<p>I've recently been hired at a grocery store and what concerns me are the savings I will need to put forth for college. Obviously as a good student I save some of the money, right now I save $25-35 out of a $75 paycheck. </p>
<p>My first question is: What will things like FAFSA expect me to contribute?
- I understand FAFSA will expect me to contribute something, which is kinda cheap of
them, but I can't really do anything.</p>
<p>Other questions: Am I saving enough or too much? Although I don't think I'll do anything if
it's too much because I am fine with saving more at the level I am now.</p>
<p>For FAFSA, a dependent student has some income protection. Currently it is around $6,000, so any income up to $6,000 will not impact your EFC. 50% of income in excess of the protected income allowance (plus some allowances for taxes/FICA etc) will go to the EFC.</p>
<p>20% of a student’s assets will go to the EFC. A student has no asset protection.</p>
<p>I understand FAFSA will expect me to contribute something, which is kinda cheap of
them, but I can’t really do anything.</p>
<hr>
<p>First of all, FAFSA doesn’t “expect” anything. The FAFSA is a form that collects information. From the information collected, an Expected Family Contribution is computed. This EFC is a number upon which need-based financial aid is awarded.</p>
<p>The EFC may not have any resemblance to what the family is willing or able to contribute.</p>
<p>You will have to decide what you CAN contribute. The FAFSA EFC will be used by the federal government to determine whether or not you are eligible for a Pell grant. The school will use the EFC to determine your eligibility for campus-based and institutional need-based aid. Ultimately, you will have to decide whether or not you can afford to attend the school based on the aid you are awarded.</p>
<p>I am not implying that sort of perspective at all Iron Maiden. I get what you mean though, and I think we’ve more misunderstood each other than anything. I find it critical to contribute to my education, especially when I have a job. It fact that is why I give almost half my paycheck of 4400 a year now to education. So believe me, I highly believe that I personally should be expected to contribute some sort of sum. However, I was asking about what does FAFSA expect of me. Why do I ask this? Well I want to know the right amount they will take off my aid so I can have that and not result at a net loss. I’m asking for the point of clarification and reassurance in my funds I am earning. Education is key, and a do not treat it as a second class hobby.</p>
<p>Instead of saving your money, “pay” your parents for how they are supporting you. Then, each time you pay your parents, they can put XXX dollars into THEIR savings. Then, when it comes time to pay for school, your parents can pay that money towards school.</p>
<p>Parents have a higher savings protection (married about $40k in savings protected) AND if they are over the protected amount, only about 6% of that amount goes towards EFC.</p>
<p>It is good that you have a job. As noted above, a good chunk of your income is under the asset protection amount. </p>
<p>You need to know that the most generous schools require a student contribution. The less generous ones won’t meet your full need. Either way you will NEED that money from your job to help pay college costs.</p>
<p>The best thing you can do is to save as much as absolutely possible, or as mom2 suggests, “pay” it to your parents so they can save as much as possible for you.</p>