<p>I, as a parent in my mid forties, am considering going to school at the same time my two daughters are going (freshman and junior this coming year) and I have a few FA & FAFSA questions about this;</p>
<p>1) When filling out FAFSA forms, does my income still count as Parent Income/Assets, or is it then counted as Student Assets/Income if I too am a student?</p>
<p>2) Would the resulting EFC be split 3 ways instead of 2 ways if it were just the two kids in school?</p>
<p>3) Is there a certain number of credits that need to be done at one time to 'count' for FA? Meaning would I have to be 'full time' and what is the number of credits that determines that? </p>
<p>4) What other tips or advice would any of you have for a 'returning student' as far as FA, Loans, or even course load and how much to bite off at once?</p>
On your kids FAFSA they would report your income/assets as parent income/assets. On your own FAFSA you would report your (and your spouse’s) income/assets as student income/assets (because on your FAFSA you are the student).</p>
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No and yes. A parent can not be included on a student’s FAFSA as one in college. So your kids can only report 2 in college and their EFCs would be split 2 ways (except for any part generated by each child’s own income/assets). But you can report your kids as being in college on your FAFSA so you own EFC would be 1/3 of what the calculated EFC would be.</p>
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FA is based on a school’s COA. If you are less than full time the COA is reduced accordingly. For a lot of aid you must be at least half time to qualify. Full time is often 12 credit hours a semester (but may vary by school). If you are eligible for the Pell grant (currently an EFC of around 5270 and you can’t already have a bachelors degree) the Pell eligibility is reduced if you are less than full time. Stafford loans require at least half time enrollment.</p>
<p>4) What other tips or advice would any of you have for a ‘returning student’ as far as FA, Loans, or even course load and how much to bite off at once?</p>
<p>I may be fairly new to posting on these boards, but I’ve been lurking for a 1 1/2 years now. I can offer some help with this question as I just went back to school myself as a parent of a Stony Brook student. (I attend Stony Brook now as well.) I took two classes for a total of 6 credits. Going to classes was no big deal. The homework however was a totally different story. I easily spent 6-10 hours a week on homework and/or studying. (I did pull two “A’s” for the semester though.)
So basically if you are working full time my answer is only take two classes. </p>
<p>As far as FA aid and loans go, just take what you absolutely need.</p>