<p>Today my dad filed for bankruptcy, he has been out of work now for a year and a half, my mom will be filing soon as well since she doesn't want to inherit his debt (they are split, not divorced in court yet). She is a guidance counselor and makes 70k a year.</p>
<p>I have heard several different things. But can someone with real knowlege give me an explanation? How does this work? Thanks for any help guys!</p>
<p>My dad filed for bankruptcy and I got aid because I lived with my mom. If your mom lists you as a dependent you should… I think.</p>
<p>but my mom will be filing as well in the near future</p>
<p>Oh I misread…</p>
<p>I’m not sure sorry. I think you may still get grants but I don’t know about loans. </p>
<p>$70k for a single parent? Are you a single child? I don’t know how much in aid you would get if you have a single parent making $70k.</p>
<p>All freshmen are eligible to borrow $5500 in guaranteed Stafford student loans. If a parent applies for and is turned down for a Parent PLUS loan, the student is eligible to borrow another $4000 in guaranteed Stafford student loans. Either parent can apply for the loan. Many schools will allow the parent to submit proof of bankruptcy that indicates the parent is not allowed to take on additional debt & use it as a denial of credit for the parent PLUS loan.</p>
<p>Do you live with your mother or your father? It doesn’t matter who claims you on their taxes - you need to use the parent with whom you live the most on your FAFSA. Either parent can apply for the PLUS loan, though.</p>
<p>Filing bankruptcy doesn’t help getting aid. (Why would it???)</p>
<p>All bankruptcy does is reduce debt. It doesn’t reduce your mom’s income, so why would you get more aid???</p>
<p>If you live with your mom, and she makes $70k per year, then it’s doubtful you will get much aid.</p>
<p>What school do you go to or will you be applying to?</p>
<p>A single parent earning $70k per year with one or two kids is going to have a decent EFC…probably about $14k per year.</p>
<p>It depends on the school. If the only income is your mom’s and there are no assets, the generous aid schools would give you significant aid based on the $70K income. An average state school would probably just give you loans and work study and private schools that don’t meet need are wild cards.</p>
<p>The only consideration is the possibility of your taking out additional loans as kelsmom outlined. Financial aid doesn’t look at debt so it doesn’t really consider bankruptcy. </p>
<p>Schools base financial aid on three possible forms: FAFSA considers the income and assets of the parent with whom you live most of the time. Profile will consider the income and assets of both parents. Some schools have their own forms and you can see if they ask for information from non-custodial parents.</p>
<p>thanks for the replys guys. I have kinda been freaking out about it but i just gotta roll with the punches. I do live with my mom most of the time. I also have two older brothers, one of which is still in college. Schools wise, so far i really want to look at univerity of delaware, american university, and catholic university of America, I live in mass</p>
<p>I would strongly suggest you look at schools that will either offer you great merit aid or will be affordable to you without parent loans. It doesn’t sound as if your parents will have any liquid assets left, nor will they qualify for loans. Your mom’s income is too high for you to qualify for much, if any, federal aid even with 2 kids in college…idk how MA student aid works, but that may be better. Get a financial safety on your list!</p>
<p>Gildea, </p>
<p>Regarding your school selection, have you spoken to your parents about how much $ they can contribute? </p>
<p>None of the schools you mentioned meets full need-- and it seems to me likely that colleges will expect your parents’ contribution to be higher than may be possible with bankruptcy pending. You will need to look for an inexpensive school or a school where you can get merit aid to bring down your family contribution.</p>
<p>I checked for you-- American is a PROFILE school so they will require information from both parents. Catholic and Delaware are FAFSA-only so that would be based on your mom’s info. Either way, you are unlikely to get much aid at these schools (2 privates and an out-of-state) unless you qualify for substantial merit money.</p>
<p>Anyone know of any schools in the northeast who do meet full aid? (out of mass) a list is fine im just curious to see. and no i dont think my parents will be contributing too much, my mom may be a little, but only a little</p>
<p>2collegewego</p>
<p>very interesting thanks! and im just an average student, not expecting scholarships, 3.6 gpa, 1400 SAT’s, and lots of extra cirriculars (capatin of tennis and golf), student council… etc</p>
<p>Very few schools guarantee to meet full need. They are usually top-ranked schools like ivies. However, sometimes states have generous grant programs which particularly help kids going to instate schools. But again, part of your problem is that the schools will say your parents can contribute more than they can. They meet need based on what they (the schools) say your parents should pay-- which doesn’t consider bankruptcy or debt. </p>
<p>Sometimes schools can be very generous with merit money for a kid who is high above their median.
Is your 1400 out of 1600 or out of 2400? If it’s out of 1600, you may be able to target some little-known schools and see if they will give you scholarship $. Otherwise, your best bet will likely be a local college.</p>
<p>*I do live with my mom most of the time. I also have two older brothers, one of which is still in college. Schools wise, so far i really want to look at univerity of delaware, american university, and catholic university of America, I live in mass </p>
<p>not expecting scholarships, 3.6 gpa, 1400 SAT’s,
*</p>
<p>Is that 1400 out of 1600 or 1400 out of 2400?</p>
<p>You need a different list.</p>
<p>From your info, you have a family that won’t be able to contribute much. You have a mom who won’t likely be able to afford your EFC and a dad who is unemployed.</p>
<p>If your SAT is a 1400 out of 1600, then there are schools that would give you generous merit.</p>
<p>However, if your SAT is a 1400 out of 2400, you won’t be able to afford much because schools that are generous with need won’t likely accept you.</p>
<p>How much do your parents contribute towards your sibling’s education? When will he be graduating? Where does he go to college and how does he pay for it?</p>
<p>Again, you need a more reasonable list given your circumstances.</p>
<p>Our financial situation is similar…combined income right around 70K. But, my daughter was the only one in college; one other child at home. Very little home equity. No other assets. Daughter is at state university (in New England). She received pretty good f/a including a small Pell and SEOG. She also received some state need-based grants. The rest was work-study and Federal loans. She did not do the work study as she is a full-time DI athlete and school is difficult already for her. We took a PLUS loan because of this. If she had been able to do work-study, we would only have had to come up with an additional 7K per year (was 5K with work study). So depending on your mom’s assets, etc. I think you do stand to get some $$ with a a 70K income if there aren’t really any assets.
Not sure if the SAT is out of 1600 or 2400, but if it’s out of 1600, you could look at Holy Cross. They meet 100% of need and I don’t think they do it with private loans. Could be a reach, not sure what kind of courses you took.</p>
<p>Daughter is at state university (in New England). She received pretty good f/a including a small Pell and SEOG. She also received some state need-based grants.</p>
<p>Since the OP’s mom makes $70k, this student won’t qualify for Pell or SEOG. Doubt the OP would qualify for any state grants either. </p>
<p>*im just an average student, not expecting scholarships, 3.6 gpa, 1400 SAT’s, and lots of extra cirriculars (capatin of tennis and golf), student council… etc *</p>
<p>If the SAT is out of 1600, then definitely some merit possibilities. However, if out of 2400, the merit and good FA is not likely.</p>
<p>^^Why do you say that? Our income was just shy of 70K (69-something) and my daughter did get 600 Pell and 1250 SEOG (just looked it up). And he has a sibling in school. My daughter did not.</p>
<p>The fact that your parents decline to confront their financial obligations (that they VOLUNTARILY) took on will not be factored into your aid situation, unfortunately for the American taxpayer and for all the parents who bothered to manage their money well enough to afford to subsidize your education. Too bad, so sad. Cry me a river, build a bridge, and get over it – you’re an adult now, and you can’t keep whining and blaming your problems on other people.</p>
<p>From the Minnesota Office of Higher Education:</p>
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<p>Bedouin…I believe the purpose of this forum is for people to help, not harass, others. Really, a post like that is uncalled for.</p>