Same college, different price!

[Sadie22]

I need to start looking into this and saving. DD is 11. How much money can one make per year to quailify for financial aide -whats the annual limit or where can i find out to get an idea. Thanks

Your local library should have books you can read regarding preparing for and saving for college as well as choosing affordable colleges. As has been touched on here the Free Application for Federal Student Aid is used to determine an estimated family contribution which is almost always higher than parents think it should be. College and university financial aid departments use that as a starting point for putting together need-based aid packages which may include loans or work-study jobs.

There are also many academic merit-based scholarships available but parents and students need to seek out many of these and apply in order to be considered. Having excellent grades, doing well on standardized tests, and participating in some extracurricular activities will assist your child in being eligible for some of these.

 

[leahjade]

So many of you are acting like those of us who are on scholarships are lazy and our parents don't know how to save money.

Not talking about academic awards here! These are so-called "need based" awards. But the sad thing is that sometimes (not always!) people are in "need" because they don't want to work or save for their children's future. So in fact those of us who do save and work two jobs are not only paying outrageous tuition costs for our own children but are helping pay (through taxes etc) tuition for those who haven't planned or worked hard to support their children.

 

[MissJanice]

Some of those people recieving "need-based" aid really do need and deserve it. And if you can't afford to send your child to a private school, we have excellent public universities in this country. I know now that my DS6 and DD2 will not be attending a private university unless they want to take on the financial responsibility themseleves, through loans/grants/scholarships. But I will pay for the amazing education they can recieve at any of the 20 public universities in the state of Floriday. They are going to know my cost to us and them. It may sound mean, but I loved my time at USF, and my parents did not go into debt to pay for it! Nor did they have to work 2 jobs or give up their own wants and dreams!

 

[HappyDznyCamper]

Some of those people recieving "need-based" aid really do need and deserve it. And if you can't afford to send your child to a private school, we have excellent public universities in this country. I know now that my DS6 and DD2 will not be attending a private university unless they want to take on the financial responsibility themseleves, through loans/grants/scholarships. But I will pay for the amazing education they can recieve at any of the 20 public universities in the state of Floriday. They are going to know my cost to us and them. It may sound mean, but I loved my time at USF, and my parents did not go into debt to pay for it! Nor did they have to work 2 jobs or give up their own wants and dreams!

Your right, FL has some wonderful public universities. Not only that, but the in state rate(this year anyway)is less than $6000. DD thought about FSU, since her brother and Sil live there, but she would be out of state and the rate was too high, instate for UT(TN) is higher than insate FL but still around the $7000/year mark, very reasonable.

 

[A Mickeyfan]

For the benefit of others with a different strategy the idea with the education bonds purchased after 1989 is that if they are used to pay for tuition or required fees (not room and board), and the owner is within certain income limits, no federal income tax is owed. The bonds must not be issued in the name of the student. If the bonds are held rather than being cashed in to pay educational expenses all interest is taxable.

yes, and it is an excellent way to stash away money for college.. if you do int the right way. I did not. I thought I was, but didn't and the person at the bank when purchasing them must not have been too up on procedure since I specified that was what I was purchasing them for. To all who plan on doing this, do it the proper way or you will not have them when you need them for education.... but as a down payment for a home for each of your children. While they money isn't going to waste, I would never had been able to give each of my children that sum of money for a home down payment, it isn't what I had planned on doing with it...

 

[A Mickeyfan]

Your right, FL has some wonderful public universities. Not only that, but the in state rate(this year anyway)is less than $6000. DD thought about FSU, since her brother and Sil live there, but she would be out of state and the rate was too high, instate for UT(TN) is higher than insate FL but still around the $7000/year mark, very reasonable.

Don't count on Fl remaining affordable. They are raising tuition by 15% each year (last year & this) to have our affordable University's & Colleges catch up to the going rate in other states... but they forgot to up our salaries to cover them! The Bright Futures Scholarship will not pay out that difference either. So if your child gets it, what use to be a 75% or 100% tuition scholarship is no longer that.

 

[penn19]

I'm still reeling over the fact that anyone would pay $30K a year to go to college I went to a public university and I expect my children will do the same. We do not have large college savings for them, I hope to have enough to pay for 2 years at a public university for each child. They can get jobs and pay the rest, or get scholarships. I had NO help from my parents to get through college, yet graduated debt free. I worked as many as 3 jobs AND went to school full time. Somehow this generation of children have lost the concept of hard work

I remember my mom telling me years ago about a colleague of hers whose DD had to choose between 2 universities. One was a public university with a full ride scholarship, the other was an expensive private university with no financial aid. The child chose the expensive private university and her parents had to take out a 2nd mortgage on their house to pay for it. To me that is just insanity I have 4 kids and there is no way I'm mortgaging anything to pay for college. There is this wonderful thing called a JOB---get one

 

[3boymthr]

I'm still reeling over the fact that anyone would pay $30K a year to go to college I went to a public university and I expect my children will do the same. We do not have large college savings for them, I hope to have enough to pay for 2 years at a public university for each child. They can get jobs and pay the rest, or get scholarships. I had NO help from my parents to get through college, yet graduated debt free. I worked as many as 3 jobs AND went to school full time. Somehow this generation of children have lost the concept of hard work

I remember my mom telling me years ago about a colleague of hers whose DD had to choose between 2 universities. One was a public university with a full ride scholarship, the other was an expensive private university with no financial aid. The child chose the expensive private university and her parents had to take out a 2nd mortgage on their house to pay for it. To me that is just insanity I have 4 kids and there is no way I'm mortgaging anything to pay for college. There is this wonderful thing called a JOB---get one

I admit it I did that. I received a full 4 year scholarship to any state college or university of my choice, based on academic excellence, and I chose to not go the scholarship route, but rather the private school route, where I got no aide, but....

I would have ended up a full semester behind at any of those schools because I received the scholarship notification so late in the year that I was unable to get any of the classes I needed in my major area and the scholarship would be revoked if I did not complete school in four years.

Soooo... without knowing all the facts don't blame the child. There may have been other underlying factors behind her decision, maybe financial, maybe not (such as the school she was offered the scholarship at not offering the program she wanted).

 

[Darcy03231]

I'm still reeling over the fact that anyone would pay $30K a year to go to college I went to a public university and I expect my children will do the same. We do not have large college savings for them, I hope to have enough to pay for 2 years at a public university for each child. They can get jobs and pay the rest, or get scholarships. I had NO help from my parents to get through college, yet graduated debt free. I worked as many as 3 jobs AND went to school full time. Somehow this generation of children have lost the concept of hard work

I remember my mom telling me years ago about a colleague of hers whose DD had to choose between 2 universities. One was a public university with a full ride scholarship, the other was an expensive private university with no financial aid. The child chose the expensive private university and her parents had to take out a 2nd mortgage on their house to pay for it. To me that is just insanity I have 4 kids and there is no way I'm mortgaging anything to pay for college. There is this wonderful thing called a JOB---get one

Our public university is now over $20k per year (tuition, room & board, books and mandatory fees). Not all states have public colleges/universities that offer a college education for a reasonable price. Our local community college is now almost $10k for tuition alone.

 

[GoofyGolferGirl]

Don't you think the grants our government hands out is just like everything else........ we take care of those who won't/can't take care of themselves and we throw the ones who have tried to take care of themselves to the wolves. If you have ever had a job you can't get anything if you have never had a job you will get everything, we even pay you to take care of your own kids!! I will say the good ole' USA is good.... until the money runs out ...... oh wait it already has!!! ha I don't know the answer but we better find one fast!! Now I am off my rant!!

 

[eliza61]

Not talking about academic awards here! These are so-called "need based" awards. But the sad thing is that sometimes (not always!) people are in "need" because they don't want to work or save for their children's future. So in fact those of us who do save and work two jobs are not only paying outrageous tuition costs for our own children but are helping pay (through taxes etc) tuition for those who haven't planned or worked hard to support their children.

So basically penalize the kids for their parents not saving. wouldn't it be better in the long term to get these kids educated so we don't have another generation of low wage earning adults who cannot save for their kids education. and please no way, no how in this country can you work for $9.00 bucks an hour and save money to send a kid to college.
The % of taxes used to fund higher education is so miniscule to be almost negligable. Federal government only spend 4.5cents of every tax dollar on education. So your taxes really don't fund a lot of public education on the college level.

http://www.cnbc.com/id/26941466/?slide=6


Many of our technology leaders, Bill Gates, Steve Jobs and the 2 guys who founded google have been outspoken critics on how we fund education here especially in areas that are the future job areas (technology, alternative energy sciences). Our kids can't afford to get advance degrees in sciences (egineering, physics, advanced math) so in our phd college programs you see a huge glute of forieign students.

 

[DisneyFirefly]

I just think it's so interesting that so many of the people who've posted to this thread seem to think that need-based aid is wrong. In my family, there was never any indication whatsoever that my parents would pay for college. They didn't save, and they weren't going to pay for it, even if I went to the community college here where it's $79 a credit hour. The reason they didn't save was because, with three kids and an alcoholic father, there was just never enough money to go around. Combined, my parents' gross annual income the year I graduated high school was just over $50k. But, according to the FAFSA, I didn't qualify for need-based aid because my parents' income was too high and, as an average student, I didn't get any academic aid, either.

I currently work full-time and make about $12k a year. According to the FAFSA, NOW I'm eligible for aid, but I've defaulted on my student loans (which I had to take out to afford school before) due to an old job loss, so I don't get it anyway

 

[A Mickeyfan]

If you feel you are being punished for saving for your child's college fund, just have them move out of your house for one year... totally out from your income & they can qualify for aid using just their income... now is that worth it? I don't think so. I would rather have the means to afford it, then really not. My friend had her DS leave his job making more than what the Pell Grant gave, just so he can get the grant???
If my child can earn (and is willing) more than what the grants can offer her, by all means she should continue to work & we struggle to both pay for the tution.
I don't begrudge any child an education or the money for it. I don't like paying for those who have the means but have it tucked away from FAFSA. The same person I know who had her DS leave his job to get the grant, the DS dropped out of all his classes just before the cut off for a refund on the classes.. and guess what, he got a full refund given to him.. and that was a Pell Grant that paid for it! The State of Fl has finally got smart, they now make you pay back the money if you drop the class.. and that is who it should be.

 

[eliza61]

I just think it's so interesting that so many of the people who've posted to this thread seem to think that need-based aid is wrong. In my family, there was never any indication whatsoever that my parents would pay for college. They didn't save, and they weren't going to pay for it, even if I went to the community college here where it's $79 a credit hour. The reason they didn't save was because, with three kids and an alcoholic father, there was just never enough money to go around. Combined, my parents' gross annual income the year I graduated high school was just over $50k. But, according to the FAFSA, I didn't qualify for need-based aid because my parents' income was too high and, as an average student, I didn't get any academic aid, either.

I currently work full-time and make about $12k a year. According to the FAFSA, NOW I'm eligible for aid, but I've defaulted on my student loans (which I had to take out to afford school before) due to an old job loss, so I don't get it anyway

Because I think on this, board people have a serious dislike of the poor and if we could only get rid of the lazy bums that I have to support life would be oh so rosy. Really, not being snide, that is my general take. Almost every thread I've ever read if the poster says they are in financial need it always turns into what I call the "I live in a teeny tiny house" or "I walk 20 miles in the snow" syndrome. Some how it's the posters fault that she/he didn't save for college, lost the job, lost their home or simply _____ fill in the blank and now I have to some how support them with my taxes.
never understood it. As much as I like the budget board, I think some times we can be very santimonious (sp?) and yes, I am guilty of this flaw also.

and under no circumstances should you ever ask a financial opion while having a vacation ticker in your signature.

 

[msmayor]

If you feel you are being punished for saving for your child's college fund, just have them move out of your house for one year... totally out from your income & they can qualify for aid using just their income... now is that worth it? I don't think so. I would rather have the means to afford it, then really not. My friend had her DS leave his job making more than what the Pell Grant gave, just so he can get the grant???
If my child can earn (and is willing) more than what the grants can offer her, by all means she should continue to work & we struggle to both pay for the tution.
I don't begrudge any child an education or the money for it. I don't like paying for those who have the means but have it tucked away from FAFSA. The same person I know who had her DS leave his job to get the grant, the DS dropped out of all his classes just before the cut off for a refund on the classes.. and guess what, he got a full refund given to him.. and that was a Pell Grant that paid for it! The State of Fl has finally got smart, they now make you pay back the money if you drop the class.. and that is who it should be.

No they can't. Whether a child lives with you or not, they are not considered "independent" for federal aid purposes until they pass their 24th birthday or get married, whichever comes first.

Living with you or not, FAFSA requires parental information.

 

[disykat]

Oh come on. Are there seriously this many people here who work hard and save so their kids can go to college and don't have the slightest bit of irritation/envy/anger/confusion etc. towards those who appear to party all their money away and then get grants?

I feel the same way about this issue that I feel about welfare,WIC, etc. I think there are many people who need these programs for a leg up and I have no problem with that at all. However, if I discover someone who makes the same amount I do, appears to have more "things" than I do, yet who still utilizes these programs - I get bothered.

I don't expect to get grants. I admit, I do wonder when people I see on here with their numerous Disney trips etc. talk about need based aid they receive. It does feel like because of my income level, I'm unable to afford the things other people seem to spend on because I know I have to save for my kid's education.

Obviously most of us don't know the details of other people's finances. However, I think it's human nature to be upset about what appear to be injustices.

 

[pintamino]

No they can't. Whether a child lives with you or not, they are not considered "independent" for federal aid purposes until they pass their 24th birthday or get married, whichever comes first.

Living with you or not, FAFSA requires parental information.

Not true. If the child can provide evidence that they are completely independent for a year (utility bills, etc) OR evidence of abuse, parental information can be waived. It's done case by case and not super common. [I don't think having to give parental information is right, but that's another story]

 

[RitaE]

There are very few cases where a single child under the age of 24 can claim Independent status. These are things like ... parent is in jail. I love my kids an awful lot but I'm really not planning on going to jail so they can get a Pell Grant.

Originally Posted by A Mickeyfan View Post
If you feel you are being punished for saving for your child's college fund, just have them move out of your house for one year... totally out from your income & they can qualify for aid using just their income...

That hasn't been true since the mid-1980s.

 

[msmayor]

Not true. If the child can provide evidence that they are completely independent for a year (utility bills, etc) OR evidence of abuse, parental information can be waived. It's done case by case and not super common. [I don't think having to give parental information is right, but that's another story]

Sorry, but that's wrong. Living on your own does not waive the parental information requirement for FAFSA. It may be helpful when appealing to an individual school, but the criteria for an independent student is crystal clear for FAFSA:

If you cannot answer "yes" to one of these questions, you are NOT independent for purposes of FAFSA for the 2010-2011 school year:

Were you born before January 1, 1987?

Will you be working on a degree beyond a bachelor's degree, such as a master's or doctorate, in school year 2010-2011?

As of the date you will be submitting the FAFSA, are you married? (Answer yes if you are separated, but not divorced.)

Do you have children who receive more than half of their support from you, or do you have dependents (other than your children or spouse) who live with you and receive more than half of their support from you, now and through June 30, 2011?

Are you an orphan or ward of the court or were you a ward of the court until age 18?

Are you a veteran of the U.S. Armed Forces?

Are you currently serving on active duty in the Armed Forces for other than training purposes?

Not one of those questions is "Did you live on your own for a year and support yourself?"

As for providing evidence of abuse, there are a LOT of hoops that must be jumped through in terms of providing proof, including court records and statements from child welfare agencies. You can't just say something like "I moved out because my parents were hitting me, so I'm independent."

 

[pintamino]

Sorry, but that's wrong. Living on your own does not waive the parental information requirement for FAFSA. It may be helpful when appealing to an individual school, but the criteria for an independent student is crystal clear for FAFSA:

If you cannot answer "yes" to one of these questions, you are NOT independent for purposes of FAFSA for the 2010-2011 school year:



Not one of those questions is "Did you live on your own for a year and support yourself?"

As for providing evidence of abuse, there are a LOT of hoops that must be jumped through in terms of providing proof, including court records and statements from child welfare agencies. You can't just say something like "I moved out because my parents were hitting me, so I'm independent."

Well, if we're splitting hairs, you left off half the list.

# the student is enrolled as a graduate or professional student (pursuing a master’s degree or doctoral degree); or
# the student is a qualified veteran of the U.S. military, or currently serving on active duty in the U.S. armed forces for purposes other than training; or
# the student is an orphan (both parents deceased) or ward of the court or in foster care at any time after turning age 13, or was a ward of the court until age 18; or
# the student is/was in legal guardianship; or
# the student is/was an emancipated minor; or
# the student was an unaccompanied youth who was homeless or at risk of being homeless on or after July 1, 2009; or
# the student has special and unusual extenuating circumstances that can be documented for his or her college financial aid administrators, who may then request a “dependency override” on the FAFSA application. (Note: Exceptions are granted very rarely and only in extreme cases.) Students should contact the financial aid office at the school they will be attending for additional information.

I was referring to the last point. Having lived on your own and paid all your own expenses frequently is sufficient proof for the school's financial aid administrators. Post was done from work, so I apologize to anybody else who took my post verbatim -- it was intended in reference and not to be taken as law.

I never said it was enough to say "my parents hit me" -- that was put more along the lines of a scenario where somebody was emancipated or legally taken from their parents while under the age of 18, but thanks for your interpretation.