Have questions re: college tuition/loans for DD

[Art 1]

luckily we have the prepaid plans for our girls.

That's what we did and has worked well with no problems. Four years room, tuition and local fees. If they get the bright futures you get the money back.

 

[JodiR]

Can I introduce you to all of the people I know trying to get me hooked up with various Network Marketing Schemes? You could make them rich?



Have you gotten your actual letter back from your child's college yet? There is a question on the FAFSA about being a dislocated worker and that is not being reflected on the WEBSITE but it coming through the letters from the school. Call the financial aid office at your child's school (or have your child call) and ask how they are handling that.

I did call the financial aid dept at the school last week. They said they have not awarded any money yet (letters have not gone out). We went through a few scenarios and we are still around the $20,000 mark even without my income (but adding in unemployment money received).

The dislocated worker doesn't really mean much.

 

[cepmom]

Our EFC is over $20,000. Tuition and room and board total around $15,000 a year. I am even laid off from my job and that doesn't matter at all.

I called FAFSA and was told that your EFC needs to be around $4,000 before you get free money.

My dd will take the stafford loan in her name (which is $5,500 for the first year) and then we will pay the remainder out of pocket. She will also pay some by working.

I remember there being two types of loans... one where interest is due now and the other where interest is deffered. A person's EFC needs to be around $14,000 to get the deffered loan.

Not necessarily.....our EFC is $21000 and DD is able to take the subsidized Stafford loan (interest deferred).

 

[agnes!]

Actually, that is pretty much everywhere. I wonder if she knows that dealing with that many cash transactions actually puts a flag on her file with the FBI? Banks have to report large cash transactions or series of smaller ones too.

It used to be any cash transactions $10,000.00 and over had to be reported to the Feds but I think the amount has been lowered because of terrorist/post-September 11th concerns.

agnes!

 

[Green Tea]

We will never fill out the FASFA for our DD. We expect her to work and pay for college herself even if it takes her ten years to get a degree. We fund our retirement first. There are several other routes to getting funds for college than filling out some form. There are several grants and scholarship opportunities that do not require this.

The idea that a degree should take 2 or 4 or 8 years is just a number. As we have noticed in the past, other than our first job working for someone else has anyone ever looked at our degree. Now as entrepreneurs working for ourselves we don't need that degree. Going to college is important for knowledge, but our hope is that DD will never end up never working for anyone but working for herself and being the one who employs people.

I have not filled it out either; it wasn't necessary. But if a college had said to be considered for MERIT, that a fafsa was required, of course I would have done it. Why would I eliminate my child for the opportunity for a scholarship just because I didn't want to fill out the papers. It was not asked of us, so we didn't. But some schools will want the form.

 

[LisaR]

I can say the same to you. You seem completely inflexible in thinking the FAFSA is the ONLY way.

Wow! Reading comprehension is also a problem. I'll keep that in mind for the future.

There are one of two things happening here:

1. You are a person that is not even remotely flexible or rational. You are a "my way or the highway" and "I am always right and everyone else is always wrong type person."

2. You enjoy stirring things up on message boards. You get your kicks posting ridiculous statements and like to sit back and watch the show.

For the sake of your six year old, I sincerely hope you fall into the latter group.

 

[chisnpeke]

True story: A dear friend of mine (people thought we were sisters) dated a very nice young man when we were all seniors in high school. He was a good student. He was the only child of a very wealthy family, and his father believed strongly in pulling yourself up by your bootstraps, understanding the value of a dollar, and putting in a good day's work. The family lived in a mansion. The boy was given a new Mustang (Carolina Blue) when he turned 16. The family owned a business of their own.

His father told him that the ONLY acceptable school for him to attend was UNC-Chapel Hill (for those of you not from this area, that is a wonderful school -- many people's dream school -- and an excellent value for the money, but it's certainly not free). The boy was accepted to Chapel Hill (and many very good students aren't), and he badly wanted to attend. I think the father also outlined his course of study and future career, but they were in agreement on that, and it wasn't a source of conflict (I forget exactly what it was -- architecture? engineering? I'm not sure, and it doesn't matter anyway).

The father also laid out his very stringent financial plans: He expected his son to pay for his first year of college himself. Once he saw that the boy had successfully completed a year of school and understood the cost and sacrafice necessary to pay for a year of college education, the father would then gladly pay for the remaining 3 years. Loans were unacceptable. The father wanted to see that he had WORKED for what he got.

The boy tried. He really tried. He worked every minute of his senior year, saved all he could . . . but this was the 1980's, and minimum wage was only $3.35, and carrying a full load of honors courses, he didn't have unlimited time to work. With his family's wealth, he qualified for no financial aid, and his grades weren't really scholarship-good (maybe at a lesser school, but not at Carolina). Around Easter he calculated his savings, the weeks remaining for him to work, what he might be able to earn over the summer . . . and he realized that he wasn't even close to paying for his first year at Carolina. He became depressed, realizing that he couldn't do what his father demanded.

We often double-dated, and I remember him talking about how hard he was trying, how stressful it was to him, how stern his father was on his rules.

We all encouraged him to try the compromise route: He asked his father to let him attend a local university 30 minutes from home (so that he could pay just tuition). He asked his father to allow him to do community college for a couple years, then go to Chapel Hill. He asked his father to pay his living expenses and let him JUST pay the tuition. He asked his father to consider letting him pay the first semester. He asked his father to allow him to get a loan for 50% of the cost. NO, NO, NO, NO, NO. Nothing was acceptable except that the son would attend Chapel Hill on his own dime for one year.

Then one day -- it was the week after prom -- this very nice young man disappeared. His parents and the school called in my friend, demanding to know where her boyfriend was. She didn't know, and she was frantic. He returned home the next day, explaining that with no options left to him, he'd spent the whole day in the Army's Recruitment Center. He'd just passed all his physicals, and he'd just signed his name on the dotted line. Rather than enrolling in college, he'd enlisted in the military.

His father was livid, but there was nothing he could do about it. The boy was 18, and what he had done was legal. His father's refusal to look at the numbers, refusal to realize that what he was demanding was impossible had shoved his son into a difficult position, and he chose to rebel.

He went away to the Army, and I don't know what became of him. He and my friend didn't maintain their relationship long after high school. He really had tremendous potential, so I hope he did well. I doubt he and his father are on good terms these days.

Don't misunderstand me: I'm not saying that a miltary career is a bad choice. My husband is 45 years old and still deeply regrets that a minor disability prevented him from joining the Army. And if I had it to do again, I really think I'd do 4-years in the military before college (for the money) . . . but none of that is the point. The point is that the miltary WAS NOT what this young man wanted. He wanted college, he was well suited to college, and he was very open to a variety of college options. But his father's unwaivering pre-conceived notions of what was acceptable locked him into such a narrow, impossible path that he couldn't manage.

What a story. I am bookmarking it. I know parents like this and it is just so sad. Thanks for sharing.

 

[Green Tea]

I feel sorry for those people who have been brainwashed into thinking that FAFSA is a requirement. Many of those who think that way are being led to believe this by college admission/aid staff that receive a healthy back-end bonus for those who apply for and receive aid.

Quite shameful really. .

Haaa Haaa Haaa Haaa. Do you honestly believe that admissions staff get compensated by the college for how much money they give out???? I am literally laughing out loud at that. A full pay kid is a college dream. But they are few and far between. The money the school has allocated for aid is given out. Everyone is thankful if the amount awarded is actually less than what is budgeted. But that rarely happens. Trust me, no college financial aid budget gives grants to admissions recruiters who give away more money.

 

[cepmom]

Although at most colleges we have checked and the FAFSA is NOT required for purely merit/talent scholarships. I'm just not comfortable divulging financial information for no good reason, confidential or not.

I feel sorry for those people who have been brainwashed into thinking that FAFSA is a requirement. Many of those who think that way are being led to believe this by college admission/aid staff that receive a healthy back-end bonus for those who apply for and receive aid.

Quite shameful really. We will never fill it out for our DD and there will absolutely be no limits on her options unless she brings it on herself.

maybe I missed it, but what is so bad about filling out the FAFSA? So you feel strongly about taking out loans...you are not required to take any loans offered, but you might get some sort of merit aid that you would not have been offered otherwise. Why is that so wrong? Most info on the FAFSA is taken from your taxes, so it's stuff the gov't knows already

 

[testifyoncruises]

Haaa Haaa Haaa Haaa. Do you honestly believe that admissions staff get compensated by the college for how much money they give out????

Not compensated by the college but the college receives kickbacks from loan institutions for how many loans it signs up.

 

[testifyoncruises]

Why is that so wrong? Most info on the FAFSA is taken from your taxes, so it's stuff the gov't knows already

Because I can find institutions that do NOT require a silly form to be filled out. We can find sources of aid and scholarships that do not require it. Why would anyone fill it out when there are ways of getting aid and merit and talent scholarships without it?

 

[Sparx]

Because I can find institutions that do NOT require a silly form to be filled out. We can find sources of aid and scholarships that do not require it. Why would anyone fill it out when there are ways of getting aid and merit and talent scholarships without it?

i would miss out on more than 16,000 without filling out my fafsa every year.

for sixteen thousand dollars, i'll do some paperwork. guess thats just me though.

 

[nuttylawprofessor]

Because I can find institutions that do NOT require a silly form to be filled out. We can find sources of aid and scholarships that do not require it. Why would anyone fill it out when there are ways of getting aid and merit and talent scholarships without it?

Let me explain it with a visual aid.

Without the FAFSA, my child is eligible to apply for this much aid:
$$$$

By filling out the FAFSA, my child would be eligible to apply for your pile, plus a much bigger pile:
$$$$ + $$$$$$$$$

I like my kid's chances of funding an education with the bigger pile of possible funding sources. Of course, like you, I'm also years and years away from funding college.

So, what's your previous or other screen name?

 

[Inigo]

Well there is your rub. Not everyone HAS to have a 20,000 car unless they can pay cash for it. Using Dave's advice, we were able to buy lesser cars for cash while continuing to save up for cars we could pay cash for by putting money monthly into high yield (at the time) MMAs. In three years, we were able to walk to a previous owner and not only offer cash, but pay far less for a steal then she was selling it for. A case full of cash does wonders when it comes to your negotiating ability.

And let me guess...the car is a maserati, mercedes, lambourghini?

 

[testifyoncruises]

Let me explain it with a visual aid.

Without the FAFSA, my child is eligible to apply for this much aid:
$$$$

By filling out the FAFSA, my child would be eligible to apply for your pile, plus a much bigger pile:
$$$$ + $$$$$$$$$

And let me explain. There is no requirement at every institution for filling out a FAFSA. Sorry but your visuals are just blind.

 

[agnes!]

Kickback as in "an unethical rebate" or "an improper or unethical payment" or "bribe"? But this is apparently only on the loans, not on grants? And this is at every college and university that accepts and uses the FAFSA?

Ok. Got it.

Listen, toc, I'm willing to give you the benefit of a doubt. Maybe you are really sincere in your beliefs and you really do think that everyone who fills out the FAFSA is enslaved by and a willing dupe of a corrupt centralized financial and governmental system.

If this is true, why are you so willing to denigrate those who disagree with your beliefs? Why are you so quick to call people who think that filling out the 'silly form' might be a good idea "silly" and "stupid" and "brainwashed"? If you possess the truth and you wish to share that truth resorting to calling the people who disagree with you names is not the way to change minds and hearts.

And if it's only a 'silly form', what does it matter anyway?

agnes!

 

[mumom95]

True story: A dear friend of mine (people thought we were sisters) dated a very nice young man when we were all seniors in high school. He was a good student. He was the only child of a very wealthy family, and his father believed strongly in pulling yourself up by your bootstraps, understanding the value of a dollar, and putting in a good day's work. The family lived in a mansion. The boy was given a new Mustang (Carolina Blue) when he turned 16. The family owned a business of their own.

His father told him that the ONLY acceptable school for him to attend was UNC-Chapel Hill (for those of you not from this area, that is a wonderful school -- many people's dream school -- and an excellent value for the money, but it's certainly not free). The boy was accepted to Chapel Hill (and many very good students aren't), and he badly wanted to attend. I think the father also outlined his course of study and future career, but they were in agreement on that, and it wasn't a source of conflict (I forget exactly what it was -- architecture? engineering? I'm not sure, and it doesn't matter anyway).

The father also laid out his very stringent financial plans: He expected his son to pay for his first year of college himself. Once he saw that the boy had successfully completed a year of school and understood the cost and sacrafice necessary to pay for a year of college education, the father would then gladly pay for the remaining 3 years. Loans were unacceptable. The father wanted to see that he had WORKED for what he got.

The boy tried. He really tried. He worked every minute of his senior year, saved all he could . . . but this was the 1980's, and minimum wage was only $3.35, and carrying a full load of honors courses, he didn't have unlimited time to work. With his family's wealth, he qualified for no financial aid, and his grades weren't really scholarship-good (maybe at a lesser school, but not at Carolina). Around Easter he calculated his savings, the weeks remaining for him to work, what he might be able to earn over the summer . . . and he realized that he wasn't even close to paying for his first year at Carolina. He became depressed, realizing that he couldn't do what his father demanded.

We often double-dated, and I remember him talking about how hard he was trying, how stressful it was to him, how stern his father was on his rules.

We all encouraged him to try the compromise route: He asked his father to let him attend a local university 30 minutes from home (so that he could pay just tuition). He asked his father to allow him to do community college for a couple years, then go to Chapel Hill. He asked his father to pay his living expenses and let him JUST pay the tuition. He asked his father to consider letting him pay the first semester. He asked his father to allow him to get a loan for 50% of the cost. NO, NO, NO, NO, NO. Nothing was acceptable except that the son would attend Chapel Hill on his own dime for one year.

Then one day -- it was the week after prom -- this very nice young man disappeared. His parents and the school called in my friend, demanding to know where her boyfriend was. She didn't know, and she was frantic. He returned home the next day, explaining that with no options left to him, he'd spent the whole day in the Army's Recruitment Center. He'd just passed all his physicals, and he'd just signed his name on the dotted line. Rather than enrolling in college, he'd enlisted in the military.

His father was livid, but there was nothing he could do about it. The boy was 18, and what he had done was legal. His father's refusal to look at the numbers, refusal to realize that what he was demanding was impossible had shoved his son into a difficult position, and he chose to rebel.

He went away to the Army, and I don't know what became of him. He and my friend didn't maintain their relationship long after high school. He really had tremendous potential, so I hope he did well. I doubt he and his father are on good terms these days.

Don't misunderstand me: I'm not saying that a miltary career is a bad choice. My husband is 45 years old and still deeply regrets that a minor disability prevented him from joining the Army. And if I had it to do again, I really think I'd do 4-years in the military before college (for the money) . . . but none of that is the point. The point is that the miltary WAS NOT what this young man wanted. He wanted college, he was well suited to college, and he was very open to a variety of college options. But his father's unwaivering pre-conceived notions of what was acceptable locked him into such a narrow, impossible path that he couldn't manage.

If the boy was willing to go against his fathers wishes and join the military, why didn't he just go against his fathers wishes and go to a cheaper, less academic school? It doesn't make sense. Sure, the father may not have been willing to pay for it, but lots of kids go to college and figure out a way to pay for it.

 

[golfgal]

Not compensated by the college but the college receives kickbacks from loan institutions for how many loans it signs up.

You really believe this don't you You do know this is illegal, right???

Agnes--it is still $10,000 but they also track other 'unusual' transactions, like people that only pay everything in cash because often those funds are ill-gotten or people don't report that money on their income taxes-the same people that won't disclose information to the federal government-even though they already have all of that information.

 

[agnes!]

Let me explain it with a visual aid.

Without the FAFSA, my child is eligible to apply for this much aid:
$$$$

By filling out the FAFSA, my child would be eligible to apply for your pile, plus a much bigger pile:
$$$$ + $$$$$$$$$

I like my kid's chances of funding an education with the bigger pile of possible funding sources. Of course, like you, I'm also years and years away from funding college.

So, what's your previous or other screen name?

That thought crossed my mind as well nuttylawprofessor...

Oh, and I tell you what toc...maybe *I* shouldn't fill out a FAFSA and maybe *I* should have any and/or all of my offspring come after YOUR FAFSA-less merit & talent & talent aid money...if everyone available jumps into your pool, your way won't work, there will be more competition for that finite pile of money.

agnes!

 

[Green Tea]

There is no possible aid she will qualify for based on our income or her money, it is a moot point.

However there are some know it alls who claim it is IMPOSSIBLE to get merit or talent based money without the FAFSA and we know that is not at all true.

Same with my child. We didn't even fill out the form. And you are correct, he did get a large merit scholarship to his first choice school and we never were asked to fill out the form. It is certainly possible; you are right. But if his first choice school had asked us for the form before they would consider for merit, fill it out I would have.

But all these choices were decided in his senior year. At 6 he still thought he would be a sushi chef. And the idea that we wouldn't need to fill out a fafsa was foreign to us. Stuff changes a lot over 12 years. Have fun with your rigid plan.