<p>Smashing, are you sure the school wouldn’t assume and expect a certain level of student contribution anyway? Most schools do not meet 100% of need and that’s why it’s so important not to blow your savings needlessly. If the school is actaully expecting 80% of your savings in the first year, I’m pretty sure they aren’t going to expect 0 from you when/if your savings are depleted. Do you have your complete award package yet? What is the expected student contribution and is that more than you can earn in a year?</p>
<p>Smashing…again…the FAFSA formula does not take 100% of ANYONE’s savings. It takes a %age and adds that to the EFC. You will not lose ALL of your savings to your EFC. You will have a goodly %age left inthat account to use on living expenses and the like. </p>
<p>Zaxx…I will not support your options here as if you do not report your assets (whereever you have them stashed) on the FAFSA, it is considered FRAUD. You not only run the risk of losing financial aid, but you can also be asked to leave your school, and be faced with a large fine. Sure, you could stuff your mattress, etc…but if you are found out, it is considered FRAUD. Is it really worth it to do that?</p>
<p>Doesn’t everyone get a certain amount of asset protection allowance? Smashing, you still have not said how long you expect it to be before you graduate?</p>
<p>I just want to add not only did I NOT SUGGEST ANY COURSE to the kid…I explicitly said I was not suggesting anything illegal…</p>
<p>All im saying is I will never put myself in a position where I have absolutely no savings as an independent adult as that is very irresponsible in and of itself especially if, as he has expressed, they have a health issue. </p>
<p>Mature students are in a completely different boat most times from 18 yr olds with full support of their parents behind them. The cost of an a education is prohibitive…yet given the economic realities of the world we live in returning to college or significant retraining that takes the worker out of the workplace for 12/24 months is the best answer for so many in our country…That the govt. hasnt responded with all sorts of grant programs within its orgy of spending(beyond bumping Pell) is a joke. Bankers and those doing super well ask for a tax cut while chiding those trying to keep some savings while attending school so they can be more productive, pay more taxes, start business eventually, spend more…etc. etc.</p>
<p>What a joke of a government we truly have. Are we trying to kill the middle class and ensure more people are not employable for all but the least desirable jobs of the future…it certainly seems like it. There is-and always will be- the law and then what is right. It seems especially apropos to remind people of this on MLK Day. The law in 1960 said my neighbor could be banned from living in certain places through racist housing covenants. I expect our current financial aid system will be considered as out of touch, prejudiced and antiquated as those covenants in the near future…if not, our country will cease to even be a marginal economic power.(rant over)</p>
<p>As it turns out someone in another thread pointed out that for mature students there is a baseline of protected assets…i’m no expert perhaps people can comment on that.</p>
<p>I believe for a 29 yr old it was in the neighborhood of 10-11K, but im not sure for a 26/27 yr old. This should solve at least some of the problem if not most of it as you’ve said you have only a modest amount stashed.(pardon the pun)</p>
<p>NOWHERE IN THIS POST IS ANY SUGGESTION OF BREAKING ANY LAW OR DOING ANYTHING UNETHICAL SUGGESTED. ANY INFERENCE OF SUCH IS WHOLLY IMAGINED BY THE READER .</p>
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<p>Nice job backpedaling, zaxx ;)</p>
<p>If the OP is 26 now, they should be 27 by 12/31/2011, and assuming they are single, they get $1800 in asset protection from FAFSA. Not a lot, but not nothing.</p>
<p>There is no income protection for a person in OP’s situation. Which can lead to a nice case of double “taxation” - you get assessed for all of your income last year, and then assessed again on your savings from the year’s earnings (over $1800).</p>
<p>Profile may be different.</p>
<p><a href=“http://www.ifap.ed.gov/efcformulaguide/attachments/101310EFCFormulaGuide1112.pdf[/url]”>http://www.ifap.ed.gov/efcformulaguide/attachments/101310EFCFormulaGuide1112.pdf</a></p>
<p>Yes they get that $1800 in asset PROTECTION…but after that, the FAFSA formula does not ZAP 100% of the remaining assets. The OP WILL have money left in the bank even after the EFC is adjusted to account for his assets.</p>
<p>^^^ Yes, assets above the $1800 threshold are assessed at 20%.</p>
<p>A closer reading of the FAFSA form shows an income protection allowance of $8550 for a single student with no dependents (line 12 in section B). It’s not broken out into a separate table like it is for sections A and C.</p>
<p>So Smashing…according to the above post, an independent student YOUR age would have asset protection in the $8500 range. This means that the FAFSA EFC formula would NOT consider the first $8500 in your assets when computing your financial aid for next year. </p>
<p>Schools using the Profile may use your assets differently.</p>
<p>^^^ No, they would have income protection of $8550, and asset protection of $1800.</p>
<p>Ah…I see…I read that wrong. Still…the amount of unprotected assets will not be tapped at 100% for the upcoming school year. Smashing WILL still have money in the bank.</p>