in what tax you pay- what is your income and what you have for itemized deductions.</p>
<p>On the PROFILE I also think there is a place to mention mortgage, equity, cars etc and a place to put if you are paying for your 6 yr olds liver transplant or your great aunts hospice.</p>
<p>For those that tithe, does your denomination also sponsor any sort of educational program? Most of us can’t afford to make monetary donations to all the worthy causes that we would like to, we have to choose, and we often come to the realization that while our kids are in college, we will have to forgo things in order to prioritize our choices- one of those things is cutting back on extraneous purchases, gifts, travel, even the decision to have a crown and implant or getting the tooth pulled. </p>
<p>It is a little ironic to expect financial aid, at the same time you want to decide to spend money on the charities of your choice.</p>
<p>I don’t care if a person gives 10%, 20%, or 100% of their gross income to their church and charities. </p>
<p>However, as a taxpayer (who pays a lot in taxes), I think that - at some point - a family has to “give less” IF they are seeking FA for their kids’ colleges. </p>
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<p>To allow one family to pay less for college because they support a church or charity (whose main purpose another taxpayer may oppose) and expect the other taxpayer to pick up the slack is totally contrary to what most of us want.
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<p>The 2 above quotes are right on. That’s why FAFSA doesn’t take into account these lifestyle choices.</p>
<p>There is NO PLACE on the FAFSA for your “itemized deductions” to be listed. There is no place on the Profile for this either.</p>
<p>I applaud contributing to charity also and we do it too. BUT when my kids were in college, the contributions to OTHERS had to be streamlined a bit. </p>
<p>I guess I don’t understand why one would think that giving to others to reduce YOUR income for financial aid purposes should be allowed. To me, this means you want others to give to YOU.</p>
<p>I would suggest considering yourself grateful to have the income to donate to others. However, if that precludes being able to meet your own expenses, including college bills, perhaps this should be altered at least while your kids are in college.</p>
<p>The OPs situation reminds me of a story that a priest once told us… </p>
<p>There was a mother in his parish that was often at the church volunteering for this and that. Then the priest found that although her kids were being “fed and clothed,” there were “home issues” that this mom was not taking care of because she was spending too much time “volunteering” at church.</p>
<p>Well, the priest had to tell this woman that although volunteering is noble, her first priority is to her family, and then once all of those obligations were taken care of, then she could volunteer at church.</p>
<p>Now, imagine if this volunteering mom thought that others should volunteer to take care of those few issues in her home that she didn’t have time to do because she was spending too much time volunteering at her church.</p>
<p>Wait, you want your charitable donations to be separate from your disposable income? No, they’re <em>part</em> of it. You’re choosing to use that portion of your disposable income for charity. That’s just fine, but it’s your choice. No, you don’t get some sort of offset for being pious. You’re making a choice, and that choice may negatively impact the amount of money your children have available for college. I’m sure that you will have no problem explaining to them that part of their college money is being used to better society, help the poor, etc. As you seem to suggest, it will make them better people to sacrifice in that way.</p>
<p>It’s the same Congresspersons that writes the laws concerning the 1040 and fafsa, so they chose to exclude charitable contributions and home mortgage from fafsa.</p>
<p>Exactly. If a person had some big unexpected expense, such as a mega medical expense or legal judgment, that person could easily decide to put that charity money towards that expense. The fact that that choice is available, means that the money is disposable.</p>
<p>:o I obviously have been filling out aid forms too long. While the latest school (public instate) did ask for 1040/w2, and any assets, it wasn’t part of the Fafsa.</p>
<p>@
Part of the tax I pay goes to support social programs,education and similar societal supports. While I may prefer to have absolute control of my tax dollars ( boy would I ) I do try and stay on top of and involved with elected ( and appointed) representatives who are charged with the responsibilty of spending our taxes</p>
<p>The allowances in the FAFSA EFC formulas are pretty much set to poverty level. There is an income protection allowance in the formula. The income protection allowance includes allowances for housing, food, clothing etc. There are also allowances for taxes including state and ss. The income protection is around $24,000 for a family of 4 with 1 in college. That is probably nowhere near what most people on CC think of as a reasonable sum to pay for even the basics of life. But guess what - there are people living on that or less. That is the whole point of need based aid - to help those that are at, or close to, the poverty level. </p>
<p>Federal grant aid is very limited. The main grant is the Pell which is currently only available for people with an EFC <4617. That requires a pretty low income and there are a lot of people who have a low enough income to qualify for it.</p>
<p>38% of the students where I work are Pell students. There are plenty of grad students who would be Pell eligible if they were undergrads, as well. I have seen many, many extremely low income students. Swimcatsmom has it right … need based aid is intended to help those who need it most.</p>
<p>A note about health insurance deductions, speaking for self-employed only as that is what I know. If you take the high deductible, lower premium plan (HSA) then your contribution to the HSA account also is deducted on the front page above the line, so both the premium and HSA contribution are removed for AGI. I think this is fair (as fair as anything on FAFSA) in that taking a more expensive policy could cost the same as a cheaper policy and account contribution so it works out. </p>
<p>But it is important for people to know, in case one is borderline for Pell, etc, you might want to maximize your HSA contribution, it is NOT added back in like an IRA contribution.</p>
<p>This is a ridiculously broad blanket statement, and one which the OP should NOT assume is universally the case. The only loans included in my D’s aid package are the Staffords, a mere 17% of the total. The rest is scholarship, grant and work study.</p>
<p>^^^
Not ridiculous. You’re using one situation (your D’s), while not looking at what the majority of F/A packages consist of. Read the following…</p>
<p>"Three major sources provide the bulk of student financial aid: the federal government, state governments, and colleges and universities. **The federal government is the largest single provider, underwriting 72 percent of all financial aid available, mostly through loans . ** "</p>
<p>So, if 72% of all financial aid comes from the fed gov’t and mostly thru loans, that means that “much/most” of F/A packages are student loans.</p>
<p>This isn’t surprising; every spring students and parents start posting about how upset they are when they see that many of their FA packages have substantial student loans and/or have a gap which will require more loans.</p>
<p>Because I work at a public U, we have many unhappy parents who find a financial aid package comprised of a sub loan, an unsub loan, and a PLUS loan. I now lay it on the line when I present to parent groups. I tell them that loans ARE financial aid, and that often they are the major component of a middle income family’s financial aid package. I know from personal experience that this is not always the case … but I know from professional experience that it often IS the case.</p>
<p>At my D’s public U. the aid award technically met all her need, but a LOT of it was met with loan offers, similar to what Kelsmom says.</p>
<p>I wouldn’t personally call that “financial aid” but that is what the colleges call it, and it is what it is… no matter what it’s called. We’ve so far found ways to avoid borrowing, for now anyway. </p>
<p>But it is quite surprising when you are barely making ends meet to get an award like that. It’s hard to see how you’d even make the monthly payments. I think what some people don’t understand is that even state colleges can be way out of reach for a lot of students. I deal with this all the time with high school seniors that I help through the college and FA application process. Maybe it shouldn’t be surprising, but I think with the public colleges it is for many people who assume those schools are there for “the public.”</p>
<p>I think it’s important for people to support affordable public options. Community colleges and local colleges are often looked down on … yet they can offer a solid education at an affordable price. Low income students can often cover tuition with grants. It’s the housing that drives up the price. That’s why local schools are a great option.</p>
<p>Obviously, that doesn’t work for a student who has no colleges within commuting distance. These kids really have it rough.</p>
<p>Yes, for sure. I totally agree about the local colleges. It’s hard for kids to hear who have worked hard and have been looking forward to an away-from-home college experience. The idea of staying local is almost too disappointing to wrap their minds around at first, even though they have a good, solid local option here.</p>
<p>I guess I feel their pain because for me at their age, leaving for college was like being rescued from the slough of despond. I truly went from slightly suicidal to happy for the first time in my life. Now, I know most kids don’t have it that bad, but I feel that when I see the look of refusal on their faces to consider the local option. Thing was though, when I was their age the state colleges were actually very inexpensive and with workstudy and a very small amount in loans, you really could afford to go. It’s not like that now.</p>
<p>I think the problem is the name “financial aid”; it’s a name that connotes “free money” to many. Many also confuse FA with merit, so they think, my child is smart so the college will give him lots of FA (even if the school doesn’t offer merit). Of course, another issue is that there is often a huge disconnect between what the family thinks it “needs” and what their “determined need” is.</p>
<p>I wonder what percentage of students end up not choosing their top choice schools simply because the FA package were too heavy in loans and not what they expected?</p>
<p>Kelsmom…you’re to be commended for your efforts to “lay it on the line” to parents about what FA really is. I’m sure that you’ve burst many bubbles, but it’s better sooner than later.</p>