<p>
[quote]
The IRA thing is interesting though... but would I be able to have immediate access to it?
[/quote]
That in turn is an interesting question. You can take funds out of IRA anytime, even right after depositing I suppose. The consequences are: 1. those funds are considered income in the year you take them out, 2. you have to pay a 10% penalty in addition, to the IRS with the tax return the year you take them out, and 3. you won't qualify for the simplified needs test on the next year's FAFSA because you will have to file a 1040 (due to the tax on the IRA funds and the penalty).</p>
<p>*I already have everything I need- laptop, car, bedding, furniture etc.</p>
<p>*The FAO said it was unfair I had to pay that much, not changing around the accounts. I didin't mention that</p>
<p>*Do you KNOW it is illegal? If it is, then I won't do it. I have a friend who is a lawyer. I'll ask him.</p>
<p>*The thing that I am mainly mad at is that I do everything right up until now and I get absolutely no help because of it, not even in scholarships. I get no help whatsoever, even though I take all APs/IBs/pre-engineering classes!!! So my thought is, if you can do whatever you can WITHIN THE LAW, it's fair game. They're not helping me; I don't help them.</p>
<p>DON'T TREAT ME LIKE I'M STUPID OR A CRIMINAL!!! I HAVE NO IDEA ABOUT THE FINANTIAL AID PROCESS AND THAT'S WHY I'M ASKING!!! I want to do everything within the law to benefit me the most, like anyone would. PLEASE DON'T RESPOND TO MY POSTS UNLESS YOU HAVE SOMETHING HELPFUL TO SAY!!!</p>
<p>We filed PROFILE in Oct (Nov 1 deadline) for my DS. Filed FAFSA yesterday. Now we need to do PROFILE for the remaining schools. From Thumper's post, I believe we can't redo/correct (online) the estimated PROFILE already submitted to EA school since it hasn't actually ever been sent to these remaining schools. </p>
<p>Do we simply send (& pay) for the incorrect (estimated) PROFILE now, then complete our taxes when we get W2s etc, then print out the initial PROFILE, handwrite in corrections and send to all schools?</p>
<p>I'm assuming the initial PROFILE and our FAFSA won't match up since acct amts will be different (done months apart). Will this be a problem or will schools be used to this? Which amts will they use: FAFSA or PROFILE?</p>
<p>Ahhn parents don't get so ticked at hm07. Haven't you ever had a glass of wine and wondered at a system that taxes you when you get paid for work performed. If you're a good doobie you save some of that money and if the gods are good that money makes some money and you get taxed again and again and again each year on that original money you already paid taxes on. Let alone what happens if you ask that wonderful government you've been paying all these years for just a teeny bit back to help you put your kids through college. There's a certain irony about that situation if you think about it. To top it off if you're not real bright and don't figure out how to pass money generationally and your kids get this money you saved and paid taxes on for 30 years, they get taxed when they get the money. Imagine a young person just figuring this whole earned income/saved income/sheltered income/taxed income thing. I'm sure they must stop and wonder who the heck ever came up with this system. Why if you are a middle manager and spent all the money you earned each year and could file an abbreviated tax form because you don't have anything stashed for a rainy day - son of a gun - you get financial aid from colleges......</p>
<p>Thanks for the support, momofthreeboys. You seem to know exactly what is ticking me off, and I'm glad that there's someone who is smart enough to see the irony in the system. You pay more taxes, you get less help back. Just the way of our wonderful government.</p>
<p>Besides that, I'm only 18 and neither of my parents have ever filled out American financial aid forms because they grew up in other countries. They didn't know how this stupid system works and now it's my problem to try to shuffle around in my favor.</p>
<p>hm07 - I think we do all understand what is ticking you off - because it affects us all in one way or another. In our case our son took a year off school and is now going back (hooray) but his year off kills his EFC because 50% of his income is expected to go to college. It all went on rent and food. Our income is low and medical insurance and bills probably ate up over 25% of that income last year - but FAFSA does not take that into accoun. So No - the system is not perfect or neccessarily fair. But I think it was your reiteration of not caring about whether it was ethical or right that pushed some buttons - mine included.</p>
<p>If you need a good source of information for filling out FAFSA this is the most helpful place I have found</p>
<p>click on 'the application questions' on the top right and it takes you through question by question. I did not grow up in this country - but I am a little ;) older than 18. Can't imagine my 17 or 20 year old wading through theses forms on their own.</p>
<p>Hummm Swimcat, I think it's deeper than what's ethical or non-ethical. When it comes to taxes, income, savings, etc. it's simply not black and white. hm07 has learned at an early age that it about how to read between the lines.</p>
<p>swimcatsmom-
I realize that there are some low-income families with financial needs. I'm not that stupid. But (and this is from an estimate, not the FAFSA) to expect that someone has $35,000 per year sitting around is ridiculous. And, like you, our medical expenses are out of pocket so I know how you feel. But think about it this way- I am 18. I am filling out tax/FAFSA forms with little or no help. I have never done this before. I am taking the whole family's financial burden on my back. I'm sorry I "pushed your buttons," but that's life so deal with it. I don't need someone harassing me because I'm trying to find ways to make my family's life easier.</p>
<p>Sorry hm07 - I thought posting the link to the website with help on answering the FAFSA questions was being helpful not harrasing anyone. When someone gave me the link I certainly found it helpful.</p>
<p>most people don't have $35,000 "waiting around",
EFC is not expected to be totally paid for by income or savings.
It is expected to be paid for by loans, savings, parents earnings and students earnings.
EFC is a surprise to most people</p>