Parents of the High School Class of 2017/College 2021

[punkin]

Niece just sent out her first application. Working on a couple Moore this weekend. Finished fafsa, but 3 of her schools require the Profile. I am dreading that.

 

[Poohforyou]

Niece just sent out her first application. Working on a couple Moore this weekend. Finished fafsa, but 3 of her schools require the Profile. I am dreading that.

The CSS isn't hard it just asks for a lot of information. We still have to calculate our out of pocket medical expenses for 2015 and projected for 2016.

Gather your mortgage statement, bank and investment statements including retirement plans, the market value of your house, medical expenses and all the info you put on fafsa.

 

[aprilgail]

FAFSA done tonight. Another thing to check off the list. Most of the things I wanted to do last night when she was home didn't happen because DH and I went to my sister's house for DH's haircut. In the brief time I got to see her today, I did remind her she needs to decide whether to do next Friday's college visit. And I told her I looked at the course requirements for their graphic design major and compared to her current top 2 schools, there is much more focus on general art & art history classes, and not that many graphic design classes, which seems odd. So she can think on that a while and see if that affects her decision. The last college visit we have planned does not even have GD so she needs to look at their majors list and see if there is anything of interest.

Have your kids been applying for any scholarships online? I signed up at Sallie Mae and a couple other sites and she's done some of the easier applications with very short essays. With these nationally advertised, I figure chances are super low of winning anything, but she's willing to give anything a go.

I did FAFSA, TAP and the CSS profile tonight- FAFSA was super easy, just link to IRS and it fills most in for you.
I spend hours each day searching out scholarships for her to apply to- plus her high school has a big stack of ones just for our high school- I don't know the exact number of them but I know it takes about 3 hours for them to give them all out in the presentation! It is close to 100 I believe. Many are just for like 250.00 but I was at the ceremony last year and one kid was called up over 10 times so it was thousands that he got. Our PTA alone is giving out 50- $250.00 scholarships this year. The Alumni foundation gives out 16,000 worth and many are for kids whose parents are alumni of the school (which I am).

 

[Arkansan]

Just know that those outside scholarships may reduce your child's debt, but won't always reduce your oop college cost--unless you are paying for 100% if the tuition, fees, and room and board costs with no other financial aid. At DD's college, it said in her financial aid package that any outside scholarships would apply toward her Federal loan first. If the scholarship amount exceeded the loan amount, it would then reduce her work study and then her school scholarship (through the endowment). Only if the amount exceeded the total of these would the scholarship(s) reduce the cost of attendance, or the difference between the total tuition/room and board costs and her total financial aid package. DD attends a private liberal arts school. YMMV. Prior to spending hundreds of hours filling these applications out, however, I would VERY carefully read the financial aid pages of your child's top schools and/or ask questions during Open Houses or campus visits.

 

[bjscheel]

Just know that those outside scholarships may reduce your child's debt, but won't always reduce your oop college cost--unless you are paying for 100% if the tuition, fees, and room and board costs with no other financial aid. At DD's college, it said in her financial aid package that any outside scholarships would apply toward her Federal loan first. If the scholarship amount exceeded the loan amount, it would then reduce her work study and then her school scholarship (through the endowment). Only if the amount exceeded the total of these would the scholarship(s) reduce the cost of attendance, or the difference between the total tuition/room and board costs and her total financial aid package. DD attends a private liberal arts school. YMMV. Prior to spending hundreds of hours filling these applications out, however, I would VERY carefully read the financial aid pages of your child's top schools and/or ask questions during Open Houses or campus visits.

I've heard stuff like this and I think I follow, but I think in our case it will still help to get scholarships because we may not get any loans for a community college.

If she ends up deciding to go elsewhere, we may have to figure that out. Basically are you saying you don't really want to get more scholarships than the amount of your loan? (Because it will end up being a wash by eliminating merit aid?)

 

[aprilgail]

Just know that those outside scholarships may reduce your child's debt, but won't always reduce your oop college cost--unless you are paying for 100% if the tuition, fees, and room and board costs with no other financial aid. At DD's college, it said in her financial aid package that any outside scholarships would apply toward her Federal loan first. If the scholarship amount exceeded the loan amount, it would then reduce her work study and then her school scholarship (through the endowment). Only if the amount exceeded the total of these would the scholarship(s) reduce the cost of attendance, or the difference between the total tuition/room and board costs and her total financial aid package. DD attends a private liberal arts school. YMMV. Prior to spending hundreds of hours filling these applications out, however, I would VERY carefully read the financial aid pages of your child's top schools and/or ask questions during Open Houses or campus visits.

I had read that- Its insane that a kid can try to get scholarships and it becomes a wash because they will lose that much in financial aid.

 

[Arkansan]

I've heard stuff like this and I think I follow, but I think in our case it will still help to get scholarships because we may not get any loans for a community college.

If she ends up deciding to go elsewhere, we may have to figure that out. Basically are you saying you don't really want to get more scholarships than the amount of your loan? (Because it will end up being a wash by eliminating merit aid?)

Exactly. Her Federal loan will be eliminated, but the total cost will end up being the same. It would be nice if it worked out differently, but I believe most schools are the same. For example, cost of attendance $50,000- Fed. Loan of $5,000=$45,000- work study $2,000=$43,000- merit scholarship $10,000= cost to attend $33,000.00.

Would be nice if from $33,000-outside scholarships$5,000= new cost to attend of $28,000, but all those scholarships will do is eliminate the $5,000 Federal loan so the total cost to attend is still $33,000. No debt, but the same price.

 

[aprilgail]

Exactly. Her Federal loan will be eliminated, but the total cost will end up being the same. It would be nice if it worked out differently, but I believe most schools are the same. For example, cost of attendance $50,000- Fed. Loan of $5,000=$45,000- work study $2,000=$43,000- merit scholarship $10,000= cost to attend $33,000.00.

Would be nice if from $33,000-outside scholarships$5,000= new cost to attend of $28,000, but all those scholarships will do is eliminate the $5,000 Federal loan so the total cost to attend is still $33,000. No debt, but the same price.

So I have a question- how would they even KNOW you got scholarships? All the ones that are given out at my daughters school like from the PTA and the Alumni are just checks written out to the student themselves, not to the college.

 

[Arkansan]

At my DD's school, she received a form to fill out and had to list all outside scholarships received. I think if they were under $250 she didn't need to report them, but I'm not exactly sure of that dollar amount. If she didn't report something, all her aid could have been in jeopardy. Larger dollar amount scholarships are usually paid directly to the school, so they would know if that was the case. (For example, my DH's work gives $8,000/yr renewable with a 3.0 GPA scholarships. Those go right to the school so they can verify that the school is accredited and the student is enrolled and in good academic standing from year to year.)

I know some scholarships changed to "book stipends" in order to avoid this issue. It's not a scholarship if it is a book stipend, right?

 

[3smithboys]

DS heard from one of his first choice schools today that he got in! (This school was tied with another for first choice - one in state and one out of state - this is his out of state choice.) He's super excited! He saw through the online portal, and it said to expect a formal letter through the mail. It also said that any scholarships (if any) would come later through the mail. We are hoping that he will be eligible for a merit based scholarship, but who knows?? We will just have to cross our finger and hope for some more good news....

 

[lucky978]

Submitted our FAFSA the other day. When we submitted it I noticed that there was an "expected family contribution" number listed (can't remember exactly what it was called but it was something like that).

From your experience, how close is that to what we are going to be expected to pay? Is that figure per year? Per student (I will have 2 in college next year).

 

[bjscheel]

Submitted our FAFSA the other day. When we submitted it I noticed that there was an "expected family contribution" number listed (can't remember exactly what it was called but it was something like that).

From your experience, how close is that to what we are going to be expected to pay? Is that figure per year? Per student (I will have 2 in college next year).

No idea how much it will correspond to what you end up paying but I do know that is per year (the number won't increase due to having another kid in college.)

 

[Mickeyluver37]

Submitted our FAFSA the other day. When we submitted it I noticed that there was an "expected family contribution" number listed (can't remember exactly what it was called but it was something like that).

From your experience, how close is that to what we are going to be expected to pay? Is that figure per year? Per student (I will have 2 in college next year).

In my experience so far, the EFC was higher than the total cost of attendance, and DD was offered unsubidized and PLUS loans only. I just finished 2 FAFSAs for next school year, and DD's EFC is about half of what it was for the current year, with DS's being just about the same. The 2 combined are almost the same as what DD's was for this year. I still don't think it will make much difference for us, but I think it would be significant to those with a lower EFC.

Ex. (Not our actual numbers) 2016-2017 EFC for one kid using 2015 tax returns was 10K. 2017-2018 EFC using 2015 tax returns for TWO kids would be 5K for EACH.

 

[lucky978]

In my experience so far, the EFC was higher than the total cost of attendance, and DD was offered unsubidized and PLUS loans only. I just finished 2 FAFSAs for next school year, and DD's EFC is about half of what it was for the current year, with DS's being just about the same. The 2 combined are almost the same as what DD's was for this year. I still don't think it will make much difference for us, but I think it would be significant to those with a lower EFC.

Ex. (Not our actual numbers) 2016-2017 EFC for one kid using 2015 tax returns was 10K. 2017-2018 EFC using 2015 tax returns for TWO kids would be 5K for EACH.

Our EFC that I saw when I submitted the FAFSA was higher than any of the tuitions for the schools they have been looking at. But is that for each kid? If so, that pretty much indicates we won't get any federal aid, correct (sorry, I"m completely new to all of this).

 

[Poohforyou]

I personally don't know anyone who's gotten need based aid, besides loans that anyone can take out.

It stinks that zip code isn't factored into things. Living on the east coast in a commutable distance from manhattan means salaries are high compared to lots of places. The cost of living is high as well.

 

[bjscheel]

Our EFC that I saw when I submitted the FAFSA was higher than any of the tuitions for the schools they have been looking at. But is that for each kid? If so, that pretty much indicates we won't get any federal aid, correct (sorry, I"m completely new to all of this).

I would guess so. You have to be pretty low income to get the free federal grants.

I'm excited because I've been looking at the class schedules in DD's top choice (I get bored and peruse every corner of their website...) and her department doesn't have classes on Fridays. The other classes she would take can likely be arranged so they aren't on Fridays either. That would be fabulous for times she wants to come home for the weekend.

I had been wondering if we'd send her to the upcoming Creative Technology visit day alone due to our schedules, but her BFF is interested too so they are going to go together. She hasn't been to any visits yet and I'm not sure how much help her parents will be so this will be good for her, and good for DD to have a buddy on the drive. I'm not sure if it will be a good or bad thing if they go to the same college though.

 

[aprilgail]

In my experience so far, the EFC was higher than the total cost of attendance, and DD was offered unsubidized and PLUS loans only. I just finished 2 FAFSAs for next school year, and DD's EFC is about half of what it was for the current year, with DS's being just about the same. The 2 combined are almost the same as what DD's was for this year. I still don't think it will make much difference for us, but I think it would be significant to those with a lower EFC.

Ex. (Not our actual numbers) 2016-2017 EFC for one kid using 2015 tax returns was 10K. 2017-2018 EFC using 2015 tax returns for TWO kids would be 5K for EACH.

I wish we were using this year or net years income for this fafsa- using my 2015 income is killing me, my EFC is well over 15,000 using 2015- use 2016 its 1700 LOL- I got killed when they changed the fafsa dates!!

 

[robinb]

Ugh. I just finished my DD's "brag sheet" for her counselor's recommendation.

Name 5 adjectives for your child:

(1)Tenacious
(2)Goal Oriented
(3) Focused
(4) Gregarious
(5) Vivacious

She totally loves people and they love her but when it comes to what she wants she is oh-so-ever focused on it and she will stop at nothing to get there.

 

[aprilgail]

Anyone else watching the collegeboard webinar right now?

 

[robinb]

What was it about @aprilgail?