<p>I am wondering whether I will realisticaly get anything from FAFSA. My parents make about 160K a year, we own a decent home (still paying morgage), they dont have much in other assets though. I guess you could say we are upper class but it wouldnt hurt to fill it out. I am going to a community college next year.</p>
<p>Please let me know if I have a shot at getting anything.</p>
<p>Well, you won’t get anything from FAFSA, because FAFSA stands for “Free Application for Federal Student Aid” and it is merely the form you fill out in order to determine your eligibility for certain funds.</p>
<p>From that branches certain other things. Every student is eligible for certain amounts of the federal Stafford loans (there are different amounts for each year, and I think the freshman year is around $5,000 or so); yours will almost certainly be unsubsidized, which means the government will not pay the interest while you are in school. This gives you the choice of either paying the interest yourself while you are still enrolled, or allowing the interest to accrue and then capitalize when you graduate (which means it will be added to your principal).</p>
<p>You are likely not eligible for any federal need-based grants like the Pell grant or the SEOG, and you are probably not eligible for any Perkins loans (which are federal loans but have more favorable conditions and a lower interest rate than Stafford loans).</p>
<p>Depending on what state you live in, you may be eligible for state-based grants. For example, the state of New York gives a tuition grant to certain NYS residents enrolled in school in New York State; the state of Georgia gives Tuition Equalization Grants to Georgia residents who go to private colleges/universities in Georgia. There’s also HOPE grants in GA, which will basically pay tuition and fees for a GA resident to go to any Georgia public school (including community colleges).</p>
<p>Check your state’s department of education website to see what grants there are – many states have them – whether they are need or merit-based and what you have to do to get them. Also, ask your high school counselor. Honestly, the Stafford loan limits are probably more than enough to pay for community college, but if you can get non-repayable aid to do it that’s even better!</p>
<p>Definately no aid from the government, but UNsubsizided loans (interest accrues) and consideration for any merit/academic/grant aid from colleges will require the FAFSA to be completed. Some university grants and merit aid are not need-based - do your research at each college you become interested in. Achieve the highest GPA possible at the community college, and you will be an attractive candidate for many schools, Honors Programs (many have very valuable scholarships) and merit aid. Good luck.</p>
<p>Your FAFSA EFC on an income of $160,000 a year will be in excess of $40,000 a year. It could be higher depending on your family assets.</p>
<p>Oh yeah – you can estimate your EFC on <a href=“http://www.finaid.org;%5B/url%5D”>www.finaid.org;</a> go to their Calculators section. There is a short, less accurate estimator that uses less information, but if you have more information from your parents (like their tax forms from last year) you can estimate your EFC more accurately.</p>
<p>Just so that we all have some perspective regarding income . . .</p>
<p>Of the ~ 78 million families in the country . . .</p>
<p>10% have an income of more than $150k per year</p>
<p>another 14% have income of more than 110k a year</p>
<p>My family earns about $160k per year and we probably will not get much in the way of need-based aid when S goes to college next year, but . . . seems to me that need-based aid should be going to those with the most need, and as a member of the top 10% club, it’s a stretch for me to think that we as a cohort should be targeted for much in the way of “need-based” assistance.</p>