Re: lz57c4’s comment, even if your kid decides against taking the SAT (i.e., choosing ACT instead), s/he will still need an account for the PSAT, any AP tests s/he might take, and the CSS PROFILE submission. So as ^ said, you may as well sign up now.
I’ve gotten hugely helpful replies. And I see a boatload of work ahead.
And I thought I was starting early. LOL. I just might be on time, it seems.
Thank you very much for all the great info!
Our quick and dirty running of the NPCs showed one meets 100% need school within reach for the first year.
My mistake was not looking at the four year COA picture and future changes in our income (up), future changes in # of kids in college (down), and the possibility of the aid remaining the same relative to increasing costs (3-5% per year).
Those changes took a school that was within reach to decidedly off the table.
Good to be looking now.
The whole “need” thing really shocked me. My family income is over $150K. I never expected that we’d qualify for any need-based aid. As it turns out, with two kids in college (the second starting this fall), my EFC is about $25K and we will receive need-based aid.
Things you need to plan ahead for:
(1) SAT/ACT test - your student needs to identify which test she is most comfortable with, and start prepping for that test no later than summer between 10th and 11th grade. And take the test during the fall of her junior year of high school. That will give her plenty of time (a) to retest, if necessary, and (b) to know what range of schools she can reasonably hope to be admitted to.
(2) PSAT test - which is administered (on a fixed date) during the fall of 11th grade. A high score on the PSAT can qualify a student as a National Merit Scholar, which can garner her huge college scholarships!
For the very, very low income student, GPA and test scores make all the difference in the world. The schools that meet 100% of need are the most competitive schools in the country. So, plan ahead for the tests and, once you know your student’s scores, put together a reasonable list of target schools. My student had no say in the original list of schools that I put together - I selected the schools that I knew would be affordable, and that he had a reasonable chance of being admitted to. From that list (of several dozen schools), he selected the schools that he ended up applying to.
Keep in mind that if you have a situation where you own other properties, own a business, or take business deductions, then the Net Price Calculators probably will not work. Also, if there is a non-custodial parent.
Also, the correct net price calculators right now are set up for students beginning college in fall 2016. Schools DO change their formulas, and their policies for awarding need based aid. Make sure you run these net price calculators agin in Septwmber of your student’s senior year in high school for up to date info.
Some schools are WAY behind on updating their calculators. I know one school (just checked it again), and the documentation on the NPC signin page says it is for 2012-13!!! (And I refreshed to page to be sure). I don’t know how they get away with it… It is possible that the calculations have been updated in the calculator, but if so they should update the info on the website page leading into it. I posted on their forum (where they have a college rep regularly posting) asking about it a year or so ago when a friend complained to me, but they never responded. It is a well known school, too.
Re: the own a business thing: That’s applicable in our situation. How do I adjust my expectations because of it? Or am I just looking at a ton more paperwork?
Some of your business deductions for tax purposes may be added back to you income for determining need based financial aid.
Owning a business is pretty simple for a FAFSA only school, but for schools like USC that claim to meet 100% need it is a complete nightmare for the parents. You will be providing information all year round. It’s painful and despite your best efforts the final awards make no sense from one school to another when you own your own business.
Get to know this website:
http://www.finaid.org/
And this one:
http://www.thecollegesolution.com/welcome
You can ask a college for an "early read"of your financial information - in the summer or fall of your student’s senior year, before applications are filed. Some colleges are willing to do this, although I’m sure there are others that aren’t. But there’s really no point in applying to a full need school unless you’re at least somewhat confident that the school will be affordable.
Those who own businesses often deduct things like car expenses, cell phones, gas, insurance, repairs, some restaurant expenses, and so forth. Some even deduct a portion of their home and utilities and internet. Many/most/all of those deductions will be added back in. Depreciation is often added back in.
I still haven’t gotten firm confirmation on this, but one business owner on College Confidential complained that the “employer portion” of SS was added back in.
A dad posted here that many of his wife’s Realtor expenses were added back in which increased their income so much that they no longer qualified for aid from Columbia, even though they thought they’d get at least $25k per year.
Pension contributions are added back in.
Thanks for the info. Ugh. We deduct many of those things, as hubby is a writer and works from home 100%. So in looking at the NPCs, there’s no place to list all those things, but I guess they’re requested at some other stage of the process (maybe the FAFSA, which I haven’t actually looked at yet).
They don’t specifically request it, but they see it on your tax return. Someone correct me if I am wrong, but I believe that it’s the CSS schools that look more carefully at this, not the FAFSA-only schools.
I am a writer. I think that’s a different situation from owning a a business like a store or a factory or a medical practice. The business has no value. He can’t sell it, and there are no assets. Same with a solo-practitioner psychotherapist. Putting $0.00 on the line that asks the value of the business is very helpful. Then you explain it in an attachment. Also, if he gets an advance for a book, you need to explain that that sum is not regular, ongoing income.
Please familiarize yourself with the websites I linked to in a previous post. Everything you need to know is there.
Thanks, @brantly - I’ve been perusing both sites today while at work (sssh)
Glad to see a writer’s input - one hopes there is a line item somewhere on the forms that encapsulates the utter frustration of writers’ financial situations 
…
Also, if you buy your own health insurance, you put that on the CSS. That’s a big chunk that reduces your available income.