Understanding FAFSA Anticipated Family Contribution

[j's m]

I know a few posters have talked about looking for scholarships. Some caution though...remember that a majority of these outside scholarships are one-year only, and in many cases only incoming freshman are eligible. You may find enough to meet the gap for freshman year at the school of your choice, but realize that you may very well need to make up that amount on your own the next three years.

Many schools that offer big merit scholarships have VERY early deadlines...as in November and December of your senior year. Miss those deadlines and you miss eligibility.
Finally, PAY ATTENTION TO FINANCIAL AID DEADLINES! I can't tell you the number of times I've read on the College Confidential message board how kids have missed the priority deadline for financial aid and wonder if the school will make an exception. The deadlines are there for a reason: if you want the best chance at the most aid, make sure you get your applications and paperwork/filings in on time!

Do you mean apply to the colleges this early or fill out their financial aid info before you fill out the FAFSA?

 

[quentina]

They had mine at 22,000 LOL. I just returned to school after a 20 year absence. I thought there was a glich in the system until I did a second one (for the next year) and it was a little higher.

 

[msmayor]

Do you mean apply to the colleges this early or fill out their financial aid info before you fill out the FAFSA?

Merit scholarships are normally not dependent on need...you are awarded them based on your stats (grades, SAT scores, etc.)

You would need to apply both to the school for admission AND apply for their scholarships using whatever methods the school requests. If you are interested in a particular school and want a piece of their merit scholarships, you need to investigate very early what the requirements are for obtaining those scholarships.

Take the time in the summer before your Senior year to really investigate those schools and find out what the requirements are so you are prepared to meet their deadlines.

 

[luvsJack]

I second this, a lady I work with did not fill hers out last year and as her son went back to school last fall the loans could not be made available till they had a new FASFA on file. Her accountant advised them to just do it when you do taxes for as long as your child is in school.

All aid eligibility is based on the info put on the FAFSA. Pell grant as well as other grants, loans, work study, and any aid your state may offer can all be based on it. Plus there are programs like WIA that will pay for vo/tech programs but the student has to complete the FAFSA to qualify.



ETA: About scholarships, make sure to look on your school's website at the FA section and read thoroughly. Many schools also have scholarships that are donated monies from alumni or other people in the state or area. Many times these scholarships go un-awarded because students fail to apply for them.

 

[luvsJack]

We had to fill out a FAFSA for my stepson who was living with us at age 20, there's a reason I am mentioning his age. I've been married to his father for 16 years and love him dearly, so that was not the issue. What really infuriated me is that both my parents had deceased right around that time and I had to list all the assets and money that I received as my inheritance - which should be irrelevant. Now were not talking a ton of money, but it was still insulting to me to have to basically bear my financial soul. I am a very private person when it comes to my finances and I really didn't appreciate my stepson seeing what I make, what I have in 401(k), savings, etc. I'm sure his mother knows now - who refused to do it when he resided with her [at age 18 and 19]. I found it overly intrusive . . . but I am trying to understand the need for it.

Your stepson is considered a dependent student by FAFSA until age 24 which means they required him to provide income information of one set of parents. Since you are married to his father, your income was included in this. If you have children of your own, you will have to do the same when the fill out FAFSA.

If he only lived with her at ages 18 and 19, I am assuming that your husband had custody of your step-son? That would be why your information was required rather than his mother's.

 

[rlduvall]

Its because you are considered part of the custodial parent...marrying his father and having him live under your roof makes you part of the custodial parent 'unit'.

Had his mother been the custodial parent, then only her income and asset information would be required for FAFSA.

I understand why, I never said I didn't . . . and I also mentioned that his mother refused to do it for him when he lived with her. She didn't want her husband's information known.

Edited: Well, I guess I did say that at the end, but I didn't mean that I didn't understand the legal aspect of it. I meant I didn't understand why the government had to be so intrusive into a stepparent's assets.

 

[rlduvall]

If he only lived with her at ages 18 and 19, I am assuming that your husband had custody of your step-son? That would be why your information was required rather than his mother's.

No, he lived with his mother until he was 20 years old, but his father and I agreed to pay for his first 2 years of college if he would go to a Junior College. His mother refused to fill out the FAFSA for him [even though we told him he could keep any scholarship money for those first 2 years - he just wasn't concerned about pushing it] and then he moved in with us right before it was time for him to go on to a 4 year university. We had no choice but to do it for him.

Again, I never said I didn't understand it . . . I just thought the information required from me was overly intrusive, i.e. inheritance funds, etc.

Edited: Well, I guess I did say that at the end, but I didn't mean that I didn't understand the legal aspect of it. I meant I didn't understand why the government had to be so intrusive into a stepparent's assets.

 

[msmayor]

No, he lived with his mother until he was 20 years old, but his father and I agreed to pay for his first 2 years of college if he would go to a Junior College. His mother refused to do it [even though we told him he could keep any scholarship money for those first 2 years - he just wasn't concerned about pushing it] and then he moved in with us right before it was time for him to go on to a 4 year university. We had no choice but to do it for him.

Again, I never said I didn't understand it . . . I just thought the information required from me was overly intrusive, i.e. inheritance funds, etc.

Well realistically, you could have taken the mother's position and refused as well. There's no law that says FAFSA has to be filed. Its required if you wish to receive aid under any Federal program. You could always choose to forgo any Federal Aid and go full-pay.

 

[allison443]

Again, I never said I didn't understand it . . . I just thought the information required from me was overly intrusive, i.e. inheritance funds, etc.

Edited: Well, I guess I did say that at the end, but I didn't mean that I didn't understand the legal aspect of it. I meant I didn't understand why the government had to be so intrusive into a stepparent's assets.

I have heard other people say this as well about the intrusiveness. You can run an online EFC calculator to see what the numbers will be, to see if is "worth it" to submit the FAFSA.

 

[rlduvall]

Well realistically, you could have taken the mother's position and refused as well. There's no law that says FAFSA has to be filed. Its required if you wish to receive aid under any Federal program. You could always choose to forgo any Federal Aid and go full-pay.

Actually, I did buck up and refuse at first . . . We had a big family meeting over it and my husband asked me if I would feel this way if it was about our son (who's only 10 right now). I know that I would do it for him when it's time, so it wouldn't be right to refuse my stepson the same assistance, right? I swear I try to be the bigger person, but it's not easy.

 

[Debbie Jean]

Our DS is also a senior this year and our EFC # came back $14,642. DH works for Toyota and we all know how that is going. DS has worked very hard and has been accepted to many schools. We talked and just does not want to start his life in debt. He has decided to attend BCTC ( Bluegrass Community college on Universtiy of Kentucky campus). His goal is a degree in Agriculture so he will be attending UK for that his junior/senior. To our surprise, BCTC has a new program to get students GenEd certified by working with UK so he will be ready to transfer his junior year with no problem or surprises. The bonus
~ 1/2 tuition (BCTC about $4000 per year, UK about $8000 per year)
~ small class size
~ will work with UK advisors
~ can live at home and keep his current job
~best part, if he keeps a 3.5 GPA he will keep his BCTC tuition rate his final 2 years at University of Kentucky

Check with some of your public schools and see if programs exist like this.

NJ, which I believe is where OP is from, also has a similar articulation agreement between the community colleges and the state colleges and university... I'm on the faculty of a NJ public university and can tell you this is a great deal and a life saver for many students who have financial challenges

 

[luvsJack]

Actually, I did buck up and refuse at first . . . We had a big family meeting over it and my husband asked me if I would feel this way if it was about our son (who's only 10 right now). I know that I would do it for him when it's time, so it wouldn't be right to refuse my stepson the same assistance, right? I swear I try to be the bigger person, but it's not easy.

Oh, I see what you meant about his mother. It is hard to be the one to do something you don't feel totally comfortable with when it seems like the other parent is the one that always gets the right to refuse.

We have so many kids that come in the FA office almost begging for help. They want to attend college but don't have the money to pay oop for tuition and support themselves, need FA and their parents refuse to give them the needed info to fill out the forms. Its sad because, unless they can either talk their parents into giving it to them or can change their dependency status, most end up dropping out. Some come back after they have saved some money, but those are few and far between.

I try to understand when parents feel as you do, but I have never really seen the big deal in putting your info on the form ? But, of course, it is totally within your rights to feel the way you do.

 

[luvsJack]

Everyone can get a Stafford loan, no matter how high your EFC.

The amount you qualify for can be different though. Not everyone can get the same yearly amount in loans.

 

[msmayor]

Actually, I did buck up and refuse at first . . . We had a big family meeting over it and my husband asked me if I would feel this way if it was about our son (who's only 10 right now). I know that I would do it for him when it's time, so it wouldn't be right to refuse my stepson the same assistance, right? I swear I try to be the bigger person, but it's not easy.

You know, you mentioned something before about having to reveal so much information (i.e. inheritance info). The FAFSA really doesn't go into that much detail as far as assets. It asks for your total cash, total investments, and net worth of an owned business. It doesn't ask where/when/how you obtained these assets.

The rest of the information is already shared with the government via your tax return.

Are you perhaps referring to the CSS/Profile form which goes into far more detail? That form is not required by all schools. Many are FAFSA only.

 

[Aurora D]

Thanks again to all who have contributed helpful advice. Of course I knew that we would be required to pay something. I just didn't understand how we would be expected to pay. For example, could our contribution also be through loans, etc because we just don't have cash on hand.
One respondent questioned how we could have not saved. In our case my husband was disabled for over 10 years. He returned to work about 2 years ago but only makes about 25K a year. The cost of living in NJ is much higher than in other parts of the country. We are very much lower middle class. I know many people in similar circumstances, especially with the economy the way it is now.
In any case, my daughter will go to college because she's very determined and because we will of course help her and sacrifice to do so.

 

[rlduvall]

You know, you mentioned something before about having to reveal so much information (i.e. inheritance info). The FAFSA really doesn't go into that much detail as far as assets. It asks for your total cash, total investments, and net worth of an owned business. It doesn't ask where/when/how you obtained these assets.

It was only the FAFSA, but I should have clarified that my inheritance funds were sitting in investment accounts, savings, etc. You're right that it didn't ask specifically about "inheritance" funds, but that just happened to be what alot of our assets were at that time.

 

[Debbie Jean]

Thanks again to all who have contributed helpful advice. Of course I knew that we would be required to pay something. I just didn't understand how we would be expected to pay. For example, could our contribution also be through loans, etc because we just don't have cash on hand.
One respondent questioned how we could have not saved. In our case my husband was disabled for over 10 years. He returned to work about 2 years ago but only makes about 25K a year. The cost of living in NJ is much higher than in other parts of the country. We are very much lower middle class. I know many people in similar circumstances, especially with the economy the way it is now.
In any case, my daughter will go to college because she's very determined and because we will of course help her and sacrifice to do so.

I also live in NJ so I definitely understand your financial situation... hard to explain to people living in other areas of the country what it is like...

If you are looking into loans, I encourage you to check out a NJ CLASS... it is a special loan program through the Higher Education Student Assistance Authority in NJ... I found the terms MUCH more favorable than any other loan program I investigated..

Here's the link: http://www.hesaa.org/index.php?page=NJCLASSapply

Good luck to DD! She sounds very motivated and I'm sure wherever she goes, she will have a wonderful and successful experience.

Edited to add: Just wanted to say that these loans can be taken out by parents, students or both.

 

[PatsMom]

One source for private loans worth checking out is your local credit union. I haven't got to needing to borrow for my daughter's education yet but since my expected contribution is more than her annual cost of attendance, she will be borrowing once the savings are exhausted. One advantage of the loan through my credit union is that it is her loan (although co-signed by me). The Parent PLUS loans are the parent's responsibility. I hope to be in a financial position to pay off her student loans at graduation but if I am not, I want them to be her primary responsibility.

One reason for wanting her to have to pay off the loans is that she could opt to live off campus (grandmother lives 15 miles away, half-sister only about 5 miles) and save a ton of money. But she wanted to live in the dorm even after we explained that it would mean not enough saved to pay for four years.

She also has to have a job to pay her day to day expenses, fun money, and books. She is a dual major in French/International Affairs. Both require a semester abroad (minimum, they prefer a full year). So there will be additional expenses associated with her stay in France in her junior year. We also expect her to come up with the money for that which is over and above the cost of tuition at the university.

She has the option of working an extra job in the summer if she chooses. We live in a tourist area and there are a lot of seasonal jobs. Last year she chose to work only one job and is having to work weekends this winter as a result.

 

[crisi]

Thanks again to all who have contributed helpful advice. Of course I knew that we would be required to pay something. I just didn't understand how we would be expected to pay. For example, could our contribution also be through loans, etc because we just don't have cash on hand.
One respondent questioned how we could have not saved. In our case my husband was disabled for over 10 years. He returned to work about 2 years ago but only makes about 25K a year. The cost of living in NJ is much higher than in other parts of the country. We are very much lower middle class. I know many people in similar circumstances, especially with the economy the way it is now.
In any case, my daughter will go to college because she's very determined and because we will of course help her and sacrifice to do so.

I do understand. I went to a state college that specializes in educating working adults for my most recent tour. People worked full time and went to school half time year round to get their degrees. And they still took out loans to get through. For a lot of them it was a real struggle. I felt really fortunate - I worked full time (and had husband and kids) but I didn't have to worry about the $1500 a semester to go half time.

Your daughter may not be able to fund the college education you and she wish she could have. It may be the case that she needs to work and go to community college, continue to work and transfer to a college or university. Plenty of people take eight or ten years to finish their bachelors degree - because they can't afford to dedicate four years to school, and can't afford to pay for four years of school at once.

It isn't really fair, but life isn't fair.

 

[DizMom11]

I just go my son's financial aid package in the mail today. Our EFC was 9800(approx). We were only offered loans - no grants. University of Arizona is the school. They offered 3,500 in Stafford sub loan, 2,000 in Stafford unsub loan, and 32,000 in parent PLUS loan. That would cover everything, but is also incredibly out of my budget. I was hoping to get some grant money. I think it's fine for my son to go to a community college.