<p>I've been looking at the FAFSA form and I notice it's quite long. i dont want to tackle this thing unless there's actually a chance I might get something. Do you think i'd have a chance considering the income level</p>
<p>it is worth doing if you think that you may need/want government student loan, which has better rates and term than private student loan. Also, at some schools I think that if you do not apply for financial aid for freshman year, you can’t apply in subsequent years? So for instance, if your family situation changed, you’d be shut out.</p>
<p>We did the FAFSA with our D, it’s not that bad. </p>
<p>I’m not sure how much if any aid you’d get, depends on lots of things like family size, how many kids in college at once, if you have lots of savings or no savings, and the cost of the schools you are applying to.</p>
<p>I wasn’t clear–I meant if you want the gov’t loan, only way to get is by doing FAFSA. Everyone, regardless of income, can get the student loan if they do the FAFSA.</p>
<p>The FAFSA form? Or the CSS PROFILE? The FAFSA for 2012-13 admissions won’t be available until January 1.</p>
<p>i dont want to tackle this thing unless there’s actually a chance I might get something.</p>
<p>That’s understandable, but unless you don’t want a loan and your family will pay full freight, what are your other options besides getting merit scholarships? </p>
<p>That said, if you have a family size of 4 and only one student will be in college, then your EFC could be around $30k if your family doesn’t have much in assets and earns over $120k. this is just a rough estimate.</p>
<p>Where are you applying?</p>
<p>Once your parents have everything together (basically, tax forms and current values for assets) filing FAFSA online is a pretty painless process. I find it much simpler than filing taxes and there is now an option to import your income info from the IRS’ database…of course that means they have to actually have filed first. The online version uses skip logic so you won’t be asked a lot of extra questions that don’t pertain to you. Once you answer the basic family info, you’ll only need your income/asset info and your parents.</p>
<p>Agree with sk8rmom, the FAFSA is pretty easy and quick once you have the taxes done. Most of the info comes off the tax forms or had to be gathered to prepare the tax forms. I do the taxes and immediately do the FAFSA so everything is fresh in my mind.</p>
<p>paperplane: it is worth doing if you think that you may need/want government student loan, which has better rates and term than private student loan.</p>
<p>Credit-worthy parents should easily be able to secure loans with better rates than the unsubsidized government loans. Those are not attractive rates.</p>
<p>But at $120k income, you still have possibilities for actual FA (non-loan), depending on the school and other family circumstances. So fill it out - just not for the reasons given by paperplane, unless credit is poor.</p>
<p>I’m going to UMiami. It’s about 120K+.
And even more complicating is that I dont live in the US but my guardian over there pays taxes on my name. But technically, I guess I’m still eligible.</p>
<p>???</p>
<p>Your guardian? If you have a legal guardian, then you’re considered independent.</p>
<p>
I love when we get bits of info parceled out over a number of days. </p>
<p>OP, are you a US citizen? If not you would not fill out FAFSA. Your guardian would not be paying taxes on your name. If anything they get a tax benefit as your guardian. Can you clarify your situation? Where do you live if your guardian is in the US?</p>
<p>Interested MisterK, I’ve heard that private student loan rates are pretty high? Maybe the folks I’ve heard that from don’t have good credit ratings? Or maybe some can do home equity instead, but that doesn’t work if you are underwater like many are.</p>
<p>We, thankfully, haven’t so far needed to explore. But the plan for us is if need be, our student will take the loans b/c we do not want to take on debt. (we don’t want our student too, either, if she can avoid) but we want to retire someday and have another child whose education we will be financing–so I still feel it’s an option that’s nice to have in your back pocket, just in case.</p>
<p>*Quote:
even more complicating is that I dont live in the US but my guardian over there pays taxes on my name</p>
<p>===============
I love when we get bits of [IMPORTANT] info parceled out over a number of days.
*</p>
<p>Exactly…that’s why parents have to ask extra questions…kids often leave out the most important stuff in their posts!!! </p>
<p>Anyway…if you are no longer in your parents’ custody and are a ward of another person (legally), you are independent for FA purposes. Colleges don’t expect guardians to pay for college costs.</p>
<p>It doesn’t matter if your guardian declares you as a dependent on his/her taxes. I don’t know what you mean by saying your guardian “pays taxes” for you. Did you inherit some money and your guardian files your taxes for you? If so, that doesn’t matter. However, if you have assets of your own, that will affect your EFC.</p>
<p>What is your situation? </p>
<p>And, are you a US citizen? </p>
<p>Do you normally live in the US, but going to school abroad???</p>
<p>What if you have lower income (say 60K) but higher assets (400K funds, not including retirement or house). Any chance for aid?</p>
<p>*What if you have lower income (say 60K) but higher assets (400K funds, not including retirement or house). Any chance for aid? *</p>
<p>You probably should start your own thread. That said, your EFC and family contribution will still be substantial. If you’re trying to avoid spending your savings, then that won’t likely happen without large merit. You’d be expected to pay around $25k-35k per year…depending on family size, your age, and other details. CSS schools may also look at other assets such as home equity, etc. </p>
<p>So, for a school that meets need, you’d get some grant money, but also likely some loan and work-study as well. At schools that put loans in FA packages, your child won’t be able to take out a student loan to help reduce your EFC.</p>
<p>BTW…I know that you’re looking at GT…an OOS public. Unless your child snags big merit from them, you’re going to be full pay there. How did you like the visit to GT?</p>
<p>Guardian stays in TX. I’m in a country in North Africa. I dont want to say exactly :). And, yes I’m an American citizen</p>
<p>And erin’s dad, yes that’s what I meant. He gets a tax benefit. When I was born in the US, my forms, etc were written with my “guardian” as my father. I guess so he could take advantage of some tax stuff or whatever. My real parents are alive and well btw.</p>
<p>And more complicating again is the fact that that 120K, is my parents income. I dont know what my “guardian’s” income is. But he has a pretty big house btw:). He has one kid in college atm on a partial scholarship.</p>
<p>Sorry for replying so late. I go to school in a different time zone and computers arent allowed in school.</p>
<p>*My real parents are alive and well btw.</p>
<p>And more complicating again is the fact that that 120K, is my parents income.*</p>
<p>Is your guardian your “legal guardian”? Do you live with your parents now? Who has the legal rights to make decisions on your behalf? Your parents? your guardian? </p>
<p>Who is planning on paying for your college costs? Your parents? Your guardian??</p>
<p>*When I was born in the US, my forms, etc were written with my “guardian” as my father. *</p>
<p>??? this is odd. Is he named as your father on your birth certificate?</p>
<p>I’m living with my parents.
Parents have the legal rights to make decisions on my behalf
If i just go ahead without filling out the FAFSA form, my dad will pay in full</p>
<p>just asked my mom, my parents are my parents on my birth certificate
i guess it’s just his tax forms.</p>
<p>And also another question- if you get money from fafsa(or whatever), can you decide that you only want to take the grants, or you only want to take the loans. Or do you have to accept or reject whatever package you’re given</p>
<p>You can take any combination of the items offered. You don’t even have to take the full amount of the loan if you want. At my D’s school, all she does is go into the school’s website. They have a list of the loan and grant amounts and she basically enters the amount of each award that she wants (for example, if she received a $5500 Stafford loan but she only wants $2000 from that, she just types in “2000” in the box next to it). The system might be a little different at different schools but the same rules apply.</p>