@UpNorth2019, exactly what you said … some schools will give merit to fill classes, while others will cut back. There is really no way to know which will do what. This is a year to cast a wide net in search of merit. Applying to several schools where merit is possible, along with a school or two with automatic merit and/or that is affordable without merit, is wise.
@austinmshauri, maybe students should push back. If work can be done remotely, and it’s still work for the school, maybe they can get the school’s rule changed.
I own a very small, one person business. I keep reading how the net price calculators are inaccurate. What, if any, deductions do FAFSA and CSS allow?
FAFSA does not ask for any of that information, and Pell grants are based on FAFSA information. Profile schools are the ones that may add back your business deductions (for institutional aid purposes). Some schools will collect additional information on their own forms, and these schools may also add back business deductions. They will request your tax returns, and they’ll add back the deductions they want to add back … this can vary by school. You can request that Profile schools discuss your individual situation with you.
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My husband and I each are sole proprietors in different “businesses.” I used quotes because our professions are commonly single-person endeavors. The NPCs were correct for us because business deductions just include things like office rent and supplies. There’s no complicated stuff like depreciation or lost inventory, and there’s no sale value to our “businesses.”. So based on my experience, I’d say NPCs are accurate for simple businesses. Examples: sole speech pathologist in private practice, freelance editor working from home, massage therapist, sole-practice lawyer, etc.
Is there a difference in financial aid offers from “meet full need” schools when applying ED vs RD?
Profile asks for primary home equity.
@Meddy, theoretically there is no difference in financial aid offers from these schools. I don’t know if people have experienced differences.
No hypothetical questions (especially about ways to try and skirt the rules) please. Posts deleted.
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If people are interested in finding ways to ethically position assets for financial aid purposes, check out How to Pay for College Without Going Broke.
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My guidance counselor (public school) is encouraging everyone to apply for financial aid.
My parents are middle-class (~300,000 income i think, probably wouldn’t qualify for FAFSA based on assets but I honestly have no clue), but some of my extended family is wealthier and has offered to pay (I think… although my parents won’t talk to me about the finances).
Is it worth trying to fill out the FAFSA anyways?
I encourage everyone to file the FAFSA, at least for freshman year. Sometimes, the FAFSA is required for consideration for merit - you could end up getting the scholarship even without financial need, but you wouldn’t have been considered at all without the FAFSA. It’s not difficult to complete, it’s free, and you just never know … it might be a necessary thing to do to be considered for scholarships.
@jw31415 , I encourage you to talk to your parents to find out how much assistance you can expect for college. It’s important to know as you plan your college applications.
Thanks for responding. I’ve tried to talk to my parents about it, but they really don’t like talking about money in front of me. Do you have any recommendations for approaching parents in a situation like this?
@jw31415 I would urge you to start a thread in the financial aid forum about your specific situation.
There might be some merit scholarships that are contingent on FAFSA filing. Also, if you want to use federal direct loans, you need to file FAFSA.
Also, you may want to be aware that $300,000 annual income is in the top 4% of households in the US, and far above the median (middle) household income in the US, before describing that as “middle” class.
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Question: How does financial aid typically change when a sibling starts college? I’ve heard that the EFC would be approximately the same, but I hate to admit it, I still don’t quite understand.
When we filed FAFSA for D20 last fall, most schools gave our EFC as about $30K. She chose a school with a CoA lower than that. We will file again this fall for both her and her sister, D21.
Would D20’s tuition scholarship have an effect on FA?
Thanks –
EFC and the amount of aid awarded are two separate things. With two in college, the FAFSA EFC will be roughly split in half (assuming income & assets are equal for both children); I think for Profile, the EFC is reduced around 40%. But a lower EFC doesn’t necessarily mean you’ll get more aid. At a school that promises to meet need, the aid of the first child should increase. At a school that doesn’t promise to meet need, it depends on whether the new EFC is low enough to kick up the aid at that particular school. At a state school, a new EFC of $15,000 most likely won’t result in increased aid, but it could result in subsidized loan eligibility.
One child’s scholarship won’t have an effect on the other child’s aid. I suppose if they both attend the same school, there is a chance it might make a difference, but I have not heard of any such instances.
For any college, you can run its net price calculator with just the one student in college, and then again with a sibling in college as well.
Remember that there can also be a change after one student graduates while the other is still in college.
COVID is affecting duration of doctoral funding. I am assuming it is affecting aid at all levels. So many colleges are struggling. Have there been any articles on this?