<p>It seems to me that 2 and 3 are really the same, since Brown doesn't require students to get a job. And, for many families now, there are no loans, as they are eliminated or reduced in the new fin aid policy, for many families. And, for returning students, probably most bought a computer already. So, the student contribution is what gets reduced. Apparently you are not allowed to use the scholarship to reduce Parent Contribution. That makes sense; it is the student who received the scholarship, after all.</p>
<p>Rant... don't read if you are going to flame me this is just a rant!</p>
<p>It does make sense and is fair but it is somewhat depressing. Especially for my D who has been applying to many outside scholarships in hopes of making HYP affordable. We have not been upper middle class for very long and do not have the savings to support even a 100,000 college education (3 other children) Of course we can get loans but do we want to? Would it be wise? We could sell our nice big SAFE SUV that protects our small children from drunk drivers, cell phone drivers etc...and sell our house that actually has a big enough yard for our children to play in but who wants to do that? Oh yes we could also move to a cheaper area where our children could be exposed to more drugs, sex and gang violence. I almost forgot, we could limit EC's for the other 3 children to only things that don't cost money ( also limiting their potential ). We could start eating mac and cheese and cheap foods. Of course then our health risks would go up! If D is lucky enough to be selected for HYP she still may go to the OOS public that gives merit aid and that will allow her to use her outside scholarships (should she get them).</p>
<p>You need to talk to the school. At my institution, we don't penalize a student for outside aid. Our computation is COA-total aid (SEOG, PELL, Perkins, school-based scholarships/grants)-outside funding (outside scholarships, reimbursements)-stafford loans-PLUS loans. Students can receive as much funding as necessary, from any source, up to the total cost of attendance. We only use the EFC to determine how much need based funding is available. We have had many students with EFC's way above the total cost of attendance still receive school based merit scholarships, full Stafford Loans and numerous outside scholarships.</p>
<p>singermom1: The issues in your rant are why so many people limit their family size to the number of children they can afford to rear with the housing, education, etc. they want for their off spring.</p>
<p>Emeraldkity4, Yum! I may have to rethink living off of mac & cheese :)</p>
<p>NikkiiL, You give me hope :) </p>
<p>Feeling a bit better now, It is always good to rant once in a while. </p>
<p>dntw8up, I knew that one would be mentioned :) </p>
<p>I wasn't complaining about the fact that we have to pay for college, just the realization that for many schools, outside scholarships do not get used towards EFC (something I didn't fully understand until recently).</p>
<p>I think most full need schools are willing to provide their own financial aid AFTER all other forms of aid have been applied, that includes federal aid and local scholarships. They are willing to pay, but only after everyone else has done their part (including parents paying the EFC)... But, we found many schools were willing to make adjustments based on unusual circumstances so if you can find a reason to appeal, do so. Some valid reasons are unusual costs (such as high medical expenses), unemployment (even if not last year) that wiped out savings, home equity is ONLY retirement fund, one spouse not working to help take care of sick parents or child (or paying for assisted living/nursing home). I've heard of cases where even bonuses, severance pay and/or inheritances were eliminated from income. </p>
<p>If your child has a favorite school where cost is a real deterrent, go talk to the financial aid officer and explain (not rant) and ask if you have any options.</p>
<p>If your kid gets into HYP, you will get needbased financial aid even if your income is up to almost 200,000. Sound affordable to me! Don't get too worried until you see the financial aid packages.</p>
<p>I think instead of sending new parents information about life insurance for your baby at their birth, they should send a pamphlet that says-
don't put the money in the kids name- unless you are going to save enough to pay for ALL of their college education, because while they will save on taxes they will be expected to spend all of it on tuition.</p>
<p>Don't get divorced unless you can specify that your spouse will help with college</p>
<p>Don't go into business for yourself- or know that your assets will be assumed to be available for school</p>
<p>Don't put a lot of money into retirement the year before they enter college</p>
<p>I'm sure I can think of other fallacies we didn't learn about until we were actually in the middle of looking at how we were going to pay for college.
....
;)</p>
<p>
[quote]
Don't get divorced unless you can specify that your spouse will help with college
[/quote]
not necessarily - if you get divorced then make the kid go to a FAFSA only school and live with the "poorest" parent - this is how to win.<br>
Especially, if the "poorest" parent does not remarry and makes a modest salary.</p>
<p>Alot of the problems would be solved if the child attended a FAFSA only school....or if the parents who are upper-middle and upper class stopped expecting the government or the school to fund their child's education. I don't see any of these problems at the school I work for...but then again, we are a FAFSA only school.</p>
<p>Can someone explain this, "Don't go into business for yourself" From what I've read business assests don't count if you employ fewer than 100 people. </p>
<p>and I think I'll talk to H about the divorce thing tonight ;)</p>
<p>rrah
FAFSA in 2006 did exclude many small buainesses- but
PROFILE does not
[quote]
BUSINESS/FARM SUPPLEMENT:
If either parent (or stepparent) is self-employed or has ANY interest or involvement--partial or full--in any corporation, partnership, sole proprietorship or working farm, a Business/Farm Supplement form must be completed and submitted to us. This form is available from the College Scholarship Service. Request one when you register for the PROFILE form (see above). Note that a non-working farm does not require this supplement and should be reported in #53 of the PROFILE.
<p>We were pleasantly surprised when Stanford said that they would not consider the family farm as an asset in their need analysis. Stanford uses both FAFSA and PROFILE to determine aid.</p>