Good news...Now what???

[JessB320]

My understanding is that I have to wait until I complete my 2012 taxes to complete the FAFSA. Is this right?

Since she will be starting next july, I feel like we are in a holding pattern until next year.

You can fill it out before you do your taxes, there is a question that asks, have you filed taxes for this year yet, if not it tells you to go off of estimated numbers. Also if you get stuck while filling it out an advisor from the schools finical aid office should be able to help you. Find out the dates the FAFSA I'd due before each term and make sure you get it I early, some funding is first come first serve until its been used up.

 

[lastminutemom]

Not true, pell grants are based on more than income, there are several factors

But the base starting point is being low income.

http://www2.ed.gov/programs/fpg/index.html

The Federal Pell Grant Program provides need-based grants to low-income undergraduate and certain postbaccalaureate students to promote access to postsecondary education. Students may use their grants at any one of approximately 5,400 participating postsecondary institutions. Grant amounts are dependent on: the student's expected family contribution (EFC) (see below); the cost of attendance (as determined by the institution); the student's enrollment status (full-time or part-time); and whether the student attends for a full academic year or less.

 

[horseshowmom]

Because it is a private school the $13,000.00 per year is guaranteed based on her GPA and ACT score. It is unusual for them to accept a student this early but... (proud mom bragging) my DD has worked her tail of taking honors and AP courses through out high school. I think that fact that she is a female applying to a school that is focused on Engineering and 80% male also helped her. They have been courting her for 2 years once they found out she was interested in engineering.

I am very new to the financial aid thing. When I went to college I was lucky to have my parents pay cash. There was no such thing as a FAFSA,

Actually, I had to complete the FAFSA when I went to college in the 70's (even though I didn't get any financial aid from it) so it's been around for a long time.

I will add that it sounds like they do want your daughter, and you have some good points working in your favor (as you listed). When my daughter was accepted into early entry pharmacy school as a high school senior (which meant she was already accepted into the pharmacy school before she started college even though regular entry wasn't until her junior year - as long as she maintained the grade and course requirements), they also wanted her due to her high ACT and GPA.

I was able to visit the financial aid office and get her award increased by a significant amount. You might be able to do the same. I was very polite and just indicated that I was concerned about the cost. It can also be to your benefit to apply to other colleges (even if you have no intention of attending) because that gives your university someone to compete with when they really want you.

 

[esk]

Because it is a private school the $13,000.00 per year is guaranteed based on her GPA and ACT score. It is unusual for them to accept a student this early but... (proud mom bragging) my DD has worked her tail of taking honors and AP courses through out high school. I think that fact that she is a female applying to a school that is focused on Engineering and 80% male also helped her. They have been courting her for 2 years once they found out she was interested in engineering.



If she has taken a bunch of AP classes already, don't those give her credit? Mine did. Anyway, she should only need a few classes to graduate, maybe she can work her 2nd semester High School schedule to where she can do a work study, or leave school at 10 or 11 and find a job that fits that schedule? Jan-Jun plus all summer will put a nice dent in that $14,000.

 

[Riverhill]

Because it is a private school the $13,000.00 per year is guaranteed based on her GPA and ACT score. It is unusual for them to accept a student this early but... (proud mom bragging) my DD has worked her tail of taking honors and AP courses through out high school. I think that fact that she is a female applying to a school that is focused on Engineering and 80% male also helped her. They have been courting her for 2 years once they found out she was interested in engineering.



If she has taken a bunch of AP classes already, don't those give her credit? Mine did. Anyway, she should only need a few classes to graduate, maybe she can work her 2nd semester High School schedule to where she can do a work study, or leave school at 10 or 11 and find a job that fits that schedule? Jan-Jun plus all summer will put a nice dent in that $14,000.

Yes her AP classes will give her some credit. Good idea about the work study.

 

[*Seanaci*]

Def fill out the FAFSA. HOWEVER, as others have said, starting looking for scholarships she can qualify for. There are TONS out there. And the more she applies for, the better her chances of getting one or many for that matter. My 1st year of college was paid for by scholarships (granted, I was at a community college my 1st and 2nd years). But, I didn't need to take out loans until my 2nd year which saved me about 5 grand.

And yes, while it is painful to pay back student loans, that is a very real option (and most likely best option).

 

[momxx5]

Congrats to your daughter. Count yourself lucky to be able to start planning now. Many people are waiting all through the New Year to find out where they will be accepted.

SO, as a mom of college freshman,

You can start filling out the online FASA forms at anytime. You can estimate your taxes/income. Even after recieving your 1099s for 2012 you will have to wait until you file taxes before the FASA form is complete. The early you complete this the better. The end of Jan or early Feb would be the best time. I believe the deadline is in mid Spring.

NOW is the time to start researching and applying for scholarships!!!! Look into local organizations as well at national ones. There are scholarships for certain fields of study as well as for depentents of employees of major corporations. Ex. if you or your spouse worked for IBM, your child could recieve a healthy annual scholarship for all 4 years.

Keep in mind, depending on your own personal finances that any scholarships will effect financial aid, and the aid will be adjusted. This may not effect a lot of college applicants, but for those recieve larger aid pkgs it does matter.

I beleive when completing the FASA app early you can find out what your "family's expected contributed" towards education costs will be. That is a great starting point.

Good luck. Keep us posted.
You should be a very proud mama.