<p>Yeah, Cangel, I hear you. I was not happy about the situation either. I had fought tooth and nail against filling out the forms for niece and nephew due to their legal situation and won. My first son got a merit award that did not require the forms, and I was just thinking that I was home free when the letter arrived from my daughter's first choice school about 3 years ago. And now I have heard from two of my second son's choices that the FAFSA is needed on file in order to be eligible for some programs that he might want. So here it goes. We are the fortunate ones, however, as we are not waiting, gnashing our teeth on what the colleges end up giving our kids, at least in this area.</p>
<p>I think PLUS loans require you to have a FAFSA on file.</p>
<p>No, PLUS loans do not require you to have FAFSA on file. But there are some other loan programs that do that may have terms more favorable.</p>
<p>Thanks to all of you for your responses. I'd to like to summarize what I'm hearing, so please correct me if I haven't quite got something: </p>
<p>Whether or not we qualify for fin. aid, if we want merit aid, or loans at a lower rate, it is better to send in FAFSA to the college.
Just filing FAFSA is not enough, the college needs to get it. </p>
<p>My next question: What about CSS Profile ? How important is that - most schools asking for Profile also ask for FAFSA. If a school asks for CSS Profile for Fin. aid, and also FAFSA, should one submit Profile as well, for the same reasons as the FAFSA? Are there the same disadvantages with not doing Profile, as there are for FAFSA?</p>
<p>If the school asks for the Profile in addition to the FAFSA you MUST do both. Also, some schools have their own finaid forms in addition to the FAFSA and Profile. When you fill out the FAFSA online, you indicate which colleges you want it sent to...that is how you "file" it. The same is true for the Profile except there is a fee per school to do it.</p>
<p>While the FAFSA ususally drives federal aid, the CSS is used in determining institutional aid (grants/scholarships perhaps merit money). In addition the CSS profile gives a more indepth picture of yor financial situation. Schools with hefty endowments may even lower your FAFSA EFC dependent upon how your money is being spent.</p>
<p>Never knock your self out of the box, because you never know</p>
<p>None of son's merit awards required the FASFA. Interviewer gave my husband the impression it was better for son not to ask for financial aid/fill out FASFA because we would not be eligible for financial aid. Son was still considered for Merit aid. I think you must fill out FASFA if you want any loan-other than personal loans. Might have to reconsider this yr because son thinks he wants workstudy--will have to ck w/school to see if he would be eligible. From one phone call I had the feeling that workstudy would be available if no one else w/financial aid wanted the job. Was told the community loves to hire their students and son could find a job in community or college food service.</p>
<p>Hello,Lamom. How is Lason? Good to hear from you again!</p>
<p>Jamimom, can you speak to other kinds of loans [for parents] that have better terms than PLUS loans? Who? Interest rates? Repayment terms? Etc. </p>
<p>I really feel that Financial Aid is the biggest hole in my "game" and this may become useful this year.</p>
<p>I was referring to the FFELP that is available to Connecticut residents and kids who are going to college in Connecticut. The terms of the loan are quite generous and can be taken out by a student if cosigned by a credit worthy adult. The interest rate is fixed unlike PLUS and is currently at about 4%. Don't think there is a fee. Can start repayment after college rather than immediately. </p>
<p>Took a carload of kids to Trinity this weekend while S auditioned at Harrt and got the earful on that one. Then headed on to Vassar with them. Picked up that morsel and researched it. Financial Aid has been an issue right now for me as I am working with a private school to provide financial aid info for those kids eligible. Worked like a fiend only to find that about 5 families are interested. Trying to sell some other families into coming to some info sessions because of the other benefits such as internships, job opportunities, loans that can come up if you file FAFSA. But with the 5 families, finding that researching each college that the kid likes for the aid available and doing an analysis can make this take up a heck of a lot of time. And 3 families have home businesses which complicates the FAFSA and Profile considerably. </p>
<p>I would google Massachusetts student loans and see if the state sponsors loans for students who are attending school there and if those rates and terms are more favorable than those you get with PLUS.</p>
<p>From what I've seen I don't think we would get the federal student loans - Perkins, etc. Perhaps the unsubsidized stafford student loan, though I'm not sure. Even if my son can get this loan, I hear it is for a very small amount - definitely not close to what is needed for the big ticket schools. So we will be looking at loans if he gets into one of those colleges. What other loans are possible - which the student will have to repay, and what loans can parents take out? </p>
<p>Is the interest on loans that parents take, deductible for tax purposes? Is there a limit on the parent income for taking the deduction if any?</p>
<p>Taken from the MEFA website re the question of tax deductibility of interest on educational loans:</p>
<p>"The maximum deductible amount for interest on qualified education loans is $2,500 per year. Pursuant to the Internal Revenue Code, the deduction begins to be reduced if your adjusted gross income exceeds $50,000 (for a single filer) and $100,000 (for joint filers) with no deduction allowed if your income exceeds $65,000 (for a single filer) and $130,000 (for a joint filer)*</p>
<p>However, by securing your education loan with MEFA's Home Equity Option, the interest may be treated as interest paid on home equity indebtedness and may be fully deductible without regard to the income limitations noted above for the deduction of student loan interest. *"</p>
<p>TheDad, see the MEFA website (Mass Education Financing Authority, or whatever). Because D is going to college in MA, we should be eligible to apply.</p>
<p><a href="http://www.mefa.org/loans/ugrad_mefa.php%5B/url%5D">http://www.mefa.org/loans/ugrad_mefa.php</a></p>
<p>Jamimom, Good luck to your Hartt School "auditionee". DS did that early audition date two years ago. Did your son also do his application by Oct 1 (so he will get all of his information before Dec. break)? DS did and it was very nice to have both an acceptance AND merit aid in hand before the holidays. Also, just curious...how was the audition day organized, in your opinion? We know a lot of staff at that school, and after DS's audition date, I politely suggested that they needed to find a place for the parents to wait (with the refreshments in THAT place) and perhaps some info sessions that might interest prospective student parents. The head of the music ed division told me last week that they had implemented some changes for this year...but since <em>I</em> wasn't going to be there he might not get feedback on how the families felt. Any info you'd like to share? And lastly...(brain fade, I'm sure you've said this more than once) what instrument?? I think you can email me from here if you would prefer.</p>
<p>Well, Thumper, I guess the MT parents have you to thank for the lovely reception and waiting area they set up for us this weekend. The auditions were held at the College for women, Butter....something Hall which is really a large mansion, I believe. The parents were left in a very nice drawing room that I would love to have in my house, complete with oriental rugs, curtains, grand piano, old distinguished looking furniture, room complete with moldings, you get the picture. Coffee, tea, bagels, pastries were provided along with a workstudy student to answer any questions casually after a few presentations. Very nice. So your message got through loud and clear to them.</p>
<p>I did not stay that long as I had not toured that campus before, and I'd brought a couple of kids looking at Trinity along for the trip--dropped them off at that gorgeous campus. I spent some time with an old friend whose son was last at the morning auditions and was heading off to Boston for Emerson auditions. The only issue I heard was that the auditioners took way too much time with the first kids auditioning (it was the first day of auditions) and ran late and rushed the later group along to a point where my friends son felt that he and the last 3 kids got the bum's rush out. The afternoon seemed to move briskly, and my Son did not have any complaints. I liked the school and the program and it will definitely be heavily considered. </p>
<p>Don't have my file handy, so am not absolutely sure about the 10/1 app deadline though S got nearly all of his apps in by that date. Harrt was an add on because so many kids from his school consider it that he got interested. He did do that app himself on line. We really liked West Hartford, found a nice little eatery and mall nearby where we ate before heading on to Poughkepsie. </p>
<p>Son auditioned for musical theatre.</p>
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<blockquote> <p>Son auditioned for musical theatre.>></p> </blockquote>
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<p>Good luck to him!! I hope the folks auditioning on the U of Hartford campus got a good reception as well. I know one student who is a grad of the music theater program and one who is there now. They both loved it.</p>
<p>Ellemenope, what is MEFA ? is it Massachusetts...... and if so are only Mass residents eligible? We are not, so this may not apply to us.</p>
<p>Jamimom & Ellemenope, thanks. We have a MEFA...was wondering if something even better was out there. We're doing fixed rate because I'm sure the variable is going to rise but it's taking some discipline not to waver.</p>
<p>The self-employed really get screwed on paperwork, much of which doesn't apply if you have no employees, trade stock, or anything else...but you have to fill it all out anyway. I have not one but two self-employed businesses, though the one is very small...but it still requires the same !@#$%^&*! paperwork.</p>
<p>Jamimom, thanks for asking. Lason has told us that he "can't imagine being any place else". He is working very hard, practicing hours upon hours but is deliriously happy. He fits in very well with the other music students and has also made tons of friends in the freshman dorm. He is one of those never writes, never calls, has to be kicked out of the dorm before he comes to parent's home(his home is now Redlands). We are maybe an hour away and have been able to attend all his performances-so we still know what he looks like. Hubby works down the block and has saved the day a few times. Exchanged trumpets when he used it so much it got a hole. Yesterday husband connected son to the rest of the world--I had another phone crisis (my phones like to jump into toilets or ask to be stolen) cheapest way was to renew plans and get new phones. Poor boy was without a cell for the weekend. We are very happy with son's education.</p>
<p>Rocketman, MEFA is also available to out of state residents who are sending a child to college in MA.</p>