<p>My parents are divorced. I live with my father who makes <25,000 per year (before taxes I believe). My mother contributes nothing, not even child support most of the time.</p>
<p>Am I qualified to get massive aid? Do they factor in the point that I have been working 2 jobs >25 hours per week for the past years and I have accumulated over 10,000 dollars?</p>
<p>Put your assets in your dad's name. They consider parents and students assets differently. better not to have them in your name.</p>
<p>You will get maximum federal aid</p>
<p>~4000 pell grant (doesn't need to get paid back)
3500 stafford loan
and up to 4000 perkins loan(not all schools give that much to every student).</p>
<p>If you go to a state school, this will cover alot (if not all) cost.</p>
<p>It's lying and cheating to do what the above poster suggests. If the school you apply to is FAFSA only, you should get good aid if the school is a school that meets full need. If it is a school that requires profile, they will look at your mother's income and assets too.</p>
<p>With that income, you should also get state grants if your state has them. NJ has TAG grants, for instance, which get up to around 6000 dollars.</p>
<p>YOu can't put your income in someone else's name. Even if you did, any verification of your tax records would show you earned it. It might affect your aid the first year, but if you spend it down, then you will likely get higher aid afterwards.</p>
<p>Yes they do take into account the fact that you have been working. For students there is an income protection allowance of @ $3200 and anything over that in the base year (2007 tax year if you are doing FAFSA for the 2008/2009 school year) 50% goes toward the student portion of the EFC.</p>
<p>If your custodial parents income is @ $25,000 you will not qualify for an automatic zero EFC so you will not get the maximum pell grants. However if he files a 1040a or 1040ez tax form you will qualify for the simplified needs test which means assets (including your savings) will not be taken into account for the EFC calculation but your income for the year will be used - as I said above-<br>
50% of anything above @ $3200. If his income is below $20,000 and he can file a 1040a or 1040ez you should qualify for an automatic zero EFC. </p>
<p>Run your figures through an EFC calculator to give you an idea of what your EFC might be. Finaid has an excellent and very accurate one at <a href="http://www.finaid.org/calculators/finaidestimate.phtml%5B/url%5D">http://www.finaid.org/calculators/finaidestimate.phtml</a></p>
<p>To qualify for the simplified needs or automatic zero EFC it is essential to meet all the criteria including the type of tax return your dad files. Even if the income stays the same you do not qualify if for some reason you file a regular 1040. Here is a link to the formula rules for the EFC calculation which gives the exact criteria for qualifying in 2007/2008 (they may or may not change next year) on pages 4 and 5: <a href="http://studentaid.ed.gov/students/attachments/siteresources/0708EFCFormulaGuide.pdf%5B/url%5D">http://studentaid.ed.gov/students/attachments/siteresources/0708EFCFormulaGuide.pdf</a></p>
<p>and here is a link to the pell grant disbursement chart that will tell you how much Pell grant you are eligible for based on your EFC. <a href="http://ifap.ed.gov/dpcletters/attachments/2007paysch.pdf%5B/url%5D">http://ifap.ed.gov/dpcletters/attachments/2007paysch.pdf</a></p>
<p>This is the chart for 2007/2008 when the maximum pell is $4310. It is isupposed to increase for 2008/2009 to, I believe, $4,600.</p>
<p>OMG, I am so confused...can someone PM me and walk me through everything very slowly???</p>
<p>I don't have the PM thing. First go to the finaid calculator @ <a href="http://www.finaid.org/calculators/finaidestimate.phtml%5B/url%5D">http://www.finaid.org/calculators/finaidestimate.phtml</a> </p>
<p>and enter your numbers - Dads income, assets, your income and assets, all the information it asks for. Ask your Dad what type of tax return he does and make sure you answer all the questions accurately. As long as you enter accurate figures this calculator gives you a pretty accurate forecast of what your EFC (expected family contribution) should be. The EFC is what financial aid is based on. Then come back and ask more questions.</p>
<p>Tell us what you're confused about, specific questions. It would help yo know where you want to apply. Aso, does either parent own a home or property, stocks or other investments?</p>
<p>Review these articles and then post questions</p>
<p>1) <a href="http://www.finaid.org/fafsa/%5B/url%5D">http://www.finaid.org/fafsa/</a></p>
<p>2) <a href="http://www.finaid.org/fafsa/maximize.phtml%5B/url%5D">http://www.finaid.org/fafsa/maximize.phtml</a></p>
<p>Just some very basic information to get you started. Three terms that are important to know and understand are FAFSA, EFC and COA. </p>
<p>FAFSA - Free Application for Federal Student Aid. This is a form you fill out (on the internet) with all your income and asset information. Please note the first word is FREE - the web site is <a href="http://www.fafsa.ed.gov/%5B/url%5D">http://www.fafsa.ed.gov/</a> - if you find yourself at a web site that asks you to pay to submit FAFSA you are at the wrong site. It is very important to be honest with the information you enter into FAFSA. Once you submit FAFSA (as early as possible with the earliest date being January 1st) your submitted numbers are run through a formula which produces the:</p>
<p>EFC = Estimated Family Contribution. The EFC is the cost that the FAFSA formula considers your family should be able to pay toward your annual costs.</p>
<p>COA = Cost Of Attendance. Each school produces an estimated Cost of Attendance which is made up of the average annual cost of tuition, fees, books, room and board, miscellaneous expenses, and travel. </p>
<p>The COA less the EFC is your 'need' and is what your financial aid package is based on. This need may be met with (depending on your EFC):Grants, Loans, Work Study. You may also be 'gapped' which means that not all schools will meet your full 'need'</p>
<p>Come back with questions - there are many people on this board who are happy to help.</p>
<p>OOOh, putting some of the kids money in dad's account is cheating. why let the government double dip. They will take a percentage of his earnings (that he can't lie about) AND they will take a percentage of his assets. For someone living bare bones, I hardly say they were pulling the rug out from the govt if they put a few thousand dollars in their dad's name.</p>
<p>The government penalizes students that make and save alot in their own name.</p>
<p>^^I wouldn't consider it cheating either. It's called college financial planning. There are people that show up at my D high school who claim they can help parents plan for financial aid. It's like tax planning, it's not cheating.</p>