Fafsa

[HeatherC]

thanks to those who answered my question on the EFC number.

Received another email today that it had already been processed and to check the SAR. Basically, we will be broke for the foreseeable future!

 

[bimshire]

First off, don't panic....it's not hard, just cumbersome. Since this is your first time, visit FAFSA.ed.gov. On the main page, click on "FAFSA Filing Options" then click on the .pdf link for 2014-2015 school year......print or save to your computer. this is an out-of-date version, but will give you an idea of the questions they ask. Be sure to read page 2 as it defines what to include / exclude.. Hope this helps!

This website is correct. It is very important that you are using the .gov site and not some paid service dressed up as the real thing.

 

[Silly Little Pixie]

Is it a problem if I have to wait until later in the month to complete it? DH's company was sold this year, and we have to wait on the first company to send his W-2. They paid him for a few holidays that aren't covered by the new company, and we're not sure how those get taxed.

 

[disneychrista]

Is it a problem if I have to wait until later in the month to complete it? DH's company was sold this year, and we have to wait on the first company to send his W-2. They paid him for a few holidays that aren't covered by the new company, and we're not sure how those get taxed.

You do not have to wait. You can enter estimated information and then correct it once you have filed your taxes.

 

[disykat]

Remember, you fill it out ASAP after Jan 1 with estimates, then go back and update it when you do your taxes. We're filling ours out right now, literally, dh is on the other computer, and will update it probably in March.

 

[Silly Little Pixie]

I don't know the tax he paid or anything in the first job. We don't have access any more to their online system. It was a little over half the year. Also I'm not sure if stuff like his company car that was taken out of his checks counts in the gross income as income, or does it lower it because they required it and it came out of his paycheck.

 

[disneychrista]

I don't know the tax he paid or anything in the first job. We don't have access any more to their online system. It was a little over half the year. Also I'm not sure if stuff like his company car that was taken out of his checks counts in the gross income as income, or does it lower it because they required it and it came out of his paycheck.

Doesn't matter. Get it in now. Guess at the numbers. The only numbers they will look at are the finalized number when your file your taxes.

FYI - The value of the use of a company car is included as income & taxed.

 

[Happy Snowman]

Did ours yesterday. Our EFC is 9858 this year. Last year we were 639. Our income did go up..but not anywhere close to $10,000 more.

Asked the financial office and they said that it is really just a coding system. Some people will have to come out of pocket close to the same number as the EFC (point=$), but others will not. I have to agree because no way did we only have to pay $600 for a year of college.

For those with a low EFC like you have, it's a good idea to look at schools that meet need. There are 50 some that meet need "officially" and a couple hundred more that unofficially meet need or close to it. Several of these transfer loan aid to grant money so there is no dept either. Probably too late but might be worth an app if there is still time and interest.

http://media.collegeboard.com/digit...s-that-meet-100-percent-of-financial-need.pdf

"If you have been offered merit aid, you must submit the FAFSA before it can be disbursed."

copied from my son's school's website.

Just another reminder to fill out that FAFSA. We don't qualify for help, but our younger son, who goes to a generic state college (not the top state school) gets merit money each year due to his GPA. No where on the website does it even say that money is available beyond freshman year. He didn't even fill out the financial aid form. He gets it nontheless. The few minutes it takes us to fill out that form get us $2400 a year.

You never know. Our older son goes to the state flagship. He gets no aid, but we always filled out the FAFSA and he always filled out the financial aid form. One year he got some random departmental scholarship of $4,000. (It just happened to match his "need" the year his brother entered school too.) Remember, need is based on anticipated costs, not actual costs. He lived frugally and actually got by close to his EFC. He usually spends 3 to 4K less than what the school website says cost of attendance is.

We expected nothing and had planned on paying full costs, but filling out the FAFSA has saved us $8800 so far. I'll take it!

A lot of private scholarships require the FAFSA as well. Even some that are "need based" their need number is generally much higher than the FAFSA so it's worth doing just in case.

I don't know the tax he paid or anything in the first job. We don't have access any more to their online system. It was a little over half the year. Also I'm not sure if stuff like his company car that was taken out of his checks counts in the gross income as income, or does it lower it because they required it and it came out of his paycheck.

Do you have his last pay-stub? I would just do your numbers based off last year and your best guess for any adjustments this year, error high if you want even, and then adjust when you get all of your forms in Feb or whenever.

 

[Happy Snowman]

Well...we filed yesterday for the first time. When we got the confirmation email, it said our EFC is 015373?

Is that really $15,373 or is that not even a legitimate number? The fact that it had a zero in front with no $ (dollar sign) confused me.

I totally understand what the EFC is, but not understanding 015373. Is there a mistake in our application or is that a real amount with just a zero in front?

Thanks for any help!

Try looking at that number with a 1 vs a 0...it's pretty sad...but with 2 in college, unfortunately we don't see a 0 there....we do like to do silly things with our money like buy FOOD though....it's crazy what they think people can pay....

 

[Mickeyluver37]

Try looking at that number with a 1 vs a 0...it's pretty sad...but with 2 in college, unfortunately we don't see a 0 there....we do like to do silly things with our money like buy FOOD though....it's crazy what they think people can pay....

Yeah the whole thing is ridiculous and I'll just leave it at that as to not get political. Just finished our taxes and the FAFSA and not pleased with either, nor surprised. Although I was hoping it would be a little less painful with a 4th child, but no. Our EFC far exceeds the total cost of DD's school including room and board so I'm not expecting anything other than the $5,500 unsubsidized Stafford for her offer.

 

[Happy Snowman]

Yeah the whole thing is ridiculous and I'll just leave it at that as to not get political. Just finished our taxes and the FAFSA and not pleased with either, nor surprised. Although I was hoping it would be a little less painful with a 4th child, but no. Our EFC far exceeds the total cost of DD's school including room and board so I'm not expecting anything other than the $5,500 unsubsidized Stafford for her offer.

I don't know that it is even "political" since it just is what it is and has been for decades. I think that for the most part, the numbers are pretty accurate if you assume a modest lifestyle and people saving for college along the way. Those that have lower EFC just don't have the luxury of the extra funds, etc. The reality, most people spend what they make and even though they save along the way, not many people have $60,000 x 4 years laying around. Even state schools are getting to the $30,000 range (flagships). The best "savings" you can do, however, is to make sure your students do well in school, high school especially.

 

[mefordis]

Happy Snowman, please elaborate on the bolded part. Do you think if a student graduates with mostly A's, they have a good chance of academic scholarships? I am just getting familiar with the process (my oldest is 11 but I want an early start).

Thanks!

I don't know that it is even "political" since it just is what it is and has been for decades. I think that for the most part, the numbers are pretty accurate if you assume a modest lifestyle and people saving for college along the way. Those that have lower EFC just don't have the luxury of the extra funds, etc. The reality, most people spend what they make and even though they save along the way, not many people have $60,000 x 4 years laying around. Even state schools are getting to the $30,000 range (flagships). The best "savings" you can do, however, is to make sure your students do well in school, high school especially.

 

[Colleen27]

Happy Snowman, please elaborate on the bolded part. Do you think if a student graduates with mostly A's, they have a good chance of academic scholarships? I am just getting familiar with the process (my oldest is 11 but I want an early start).

Thanks!

From what I'm seeing - and admittedly we're early on in the process with our two older kids - a lot of aid is awarded on a combination of merit and need. Top-notch grades open a lot of doors, particularly for children from lower-to-middle middle class families. And it comes from two basic angles- academic scholarships for those who are among the best applicants at their chosen school, and need-based aid awarded to students who can get into the highly selective schools that meet all/most of the student's financial need.

My DD certainly won't be among the top applicants at the schools she's considering, but the two that she likes best at this point (before visiting, so this is highly subject to change) are on the list that Happy posted earlier of schools that meet 100% of need. If she can get into one of those schools - no easy task because they both have acceptance rates in the neighborhood of 20% - we'll face much lower out of pocket costs than if she headed off to state university. One has a no-loans policy and the other has a strict cap on loans that would keep the debt load within subsidized loan limits. So in that sense, her high school performance has the potential to have much, much greater value than 18 years of trying to save what we can on our relatively modest income.

 

[Happy Snowman]

Happy Snowman, please elaborate on the bolded part. Do you think if a student graduates with mostly A's, they have a good chance of academic scholarships? I am just getting familiar with the process (my oldest is 11 but I want an early start).

Thanks!

Yes.

It is more than just "A's" but that is a good start. Basically aim for a 3.6+ and good test scores, ACT/SAT and a rigorous schedule, AP classes, etc.. Along with that, colleges want well rounded kids. They don't want a 4.0 that has nothing else to go along with an application. They want kids that have QUALITY involvement in activities. They want kids that have been on the basketball team since 7th grade, active in their church/temple and in the band all through high school. They don't want the kid that played football in 9th grade, then moved to soccer for 10th grade, maybe did a play in 10th grade but nothing in 11th grade, joined 12 clubs in school but never went to meetings, etc.

The "Full ride" scholarship is really not that easy to get and generally goes to tippy top students that are not white......sorry but it is what it is. There are, however, plenty of scholarships out there that combined with other scholarships (from the colleges themselves usually) that will pay a big chunk of the college bill. They can be a combination of academic and "activity" scholarships (sports, music, etc.).

You also have to be open geographically and not get caught up on the "name brand" colleges. In the "college applications" boards world--there are 7 Ivy League schools and a couple others that are ok and the rest of the 3000 colleges mean you will flip burgers for the rest of your life It is just so far from reality but people can't see past that name.

Nutshell, but probably enough for an 11 year old right now.

edit: also know, when the time comes, your child will ignore all of this, roll his/her eyes several times and basically act like you know nothing...cuz that is just what they do at that age LOL!!

 

[Happy Snowman]

From what I'm seeing - and admittedly we're early on in the process with our two older kids - a lot of aid is awarded on a combination of merit and need. Top-notch grades open a lot of doors, particularly for children from lower-to-middle middle class families. And it comes from two basic angles- academic scholarships for those who are among the best applicants at their chosen school, and need-based aid awarded to students who can get into the highly selective schools that meet all/most of the student's financial need.

My DD certainly won't be among the top applicants at the schools she's considering, but the two that she likes best at this point (before visiting, so this is highly subject to change) are on the list that Happy posted earlier of schools that meet 100% of need. If she can get into one of those schools - no easy task because they both have acceptance rates in the neighborhood of 20% - we'll face much lower out of pocket costs than if she headed off to state university. One has a no-loans policy and the other has a strict cap on loans that would keep the debt load within subsidized loan limits. So in that sense, her high school performance has the potential to have much, much greater value than 18 years of trying to save what we can on our relatively modest income.

Some of those top schools are the most affordable when all is said and done if you can get in, that is FOR SURE!!! Too many people are scared off initially by that $60,000 price tag....for good reason, but they don't dig deeper and see that there is help/scholarships/whatever and very few people actually pay sicker price for any private school. State schools, it's pretty difficult to get any substantial scholarships so the price tag is what it is for 95% of the students or so.

For those 20% schools--visit early, visit often, show the love....they really like to know that they are a "top" choice .

 

[PlutoPony]

Happy Snowman, please elaborate on the bolded part. Do you think if a student graduates with mostly A's, they have a good chance of academic scholarships? I am just getting familiar with the process (my oldest is 11 but I want an early start).

Thanks!

Not Happy Snowman, but in our experience a large part merit $ depends on where you live (and how competitive your schools are) and where you want to go in addition to grades and test scores. If merit scholarship is your TOP priority, you need to figure out what universities would view your child as a very very top student. That probably means grades and test scores. At the top state schools in VA, mostly A"s on't get you money in general. The typical high school in urban areas in VA will have their top 10% of the senior class graduating with 4.0+ (mainly from taking AP type classes). So mostly A's won't cut it. But there are schools where say a 3.8 gpa and good test scores will be among the better students admitted - so the 3.8 kid has a much better chance of $$ there. One problem comes when the schools that give your student the best opportunity to get merit aid don't have a major they are interested in, or they just don't like the school. You will need to do more and different research if merit aid is super super important. Of course your child is only 11, by the time they are looking at schools it could be a totally different game!

There's lots of caveats in this and many many exceptions. And things may be different in other parts of the country. We live in a very very competitive academic environment (too competitive imho) with a lot of over achievers. Makes it harder on everyone else lol.....

 

[Happy Snowman]

Not Happy Snowman, but in our experience a large part merit $ depends on where you live (and how competitive your schools are) and where you want to go in addition to grades and test scores. If merit scholarship is your TOP priority, you need to figure out what universities would view your child as a very very top student. That probably means grades and test scores. At the top state schools in VA, mostly A"s on't get you money in general. The typical high school in urban areas in VA will have their top 10% of the senior class graduating with 4.0+ (mainly from taking AP type classes). So mostly A's won't cut it. But there are schools where say a 3.8 gpa and good test scores will be among the better students admitted - so the 3.8 kid has a much better chance of $$ there. One problem comes when the schools that give your student the best opportunity to get merit aid don't have a major they are interested in, or they just don't like the school. You will need to do more and different research if merit aid is super super important. Of course your child is only 11, by the time they are looking at schools it could be a totally different game!

There's lots of caveats in this and many many exceptions. And things may be different in other parts of the country. We live in a very very competitive academic environment (too competitive imho) with a lot of over achievers. Makes it harder on everyone else lol.....

Many, many schools you don't have to be the very, very top, but top 25% to get pretty substantial merit awards. Size of the school and the number of applications they get makes that number vary but generally, your smaller liberal arts colleges will have substantial merit awards for the 3.6+ student with ACT/SAT scores to back up that GPA (28+ and 1900ish). I should add, I'm talking on a 4.0 scale. Most colleges remove weighting and refigure on a 4.0 scale even if your high school weights AP/Honors classes so be realistic and use that number and not a 3.9 on a 5.0 scale, for example.

 

[PlutoPony]

Many, many schools you don't have to be the very, very top, but top 25% to get pretty substantial merit awards. Size of the school and the number of applications they get makes that number vary but generally, your smaller liberal arts colleges will have substantial merit awards for the 3.6+ student with ACT/SAT scores to back up that GPA (28+ and 1900ish). I should add, I'm talking on a 4.0 scale. Most colleges remove weighting and refigure on a 4.0 scale even if your high school weights AP/Honors classes so be realistic and use that number and not a 3.9 on a 5.0 scale, for example.

From what we have seen, it's really area dependent even at LAS schools. Top state schools didn't give much $ beyond the very top students although often more money becomes available sophomore year within the majors. Saw a real mix of GPA calculations, some did recalculate it their "own way" but most used straight HS GPA. What WAS a big deciding admissions factor for a lot of big state schools here is essentially class rank...they would only take so many from each HS so you were essentially competing against your classmates for entry into those schools. Don't think that had much bearing on scholarship $ though...

 

[Happy Snowman]

From what we have seen, it's really area dependent even at LAS schools. Top state schools didn't give much $ beyond the very top students although often more money becomes available sophomore year within the majors. Saw a real mix of GPA calculations, some did recalculate it their "own way" but most used straight HS GPA. What WAS a big deciding admissions factor for a lot of big state schools here is essentially class rank...they would only take so many from each HS so you were essentially competing against your classmates for entry into those schools. Don't think that had much bearing on scholarship $ though...

I guess I was referring more to private LAC's, not the liberal arts colleges within state universities. State schools just don't give money for the most part...but then again, part of the cost is already paid for via taxes so I guess that is there. I think a lot of people go into the process thinking that state schools are going to cost less, that just generally isn't the case for the students I referenced with the the above stats.

 

[Colleen27]

Some of those top schools are the most affordable when all is said and done if you can get in, that is FOR SURE!!! Too many people are scared off initially by that $60,000 price tag....for good reason, but they don't dig deeper and see that there is help/scholarships/whatever and very few people actually pay sicker price for any private school. State schools, it's pretty difficult to get any substantial scholarships so the price tag is what it is for 95% of the students or so.

For those 20% schools--visit early, visit often, show the love....they really like to know that they are a "top" choice .

That's absolutely what we're seeing in terms of aid - state schools offer scholarships to top athletes but not much to top students and virtually nothing beyond the federal programs for need, while private unis offer more generous packages for both academics and for need. We joke that DD isn't considering any schools that cost less than we earn in a year, but after everything is said and done those schools would cost us less than the $25K state land-grant university would. Fortunately DD is a very driven child and has the kind of profile schools want to see - excellent grades and deep, consistent involvement with a few extracurriculars that she really loves (although she'll try anything once, as long as it doesn't get in the way of softball, swim, or 4H) - so if she keeps to the path she's on now I think she's got a good shot of getting into a top school.

And I've heard the bolded before. The one I suspect she'll end up choosing is about 30 minutes from my SIL's house - DD has already been there, just sightseeing, and we'll be making our first "official" campus visit over summer vacation. It would be a little too far from home for "visit early and often" to be practical if not for the fact that family takes us to the area frequently anyway, but since we're there she'll get the chance to see that campus at a variety of times of year.