Shoud I even bother?

Paying for College
1

<p>Hello CC Members,</p>

<p>I am a regular poster, but I created this new account for privacy reasons.</p>

<p>I am a freshman at a private liberal arts college that is need-sensitive but guarantees to meet 100% of demonstrated need. The total cost of everything is about $53,000 a year including tuition, room, board, personal costs, travel costs, and books. Last year, I did not apply for or receive any need-based financial aid. However, I have several merit scholarships, both institutional and outside, that add up to a total of $20,000 per year.</p>

<p>What I am wondering is whether or not I should apply for need-based financial aid for the fall. My parents are getting divorced this year, and my mother is not working and hasn't worked since before I was born. My father, however, will probably make about $280,000 in 2010. He is paying for my college this year, and plans to pay for the rest of my college education. I am sure, however, that he would appreciate any additional grants that I can get.</p>

<p>I live full-time with my mother, and so my father is the non-custodial parent. My mother's income next year will most likely be solely from alimony and child support, because she has a lot of health problems. Her income will be about $50,000. She won't be able to afford to pay much if anything toward my college education.</p>

<p>Basically, what I need to know is how much weight is placed on the non-custodial parent's income. My school requires both the Profile and the FAFSA, so the FA office will see my father's income. Will the merit scholarships that I have affect the amount of need-based aid I receive? Should I even bother applying for need-based aid, since my father makes so much?</p>

<p>I realize it might be more productive to simply call the financial aid office at my school, but if you guys have any advice, I would really appreciate it.</p>

<p>Thanks.</p>

2

<p>I would apply. What is the worse that can happen? You are already enrolled, the worse is that they say no and you wasted some time on your FAFSA. You might also get some reduced interest loans. Go for it.</p>

3

<p>Different schools weight the non-custodial parent’s income in different ways when they calculate financial need. They will see your non-custodial parent’s income if they require the non-custodial form to be submitted, but they won’t necessarily simply add it to your custodial parent’s income to get a total AGI. So it might be very much to your benefit to apply and see if any institutional funds are available. In addition, your mother’s income might make you eligible for Federal funds depending on your FAFSA EFC.</p>

<p>In my opinion it would be worth it to fill out both Profile and FAFSA.</p>

<p>But we can only guess as to the school’s policy (as you know :wink: )</p>

4

<p>I’m sorry to hear about your parents’ divorce.</p>

<p>private liberal arts college that is need-sensitive but guarantees to meet 100% of demonstrated need</p>

<p>Many of these kinds of schools do look at non-custodial parents’ incomes. If that is the case, then your dad’s income will likely mean no aid for you.</p>

<p>I hope in the divorce decree, something is put in that your dad will pay for your schooling, so that there are no surprises later. </p>

<p>I don’t mean to be pessimistic, but if your dad were to remarry, his new wife might disagree with paying for your schooling - especially if she has college-aged children, too. Therefore, your mom should insist that something be included to state that your dad will pay for your education. </p>

<p>It’s always best to have these things put in writing. :)</p>

<p>In the meantime, go to your school’s website and check to see what they ask for. </p>

<p>Is the school on this list that wants NCP info? <a href=“https://profileonline.collegeboard.com/prf/PXRemotePartInstitutionServlet/PXRemotePartInstitutionServlet.srv[/url]”>https://profileonline.collegeboard.com/prf/PXRemotePartInstitutionServlet/PXRemotePartInstitutionServlet.srv&lt;/a&gt;&lt;/p&gt;

<p>Even if your school doesn’t ask for CSS Profile NCP info, you need to make sure that the school doesn’t have it’s own form that does.</p>

<p>Either way, your mom will have income and likely assets (once those are split). So, she may have a high EFC anyway - even if only her info is needed. Since your parents have had a high income, it’s likely that they have significant assets that will be split.</p>

<p>Again, I would want my mom to have my college costs included in the decree.</p>

5

<p>Yes, my school does require the NCP form, and that my dad is paying for my college will be put in the divorce settlement.</p>

<p>But, as vballmom said, I’m not sure how much my dad’s income will be weighted. Do you think it would be of any use to talk to the financial aid office at my school? Would they tell me the policy?</p>

6

<p>If it meant ten more hours of work for your and netted an addition $2,000 in funds, would it be worth it for $200/hour?</p>

<p>Go ahead and fill it out. It doesn’t take much money for it to be well worth the time you put in.</p>