College loan ?

[sunshinemelody]

I'm not at all an expert but we recently learned about how FAFSA is going to work for when current Juniors apply. It's called prior prior year and it begins in 2017-2018. For current juniors, nstead of submitting tax info and then going back to resubmit once taxes are complete, you submit THIS year's tax information (2015). This will make the whole process of applying to college start earlier. Kids will be applying the summer before graduation. FAFSA can be submitted as early as October.

Here's a better explanation of it"
http://www.fastweb.com/financial-aid/articles/fafsa-changes-what-ppy-means-for-you

I know how the FAFSA works, I'm a college student. I get it.

I was saying the pp was incorrect with her information about starting anew, which is incorrect. You always submit the previous years' taxes and return to complete it with the new years information when it becomes available. I know.

 

[Hrhpd]

I know how the FAFSA works, I'm a college student. I get it.

I was saying the pp was incorrect with her information about starting anew, which is incorrect. You always submit the previous years' taxes and return to complete it with the new years information when it becomes available. I know.

Since I am the one you insist is wrong, I have to tell you that you are incorrect with the above information.
For one, 2016-2017 is not available yet. You cannot file for 2016-2017 today and then correct it.

If, after 2016-2017 is available and you have not done your taxes yet, you estimate based on previous years and then update it once you have submitted your taxes. But you amend your present FAFSA, you do not amend your previous year for the upcoming year. You start a new one.

 

[sunshinemelody]

Since I am the one you insist is wrong, I have to tell you that you are incorrect with the above information.
For one, 2016-2017 is not available yet. You cannot file for 2016-2017 today and then correct it.

If, after 2016-2017 is available and you have not done your taxes yet, you estimate based on previous years and then update it once you have submitted your taxes. But you amend your present FAFSA, you do not amend your previous year for the upcoming year. You start a new one.

What are you talking about? I definitely told you that I said the 2016-2017 is NOT available yet, let's learn how to read, yes?

I also said that when you do start the 2016-2017 FAFSA (which is available on January 1, 2016, since you want to get technical as though people can't figure that out on their own), you input LAST years information (which will be 2015) and once you have finished that and have gotten your new tax information, you most definitely CAN go back in and replace that information. You do not have to start new. Ever. I have never done and know no one who has done that. I never said that you amend your 2015, why the heck would you do that? That's not 2016-2017.

Don't understand why that was so hard to understand.

Let me put it into layman's terms.

2016-2017 is available on January 1, 2016. You start a NEW FAFSA. You do not need to start a new FAFSA afterward in order to input your 2016 tax information. You must however, input last years information in order to submit the new one, but you can go in an edit it once you have the 2016 tax info. You CAN however, use 2015's information so you don't have to input everything into the new FAFSA and just change what needs to be changed. It's not that hard. It's not rocket science.

 

[Mickeyluver37]

I'm not at all an expert but we recently learned about how FAFSA is going to work for when current Juniors apply. It's called prior prior year and it begins in 2017-2018. For current juniors, nstead of submitting tax info and then going back to resubmit once taxes are complete, you submit THIS year's tax information (2015). This will make the whole process of applying to college start earlier. Kids will be applying the summer before graduation. FAFSA can be submitted as early as October.

Here's a better explanation of it"
http://www.fastweb.com/financial-aid/articles/fafsa-changes-what-ppy-means-for-you

Thank you for this. That will be the first year I will have 2 in college and I had not heard of the change. So on the next FAFSA, we will use 2015 income, and on the one after that, we will also use 2015 income. Not sure if it will make much of a difference for us either way, but better to know more in advance.

 

[spima3]

OP, you really should go in and use the Net Price Calculator for any college your daughter might be interested in. Use your 2014 tax return for any numbers they might require.

Just be aware that some of these NPC's are not current, and I believe the asset protection allowance has been reduced even further, so that will probably not be reflected in the NPC's, but it will give you a ballpark $$ amount of what that schools costs will be to you.

Collegeboard(dot)com is a good place to search for colleges & their respective NPC's.
I think it is a rule of thumb that you should not have more debt than your expected yearly income upon graduation. I have my kids at half that. So, if your daughter knows what she wants to get a degree in, you will have an idea of the amount of loans she should limit herself to.

 

[luvmyfam444]

My mother wasn't in any kind of position to help pay for my college education. Your daughter will be able to get her own loans and funding package through the school by filling out a FAFSA. You won't have to rule out schools.

But isn't there a cap on what they'll give a kid?

 

[luvmyfam444]

How long ago did you go to college? As someone who has recently been through the college search and currently has a college sophomore, I find your comment to be inaccurate. FAFSA, and therefore Universities, assume a parent contribution regardless of whether or not parents plan on contributing. It takes an extremely low income to have a low expected contribution.

To the OP, are you able to contribute anything from savings or current income? If not, and without merit aide your DD's best option is probably living at home and going local.

Not at the moment, but maybe by the time she goes next year.

 

[luvmyfam444]

Part of me agrees with you but another part says that the education you receive in high school varies so greatly from school to school that this is a way to compare applicants. Add in the fact that grading systems at each school are not standardized so comparing gpa's can be hard.

I agree, but it's not like we have a choice about the education our kids receive ( other than private schools, & even then there's no guarantee)... So I hate if they are getting penalized.

 

[luvmyfam444]

Back to the discussion of ACT scores....I kinda wish they'd let anyone that wants to go to college go. If they need remedial classes, so be it. Place them in those classes, let them know it'll be an extra semester (or 2). Colleges still get their $ & there's no telling which kids could succeed if just given the chance instead of saying nope you're ACT is too low.

 

[mom2rtk]

Back to the discussion of ACT scores....I kinda wish they'd let anyone that wants to go to college go. If they need remedial classes, so be it. Place them in those classes, let them know it'll be an extra semester (or 2). Colleges still get their $ & there's no telling which kids could succeed if just given the chance instead of saying nope you're ACT is too low.

If the schools she is looking at require too high a score, she needs to consider other schools.

 

[Hrhpd]

Back to the discussion of ACT scores....I kinda wish they'd let anyone that wants to go to college go. If they need remedial classes, so be it. Place them in those classes, let them know it'll be an extra semester (or 2). Colleges still get their $ & there's no telling which kids could succeed if just given the chance instead of saying nope you're ACT is too low.

They do. It is called Community College. You can take your remedial courses at a CC and then apply to the 4 year universities.

 

[IceSkatingPrincess]

I second everyone saying if she didn't do well in high school or on the ACT to strongly consider community college and then moving to a four year university. It will save a lot of money and presuming she does well, give her the leg up to go somewhere better than she may be admitted to now. I just finished college (cum laude!), and grades are so important, so a little time at community college may be the right choice to not only improve her application but also gain valuable study skills. I really didn't "figure it out" until after my first semester of college (even having been an honor student... college is very different! self motivation and all that..) so I'm glad I spent that growing period at an inexpensive community college.

 

[sam_gordon]

Back to the discussion of ACT scores....I kinda wish they'd let anyone that wants to go to college go. If they need remedial classes, so be it. Place them in those classes, let them know it'll be an extra semester (or 2). Colleges still get their $ & there's no telling which kids could succeed if just given the chance instead of saying nope you're ACT is too low.

I think you have the right idea. I know it's fiction, but I remember a big story line on The West Wing was making college education "easier". However, look at the section I bolded... who do you think colleges are getting their money from?

 

[runwad]

Back to the discussion of ACT scores....I kinda wish they'd let anyone that wants to go to college go. If they need remedial classes, so be it. Place them in those classes, let them know it'll be an extra semester (or 2). Colleges still get their $ & there's no telling which kids could succeed if just given the chance instead of saying nope you're ACT is too low.

The federal government is making colleges change from this model because of the simple fact that those kids are taking on too much student loan debt, and generally don't graduate. Used to be funding came from the number of students enrolled in a college. Now the government has said we will only give you funding based on your 4 year graduation rates. Hence colleges not taking just anybody and raising their requirements to get in.

 

[luvmyfam444]

Wh

Depends on the marketability of the degree you choose. DS and all his classmates had jobs landed before they graduated. They actually had their pick of jobs. All the jobs paid between $65,000 to over $100,000.

While you should study what you love, you should also have a backup plan.

at field was that? Need to send my kiddo into that field, like it or not.

 

[luvmyfam444]

The federal government is making colleges change from this model because of the simple fact that those kids are taking on too much student loan debt, and generally don't graduate. Used to be funding came from the number of students enrolled in a college. Now the government has said we will only give you funding based on your 4 year graduation rates. Hence colleges not taking just anybody and raising their requirements to get in.

Ahh that makes sense. I've been shocked to see the graduation rates, the schools I've looked up are only about 40%. Crazy.

 

[CF'er]

When looking at aid packages for the private schools look to see whether it's for the 1st year only or if it's guaranteed for the full 4 years. I have been told, don't know for a fact, that schools throw money at freshmen to get them in the door. After that first year the money tends to dry up. At that point it's either cough it up, loans or transfer. By now your child is invested in the school and wants to stay.

 

[mom2rtk]

Wh

at field was that? Need to send my kiddo into that field, like it or not.

What does your DD want to do? What does she have an affinity for?

 

[mnrose]

Ahh that makes sense. I've been shocked to see the graduation rates, the schools I've looked up are only about 40%. Crazy.

4 year graduation rates tend to be abysmal at some schools, even good schools. Heck, I'm not a 4 year undergrad person myself, so I'm not one to cast stones. I've been pretty successful in life even with my 5 year undergrad degree. LOL. Like many people, I *thought* I knew what I wanted to do when I started college, but I changed my mind (twice) necessitating an additional undergrad year to finish my degree. I would look to see what the 5 (or even 6) year percentage is. If those are STILL bad (under 80%), I'd probably reject that school.

 

[SparklePixie]

But isn't there a cap on what they'll give a kid?

In loans, yes. Freshmen are eligible for $5500 in federal loans the first year. With an average cost of $20,000 per year, even state/public universities are out of reach for most kids with no financial help from their parent(s).