<p>I need some help out here. Our FAFSA EFC is around 40,000. Based on IM method, it is around 26,000. We also submitted Special circumstances due to medical expenses, onetime income from last year and grandparents support... Does anyone out there know how much will we get from FA? For the special circumstances, each month expenses is around another 1000 that did not show up in the FAFSA or CSS. We provided all documentations including Dr.'s letter, Wire transfer documentations and company's one time income letter. How much will all this help? Any clue out there? I am really stress about financial aid since my son applied to Dartmouth and got a likely letter. Still waiting for MIT, stanford, Washu and Duke. They are all in the 50,000 range school.</p>
<p>You need to sit down and determine how much money you can afford to pay out of pocket, how much debt you are willing to take on for four years of your child’s education, how much you can afford to pay from savings, how much you expect your child to pay for from money earned during the summer and/or school year, and how much debt you are willing to have your child take on for four years of college. When you have your own Real Family Contribution (RFC), you will be able to determine which institutions are feasible once you have the financial aid offers.</p>
<p>None of us can accurately predict how the institutions on your list will interpret the information that you have given them. You really do have to wait until you get the response from each institution. Once you have the offers on the table, you can contact them to ask about adjusting the packages.</p>
<p>Since your situation was a one-time thing, you also should run the numbers using your normal financial information. What need can you expect that your child will have in future years? What will your RFC be like in those years? When you speak with the financial aid office(s), don’t forget to ask about what is likely to happen with your child’s aid in the future when your family financial situation is different.</p>
<p>You do not “get anything” from FAFSA. FAFSA simply determines your son’s eligibility for federal financial aid. Your income is too high to qualify for Pell grants. Your son will likely qualify only for unsubsidized Stafford loans.</p>
<p>Your special circumstances might make it possible for you to get more institutional aid, but there is no way of knowing that. Your best bet is to call Dartmouth’s financial aid office and discuss your situation with them. Since Dartmouth is a “meets full need” school, they might have some flexibility for your situation.</p>
<p>Good luck. And congrats to your son!</p>
<p>* Our FAFSA EFC is around 40,000. Based on IM method, it is around 26,000. *</p>
<p>That sounds strange. I’ve heard of the other way around. Are you sure that you didn’t make a mistake.</p>
<p>Also, the IM method is very rough since each school uses its own formula. With the same CSS info, one school may say that your family contribution should be $30k and another might say it should be $40k.</p>
<p>Do you know how much you’re able to pay each year?</p>
<p>It can happen. PROFILE can take into consideration some special circumstances such as other kids in private school. </p>
<p>Special circumstances need to be conveyed to the specific financial aid officers and things can vary widely as to how they handle the situation. There is no one size fits all answer here.</p>
<p>Thanks all. I think I just have to wait and see. Last year, our income is more than any other years because my husband’s employer got bought out… So, it is a one time thing and our income will be lower after last year from now on. So, I believe, it is going to be the wrost case scenario for all 4 years of college. </p>
<p>We are willling to borrow a certain amount but will not borrow more than we can afford. Cross my finger. We can can stafford loan for 5500 according to FAFSA.</p>
<p>Also, do the FA consider about personal credit card debts? Anyone?</p>
<p>If the credit card debt can be specifically traced to special medical circumstances, it would fall under that status. Other than that credit card debt is generally considered to be the product of lifestyle choices and would not be taken into account.</p>