FAFSA questions

True, but the formula only looks at one year’s income. Therefore, there are assumptions about how long that family has had that income to be able to save/contribute that much money to school.

Yep. But 1) This is a Disney board, over the years the number of people we've had this conversation with who cry poverty with their FAFSA and have a decade and a half of annual Deluxe trips into their signature is way less than zero (I am not saying this is true of you or the OP, just that some of us have developed some justified cynicism on the topic of "I never had anything to save for college" and a posting history of "we are only going to be able to do three character meals when we go in June - which ones should we save for our December trip?") 2) You have to be poor to qualify for grants, and the vast majority of people don't go from poor for eighteen years to middle class just as their kids are going off to college. 3) The vast majority of aid is loans. So a change in income might change the work study your kid qualifies for (which they may never have access to) or move you from federal to private loans - and the deals on federal loans aren't that great to start with. 4) Schools themselves aren't limited to the FAFSA when determining aid, so if your kid gets into a school and you can't afford it, you can always make a plea to the school that your income has seen a sudden shift and hope more aid is forthcoming. Sometimes this works - it did for my kid's best friend - whose mother was delighted when they got the acceptance letter, then crushed because they wouldn't be able to afford it. But a phone call got the aid package changed - and now the school has stepped up again since Covid has meant they have even less income. With other schools they just don't - ever. But its worth a shot.
 
Yep. But 1) This is a Disney board, over the years the number of people we've had this conversation with who cry poverty with their FAFSA and have a decade and a half of annual Deluxe trips into their signature is way less than zero (I am not saying this is true of you or the OP, just that some of us have developed some justified cynicism on the topic of "I never had anything to save for college" and a posting history of "we are only going to be able to do three character meals when we go in June - which ones should we save for our December trip?") 2) You have to be poor to qualify for grants, and the vast majority of people don't go from poor for eighteen years to middle class just as their kids are going off to college. 3) The vast majority of aid is loans. So a change in income might change the work study your kid qualifies for (which they may never have access to) or move you from federal to private loans - and the deals on federal loans aren't that great to start with. 4) Schools themselves aren't limited to the FAFSA when determining aid, so if your kid gets into a school and you can't afford it, you can always make a plea to the school that your income has seen a sudden shift and hope more aid is forthcoming. Sometimes this works - it did for my kid's best friend - whose mother was delighted when they got the acceptance letter, then crushed because they wouldn't be able to afford it. But a phone call got the aid package changed - and now the school has stepped up again since Covid has meant they have even less income. With other schools they just don't - ever. But its worth a shot.
I agree. In our situation, we were most likely not going to qualify for any need-based grants and planned accordingly. We also happened to have our highest earning year in the precise year figured into our oldest's FAFSA application. (And haven't hit that number again. Yet, anyway.) Most schools DS applied to had a generous merit package for him (thank you, high GPA, SAT scores and participation in activities). I was still surprised at the actual EFC, as some elite schools do not offer any merit aid, but pledge to meet whatever the difference between EFC and total cost is. That knocked those out, as we would have had to borrow substantially and that's not in our financial plan. DS chose a school based on good fit and that included one that wouldn't land him or us in debt.

I guess it is a bit like what amount of mortgage someone can technically qualify for doesn't mean a person should actually commit to borrow that much.
 
We always figured that the financial aid staff MIGHT let us leave before they started laughing at us. I started saving for college by moving the daycare costs into college funds. But we really do need to do a better job educating parents about how little federal grant money is available and how poor you have to be to get it, how high EFCs are, and that yes, some schools will meet all needs, but you'll discover that your EFC is high - and that is IF your kid gets into one of those schools. And do it before the freshman year in high school. I always knew, because I'd pick up a copy of Kiplinger's or Money every few months - and there were always articles about college costs. From a financial perspective, figure out if your state (or reciprocal) schools are affordable and make that an option, plan on applying to schools that will be EXCITED to get your kid - B+ average and junior year JV volleyball and all - you are more likely to get a better package. Highly selective schools are pretty willing to say no to requests for more aid - they have hundreds of students lined up on their waiting list, and a lot of them look very similar on paper to your kid.
 
Those of us with current seniors can complete the FAFSA beginning this October and our 2019 tax forms will be used. So for OP, when you fill out the FAFSA in October 2021, your 2020 tax forms will be used. THIS is the tax year that matters for you and the one they will look at. I always urge people to start learning about FAFSA during their student’s freshman year in high school. If you are going to move or reallocate assets, reduce income on purpose, etc. you need to do it in the calendar year that your student finishes sophomore year and starts junior year. This is the ‘base year’ that is analyzed for that initial FA package. The strategies must be learned and implemented way before senior year!

As to whether or not home equity is counted, the federal methodology does not count home equity but the institutional methodology does. Learn the difference! Generally speaking, public schools use federal and private use institutional. A school’s website will sometimes tell you which method they use for financial aid, and if not, give them a call to ask. Thousands of dollars could be at stake, so it pays to educate yourself on these differences. Lots of great resources on the internet, and free books at your library as well on FAFSA!
 


Those of us with current seniors can complete the FAFSA beginning this October and our 2019 tax forms will be used. So for OP, when you fill out the FAFSA in October 2021, your 2020 tax forms will be used. THIS is the tax year that matters for you and the one they will look at. I always urge people to start learning about FAFSA during their student’s freshman year in high school. If you are going to move or reallocate assets, reduce income on purpose, etc. you need to do it in the calendar year that your student finishes sophomore year and starts junior year. This is the ‘base year’ that is analyzed for that initial FA package. The strategies must be learned and implemented way before senior year!

As to whether or not home equity is counted, the federal methodology does not count home equity but the institutional methodology does. Learn the difference! Generally speaking, public schools use federal and private use institutional. A school’s website will sometimes tell you which method they use for financial aid, and if not, give them a call to ask. Thousands of dollars could be at stake, so it pays to educate yourself on these differences. Lots of great resources on the internet, and free books at your library as well on FAFSA!
My kids went to Catholic High School. They had a College counselor and from Freshman year to Senior year that counselor every semester put on 2 hour seminars for each classes parents. They laid it all out. And every meeting they got groans from parents when reminded folks that in the eyes of College system that a loan is just as much financial aid as a grant of a scholarship.
 
My kids High School College Counselor used to say to expect your EFC to be about 26% of your GROSS (not take home) pay.

With 3 kids, 2 in college the last few years our percentage has been lower than this. I consider us to be upper middle class. I'm actually shocked how much we have gotten in aid, some of it is loans, but not a lot so far. We do have to fill out the CSS for both schools and they go in depth with mortgage and even car values. They do ask about retirement account values even though they are not supposed to use those numbers. The CSS profile is pretty invasive. I do think the percentage will definitely go up in the next 3 years as we now have one graduated, but 2 still in college for next 2 years then kid number 3 will have 2 years in college alone. I am afraid for those last 2 years.
 
With 3 kids, 2 in college the last few years our percentage has been lower than this. I consider us to be upper middle class. I'm actually shocked how much we have gotten in aid, some of it is loans, but not a lot so far. We do have to fill out the CSS for both schools and they go in depth with mortgage and even car values. They do ask about retirement account values even though they are not supposed to use those numbers. The CSS profile is pretty invasive. I do think the percentage will definitely go up in the next 3 years as we now have one graduated, but 2 still in college for next 2 years then kid number 3 will have 2 years in college alone. I am afraid for those last 2 years.
Yeah, I just remember my mom when I was graduated from high school in 1975 looking at the paperwork, and saying "this is none of their business, I'll just pay the tuition" Pretty bold for a single parent working at a nurse and not having a lot of extra money.
 


With 3 kids, 2 in college the last few years our percentage has been lower than this. I consider us to be upper middle class. I'm actually shocked how much we have gotten in aid, some of it is loans, but not a lot so far. We do have to fill out the CSS for both schools and they go in depth with mortgage and even car values. They do ask about retirement account values even though they are not supposed to use those numbers. The CSS profile is pretty invasive. I do think the percentage will definitely go up in the next 3 years as we now have one graduated, but 2 still in college for next 2 years then kid number 3 will have 2 years in college alone. I am afraid for those last 2 years.
So far we’ve had 3 years with 2 in college, starting next year we will have at least 4 years with 3 in college (twins starting next year, Dd19 is in a 7 year program).
 
My state uses this data for awarding of certain need-based aid and merit-based aid. My children's colleges used this data for certain national and local competitive merit-based aid as well as need-based aid. Students may be eligible for department-based aid for certain majors. If the forms were not completed, they may be ruled out for certain things you never even knew about. We were pleasantly surprised a few times. I recommend everyone fill out the forms every year for every student. It's not that difficult and can be rewarding.
 
My state uses this data for awarding of certain need-based aid and merit-based aid. My children's colleges used this data for certain national and local competitive merit-based aid as well as need-based aid. Students may be eligible for department-based aid for certain majors. If the forms were not completed, they may be ruled out for certain things you never even knew about. We were pleasantly surprised a few times. I recommend everyone fill out the forms every year for every student. It's not that difficult and can be rewarding.
An example was the Cares benefit for college students this year, both of my kids received money (around $500 each). It was based on FAFSA.
 
We always figured that the financial aid staff MIGHT let us leave before they started laughing at us. I started saving for college by moving the daycare costs into college funds. But we really do need to do a better job educating parents about how little federal grant money is available and how poor you have to be to get it, how high EFCs are, and that yes, some schools will meet all needs, but you'll discover that your EFC is high - and that is IF your kid gets into one of those schools. And do it before the freshman year in high school. I always knew, because I'd pick up a copy of Kiplinger's or Money every few months - and there were always articles about college costs. From a financial perspective, figure out if your state (or reciprocal) schools are affordable and make that an option, plan on applying to schools that will be EXCITED to get your kid - B+ average and junior year JV volleyball and all - you are more likely to get a better package. Highly selective schools are pretty willing to say no to requests for more aid - they have hundreds of students lined up on their waiting list, and a lot of them look very similar on paper to your kid.
This post really resonated with me, but I've appreciated your other posts on this thread as well. I have a freshman in college this year and was SO naive thinking she would qualify/receive scholarships or merit aid simply because she had a high GPA, AP and Honors classes in high school, played soccer throughout school, volunteered at the local hospital, and was also taking community college classes in her senior year. Our daughter's college tuition/room and board is roughly $26K/year and she wasn't offered merit or scholarship money. The program she is in is highly selective (and well regarded). We're middle class and our EFC is $24K/year which shocked me as well. We are paying tuition through a combination of our daughter's savings, her income from working, our savings and a student and parent plus loan.
 
This post really resonated with me, but I've appreciated your other posts on this thread as well. I have a freshman in college this year and was SO naive thinking she would qualify/receive scholarships or merit aid simply because she had a high GPA, AP and Honors classes in high school, played soccer throughout school, volunteered at the local hospital, and was also taking community college classes in her senior year. Our daughter's college tuition/room and board is roughly $26K/year and she wasn't offered merit or scholarship money. The program she is in is highly selective (and well regarded). We're middle class and our EFC is $24K/year which shocked me as well. We are paying tuition through a combination of our daughter's savings, her income from working, our savings and a student and parent plus loan.
It’s amazing what kind of resumes they need to get merit. At DD’s school, one scholarship requires a 1500 SAT or 35 ACT, gpa 4+. They need a variety of UC’s, including demonstrating leadership, volunteer hours, competitive classes, honor societies... She got accepted in more competitive schools, but knew she’d have to go to a lesser school in order to get merit.
 
This post really resonated with me, but I've appreciated your other posts on this thread as well. I have a freshman in college this year and was SO naive thinking she would qualify/receive scholarships or merit aid simply because she had a high GPA, AP and Honors classes in high school, played soccer throughout school, volunteered at the local hospital, and was also taking community college classes in her senior year. Our daughter's college tuition/room and board is roughly $26K/year and she wasn't offered merit or scholarship money. The program she is in is highly selective (and well regarded). We're middle class and our EFC is $24K/year which shocked me as well. We are paying tuition through a combination of our daughter's savings, her income from working, our savings and a student and parent plus loan.

I guess it is all a matter of perspective. Our EFC is similar and as I stated in my above post I am shocked at how much aid we are offered. Of course I have 2 students, so EFC is half for each of them and they both go to school where estimated cost of attendance is $70k+. My DD's school has a chart that shows parent income in regards to how much aid to expect and the chart goes up to $250,000, so I think they are pretty generous with their aid. It does say that any income over $200k probably has at least 2 kids in college to qualify.
 
My children's colleges used this data for certain national and local competitive merit-based aid as well as need-based aid.

the public university dd graduated from used the fafsa for ALL scholarships they administered along with the programs our state offers so a student could have been the ideal candidate for a strictly merit scholarship or grant but if they didn't do the fafsa each year they wouldn't even have been considered.
 
This post really resonated with me, but I've appreciated your other posts on this thread as well. I have a freshman in college this year and was SO naive thinking she would qualify/receive scholarships or merit aid simply because she had a high GPA, AP and Honors classes in high school, played soccer throughout school, volunteered at the local hospital, and was also taking community college classes in her senior year. Our daughter's college tuition/room and board is roughly $26K/year and she wasn't offered merit or scholarship money. The program she is in is highly selective (and well regarded). We're middle class and our EFC is $24K/year which shocked me as well. We are paying tuition through a combination of our daughter's savings, her income from working, our savings and a student and parent plus loan.

I feel you! We expect absolutely no need-based aid, and I don't think merit aid is going to happen, either. We'll fill out the FAFSA, because a work-study job would be nice, if she can get one. We'd like to have her work very part time in some capacity while in school. On the good side, we have assets earmarked for her college, but when the pot's empty, that's it. So, I think DD17 is looking at State U for undergrad, then law school. If she take Pricey U for undergrad, law school is on her.
 
The school my kid goes to offers FIVE full ride scholarships a year - that is it. Its a $55k/yr (tuition room and board) school. 60% of students get merit aid, but its $10k, $15k, or $20k a year - that is still going to leave a lot that a middle class family will be responsible for. Its selective, but not highly selective, and the students getting the free rides could have gone to much more selective schools - but without nearly as much aid.

They were offered merit at every SPLAC they applied to. Higher sticker priced schools tended to offer more merit aid - in the end, all the schools came within $5k of each other - except the safety which wasn't an expensive school and offered a bunch of money. I would have expected no money from a state school - but the total cost of attendance would have been cheaper.
 
We'll fill out the FAFSA, because a work-study job would be nice, if she can get one.

despite being awarded work-study or not-when the time comes have her check with the college's student employment office. dd was awarded work-study and ultimately found a job on campus but the work-study positions were fairly limited and it could be challenging to find one that worked out quarter to quarter with your classes. the student employment office on the other hand had a number of jobs only available to students that also afforded the ability to work (if so desired) during school breaks (work study only allowed work during active academic periods so no work during winter, spring or summer breaks). dd only worked about 10-12 hours per week between the 2 jobs during the academic periods but she was able to pull around 20 hours per week during breaks/summer w/her non work-study job which ended up being related to her major vs. the work-study which, like most work-study jobs, are frequently busy work to justify the funding in order to provide the work-study jobs in the first place.
 
despite being awarded work-study or not-when the time comes have her check with the college's student employment office. dd was awarded work-study and ultimately found a job on campus but the work-study positions were fairly limited and it could be challenging to find one that worked out quarter to quarter with your classes. the student employment office on the other hand had a number of jobs only available to students that also afforded the ability to work (if so desired) during school breaks (work study only allowed work during active academic periods so no work during winter, spring or summer breaks). dd only worked about 10-12 hours per week between the 2 jobs during the academic periods but she was able to pull around 20 hours per week during breaks/summer w/her non work-study job which ended up being related to her major vs. the work-study which, like most work-study jobs, are frequently busy work to justify the funding in order to provide the work-study jobs in the first place.

One good non work study place to work is the bookstore. I did for a couple of semesters during my 2nd degree and got the job over break from my resume and a phone interview. Got a discount which was nice too. There were mandatory hours during the extended hours at the beginning of the semester and then it was generally the same schedule each week due to classes. It is a spot where it's more helpful if you like the people you work with though as I always worked with the same people and it can get quiet mid semester. But once you're in you're generally there until you decide to leave, it's not semester based and as a lot are open year round theres a chance for hours during breaks.
 
despite being awarded work-study or not-when the time comes have her check with the college's student employment office. dd was awarded work-study and ultimately found a job on campus but the work-study positions were fairly limited and it could be challenging to find one that worked out quarter to quarter with your classes. the student employment office on the other hand had a number of jobs only available to students that also afforded the ability to work (if so desired) during school breaks (work study only allowed work during active academic periods so no work during winter, spring or summer breaks). dd only worked about 10-12 hours per week between the 2 jobs during the academic periods but she was able to pull around 20 hours per week during breaks/summer w/her non work-study job which ended up being related to her major vs. the work-study which, like most work-study jobs, are frequently busy work to justify the funding in order to provide the work-study jobs in the first place.
I'm sure the rules have changed since the Stone Age when I was in school. I used to have a second work-study job, working registration/course changes at the beginning of each quarter (my college did 4 terms versus semesters). It was several hours a day for the few days of registration, but it was a nice little bump in $$. I was also a total scholarship kid--my parents' EFC was $0-250!

Another job I did in college was working security at major events, like concerts. A few hours' work would net you some cash, pizza, and a t-shirt.

If my DD doesn't get work-study, the bookstore would be a good choice for her. My DS23 just transferred to the local branch of State U--we're encouraging him to get a job working security. Regular security, walking around campus making sure doors were locked. He's a criminology major who would likely be perfectly content with a job as a security guard.

When I was in school, the only non-work study jobs available were in the dining hall, which was contracted out.
 
all the bookstores at the colleges around us are now owned by barnes and noble so they are not as easy to get hired into by students (esp. since their brick and mortar stores at the malls are closed/hurting for business so they have excess staff they can pull from). i know some students who make good $$$ working strictly weekends during football season. they work in various capacities for the home games. one of dd's FAVORITE work study gigs was proctoring a film appreciation class. she passed around the roll sheet, started the film and just sat watching a movie for 3 hours twice a week. when i went to college back in the stone ages i got paid one semester for 5 hours per week to serve as a 'note taker'. there was a hearing impaired student who couldn't read lips and take notes at the same time so she followed the lecture as i took notes (bonus was-i was already enrolled in the class so the only 'work' i did was to photo copy my notes at the end of each class to hand over to her).
 

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