<p>My parents are saying not to waste my time with it because the questions that I probably won't get any Federal Aid. Although I do not believe them. I'm from California, and I think I may be able to get some Federal Aid, so does anyone know the general cutoff point for federal aid and how much money do they usually give? Or am I just not understanding how FAFSA works...</p>
<p>Just file the FAFSA anyways. The only penalty is that you waste time should you be not eligible for aid. Good luck.</p>
<p>How much money do people usually get in say my circumstance. Although I’m starting to have doubts of getting now because of the economy and such…</p>
<p>All students are eligible for Stafford loans even if there is no financial need. But you have to file FAFSA in order to be eligible.</p>
<p>File the FAFSA. In the event something horrible and unforseen happens that cuts off the student’s financial support, the paperwork is already in for him to ask for his financial aid situation to be reviewed. Otherwise, it probably becomes a more complicated situation.</p>
<p>The only free Federal money is a Pell Grant which is for kids from families that make under $40K. After that you can qualify for subsidized loans and work study jobs. But if your parents make " a lot of money", you won’t qualify for any Federal money accept an unsubsidized loan which anyone who fills out the FAFSA does.</p>
<p>No, screw loans. I’d rather spend my summer daytrading than work with loans.</p>
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<p>Now…how would we know the answer to that question? We have NO IDEA what your family finances are or the cost of your school. </p>
<p>If your family has a VERY high income, you would be eligible for unsubsidized loans. We INSISTED that our kids take out those loans. They are in the student’s name. We (the parents) were NOT going to take out ALL of the loans to put our kids through college. Your parents may feel the same way. Ask them.</p>
<p>For 2008-2009, Pell Grant recipients (or their parents, if the recipient is still a dependent) must show a 2007 income of no more than $49,999. The maximum household income is updated with the formula for determining eligibility. (That’s kind of general because of family size, who is in college, etc etc.)</p>
<p>It doesn’t matter that you live in California or that the economy is bad, if you family makes over $50,000 a year you are going to have to go the route of scholarships, loans, and work.</p>
<p>In the absence of any concrete financial information about the OP’s family, we would have to be mind readers to render an opinion. I would say to the OP, listen to your parents. If they are doing well financially to know you won’t be eligible for FA, believe them.</p>
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This is not true at all. There is no income ‘cut off’ for the Pell grant. The Pell is based on a students EFC (maximum 4617 for 2009-2010). The EFC is affected by parent income and assets, student income annd assets, whether the income is earned or unearned, nubmber of students in college. A student with one in college and parents with earned income of over $50k but no student assets or income could have a low enough EFC to (just) qualify for the Pell. A student with the a parent income of $40k but with parent assets over the protected amounts or student income or assets may not qualify for the Pell at all. A student with parent income of $70k and 3 in college could qualify for the Pell.</p>
<p>You might want to visit a nearby college, even one you didn’t apply to and speak to a financial aid officer. They are a wealth of information that can help.</p>
<p>Here is a link to a FA calculator that is off the home page:</p>
<p>[EFC</a> Calculator](<a href=“http://www.collegeconfidential.com/financial_aid/efc.htm]EFC”>http://www.collegeconfidential.com/financial_aid/efc.htm)</p>
<p>You can use that to guesstimate your EFC and if it would be worth applying. Also, some schools require the FAFSA to award merit aid.</p>
<p>swim is very correct. I have processed several award packets for students who had incomes and AGI’s exceeding $49,999 that still received at least some Pell Grant funds. I even had one whose AGI was over $80k that got over $2k in Pell…one whose earned income (line 7 of the taxes) was 6 figures and received full Pell because their AGI and number in household resulted in a ZERO EFC.</p>
<p>To the OP…you may want to complete the FAFSA regardless of your desires to take out loans (The FAFSA doesn’t obligate one to take loans) as some schools require the student to complete the FAFSA before they can receive any institutional aid.</p>
<p>“No, screw loans. I’d rather spend my summer daytrading than work with loans.”</p>
<p>OP, if you can finance your education with daytrading in the current climate, by all means leave those federal and direct loans alone for the families who need them to get through school ; )</p>
<p>The downside to filing the FAFSA is the release of your family’s personal financial information. I consider the FAFSA to be quite intrusive.</p>
<p>If you have significant liquid assets, your EFC goes through the roof quickly.</p>
<p>That intrusiveness, though, is the price one pays if they want the taxpayer to help subsidize their college education through grants and or loans. Besides, that information is already out there, via one’s tax returns, mortgage applications, car loan applications, etc. It really is a small price to pay to have someone else front you the money to pay for you to go to college.</p>
<p>“That intrusiveness, though, is the price one pays if they want the taxpayer to help subsidize their college education through grants and or loans.”</p>
<p>Untrue. If you have a certain level of assets or loans, you will not be eligible for any federal aid. Why put the information out there if there’s no way that you’ll benefit.</p>
<p>“Besides, that information is already out there, via one’s tax returns, mortgage applications, car loan applications, etc.”</p>
<p>Really? My tax information is public? The tax information goes to the IRS. It doesn’t go to my college and anyone they care to share the information with such as third-party fundraising companies.</p>
<p>My mortgages were paid off in the 1990s so anyone playing with my mortgage information would have pretty dated information.</p>
<p>Some of us pay cash for cars.</p>
<p>“It really is a small price to pay to have someone else front you the money to pay for you to go to college.”</p>
<p>I’ve worked in information security. Personal information is valuable.</p>
<p>The price of your personal information is precious and priceless. That many people give out their personal information for a slice of pizza or a cheeseburger amazes me to no end.</p>
<p>Wow. Anyone who thinks he is better off daytrading than accepting loans to finance college may one day need loans to cover losses from daytrading. Do I hear arrogance?</p>
<p>And to BCEagle: You treasue privacy of financial information. Great. If you live on your own island or in the cash economy that is fine. The rest of us are far less paranoid. We accept that if you are taking a commercial flight, you might have to remove your shoes at the airport or even undergo a body search. If you think that violates your privacy, you are limited to driving. Be my guest.</p>
<p>“And to BCEagle: You treasue privacy of financial information. Great. If you live on your own island or in the cash economy that is fine. The rest of us are far less paranoid.”</p>
<p>Or ignorant.</p>
<p>“We accept that if you are taking a commercial flight, you might have to remove your shoes at the airport or even undergo a body search. If you think that violates your privacy, you are limited to driving. Be my guest.”</p>
<p>I’ve only flown once in the last ten years due to increased the increased intrusiveness of flying.</p>
<p>Filling out an FAFSA reminds me of prostitution.</p>
<p>Except you get stuffed on the FAFSA if you have a lot of assets.</p>