financial aid?

Paying for College
1

<p>How much can you make without if affecting your EFC and ultimately your financial aid? I have to work to help support my family and if it affects my efc negatively it will hurt me because I won't actually have that money... it will go to help pay the bills.</p>

2

<p>In FAFSA, the income protection allowance for the dependent student is $6000. If you made more that, 50% of extra income will count toward EFC</p>

3

<p>But if you have to work to help your family, it is likely that your family EFC is low. If your parents’ adjusted gross income is low (<$21,000) , it is likely you will fall into the automatic 0 EFC formula. In that case, you could make a million dollars & your EFC would still be 0. Do you know your parents’ financial situation?</p>

4

<p>Thank you so much for the reply! One quick question. Does work study factor into this? For example if I make $2000 in work study does if affect the $6000?</p>

5

<p>Question 43c on the FAFSA asks for the amount of taxable earnings from need-based employment programs, such as Federal Work-Study. The money you report here is backed out of the formula, so it doesn’t count against you (doesn’t affect the $6000).</p>

6

<p>No. Federal work study is deducted from total student income when calculating the EFC.</p>

7

<p>I have a question (for anyone who can answer this and it falls under this category) . For any college you attend, does your parents still have to contribute some of the money to the child’s education no matter how much they make? Because, i know my parents are not getting involved in paying my education expenses due to low income.</p>

8

<p>Yes, it is expected that parents will contribute to their child’s education. Some parents may not have the money to contribute, or may not be willing to contribute. Students who do not have parent help and do not qualify for much in the way of need-based grants will have to be creative when choosing a school. A student with good stats might be able to get enough merit money (scholarships) at certain schools to make it work … other students will need to attend community college or a local school in order to make it work.</p>

<p>If your parents are low income, you may qualify for a decent amount of grant money (free money). However, at some schools even low income students will not receive enough money to afford the difference between the grants they are offered and the cost.</p>

<p>What are your stats? That is, SAT or ACT, GPA, etc.</p>

9

<p>lilmelonred -</p>

<p>Until you can be considered an independent student for the financial aid formulas, the colleges and universities will take your parents financial situation into consideration when determining your eligibility for need-based aid. You can run the Net Price Calculators at the various college/university websites to get a notion of what your aid package might look like, and you can run your family’s figures through the FAFSA formula itself to see whether you are likely to qualify for federally determined need-based aid. <a href=“http://ifap.ed.gov/efcformulaguide/attachments/082511EFCFormulaGuide1213.pdf[/url]”>http://ifap.ed.gov/efcformulaguide/attachments/082511EFCFormulaGuide1213.pdf&lt;/a&gt;&lt;/p&gt;

10

<p>Kelsmom- Well my stats are kind of low. And i’m planning in going to a public state 4 year college in NY so tuition is cheaper for me. My SAT is 1660 with writing, GPA is 92 out of 95 which is roughly around 3.8?
Happymomof1: Thanks. Does this apply to pharmacy schools too? like the 0-6 programs. I know pharmacy schools are expensive.</p>

11

<p>You are fortunate to be in NY, because tuition is not as high as in other states, and low income students are eligible for TAP. It would be wise to attend a financial aid night at your school, or even to schedule an appointment with an aid officer at a college. Go to this website and get an estimate of your EFC: [Estimate</a> Your Aid | Federal Student Aid](<a href=“http://studentaid.ed.gov/fafsa/estimate]Estimate”>http://studentaid.ed.gov/fafsa/estimate). You will get better advice if you know your EFC.</p>

12

<p>Yeah. What happens if i my EFC is 0? I’ve did some calculations and it says that the total amount that i’m expected to pay is quite a lot. what do people usually do in that case? My parents will not be helping me in taking out loans so yeah, it’s all up to me to take care of this financial situation.</p>

13

<p>If you are a new york state resident with a 0 EFC, you would receive the following:</p>

<p>Pell 5550
TAP (NYS tuition aid program) up to $4995. If you went to a 4 year CUNY/SUNY, you would get the full 4995. if you attend a community college at the CUNY/SUNY level, your tap would be up to the full cost of tuition.
Stafford loan 5500</p>

<p>Are you EOP eligible?</p>

<p><a href=“https://www.suny.edu/student/academic_eop_campus_profile.cfm[/url]”>https://www.suny.edu/student/academic_eop_campus_profile.cfm&lt;/a&gt;&lt;/p&gt;

<p>Have you considered HEOP</p>

<p><a href=“http://www.highered.nysed.gov/kiap/pdf/HEOPWebBrochure2009.pdf[/url]”>http://www.highered.nysed.gov/kiap/pdf/HEOPWebBrochure2009.pdf&lt;/a&gt;&lt;/p&gt;

14

<p>well i don’t know if i’m eligible for EOP or HEOP. For these programs, don’t you have to be both economically AND academically disadvantaged? I know i’m economically disadvantaged but not sure academically…
MY SAT score is 1660: critical reading 430(not sure if i should retake), math: 670, writing 560 and my GPA is like 92 out of 95 which is roughly about 3.8? Can i be qualified as EOP/ HEOP student with this?</p>

15

<p>The are going to look at the critical reading and math. The only thing that you can do is toss your application. there will be some schools, where you can make the cut and possibly others where you may not make the cut. do your research and cast a wide net. </p>

<p>Stonybrook, Bing, Albany and UBuffalo are GPA whores. Most of the students that I know who were accepted EOP there did have gpas in the low/mid 90’s.</p>

<p>You will minimally be eligible for 4 SUNY fee waivers, 4 College board fee waivers. If you are in NYC you will have 6 CUNY choices. save your money and pay the application fee, because there are very very few fee waivers, and CUNY is very late in getting them to the schools.</p>

16

<p>If your parents can’t or won’t pay for your college, then going to a local state school, commuting from home, continuing as you did for high school is usually the doable option. Even if you don’t qualify for PELL, TAP (in NY) and other programs, you will qualify for Direct Student loans which will be close to if not more than the cost of tuition and fees. You may have to find a part time job to cover your commuting aAnd wnd books and other expenses, or you may even have enough to cover, depending on your costs. So make sure that you have some local schools in the mix. In NY, it’s the room and board aspect of sleep away college that makes it particularly expensive.</p>