unemployed...does this matter?

Paying for College
21

<p>MomfromPa, all of us who need/want money for college from the schools have to cast a wide net. My son got zip to full ride +, with all sorts of variations in between. He did do better with the state schools since the tuition is just so much lower. So any merit money he got went a long way in lowering the cost. THough he got a very nice scholarship from private college, since the COA was over $50K, even a 20K+ award did not come close to the cost of what the state schools cost without any awards at all. </p>

<p>However, one of his friends got a great deal from a private college that brought the cost down to a state school. Though, you want to keep an eye on how a college gives out its money, ultimately what counts is what it gives your D, not the averages, and sometimes conventional wisdom does not win out. NYU, for instance, and BU, are two schools that do not tend to give out great financial aid and do not guarantee to meet need. However, I do know kids who got their best packages at those schools. </p>

<p>In our case, the OOS public offered our son nothing, but a classmate got a nice award. A school that supposedly gives no merit money offered a "research grant", a small one, but money nonetheless. That he got some offers helped us negotiate with the school of his choice which did offer some merit money, but below the median of his offers. </p>

<p>Also bear in mind that FAFSA's EFC is a number that often just qualifies you for government money. With your EFC, your D will qualify only for non subsidized Staffords unless your state has some program as well, but with your numbers, that is doubtful. The schools that use an additional form such as PROFILE may come up with a different institutional EFC. Also depending on your D's stats, she could qualify for merit within need that can end up giving more than what the EFC states. </p>

<p>I would write to the fin aid office of each school and explain your situation so that the officers there can take your current unemployment into account when it comes time to dispensing their own college funds. They cannot qualify you for the federal money as it is definitely base on the 2008 financials, but they do have flexibility with what is in their own coffers. Do let them know before they give it all away.</p>

22

<p>Thanks cptof the house I will do that...</p>

23

<p>MomfromPA, it sounds like PHEAA may be a little more helpful in your situation. Their website (not updated for the new FA cycle) says:</p>

<p>Applications from students whose parents had a change in employment status, separated or divorced, or suffered a loss of untaxed income are processed on estimated 2008 income, since the Agency realizes that the 2007 income reported on the application no longer reflects the family's ability to finance educational costs.</p>

<p>I'm not from PA but sounds like your new income may reduce your EFC and maybe a state grant would be available - they're cryptic on the income threshold.</p>

24

<p>MomfromPA:</p>

<p>The gov't does not expect you to have $28k left over at the end of the year. They expect you to pay some out of income, some from the child's earnings, some from college savings, and some from loans. </p>

<p>If you have saved nothing for college then your choices are to either take out more loans (bad idea), go to a cheaper school, or have your D take a gap year and work to save $. </p>

<p>Just because you were not able save (for whatever reason) aid will not fix that. That would not be fair to those who have saved. </p>

<p>Best of luck!</p>