Should I file FAFSA before applying / even if I don't know where I'm applying yet?

@BelknapPoint "Wait… your parents owe $750k on a home that was purchased in 2005 for $499k and is now worth $495k? Are you sure those numbers are right, and if they are… how did that happen? "

That scenario is possible. If they refinanced during the real estate bubble and the price of the home has readjusted they could be upside down. Props to them if they can make that payment on a $50k income though.

OP I hope you are open to some suggestions about where to apply. I’m going to bet your best options will be in NY state and I know nothing about the public schools there. They seem to have a lot of schools with good reputations and you should absolutely try to take advantage of the free money your state will give you.

I think @AlexTrebek wants to go OOS from NY…and thinks his parents can afford it.

I’ll be blunt. On the family income he has posted…with a mortgage balance he has listed…a good amount, if not all, of their income is gong for mortgage payment(s), property taxes and insurance.

Until the ACT score is much higher than 29, getting acceoted at schools that meet full need is NOT a slam dunk.

And curious…how many low income families can afford a $500,000 mortgage payment? He is applying through QB, right?

Something isn’t adding up here.

I think the OP needs to ask his parents how much they feel they can pay. I agree with Thumper that something is not right. The house payments associated with a $750,000 mortgage is very high. I doubt they have any excess funds at all given the annual income of $51,000.

I am applying through QB. I’m just planning for as if I don’t get through though, because I figure it’s not too likely based on my stats.

What is your GPA on a 100 point scale/ on 4.0 scale - 92.94 (unweighted), 94.53 (weighted)
what is your class rank? - My school doesn’t rank
What is your intended major? - Biology
Do you live in NYC? - No, I live on Long Island
I ended up retaking the ACT and getting a 30.

I actually did my Fafsa yesterday and was not eligible for a pell grant, but I’m still waiting on what the school (Tufts) will give me. I only put one school and I’m working on choosing and adding other schools by Friday. It told me: “You are not eligible for a Federal Pell Grant but you may be eligible for other aid. Your school will use your EFC to determine your financial aid eligibility for other federal grants, loans, and work‑study, and possible funding from your state and school.”

Some financial stats:

US Citizen- Yes
African American
I had no income in 2015
2 Married Parents
Going to be 2 children in college in ‘17-‘18
Parents’ 2015 Adjusted Gross Income: $82,264

Parents’ 2015 U.S. Income Tax Paid:$119

Parents’ 2015 Exemptions Claimed: 4

Parent 1 (Father’s/Mother’s/Stepparent’s) 2015 Income Earned from Work:$51,235

Parent 2 (Father’s/Mother’s/Stepparent’s) 2015 Income Earned from Work:$0
Parents Education Credits: $1500
Untaxed Porition of Pensions: $270
On campus housing

Apparently the gross income is $82,000 but the income earned from work is $51,000. Going to have to ask how that one works. I’m guess I have been telling you guys the wrong thing about my income?

Looks like there was nowhere to put housing stats on the Fafsa though, based on my SAR.

I do not have an IEP.

I was estimated a STEM incentive of $5970 for a SUNY school and I also was estimated a $500 annual TAP reward. I’m not sure if I’m in the top 10 percent though (for the incentive), because my school does not class rank. I would have to find out a way to figure it out/prove it.

I’m definitely going to look at some SUNY schools and sit down with my parents to find out how much they can actually pay. Thanks everybody

I am wondering where the other $31,000 in income was from? Rental income? Retirement distributions?

How much longer will sibling be in college? Where are they attending college and how is that being paid for?

If you are going to be premed or something like that, since biology mosf likely will require grad school, you would be wise to take advantage of full tuition at a SUNY, if you can get it.

@sybbie719, how do you qualify for STEM scholarship if it requires top 10% and school doesn’t rank?

You will have to be careful with a private school giving you grants based on sibling being in college, and then getting less aid after sibling graduates.

FAFSA doesn’t look at primary home equity.

Based on the info you posted your EFC was about $7,000, would have to be under $5,000 for Pell grant

How much is tuition at SUNY? Any close enough to commute?

Several SUNYs on Long Island: Stonybrook, Old Westbury, Farmingdale – I’m sure I’m missing one…

Run the net price calculator at Tufts, to see how much it will cost if you are not accepted through QB

While your school may not formally rank and disclose this ranking to students/families, they have the ability to rank and will rank for scholarship purposes.

I am quite sure that your gives out HESC Academic Excellence Scholarships which are 5 year scholarships; $1500 to the student ranked number 1 and $500 to the others (each school has a number of scholarships).

https://www.hesc.ny.gov/pay-for-college/financial-aid/types-of-financial-aid/nys-grants-scholarships-awards/nys-scholarships-for-academic-excellence.html

In addition, the top 15% are eligible for AIMS scholarship $500/year (I am sure that the school will disclose ranking for that too)

https://www.hesc.ny.gov/pay-for-college/financial-aid/types-of-financial-aid/nys-grants-scholarships-awards/nys-achievement-and-investment-in-merit-scholarship-ny-aims.html

As stated previously, STEM Majors who plan on working in STEM professions 5 years post grad are eligible for free tuition

https://www.hesc.ny.gov/pay-for-college/financial-aid/types-of-financial-aid/nys-grants-scholarships-awards/nys-science-technology-engineering-and-mathematics-stem-incentive-program.html

While your GC may not (or will not) tell you your exact ranking, s/he should be able to tell you your eligibility for these scholarships.

You need to find this out. You will be eligible for scholarship aid at SUNY

Oswego’s scholarships are stackable; if you are eligible for STEM scholarship and a scholarship (If weighted is on your transcript, you may be eligible for the presidential scholarship), with you taking a student loan, your parents would have to kick in very little money.

https://www.oswego.edu/admissions/merit-scholarships

SUNY Buffalo

http://admissions.buffalo.edu/costs/scholarships.php

You will need a financial safety, check to see where you can get merit Money

@mom2collegekids , with a 94 and a 30, will OP get merit $$ from Alabama?

You could also look into their possibility scholarship (nothing to lose)

Not full tuition from U Alabama, but you should right now apply to Howard University!

With your 93 GPA and 30 ACT you should get at least full tuition.

But it is not guaranteed and is first come first served I believe.

Ohio State has the Morrill Scholars program. You would have to apply and have everything received by Nov 1 which is coming up very soon.

Turns out the other $31,000 was borrowed from my dad’s pension. My brother plans to grad school summer of 2017 for 4 years, but hasn’t been accepted anywhere yet though. Payment I have no idea, but I’m guessing my father will be helping with those also along with loans.

A hypothetical question for anyone familiar with Fafsa: if the $31,000 wasn’t borrowed and the AGI was the income earned from work, would I be eligible for a pell grant? I ask since there won’t be that kind of money borrowed in 2016 for the next Fafsa.

So I was broken the news today that I need to be aiming for a very low ($1000? 2000? I’ll have to ask a concrete #)/ $0 cost because my parents can’t pay much more. They could take out a loan if need be, but not for much. So I’m definitely going to need to be applying to some SUNYs. Stony Brook is within commuting distance, along with farmingdale, suffolk, and old westbury. I would definitely be aiming for SB though, because that’s more of a match than the other schools in terms of my stats. If I were to get the STEM incentive though, I could afford SUNYs upstate as well. Maybe I can apply to Upstate SUNYs anyway, but I’ll need to add them to my Fafsa first and find out the cost. I’ll ask my GC about my class rank tomorrow since I didn’t have school today.

Thanks for all the options guys. For the Ohio State scholarship, I will have to find out figure out if I pass the first stage of Questbridge first, because I can’t apply EA if I pass that stage. If I don’t pass though, I’m going have to seriously hustle in order to get in my common app in by that time. As long as my school gets in my transcript and etc in one time it should be doable though. For the other scholarships, I will definitely be applying for those if SUNY is where I end up going. The late deadlines work out well.

One last question: Do you need to submit EA/ED to get most merit scholarships? Or is it mostly just OSU and a few other schools?

@mommdc Did you have anything specific in mind for Howard, or were you just speaking about scholarships in general?

Unfortunately the Tufts Net Price Calc is down right now, so I’ll have to try that tomorrow.

Why is the $31000 loan from your dad’s pension plan shown as income on his taxes?

Your brother will be an independent student and will be able to fund himself. If he is applying for a PhD program and is not getting full funding, then he should not be attending. Your brother will be able to take out a grad plus loan for his masters leaving your dad with the resources to assist you in your undergrad education.

if dad is not repaying the loan, it will be considered income and dad will have to pay tax on the loan.

You would have to look at your dad’s income this year, which will count for next year’s FAFSA. Let me run the numbers to see what the EFC would be. You can also try the Collegeboard EFC calculator (federal methodology).

But why did your dad borrow this money, home equity from the numbers also seems to be way in the red.

Was your dad borrowing all this money for your brother’s school?

@Madison85, I also don’t understand why the AGI is so high, yet tax (even with AOTC) was very low, $119?

I agree that your brother should be on his own for grad school, since he got gelp for undergrad.

But you have to prepare for the eventuality that you won’t be able to get much financial help from home.

So you are going to want choices.

I am not that familiar with EA ED, but I was under the understanding that early deadlines to be considered for merit don’t affect that, but can you call someone at QB and confirm?

Howard is a very good HCBU and school for science as well. It was the only full tuition opportunity school I could think of with a 30 ACT. They have a med school as well, and some kind of scholar program.

For now add all SUNYs you are interested in to FAFSA, also OSU and Howard. I believe SYNYs only look at FAFSA.

Ok ran EFC calc with $51000 income from working and AGI, household of 4, 2 in college, parent assets not high
er than asset protection allowance (for age 50 around $19,000 I think). EFC is about $2000, so Pell would be around $3000

But your brother being in grad school, I’m not sure if he will still be considered a household member, and student in college. Deoending on those factors EFC could rise to $3000 -$4500, so Pell would only be $1000-$2000

For now add all the schools to FAFSA and apply where you can get possibly full tuition.

Talk to GC about STEM scholarship at SUNYs, find out about QB and early merit deadline rules.

Federal income tax could be that low with large Schedule A items (mortgage interest and RE taxes on home).

@mommdc

Thanks, @Madison85, didn’t even think of that, we are a Standard Deduction family.

My brother had most of his need met via applying to Brown via QB regular decision, so I assume most of the money is not for paying for his time there. My dad is being quite vague on what he borrowed it for though (eg: stuff I had to take care of), so I’m not quite sure what it was for. He said he won’t be borrowing that type of money next year though.

The deadlines don’t effect it for QB, I just wanted to prepare for if I didn’t get into QB. My stats aren’t really up to snuff with most people who get accepted.

Howard sounds great. Gonna research it more. I sent my Fafsa into there along with to the SUNYs Bing, Stony Brook, Buffalo, and ESF, along OOS schools Tufts and OSU. As soon as I hit submit I realized I forgot to add SUNY Geneseo though. Whoops.

My GC told me I’m in about the top 15% in my class right now, but STEM uses grades from the end of the year, so I have a chance to improve my spot still. Hopefully other people’s senioritis might help me out.

Thank you for running those estimates by the way.

@AlexTrebek

Your parents currently owe $250,000 or so MORE for their home than when they purchased it? Do I have that correct? This is very significant debt for a family with a $51,000 a year income.

It’s good that you have cast a broad net, including those SUNY schools.

@sybbie719 does the free tuition for STEM majors apply at all SUNY campuses?