Financial aid - what's the deal?

Paying for College
1

<p>Hey guys. </p>

<p>I'd really, really, really appreciate it if someone could shed some light on the confusing world that is Financial Aid. Two things:</p>

<p>1) I always assumed financial aid was only for the poorest of the poor. Now I'm hearing that even though my family has money, I may be able to get some help? Because there are five kids in the family and my mom is, actually, currently not employed. So - should I apply for financial aid?</p>

<p>2) I've already applied to my schools. I'm pretty sure I clicked "no" on Financial Aid boxes because I assumed it wasn't applicable. Can I retract that statement by filling out FAFSA forms? Would there be any drawback to doing so?</p>

<p>Please, help a confused middle-class student out!</p>

2

<p>Which schools did you apply to? Do they guarantee to “meet need?” Do they show up on this list: [Project</a> on Student Debt: What’s the Bottom Line?](<a href=“http://www.projectonstudentdebt.org/ncoa_chart.php?]Project”>http://www.projectonstudentdebt.org/ncoa_chart.php?) A lot of middle class families do not find their expected family contribution affordable, especially if they have a lot of assets or live in an expensive area. </p>

<p>Merit aid is a different story.</p>

3

<p>You should absolutely fill out the FAFSA. With an unemployed parent and five children, it’s possible that you would qualify for some federal, state, or institutional aid…at the very least you will be eligible for a Stafford loan of up to $5500. It’s impossible to know more than that from the information given in your post but, if you want to be considered for institutional aid - that is, grants that come directly from the college - and you’re sure that you checked “no” to the FA question, I would immediately call and email the admissions offices and ask them to change that answer to yes. You also need to find, on their website, what they require for financial aid documents (FAFSA and/or Profile) and when their deadlines are. It would be a very good idea to involve your parents at this point.</p>

4

<p>I see. Another question - is FAFSA related to the question for need-based financial aid on the Common App? In other words, if I’ve already checked “no” for that box, would I have to email colleges retracting that statement before filling out a FAFSA form? Would that hurt my chances?</p>

5

<p>“Would that hurt my chances?”</p>

<p>Why on earth would you not ask for aid that you need? If you get into a place that you can’t afford, you won’t be able to attend!</p>

<p>Contact your colleges/universities, and let them know that you will be applying for financial aid. Then, file the FAFSA.</p>

6

<p>I’m curious…</p>

<p>Since you didn’t think you’d get FA, how did you think that you’d pay for college if money is an issue in your home?</p>

<p>You say that your mom isn’t employed. Is your dad? Does he have a strong income?</p>

7

<p>You guys seem perplexed by my words, but basically I thought that taking out loans was completely different then filling out FAFSA. I figured I could take out loans to pay my way through college, as well as get a job, but I thought I wouldn’t be eligible for colleges literally paying for my education.
Now, I’m reconsidering. And my dad doesn’t work, but my mom has a high-paying job and I was explaining how she is currently unemployed (it’s freelance work, so that could change today, or tomorrow, or in a month…). I don’t know how her job situation would factor into my financial aid situation.</p>

8

<p>I have VERY little experience with need based aid, but have you tried one of those EFC calculators?</p>

<p><a href=“http://apps.collegeboard.com/fincalc/efc_status.jsp[/url]”>http://apps.collegeboard.com/fincalc/efc_status.jsp&lt;/a&gt;&lt;/p&gt;

9

<p>OP - I can’t imagine how you were planning to write a check for, say, $20,000.00 in July and another in December. Have you discussed this with your parents?</p>

10

<p>In order to get a Stafford loan (subsidized or unsubsidized) you need to fill out a FAFSA, so you probably want to do that right away.</p>

<p>At some schools, checking the box that you need financial aid WILL affect your chances for admission. If you can afford to attend for 4 years without assistance from the school (hard for us to know since we don’t know the COA of the schools you’ve applied to or how much your family can pay), you may want to leave it as is. But if you CAN’T afford the school without institutional aid, then definitely call the school and change your answer. It doesn’t matter whether or not you get in if you can’t afford to go.</p>

<p>Federal financial aid such as Pell Grants and Perkins loans are for students from low income families, but there are plenty of students from middle class families who are getting institutional aid.</p>

11

<p>Students aren’t allowed to borrow large amounts of money. YOU can only borrow the following amounts…</p>

<p>frosh 5500
soph 6500
jr 7500
sr 7500</p>

<p>Obviously, not enough for college!!</p>

<p>to borrow MORE than this you would have to get your parents to either take out a Plus Loan or co-sign loans. Since it sounds like your family’s financial status is unstable, I doubt your parents are going to agree to either.</p>

<p>What schools have you applied to?</p>

<p>*And my dad doesn’t work, **but my mom has a high-paying job and I was explaining how she is currently unemployed (it’s freelance work, so that could change today, or tomorrow, or in a month…). **I don’t know how her job situation would factor into my financial aid situation. *</p>

<p>Since your mom does highly paid freelance work, she’s not really considered “unemployed”. Her income from last year will be totally considered. If it’s rather high, then you won’t qualify for much, if any, aid.</p>