Financial Aid ?s

[wvjules]

I am going back to school and submitted my FASFA. The results came back today that my EFC is $6131 and I'm not eligible for any grants. I am only eligible for Student Loans.

When DD goes to school will it be the same for her? (I'm assuming my income will stay the same or increase in 3 years when she's applying.)

I just always kind of assumed that she would be eligible for some grants since I had them when I went to college the first time around.

 

[Lisa loves Pooh]

I thought that with children, their income is taken into account and I thought over the 4 years, parental contribution is expected to be less.

I never paid attention to my parents reported income, but it seemed I got more money ever year and by the 3rd year I was getting some grants.

Also--if you are going to school at the same time, I would expect that would come into consideration when you complete the FAFSA for her.

But it has been years and sometimes I think there is no rhyme nor reason to what they decide sometimes.

 

[snykymom]

FAFSA just shows you what federal aid you (or she) are eligible for. There are very few federal grant programs and most are for very low income people. Most federal aid to students is in the form of loans.

Institutional grants (like the ones I had when I was in college) are offered not by the government but by the individual schools. Some schools base the grants on the FAFSA, some use the CSS Profile, others use their own forms. Some give grants based on merit (grades/test scores/particular talents).

Take a look at www.finaid.org. It does a fine job of explaining the different types of aid, and the forms you need for each. Also take a look at the Financial Aid forum at http://talk.collegeconfidential.com; the site is like a DIS board for colleges!

(ETA: ^^ A parent attending college does not affect the student's EFC; the parent doesn't "count." The student, however, may lower the parent's EFC.)

 

[golfgal]

You will probably get more for both of you since you will both be in college-if she is the only one in school then maybe not. It depends on how much the school costs where she will attend too.

 

[wvjules]

I was speaking as if she were the only one attending college at that time.

I would hope I'm finished by the time she goes but maybe financially it would be better for me to prolong it so that she is eligible for more aid... Hmmmmm. lol <----thinking outloud

I grew up lower middle class, maybe even lower class, so not being eligible is kind of a shock to me now. The first time I didn't qualify for EITC I was in shock as well. Its been onward and upward. I guess not qualifying is a sign that things are going well for me. (That's the silver lining part.)

 

[wvjules]

FAFSA just shows you what federal aid you (or she) are eligible for. There are very few federal grant programs and most are for very low income people. Most federal aid to students is in the form of loans.

Institutional grants (like the ones I had when I was in college) are offered not by the government but by the individual schools. Some schools base the grants on the FAFSA, some use the CSS Profile, others use their own forms. Some give grants based on merit (grades/test scores/particular talents).

Take a look at www.finaid.org. It does a fine job of explaining the different types of aid, and the forms you need for each. Also take a look at the Financial Aid forum at http://talk.collegeconfidential.com; the site is like a DIS board for colleges!

(ETA: ^^ A parent attending college does not affect the student's EFC; the parent doesn't "count." The student, however, may lower the parent's EFC.)

That was excellent! Thank you. I'll bookmark those sites for future reference.