<p>Just finished daughter's FAFSA. Proud of that! Then I saw the EFC of $46,900 per year and just busted out laughing.</p>
<p>Oh boy. Thanks for listening.</p>
<p>WOW!! Even mine did not say that. Mine was shockingly lower than I had expected. Yes, this whole process just wants to make you cry. I just want to say: kids, save your money and go to community college then transfer on. It seems to me the only way to save some big bucks. Also, if you end up at a state school it isn't a bad thing. The NY state schools get bashed around here a lot but they are good and affordable. If I can't figure out how to pay without going into severe debt then my kid will end up in one as well and will not suffer one bit. Public schools are all we have known.</p>
<p>I'm praying for an admission to the five-year master's program at SUNY Plattsburgh.</p>
<p>I don't even dare do it. We aren't extravagent and we spend just about every penny we earn every year except for what goes directly into retirement accounts. However I inherited some money last year which will probably all disappear into college tuition payments.</p>
<p>Y'all may not be aware of the true origin of the acronym EFC. Some believe it is "Estimated Family Contribution". Nope. It stands for Every F-'in Cent. ;)</p>
<p>I think my family is seriously considering not even bothering with it.</p>
<p>Good one Curm!
I didn't find the form too onerous, I guess because I had done the Profile first. I know we won't get any help there either, but at least they factor in things like the other kids' tuition. Bottom line is we're paying. She does have an acceptance to SUNY Oneonta and a nice scholarship to Rider, so we do have options and for that I am grateful.</p>
<p>I just read an article about the FAFSA by Jean Chatsky. She says "this is not the time to boast about your fat retirement account or fancy new house--- in fact, legally, both of these assets can and should be left off the form." </p>
<p>I haven't done the renewal yet, but what do you all think of this advice?</p>
<p>I think the CSS is much harder on the parents than the FAFSA and then the college takes all it can.</p>
<p>
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I think the CSS is much harder on the parents than the FAFSA and then the college takes all it can
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</p>
<p>Then again, from my POV, with no house and no retirement account (and nearing retirement age), the Profile seems like a much fairer way to estimate the family's contribution.</p>
<p>maybe it's not "fair" if you are well off and hiding your money...having had very low EFC up to a max of about 16k (pre-consideration of medical bills) I can tell you the Profile always comes out lower at my end of income range. They look at medical bills, for one thing. FAFSA looks at income, people supported by that income, and undergrads in college that year.
If you have 500k in equity, a vacation home or whatever, I guess the Profile takes that into account.
if you have a ton of equity, retirement accounts and a big bank account, we have the exact same income but zero in the other areas how can you feel ok wanting the same Financial aid package?</p>
<p>"If you have 500k in equity, a vacation home or whatever, I guess the Profile takes that into account.
if you have a ton of equity, retirement accounts and a big bank account, we have the exact same income but zero in the other areas how can you feel ok wanting the same Financial aid package?"</p>
<p>We have a large income by the national norm because we live in NYC, but it's made up of three jobs (hubby has 2) and a lot of overtime. The Profile took into account several special circumstances for us this year: my MIL's medical bills for her terminal illness this year (she was destitute and homeless so it fell to us) and the fact that my husband (NYC garbageman) got a very large "retroactive" payment this year from a new contract that was several years late. We won't, of course, see that money again and I don't think the FAFSA is totally fair in not leaving a place for explanations of those things. We also have some serious medical expenses for ourselves this year. I guess my point is that the FAFSA sees everything that's yellow and walks funny as a duck and sometimes it's a chubby guy in a raincoat.</p>
<p>zoosermom, We have live in the same area that you do, and I sympathize. I cannot understand why the cost of living in different areas of the country do not get factored in, but currently it does not seem to matter. I would think about sending the financial aid offices a letter of explanation concerning a one time payment, and medical bills. I don't know if they will take it into consideration (you could even call the financial aid offices and inquire). I doubt that inlaw bills would count, b/c that is a "choice" (gifting money to relatives is a family decision, but not a must do), but you never know it just might be taken into consideration. I was just thinking, I doubt it would count, b/c what would stop someone from writing a check to grandma, and having her return the $ to you in cash? There would be someone that would definitely try it, if it would be taken into consideration.</p>
<p>I understand the area, I'm only 12 miles out NYC and have a DD in school there, and even had the literally same issue come up with my son. My husband - union carpenter - had his union disolve the pension plan and it rolled over about 80k to another plan. Not understanding the issue we opened a plan rather than put it into another new union. This meant that the 80k was suddenly income even though we never HAD the money. The individual school had to be notified and an appeal with paperwork sent out asap. My only issue with this is that at some schools the appeals are done after everyone else. So even if the child can qualify for more money it may be handed out by the time the appeal is processed.
No matter what amount comes up on FAFSA or Profile, the individual college can process an appeal and give you more money. The FAFSA can't be designed to verify the info needed - medical payments, the one time payment etc.
One important thing I found out was that often aid is sort of set in stone as far as going down. Our income has dropped 40,000 in the 3.5 years my daughter has been in school, and medical bills just about doubled last year. Mostly they "offered" sallie mae loans for her on top of all the other loans. They do give her a great amount of money - very generous - but changes in grant amounts were not major. Make sure whatever schools you are looking at understand the issues.</p>
<p>Northstarmom, I agree with you completely about COL being considered. Most people in other parts of the country don't pay federal, state AND local income taxes, along with high property taxes. But, again, I'm grateful for what we do have.</p>
<p>"I was just thinking, I doubt it would count, b/c what would stop someone from writing a check to grandma, and having her return the $ to you in cash? "
Well in our particular situation, the bills we paid were for her chemotherapy (documentable, of course) and she died, so she can't give us anything back! I do see your point about it being voluntary, but I couldn't have turned my back on her at that point. She was an Italian immigrant with a fourth grade education and no income or money other than her late husband's social security, so we did what we had to do, but it sucked our savings dry and my reason for reporting it on the Profile so that it wouldn't look like we were wild spenders because we had so little savings (also no large retirement accounts or large amounts of equity, although hubby as a city worker has a sweet deal for retirement, but we are forced to live here, so . . .) We also have medical bills for my situation and my DH had some surgery this year. We don't expect (hopefully) to have such bills next year. We are grateful and overjoyed to pay for our daughter's college, but it's not always true that high income = rich.</p>
<p>"It stands for Every F-'in Cent"</p>
<p>That made me laugh.</p>
<p>I submitted mine today. Zoosermom, our family of 4 is living off of a combined income that is only slightly higher than your EFC! </p>
<p>Anyhoo, I was slightly worried because the last time I did the FAFSA (for myself, when I was starting back at school), I was at a job where I made $15,000 more per year than I do now. This time, the EFC seemed a lot more manageable. Still a lot of money, but not impossible, as I feared it might be.</p>
<p>Y'all are early birds, doing your forms now. I can't bear the thought of doing them, then revising them, so I am waiting eagerly for those W-2's, and plan to have a GREAT time doing my taxes, the FAFSA AND the Profile over the February 10th weekend, in order to meet the February 15th deadlines of my DS's schools. Wheeha! Won't that be fun. I can't wait. :eek:</p>
<p>Zoosermom, and others who have special financial circumstances that are not reflected on the FAFSA: the FAFSA is NOT the last word. If you are applying to FAFSA-only colleges, contact each school and explain the special circumstances (i.e., unreimbursed medical expenses, high caregiving costs, etc.) NOW. Ask them if there are additional college-specific forms you need to fill out, and when they want to see documentation of your special circumstances. (Some want to know upfront, some wait until FA awards have been made and then consider special circumstances). Each college can - and will - use what is called "professional judgement" to adjust your award to reflect your special circumstances, regardless of what the FAFSA shows. Even Profile schools will consider special circumstances. But you have to be pro-active, and you must show documentation.</p>
<p>I hope the CC owners will not object if I post a link to an article that covers this topic - hopefully it will alert some members to possible ways to get a better FA package if they truly have special circumstances not reflected by FAFSA:
<a href="http://collegehunt.blogspot.com/2006/11/want-more-financial-aid-show-special.html%5B/url%5D">http://collegehunt.blogspot.com/2006/11/want-more-financial-aid-show-special.html</a></p>
<p>I thought the worst part was doing all the visits, research and the kid getting the apps out in time. Frankly, filing out these forms is very frustrating to many like myself, who are not internet savvy or have very little understanding of finances. </p>
<p>I get really nervous about sending such delicate information about finances over the internet.</p>
<p>Carolyn, that was all new to me, so I think you for taking the time to post it.</p>