<p>You have to fill out FAFSA every year, and usually schools want the student to take on more of the financial load as they get further along. Also prices go UP each year as a rule. That’s partly why the amount you can borrow through Direct Loans go up. School housing is usually MORE for upper classmen as they tend to get the suites and apartments, not the double dorm rules, which is why a lot of kids move off campus. </p>
<p>@amaranthineD
You are probably right. OP joined the forum when KiaraInNYC got behind bar 5 days ago. They also have a lot of similarities.</p>
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<p>I agree which is why on page 4 of this thread I referred her back to her own thread. </p>
<p>Ahh, yes, so many similarities. </p>
<p>Why can’t people just help her?
Why do we have to question her integrity?
People should feel comfortable posting on CC.
I believe that the CC terms of service basically says that to some extent</p>
<p>It’s been some time since my S was in college and I helped him fill out FAFSA/PROFILE forms but from what I remember the book “Paying for College Without Going Broke” by Kal Chaney published and updated every year by Princeton Review. was the hands down best resource for explaining the financial aid process, and what and whose income/assets are critical to have/not have when it comes time to filling out FAFSA, and trying to maximize aid.</p>
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<p>It is a choice. Your parents can choose not to support her and she will qualify for welfare and pubic housing. They are obligated to support their children. If they support anyone else it is a choice. Personally, I would make the same choice your parents made but it is still a choice.</p>
<p>Your parents will not qualify for much (if any) need based aid. Additionally, OOS public universities typically admit OOS students specifically because they WILL PAY MORE than in state students. They will not offer you any financial aid. In my state (Florida) it is extremely difficult to get admitted as on OOS student. Your stats need to be significantly higher than the average student. Plus as an OOS student you will not get any aid. None. Forget UF.</p>
<p>You should be targeting privates where you have a good chance of getting an academic (merit based ) scholarship.</p>
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<p>NO</p>
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<p>CRD, what the TOS states is this:</p>
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<p>Yes, the TOS also discusses civility, but no one here has been rude, only factual.</p>
<p>OK, Sugar, you are looking for a legal way to basically “hide” your $, here is the only legal way to lower your parents AGI (adjusted gross income). I know, because we are basically in exactly the same situation as you. Luckily, my son has already been getting a lot of Merit offers, so we don’t need to do this. </p>
<p>Your parents, depending on they’re age, are allowed to have a majority of their income put into 401K’s, BEFORE taxes, which in essence lowers their income. For example, if they are over 55, they can use the “catch up” loophole to put say 1/2 their income into retirement funds and it won’t show up as income.They will still pay FICA taxes on this, but it is not considered “income” in terms of their tax returns. IF they have savings like you said, they could use that to cover what they are putting into retirement funds. We don’t have that option, as most of our saving are in retirement funds now, so we don’t have the liquid assets. BUT, they could also take out a home equity line of credit to cover costs etc. since you said your mortgage is paid off. It depends on whether they are willing to do it for 4 years.</p>
<p><a href=“IRA Contributions: Pay Less In Tax, But More For College”>http://www.forbes.com/sites/troyonink/2013/02/28/ira-contributions-pay-less-in-tax-but-more-for-college/</a></p>
<p>SIMPLE ANSWER…
Apply to schools with MERIT AID/SCHOLARSHIPS, and SAFETIES that you can afford.
Best of luck to you.</p>
<p>im sorry but really, why put your family through so much stress? go to a cheaper school, it will be better for everyone at the end of the day.</p>
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<p>There is a reason why someone is put behind bar in this forum and be banned from posting. Nevertheless, we still have been trying to help and answer OP’s question. We just don’t want to encourage the irresponsible behavior and misleading information to be spread in this forum. KiaraInNYC has been doing that and been warned multiple times.</p>
<p>At most private colleges, you should be able to appeal any financial aid offer (or lack thereof). Just send a note to the financial office describing (not whining about) any circumstances that don’t appear on FAFSA or CSS.</p>
<p>ZBD, the 401k limits are a lot lower than you state, unless their income is low. The max 401k contribution last year was $17,500, plus those over 50 (not 55) can put in another $5500. However, on the FAFSA, you have to add it back in for the year it is contributed; after that it is not included.</p>
<p>So it doesn’t help someone who is going to file a 2015 FAFSA, based on 2014 income, to state moving money now. It’s good for retirement reasons, and I highly recommend doing that, but it doesn’t help on FAFSA.</p>
<p>The OP stated her parents make ~$200k per year. Let’s just assume they can rearrange 1/4 of that, and get it down to $150k. Her EFC is going to be about $60k, or $30k if two in college. That’s just not going to do much for need based financial aid. A profile school is going to be finding a lot of those moved assets anyway.</p>
<p>It’s just not a good plan to try to finance college by lowering the EFC in this situation. Merit aid, ROTC, going to a military school are all better chances at money than hoping an OOS college will come up with need based aid for a family that makes over $150,000.</p>
<p>my advice would be to try and look for the few merit/leadership based scholarships.</p>
<p>@Callmejonah That’s exactly what I did. My wife left her job on a retirement (partly for medical reasons), and I contacted the FA office of the school where my D wanted to attend. I supplied them with our new financial number for 2014 (after the FAFSA was completed). They reassessed our situation and gave my D another $4K in grant money. I don’t think any public university would even consider this. That’s where the benefit of considering a private institution.</p>
<p>The care of grandma is accounted for in the dependent allowance, as I mentioned. If she has some truly unusual documented medical expenses paid outside of any reimbursements, those medical bills can be submited to a financial aid officer and a professional judgement be requested for them to be taken into account. If she is a bonafide dependent by IRS definitons (and maybe not even that) and there are some truly necessary expenses that were paid out, it is possible that consideration will be made for that.</p>
<p>Also, it is possible to have some money shifted for FAFSA purposes so that it is not counted towards EFC, like paying down a HELOC or a mortgage since FAFSA does not include home equity as an asset. But reduction of income which is the main driver of EFC is very difficult to do without simply not taking the income. Your family makes a certain amount, a formulaic amount is expected to go towards college costs. Them’s the rules. </p>
<p>Again, the fact of the matter is that , for most colleges, lowering the EFC by a bit isn’t likely to make much difference because most schools, especially OOS publics do not guarantee to meet need. It doesn’t matter if you need $40K or $20K in many situation,particularly out of state public schools. </p>
<p>Basically, your question is how to reduce income which is an endeavor as old as taxes. What your parents have to report for taxes (and then some in some cases) go on the FAFSA. The starting point is the AGI is off of the 1040 series. So some of what they have been able to reduce in income for tax purposes is taken into account. FAFSA cross checks with the IRS tax forms you know, so it all has to be in synch.</p>
<p>College planning should start at birth. two years at a Community College & then on to a state school seem like your only feasable options</p>