Disney Information Station Logo

Go Back   The DIS Discussion Forums - DISboards.com > Just for Fun > Community Board
Find Hotel Specials & DIScounts
 
facebooktwitterpinterestgoogle plusyoutubeDIS UpdatesDIS email updates
Register Chat FAQ Tickers Search Today's Posts Mark Forums Read





Reply
 
Thread Tools Rate Thread Display Modes
Old 08-23-2012, 04:09 PM   #76
marcyinPA
I'll never forget the strong, pungent smell of Noxema!
I was such a fashion disaster!!
 
marcyinPA's Avatar
 
Join Date: Apr 2001
Location: Pennsylvania
Posts: 7,725

Quote:
Originally Posted by wvjules View Post
They do not care about debt. Only income and assets.
Hmmm... well- we have $10K in a high yield account that we've been saving- and that's ALL of our savings. If we did something else with some of it- to make it "untouchable", will they count it as assets? Do they count 401K money as an asset?

As you can tell- I have no idea how this all works!
__________________
10/93- off site(Holiday Inn Maingate East), 10/94- OKW, 10/97- off site (Doubletree Suites DD), 6/02- FW cabins,
5/04- POR (AB),
9/05-ASMo (Dh's 40th birthday trip!)- Free DDP, 5/07- POP!- DDP,
6/08- We're Cruisin' (NCL
Spirit) for my BIG 4-0!,
6/09- WL (celebrating my birthday with Mickey!)
,2/11- POP
marcyinPA is offline   Reply With Quote
Old 08-23-2012, 04:23 PM   #77
Christine
Would love to be able to sit on the couch for a few days, get a good book, and do NOTHING!
Considers the DIS as Bladder Training 101
 
Join Date: Aug 1999
Location: Northern Virginia
Posts: 23,961

Quote:
Originally Posted by marcyinPA View Post
Hmmm... well- we have $10K in a high yield account that we've been saving- and that's ALL of our savings. If we did something else with some of it- to make it "untouchable", will they count it as assets? Do they count 401K money as an asset?

As you can tell- I have no idea how this all works!
The 401K is not counted as an asset; however, your income before the 401K deduction is what is used, not the income AFTER the 401K was taken out (like what is done for your taxable income). At least I think I have the right!
__________________
Christine

Vacation Home - Indian Creek - July 2012
Vacation Home - Terre Verde Resort - July 2009
Vacation Home - Terre Verde Resort - Easter 2007
Shades of Green - June 2005
Vistana Resort - May 01
Shades of Green - May 99
Shades of Green - Apr 97
CBR & Shades of Green - May 95
Christine is offline   Reply With Quote
|
The DIS
Register to remove

Join Date: 1997
Location: Orlando, FL
Posts: 1,000,000
Old 08-23-2012, 07:43 PM   #78
georgina
I dream of Mousey with the big black ears
I've embraced my gray hairs
 
Join Date: Apr 2003
Location: Pittsburgh, PA
Posts: 3,053

I think that is right, Christine. Putting money in a 401k this year will not help for the FAFSA in spring 2013. 401k assets are not counted, but any money put in is added back to your taxable income for that year only. So, if someone made $60,000 and put $10,000 in a 401k, the FAFSA counts all $60,000 as income for the year. Now, if you spend that $10,000 you have saved up on something, then you would not have it as an asset.

On the other hand, there is some level of protected assets that are not assessed by FAFSA calculations. I'm not sure what that is - it is based partly on the age of the parents.
__________________


georgina is offline   Reply With Quote
Old 08-24-2012, 08:24 AM   #79
hemispheredancer
DVC/OKW 2000
 
hemispheredancer's Avatar
 
Join Date: Sep 1999
Location: on a hammock sipping a strawberry daiquiri
Posts: 2,974

As a student myself, I can tell you they do not give a rat's fanny about your outgoing bills. They are concerned with how much money you can access via savings, funds, stocks, etc. Less income=more aid. If you have a younger child, I would suggest moving some of your money in their name (with someone else other than you or DH as the account custodian). If any accounts are linked to you, your spouse, or your college-bound child (via SSN) you will be responsible for declaring those monies.
__________________
In Memory of Mittens (1989-2006)



Breathe in...Breathe out...Move on...

[img]http://www.********************/timers/tickers/362dgj8lpomwtg9m.png[/img]
hemispheredancer is offline   Reply With Quote
Old 08-24-2012, 08:56 AM   #80
luvavacation
DIS Veteran
 
Join Date: Nov 2006
Posts: 797

Congratulations to those that have already received acceptance letters! Hopefully the acceptances came from the first picks, and the search is done!

DD has stated that she will definitely be doing college apps this weekend, and has cleared her schedule. Unfortunately, it will be very hot this weekend, and the pool has been chlorinated and cleaned in anticipation of one last big swim. This would have been so much better if it was raining all weekend, instead of DD being tempted by the sparkling clean pool in 98 degree heat! Oh well, guess she can take a bit of a break at some point, right?

MarcyinPA, two years before the eldest went off to school, we put much of the savings that was in her name into her little sister's savings account. I think it was up to two years that the FAFSA can check back? Either way, we figured we would be able to get need-based scholarships or grants for DD, after all, we only have one income, pay a mortgage, had a car payment, etc, etc. Um, nope, no need-based anything! While FAFSA does not take all of a parent's savings into account, they do take some of it, and we are good savers, so that ruined any chance of need-based anything. I was fretting, because I was not going to empty our savings to pay for DD's college, but luckily she did get academic scholarships. Younger DD, I am not so sure about!

Unless you only make $20,000 per year and have 20 kids with no penny in savings (I exaggerate, but this is how it appears to me!), I don't think the FAFSA will put you in a favorable light. However, you still need to fill it out, because perhaps the school your child goes to will have different criteria for their financial aid offices. Either way, good luck to you! At times like this, it stinks to be responsible with money!

Ok, another college question. Are any of the colleges that your kids are looking at basing their GPA requirements on unweighted, core only GPAs? This is the one thing I am most worried about for DD, as it was what kept elder DD from full scholarship at her university (she had the ACT score, but took many honors and AP courses, which did not all receive an "A" grade, but were weighted by the High School). With unweighted core grades, she missed the full ride scholarship by just a few tenths of percentage point. For those that haven't gone through the college search before, it is something that might need to be asked when looking at scholarship qualifications. It was quite the shock for our family!

By the way, most schools bury this information on their websites. I will be calling the admissions counselors at the schools DD #2 applies at for the specifics of GPA calculations. Haven't done it at this point, because I don't want to be irritated yet! Arggh, things were so much easier 25 years ago when it came to college acceptance!
luvavacation is offline   Reply With Quote
Old 08-24-2012, 09:47 AM   #81
BuzznBelle'smom
There are tomato-ey paw prints all around the stove
I've never had it burn, and I do this regularly
 
Join Date: Mar 2002
Location: NH
Posts: 3,881

Quote:
Originally Posted by Denise W View Post
For those of you in New England - check out regional rates. We were living in RI and the state schools did not offer the major my daughter wanted (illustration). I found out that the NE states had an agreement that if another NE state school had that major, she could attend and pay a regional rate, which was just a little more than their in-state rate. She ended up going to UMASS and we saved over $8000 a year due to paying the regional rate. This was 8 years ago so I don't know if this is still offered, but it was a well kept secret.

Hope it helps!

Denise
This is still true--DD and I toured UMASS, and they mentioned it. To use an example, it might be $10k in-state, $12k regional, and $15k for people outside New England. For the Vermont person, look at UNH or UMASS. Although if you're the one whose DD is considering nursing, be aware that UMASS specifically mentioned that acceptance to the school did not mean acceptance to the nursing program.

Sadly, I still can't get DD to look at any state schools. She's acting very price-insensitive.
BuzznBelle'smom is offline   Reply With Quote
Old 08-24-2012, 10:00 AM   #82
StephMK
DIS Veteran
 
StephMK's Avatar
 
Join Date: Mar 2004
Location: TBD
Posts: 5,023

Quote:
Originally Posted by georgina View Post
On the other hand, there is some level of protected assets that are not assessed by FAFSA calculations. I'm not sure what that is - it is based partly on the age of the parents.

I just took DD#1 to college 2 weeks ago and we filled out the FAFSA earlier this year. They do not "count" the first $43k or so (can't remember exact fig but right around that amount) if one parent is 45 or older. I knew I married an older guy for a reason! It definitely helped to leave that amount out.

Jumped on here because I saw the earlier references to Clemson. That was my school and I loved it there! Tiny town but fun college & great school spirit.

ONe thing I wish I'd done differently is convinced DD to take an ACT class. She was just a few points from bigger scholarships and she just wanted to book study. I think she could have gotten it with a class that gave her tips & tricks.

I'd also get your kids to check out a few schools that you think would be good fits, financially, location, etc. even if your kid doesn't think they'll like it. DD's school pick was her last choice before she went to visit. Good luck to everyone, it goes by so quickly!!
__________________
DD DD DS
StephMK is offline   Reply With Quote
Old 08-24-2012, 10:07 AM   #83
vttkdmom
Earning My Ears
 
Join Date: Jan 2012
Location: Vermont
Posts: 51

Quote:
Originally Posted by BuzznBelle'smom View Post
This is still true--DD and I toured UMASS, and they mentioned it. To use an example, it might be $10k in-state, $12k regional, and $15k for people outside New England. For the Vermont person, look at UNH or UMASS. Although if you're the one whose DD is considering nursing, be aware that UMASS specifically mentioned that acceptance to the school did not mean acceptance to the nursing program.

Sadly, I still can't get DD to look at any state schools. She's acting very price-insensitive.
Thank you all for the heads up regarding the NE Tuition Break program, sadly for VT students, there is NO tuition break if your major is nursing. I am assuming this is because nursing is offered here at UVM.
vttkdmom is offline   Reply With Quote
Old 08-24-2012, 10:26 AM   #84
marcyinPA
I'll never forget the strong, pungent smell of Noxema!
I was such a fashion disaster!!
 
marcyinPA's Avatar
 
Join Date: Apr 2001
Location: Pennsylvania
Posts: 7,725

Quote:
Originally Posted by StephMK View Post
I just took DD#1 to college 2 weeks ago and we filled out the FAFSA earlier this year. They do not "count" the first $43k or so (can't remember exact fig but right around that amount) if one parent is 45 or older. I knew I married an older guy for a reason! It definitely helped to leave that amount out.

Jumped on here because I saw the earlier references to Clemson. That was my school and I loved it there! Tiny town but fun college & great school spirit.

ONe thing I wish I'd done differently is convinced DD to take an ACT class. She was just a few points from bigger scholarships and she just wanted to book study. I think she could have gotten it with a class that gave her tips & tricks.

I'd also get your kids to check out a few schools that you think would be good fits, financially, location, etc. even if your kid doesn't think they'll like it. DD's school pick was her last choice before she went to visit. Good luck to everyone, it goes by so quickly!!
I agree with you about visiting a school that you think they might not like. In our case, we visited a state school that I didn't think I would like (for him). Turns out that he loved it, and I liked it better than I thought I would. It is near the top of the list now!

Can you further explain what you said about the FAFSA and how they do not count the first $40+K if a parent is 45 or older? Are you talking about money in savings- or assets combined? My DH will be 47 in October

I am really nervous about the whole money thing. My DS has savings bonds that face value total about $15,000 but they aren't mature. My DH has a 401K, we have about ten grand in savings in our name. DS17 has about two grand in savings, and DS13 has about the same. Will they really count DS13's savings against us?! That is awful!! Between the two of us, we work 3 jobs and make about $60K a year. We aren't rolling in it.... To make matters probably worse, I don't think DS will be getting any merit aid-
__________________
10/93- off site(Holiday Inn Maingate East), 10/94- OKW, 10/97- off site (Doubletree Suites DD), 6/02- FW cabins,
5/04- POR (AB),
9/05-ASMo (Dh's 40th birthday trip!)- Free DDP, 5/07- POP!- DDP,
6/08- We're Cruisin' (NCL
Spirit) for my BIG 4-0!,
6/09- WL (celebrating my birthday with Mickey!)
,2/11- POP
marcyinPA is offline   Reply With Quote
Old 08-24-2012, 10:57 AM   #85
JeannieNM
DIS Veteran
 
Join Date: Jan 2003
Posts: 546

Quote:
Originally Posted by maxaroni View Post
As a mom who has lived through it, I feel your pain. My DS was just not motivated to do all of the college "stuff". We did have him take an essay writing course which got him rough drafts of 4 different essays. It was a struggle to get him to do that and then to fine tune the essays. I am so glad that is all behind us and I don't have to be pushing every step of the way. DS was a 2011 HS graduate so we are past it by some time and, if I had it to do over again, I'd do things differently. Good luck!
What would you do differently? We are all open to learning from others experiences.

Our DD is a junior but we have already started the process. Her summers are packed as is her school year so we have to do things slowly as there is time.
JeannieNM is offline   Reply With Quote
Old 08-24-2012, 11:09 AM   #86
LisaR
 
Join Date: Sep 2000
Posts: 8,910

Quote:
Originally Posted by luvavacation View Post

Ok, another college question. Are any of the colleges that your kids are looking at basing their GPA requirements on unweighted, core only GPAs?
Every single school we have visited has addressed this and they have all said it is the number one question they get emailed or called about. All the ones we have visited (public and private) recalculate the GPA. All used core classes only and this was emphasized. Two of them made a big point about the fact that your A in art is all well and good but this isn't an art school so we really don't care about your A in art. Most of the places we visited (not all) awarded a full point extra for DE, AP, & IB and a half point extra for honors.
LisaR is offline   Reply With Quote
Old 08-24-2012, 11:24 AM   #87
BuzznBelle'smom
There are tomato-ey paw prints all around the stove
I've never had it burn, and I do this regularly
 
Join Date: Mar 2002
Location: NH
Posts: 3,881

Quote:
Originally Posted by LisaR View Post
Every single school we have visited has addressed this and they have all said it is the number one question they get emailed or called about. All the ones we have visited (public and private) recalculate the GPA. All used core classes only and this was emphasized. Two of them made a big point about the fact that your A in art is all well and good but this isn't an art school so we really don't care about your A in art. Most of the places we visited (not all) awarded a full point extra for DE, AP, & IB and a half point extra for honors.
We found this, too. Every school has their own way of calculating GPA. And financial need. One question DD had was, she's taking a tech class (in Early Childhood--she wants to be a teacher). All her other classes are honors/APs. Every school said they'd weigh it like a regular class. In choosing to take this class, she decided she'd look better for taking things in her area of interest, rather than just taking the "regular" honors track, if that makes sense. I'll have to let you know if that works out for her.
BuzznBelle'smom is offline   Reply With Quote
Old 08-24-2012, 04:36 PM   #88
georgina
I dream of Mousey with the big black ears
I've embraced my gray hairs
 
Join Date: Apr 2003
Location: Pittsburgh, PA
Posts: 3,053

Marcy, it sounds like you could have a low EFC (expected family contribution) when you fill out FAFSA. However, something that we learned when our first child went off to college, is that many schools now offer loans as part of their financial aid package. There are very few that have enough money to meet a student's need with grants. (Those that can are Ivy league and some private colleges.) So while some private schools are generous with financial aid, definitely consider what a state school would cost. There are quite a few good ones in PA.
__________________


georgina is offline   Reply With Quote
Old 08-24-2012, 07:40 PM   #89
ugadog99
Has been waiting patiently for a visit from the Tag Fairy and found that good things come to those who wait
Is on a hunt for the best Creme Brulee!
 
ugadog99's Avatar
 
Join Date: Feb 2001
Location: Too far from home
Posts: 6,540

Well, we have made a few modifications to our list. After really looking at Evansville's course requirements, we have decided to drop it from the list. I know it has a good theatre reputation, but there is a lot of core for a BFA. We have schools like that here and would get in state tuition plus HOPE. So, that has been dropped.

I have given so much thought to CMU vs University of the Arts. Although I know UArts gives good aid, I've also heard from quite a few that it just isn't enough. Although I think she has no shot at CMU, I am just about leaning toward going for it. We will already be visiting Pittsburgh for Point Park at some time, so why not just shoot for CMU, too? It's the ultimate stretch (even beyond UNCSA and Purchase, I think), but if she doesn't try, we'll never know.
__________________
ugadog99 is offline   Reply With Quote
Old 08-24-2012, 08:04 PM   #90
trip
family trip planner
 
Join Date: Aug 1999
Posts: 3,543

Quote:
Originally Posted by Beachbumpirates View Post
Loving this thread - thank you! Question - my DD applied to her top pick in July under their early application opportunity. They said they would let us know mid August. She emailed her advisor on Monday to see if he had any idea when notification would be made and he advd her that they never received her ACT scores. Called the HS to find out this is the first year that our HS wont be sending ACT/SAT scores with official transcripts but they had not told the kids this. She said they were planning to tell them once school resumed later this week. Do we think that my DD missed out on the first of acceptance letters because of this? And what, if anything, would you say or do? She is our oldest and we are treading on new ground.
I thought when you took the ACT you selected what universities to send the results directly to.
trip is offline   Reply With Quote
Reply



Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

facebooktwitterpinterestgoogle plusyoutubeDIS Updates
GET OUR DIS UPDATES DELIVERED BY EMAIL



All times are GMT -5. The time now is 02:17 AM.

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

Copyright © 1997-2014, Werner Technologies, LLC. All Rights Reserved.