''Expected Family Contribution'' (FAFSA)

[poohandwendy]

Just looking through some of my DDs college paperwork and happened to notice the "expected family contribution'' from the Student Aid report. Not that it makes any difference at all, but is anyone else totally blown away by the amount the govt seems to think we have available for college expenses?

Our expected family contribution for this year is 28,000...hello? Um, regular people here. Honestly, if we didn't have a low debt to income ratio, there is no way we could afford to send our kids to college. We saved some, but not nearly enough.

It just boggles my mind. I wonder, is there anyone out there who got a figure that actually makes sound financial sense to their actual real life situation?

Student loans amounts I see quoted (per year) do not cover any college that I know of, so how do kids attend if they do not qualify for grants, scholarships etc and their parents simply cannot afford the rest of the expenses (which are generally the bulk)?

It just seems to me that a huge chuck of average people are potentially screwed when it comes to college...LOL.

 

[Rachie0507]

I'm hoping to go back to school in the fall and I was shocked at our Family Contribution number also. DH and I have two kids, he works hard and makes an okay income but nothing spectacular and I am a daycare provider from home (so I make very little $$). The figure it gave me doesn't cover anything for the university I'm hoping to go to. And I'm positive we can't afford it without aid. I'm researching every scholarship I can right now. It seems a little out of whack to me

 

[bicker]

It just boggles my mind. I wonder, is there anyone out there who got a figure that actually makes sound financial sense to their actual real life situation?

There are those who would say that there is no way to make having children make "sound financial sense" to anyone's actual real life. That's why it is so impressive to bring up great kids, and give them all the opportunities they need to excel in life.

 

[froglady]

While my DD was interviewing at a college, I quickly crunched the figures on the form. According to them, we could afford to send 3 kids to their college that year! Needlless to say, I didn't bother to apply for any sort of aid.

And since we started a college fund on the day she was born, and she got an academic scholarship, we were able to pay out of pocket without going into debt.

 

[GoofyBaseballMom26]

That's why it is so impressive to bring up great kids, and give them all the opportunities they need to excel in life.

I agree with this... it is hard work for the average income family to raise children and give them opportunities. I know we have sacrificied over the years but it has been well worth it. Any involvement in sports etc cost a fortune these days. Also, the costs of trying to expose kids to any type of cultural event has gotten ridiculous now. Travel was always one method we used when our son was younger to teach him but once they get in HS and are involved in many activites.. it's difficult to travel (and too expensive now). I am thankful we were able to do what we could though... many of his friends have not traveled much.


Back to the FAFSA... we are in the same boat. We don't make over $65K with both of us working but we don't qualify for any financial aid for our son who is a sophomore in college. I know that is plenty to live on and we are very lucky but it is hard to pay for college. We were lucky that we purchased a pre paid tuition plan when he was four. That is helping some!

 

[poohandwendy]

There are those who would say that there is no way to make having children make "sound financial sense" to anyone's actual real life.

OMG, that made me LOL...it's so true.

 

[poohandwendy]

While my DD was interviewing at a college, I quickly crunched the figures on the form. According to them, we could afford to send 3 kids to their college that year! Needlless to say, I didn't bother to apply for any sort of aid.

And since we started a college fund on the day she was born, and she got an academic scholarship, we were able to pay out of pocket without going into debt.

LOL, I totally can relate. The only reason I even fill out the stupid FASFA form every year is because if we end up needing her to get student loans, they are required each year.

Other than that, we knew ahead of time that we are too ''wealthy'' (LOL, funny word) to receive any aid, but definitely not ''wealthy' enough for it not to be a sacrifice in a large way.

We do know that we will not have any brand new cars for about 12 years...when my youngest is done

 

[Tiggeroo]

unfortunately I think it's the responsible middle class who gets the squeeze for financial aid. I have three in college and last year's income was under $65000. I'm also a full time college student. We are getting nothing this year.
If you are lower income you get plenty, if you are high income you can afford it. If you are middle class you struggle. I would say a family raising two children on $50,000 in my neighborhood couldn't really save enough to put their children thru college. Even academic scholarships are getting difficult to come by in our state. Our wonderful governor just cut college funding in the state by 25% in addition to removing alot of other things the state provided for our colleges. This is going to come out of scholarhips the schools provide. We are now I believe 47 in state funding of higher educ in the country.

spoken as a woman who has just done four fafsfa's

 

[Nancy]

Yeah those numbers are pretty funny! I have 3 kids, 2 1/2 incomes (dh works a second pt job) and while we can pay our bills and feed and clothe ourselves, there usually isn't a heck of a lot left over for too many extras. DH's Pt job is going towards college funding. Our first will be heading off this fall, no scholarships for her. I am hoping that my middle will get some academic ones, she wants to be a lawyer and the thought of all that school sneds my heart racing. Right now #3 wants to be a pastry chef. Oldest has no clue what she wants to do or major in. Plus on top of all this, I am a FT student myself!

 

[Puffy2]

I have a question related to this. For the reasons mentioned here, I don't expect that we would qualify for any "govenrment aid" for college BUT
am I correct in thinking that the private schools use this figure provided by the FASFA form to determine how much aid (scholarships or whatever) THEY will provide???

For instance, if the FAFSA says a family can afford $20,000 per year. And the private school costs $40,000 per year - even if the kid is eligable for scholarships will the private school EXPECT the family to come up with $20,000 (and only offer $20,000 in scholarships?) ?

 

[bicker]

I think it's the responsible middle class who gets the squeeze for financial aid.

While poor people get more financial aid than middle class people, it isn't enough financial aid to make higher education as affordable to poor people as it is to middle class people. If you think it is hard paying for college as a middle class family, try it as one of the working poor. You'll be in for a very rude awakening!

 

[GoofyBaseballMom26]

WHeeeewwww, my hat is off to those of you with 3 kids you are putting through! My one is expensive enough... You will have a lot to be proud of when they are all through and are holding degrees!!!!!!!

 

[AllyandJack]

Ah...the memories.....

When I was applying to college in 1993, USC was the first choice. They sent me my financial aid award....a total of $7,000 with my "parent contribution" being the rest. I grew up in the projects and went to an inner city Boston school. Anyway, I go out to USC and we attend this financial aid seminar. The guy tells us this "funny story" about how a parent called every day about financial aid for his kid. This father just shook them down. So, the director took it on himself. He sees that the kid lives in CA, but isn't sure where or what the exact town is. Turns out the kid lived in a wealthy suburb of Beverly Hills. His father was some sort of inventor of something to do with oil caps in the Middle East. So, the guy laughed and said, "So, we gave him $7,000 just for his effort." I didn't find the story very funny. Needless to say, I did NOT go to USC. I ended up with a free ride to Boston University, so it worked out, but I am still bitter about getting the same amount as the rich Beverly Hills kid.

 

[Tiggeroo]

While poor people get more financial aid than middle class people, it isn't enough financial aid to make higher education as affordable to poor people as it is to middle class people. If you think it is hard paying for college as a middle class family, try it as one of the working poor. You'll be in for a very rude awakening

I disagaree. My dh was out of work a good deal during the year before dd's freshman year. She got very good offers at many schools because of her grades. But without grades she got a free ride to the local state school based on income. Part of the package was loans but not alot.
Now our income has gone up, but we're not wealthy by any shot. So the school that her freshman year was covered will now cost approx. 20,000. per year. So our income increase of $20,000. per year after I subtract the loans my dd took out freshman year will technically need to go toward $18,000. of tuition. This doesn't take into account the fact that now I have three in college. We would technically have been better off with the lower income. Then all three kids tuition would have been covered.
So no I don't think the low income people have it worst when it comes to college. The challenges they might possibly have are not related to college. They are related to just living on a lower income. If they, in spite of their income, encourage their kids to succeed in school then there will be a financial way for their children to at least attend a state school.

 

[OhMari]

I have 3 in college starting in the Fall. My oldest son decided to go back 3 yrs after he graduated. He started off slow and just picked up math and communication classes. After 1 year he had enough to transfer into our university system. This was the first year he did not have to claim our income on FAFSA. He will be 24 in June and he is almost receiving a full ride at UW-Milwaukee. He won't get the Work-Study, so that eliminates $3,200, but he can make more working Friday's and Saturday's at his job he has now.

My youngest received about 1/2 of his tuition, room/board and other expenses. FAFSA expects me to have $10,000, same with my dd, plus she receives $4,000 in an academic scholarship.

My kids all work, plus they take out student signature loans like Sallie Mae to cover what they cannot, which is usually around $5,000 a year.

I know some people absolutely refuse to take out loans-so they are sending their kids to our Jr. college, but they will have to transfer sometime and try to find the money.

 

[CheshireVal]

I grew up knowing that my parents hadn't saved anything for my college education (mom was stay at home for most of my childhood, dad was horrible with money.) When my parents divorced when I was 16, it got even worse because mom was making practically nothing, and dad just didn't care.

So... I busted my butt studying for the SAT so that I could ace it and get a full scholarship to UGA, which is where I wanted to go. And I did. I made it through my entire undergrad years staying on scholarship by keeping my grades up. I didn't even have to work!

I took out loans for grad school, though.

Anyway, I think student loans are just a necessary evil for a lot of middle class kids who aren't getting the scholarships and who insist on going to expensive schools. There are worse things in life, though, really.

 

[horseshowmom]

I know exactly what the OP means. According to FAFSA, we should be able to contribute between $20,000-25,000 yearly to DD's education. DH is a teacher, and I'm a grant coordinator in a rural Mississippi school district. Does anybody really think we've got that much per year to spend on school?

Fortunately, DD's scholarships are merit based and not influenced by that. She gets enough to cover her tuition, books, fees, gas, meals, and some spending money. She commutes a hour one way in order to keep from having student loans. She'll work this summer to add some extra money. She has friends who are living on student loans instead of working to cover some of their costs (but that's another thread).

 

[caitycaity]

this is one of the best perks of being a ft employee at a university -- tuition benefits.

 

[bicker]

So no I don't think the low income people have it worst when it comes to college.

My experience was different. I guess we'll just have to agree to disagree.

 

[BeNJeNWaFFLe]

When I was in college my parents used to just laugh at the FAFSA's. With both my brother in college and me, their expected family contribution was close to $30,000 just for me alone. There was no way in heck my parents had that kind of money. So my mom called the financial aid office of my college. Their answer, take out a parent loan. Like that was happening. My parents paid what they could and I took out loans for the rest.

Does your childs college offer a tuition management system? It is something to look into. That's what my parents ended up doing. It allowed them to pay the balance in smaller increments throughout the year.

I know student loans aren't fun. Trust me, I am paying them off now and the balance seems to be going nowhere. (the huge interest rate doesn't help) But they are a necessary evil.