<p>So here's my situation: I'm 26, still an undergrad (late bloomer I guess), and I go to a college that uses CSS/ Profile and FAFSA. I've been off for a year working and was able to save up a little bit, but the problem is that I fear that my school will eat it up when I return... my school is mega-expensive. The money that I've saved is all I have; I don't have assets such as a home, etc., and no family to help me out. The amount is large but not insanely large, and if it were my parent that had this amount, the school wouldn't care, but since I'm the student (although I am classified as an independent student via federal and school guidelines), I fear that I will have worked all year to build a nest egg which will amount to nothing once I return. I thought of investing some of it into a Roth IRA, but CSS asks for that too... any advice? Should I just have an epic party and blow through it before I return to class, or be responsible and save it (i.e., let my school steal it)?</p>
<p>Have you considered going to a less expensive school? </p>
<p>Your school will tap into a portion of your assets each year. I’m not sure what the %age is for independent students, but it’s not 100%. </p>
<p>You have saved some money and that is a good thing. If you want to remain at this mega expensive school…I have to ask…why don’t you want to spend some money on attending?</p>
<p>I wouldn’t mind spending a little on attending, but the problem is that I seriously <em>do not</em> have any family, assets, etc. in case something happens aside from this, and I am ill and sometimes my illness prevents me from working, and because the school decides to destroy any ambition I have in regards to saving money, when I ultimately do get sick and have to go on leave, I have no assets (school would want them so there was never a point of saving them up). </p>
<p>It’s a really good school, so I don’t want to go to a different school… I’ve asked them how their financial aid works (i.e. their institutional methodology) and they were pretty mum on that, but I suspect it’s because the middle-aged, angry, bitter, high school graduate women they have working in the office don’t know either lol.</p>
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<p>I don’t find that amusing at all. That’s a pretty disparaging comment. We have two kids who attended three colleges. In all cases,the financial aid folks were well educated COLLEGE grads. In addition, they were extremely well versed on the financial aid policies of the federal government AND the specific schools.</p>
<p>Make an appointment to go and talk to the financial aid person at your mega expensive but better than most college. Explain your financial situation to them in person and BRING documentation of what there is. If the finances can be worked out, then you will be able to continue there. If not, they you won’t.</p>
<p>Have you been receiving need based financial aid as an independent student from this school? What was your situation a year ago? Were you working?</p>
<p>You are not the only one in this situation. It is NOT unique. You are a “nontraditional” student meaning you are not between 18-24 years of age. Many non-traditional students decide to return to college following employment. They have income from the previous year, and they also have assets in the bank on which they plan to live. This isn’t unique at all and it’s something that the colleges know about. BUT it is YOUR decision to attend an expensive college. When one of our family members did the same thing, he chose a much less expensive college option…got his degree and got a job. He also worked WHILE he was attending college (and he was married). It’s all doable but you have to make some hard choices. As wonderful as your school is (and I don’t doubt that), if you can’t pay the bills, you won’t be able to attend. THAT would be the case for ANY student enrolling at ANY college. The college bill must be paid by someone.</p>
<p>I’m sorry that you don’t find that amusing; it’s an accurate portrayal of the people there, trust me, I know… I’ve only talked to them about 540893242364919 times and have found them to be less knowledgeable than the recent college grads that work there over the summers.</p>
<p>And please calm down… for the most part I have this situation under control… I have a full need/merit scholarship (tuition+room+board) there which will probably get pwned if I have any assets (and trust me, what I have saved up isn’t anything spectacular but it’s my God because it’s all I’ve got).</p>
<p>Then switch schools to a place where the finaid folks are knowledgeable and can work with you. Clearly, this is important to you.</p>
<p>I’d be glad to calm down.</p>
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<li><p>Go in person and talk to someone in your financial aid department,.</p></li>
<li><p>ALL of your assets are not going to be taken by your school for the upcoming year. Some %age of them will be tapped in the FAFSA formula but not all. This should leave the remaining assets in your accounts for your use on your living expenses.</p></li>
<li><p>What are the provisions of renewal for your need/merit scholarship (terrific that you have this)? You may find that the amount in your bank account isn’t going to have a huge impact on your award. THAT is the question you need an answer to.</p></li>
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<p>Thumper1- I don’t think YOU have anything to calm down about! It’s the OP who should calm down and grow up! Disparaging anyone will not get you anywhere. You obviously have an attitude problem. You ask for help with sketchy details, then when you don’t like the advice, you lash out and your bad attitude gets worse!!</p>
<p>We get that you are unhappy about your financial situation. But hear this–there are lots of people out there in all kinds of financial situations who are struggling to figure out how to fund their children’s and their own education. Calm down and listen and you might learn something here.</p>
<p>Someone is having a bad morning…it doesn’t seem to be thumper though! OP, I don’t see anything unique or unusual about your situation from the little info you’ve given. You’re in exactly the same position when it comes to reporting student assets that every other student is in and FAFSA will treat you in exactly the same way…independent students have very little asset protection allowance and a certain percentage of your unprotected assets will be allocated toward your EFC each year. For dependents, that percentage is 20%, idk what it is for independents but would think it’s the same or less. Why would you consider that to be onerous in view of your already great FA package? </p>
<p>The school is certainly not stealing anything from you and the FA folks don’t view you as a hardship case…because you’re not. There is nothing in your post to indicate any basis for them to exercise professional judgement and the fact that you do have sufficient FA and savings to meet your current need is indicative of the fact that you’re just whining because you have to play by the same rules as every other student in America. This is the type of post I would expect from a 17 year old and I have to wonder why a 26 year old wouldn’t know better than to bite the hand that may feed him for the next 4 years! If you’ve displayed this attitude to the FAO’s that you’ve talked with, better hope you don’t need to seek their help for an actual hardship. </p>
<p>Perhaps it will help to view it this way…I don’t really WANT to use all my hard-earned savings to educate my kids either because I have many other obligations, very little time left to recover them before retirement, and it will not increase my earnings by one thin dime…you SHOULD use yours, as my kids are doing, because you do not have a home, spouse, and children to worry about yet and it WILL increase your own earning power for the next 40 years!</p>
<p>Sk8rmom- so beautifully said!</p>
<p>OP, how long do you expect it to be before you actually graduate? What is your major?</p>
<p>I think it was the part about preferring to spend the money on a party rather than give it to the school thats bound to upset some. There’s often an attitude on tis board of it being fair to hide money from a faceless institution. Yet many here generously support schools, giving money we wish to go to needy students.</p>
<p>OP, if you have an illness requiring the nest egg ask for professional judgement, they may see it your way.</p>
<p>I’d offer advice, but I am just a middle-aged, angry, bitter, high school graduate woman (yes, I did graduate from high school! College, too …).</p>
<p>^^^^ROFL </p>
<p>(and you give such great advice)</p>
<p>Don’t think op is listening since, if you notice, he/she has stopped posting since we told him/her to calm down.</p>
<p>OP actually had to go to work, and doesn’t have a lot of free time to post here. LOL, I’m reading most of the advice I’ve gotten here and I understand that aside from the few PMs I’ve gotten, this post was a waste of time.</p>
<p>The money I have is not a lot btw, and if I were the parent of a student, I could have probably 15x as much in assets (liquid and otherwise) and still have my student have a full scholarship. It’s absolutely ridiculous… I have no problem using some of it for my education, but I certainly do have a problem with living with NO liquid assets whatsoever. Eh well. I’ll talk to an actual financial adviser and my school, rather than posting here, and if I get advice such as “The school will take all of it” or whatnot, I’m going to spend it. On really, really dumb things. Such as a pony, and a signed photo of Betty White. I’ve always wanted those. YES.</p>
<p>Reposting in case you missed it: OP, how long do you expect it to be before you actually graduate? What is your major?</p>
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<p>ROTFL, Kelsmom, I think you should blow that post up all the way through the epic party part and hang it in your office! (behind the door if you have a door.)</p>