<p>Families EFC is just a smidge over the total cost, making me inelligible for need-based aid.</p>
<p>And my GPA is just a smidge below the merit-based requirements at the college I'm transferring too. </p>
<p>I'm a studio art/art-education major, and there are no scholarships for my two majors unless you are already in the program.</p>
<p>So I'm pretty much screwed. </p>
<p>Am I the only one?</p>
<p>Nope. I'm pretty much screwed too I think.</p>
<p>My parents are divorced and my mom has her own small business and doesn't have an official retirement fund like a 401k, sooooo all of the money she has been separately saving for her retirement is included in her available assets... it is a complete deal breaker and unbelievable unfair.</p>
<p>We have heard straight from an official FAFSA "agent" that we're basically screwed.</p>
<p>Can you define "screwed"?</p>
<p>Not ALL of your mom's savings are factored into the EFC. A per centage are.</p>
<p>Is your dad contributing to your college expenses?</p>
<p>If you provide the tuition amounts here, maybe some of the folks here can offer ideas.</p>
<p>^I'm assuming that question is for me... if not, oops.</p>
<p>Anyways, yes my father is contributing, but nothing more than the court orders even though he has enough to do so. My parents went to court and the decision was that I pay 1/3, and both my mom and father pay 1/3 each too. We just finished the FAFSA yesterday so we should be getting our EFC soon, but I don't have it yet. </p>
<p>My sister who is going to a CC right now is going to try to transfer to the same State Uni (University of Washington) that I want to go to next year, so we will have to be paying for two students. (Do you happen to know anything about the UW and financial aid?)</p>
<p>Plus, my mom makes so little with her "small business" that we rely on 2 rental duplexes to make it. And, we live in a very well off part of WA state, but my mom has been here for 20 years, and in those 20 years, the real estate here has become the most expensive in the state, meaning that our house has gone up in equity a lot, which also factors into the FAFSA even though liquidating anything from the house is near impossible. (Take note i don't know a lot about all this stuff)</p>
<p>We do take note that you know very little about this stuff because I note two incorrect statements already.</p>
<p>Self employed people don't have 401-k's but they can still save for retirement and quite well. The money your money saved outside a retirement plan could have been put in a Simple IRA, SEP IRA, Traditional IRA or a Roth. </p>
<p>Secondly, the value of your primary residence is not included in FAFSA. The rental are, but not your own home.</p>
<p><<we just="" finished="" the="" fafsa="" yesterday="" so="" we="" should="" be="" getting="" our="" efc="" soon,="" but="" i="" don't="" have="" it="" yet.="">></we></p>
<p>on the confirmation page after you submitted the Fafsa, it told you what your EFC would be. Maybe you didn't notice it, but it was there. In my experience, when you get the 'official report', it will be the same number, just in a more 'official' format.</p>
<p>Student</a> Office of Financial Aid</p>
<p>I suggest you do some reading. FWIW, a COA of <25K is not too bad (IMO)</p>
<p>I don't understand the problem. Your dad is paying 1/3rd and has the money. Your mom, she has the money? </p>
<p>So you have to come up with 1/3rd. I would go apply for an after school job and hope it will become full time in the summer. You may also check into working on campus during the school year.</p>
<p>Another thing is, you may have to attend a less expensive community college for a year or two. Then transfer to UW.</p>
<p>CMAN, The others have answered your questions well. </p>
<p>As noted, the value of your primary residence is NOT noted on the FAFSA, but the equity and rent generated from the rental properties ARE. </p>
<p>Agreed with others...your EFC is noted immediately when you submit the FAFSA.</p>
<p>I'm a little confused, however. U of W, I thought, is a FAFSA only school. That being the case, only your custodial parent's income and assets would be noted on that form (that would be your mom, correct?). </p>
<p>Emifinan...if your EFC is a smidgen OVER the cost of attendance, then there is an assumption that your family can contribute to your education in this amount. Schools assume that this will be out of past earnings (savings), current earnings (income) and future earnings (loans). The FAFSA calculations are for the awarding of need based federal funds and they are formula driven. If your EFC is ABOVE the cost of attendance, you cannot receive need based aid...nor should you. This if for folks who have EFCs below the Cost of Attendance. You say you are transferring...what kind of need based aid did you get at your current college?</p>
<p>If your mom owns her own business, another option for her retirement money would be to create a KEOUGH Plan. These are much more complicated to set up than a SEP or SIMPLE IRA would be, but you should encourage her to check it out. Here's a link she can take a look at to give her some ideas:
IRA</a> Overview - Keough Pension Plans, Defined Contribution, Roth</p>
<p>And, as to being in the middle, boy oh boy do I feel your pain! Today I gave Happykid one more encouraging talk about how good our local community college is (fortunately that is absolutely true) and how I'm sure she can be happy there if there isn't the scholarship money available that would make another college/university affordable for us. Here in the near-fantasy land of CC, it is easy to get the feeling that "everyone" receives really great financial aid packages and gets into really famous colleges and universities. In the real world outside CC lots and lots of people study at their local community college, or commute from home to classes at a public university, or study part-time and work full-time. Money is indeed a deciding factor for many, many students.</p>
<p>Wishing you all the best.</p>