[connorsmommy1999]

OK totally not adoption related but I suspect some of you might know this!


I just signed my DS (17yr old) up for a couple classes at the community college and while I was there saw a brochure for an accounting program that I could do online - something I've wanted to do but didnt know I could do online!

anyway, I just filled out the FAFSA and it gave me my EFC (estimated family contribution). My question is:
is that how much we would pay for next year if I were to go to school? so if that number is higher than what tuition and books cost (i'd be going part time) then we essentially dont get any kind of financial aid?

to be honest I was a little shocked at the number. We arent wealthy, not poor either, but I cant imagine how we'd pull off paying that amount in one year. The end of the page said that the college will determine how much financial aid I get, so I dont really understand how this all works.



thanks!!

[mcnay1]

That's correct. The number that you received is an estimate and the school to which you will attend will determine through institution and federal policy how much they will award you in grants.

I work at a college (in the athletics department) and deal very little with financial aid, but what I understand from what I hear is that it is people in the middle class who arent rich or poor who get hurt with college financial aid.

With that said, it is quite possible that with the information you provided that you have been deemed to make more money and have more assets that is allowable for that type of aid.

[connorsmommy1999]

bummer

thanks for the info though!

[robandjulie]

You can always look into student loans, too. You don't have to pay it all in one year.

It does stink that being "too rich" to qualify for grants often leaves you paying so much that when you look at what's left at that point you WOULD qualify for grants.

I hope you can find a way to do it if you really want to pursue this!

[ProspectiveSingleMom]

Loans are considered part of the EFC, so you could potentially still qualify for enough loans to cover the full program, and they may or may not be subisidizes (meaning you don't pay interest while in school). When I was in grad school, I was able to get loans to cover all costs (including extras like books), even with making over $40,000/year as a single person. Admittedly, grad school aid is a bit more generous than undergrad, but don't assume EFC means "out-of-pocket." And when you get to the point where you're paying back student loans, the interest is tax deductible.

[dance_muffin]

My oldest attends an expensive private college out of state. He was awarded an academic scholarship from the college that continues every year with the understanding that his grade average is A/A-. This comes out to be a year of tuitition free; however we have major loans to pay off to cover the other years which also includes his room & board.

I would suggest you look into scholarships, awards and other grants that are available. There are many, many out there that are quite diverse. (i.e. There was one from Knights of Columbus; if you had an Italian grandparent). Apply for as many that you fit in the guidelines. Speak to the Financial Office at the college you are interested in. They know of all the available grants, and best financing options that are out there. Be careful with the lender that you chose. Don't be afraid to ask them alot of questions; they have lots of info. You can also roll-over a loan repayment till the next year.

Also your FAFSA needs to be updated each year by the school deadline. Every school has different deadlines. You can do this on-line. Make sure you keep your PIN number is a safe place. If you don't fill out the forms yearly, you will not be eligble for funding that year.

Many companies also have a tuition reimbursement program. Perhaps this can help with your financing. Good luck.

[suzannamn]

I am somewhat in the same boat. My eldest son began community college last year, and my daughter begins the University of MN next month. I am waiting for PINK for the adoption of our 11 month old son. (We also have a four year old daughter in the mix)

I feel your pain on the FAFSA front. My husband had an extraordinary income year last year....of course the "extra" income went to the adoption. Consequently, we qualify for very little in the way of financial aid. Even after scholarships, our expected contribution is more than we can swing.

Our solution is: student loans. Education is the best investment .....one that never loses.
You don't need to pay your EFC in one year.

Good luck and best wishes to you.

Suzanne

[Hymarianne]

Suzanne

I am the Executive Director at a Junior College if you have any questions please email me...

eaglesfans.eagles@verizon.net

What I can tell you is the farther away from ZERO your EFC is the less aid (grant) you receive. For example someone with a Zero EFC is full grant which this year will be about $4300. Once you reach 5000 in an EFC you can pretty much assume nothing in grant. I hope that helps.

Remember if you and your son are both in school to make sure you put two in college.

Also to make things simple.....a good rule of thumb but not always depending on investmets etc....calcuate about 9 thousand per family member. So for example if you have 5 family members x 9 = 45 thousand you should be eligible for grant. SO if your income is 75 than you know you are not eligible. If it is 44 or 46 you are right in there. Make sense? Please email me with any questions, financial aid can be complicated to someone outside of the field.

Good Luck to you!

Marianne

[Mindybeth6]

Yes and mine varies every year. I go to a VERY pricey private school right now, which I did by choice knowing I would get the best education, but we are paying dearly for it. I qualify for grants and loans, always enough to where I pay nothing out of pocket NOW, but those loans WILL come due when I graduate and let me tell you....my education cost more then this adoption did. It's INSANE how much it costs to go to school and I have scholarships! But, it was an investment into my future and the well-being of my family and was worth every penny. Although I still croak when I look at my Sallie Mae statements.

[connorsmommy1999]

thank you guys ~
that's not the info I wanted to hear but that's OK. I think I'll have to wait, bottom line is that we can put me AND DS thru college at once.

I just wish there was a place where I could explain that I have two kids in private school (soon to be THREE!), one taking CC classes part time, and just spent $30K on an adoption.
oh and we need a new roof on the house.


but no, there isnt a place to explain all that on the FAFSA

thanks though!!

[missylaw]

As unfair as it seems it is correct (somebody correct me if I am wrong) Our son will be starting his 2nd year at Bowling Green and both years so far our EFC is $15,000 over what it cost him. It means he isn't eligable for any federal aid. He did get a small grant (that he has to pay back) but nothing for "free". You can apply for scholorships if that helps. We did get student loans (that we promised to pay as long as he finishes) YIKES Good luck!!
Missy

[iammonikasmom]

We had that same feeling when we didn't qualify for anything! when we sent ss to school. Actually I too was shocked because we too aren't in the high life! Good luck.

[JoshGuat]

yes, that is the number. I was shocked when we saw our number too If your child waits until 23 your child will get all grants etc. and be considered an independent student. Just a thought

[connorsmommy1999]

thanks JoshGuat.

He was thinking about doing some volunteer/work trips to other countries for a couple years - perhaps I can talk him into doing it for FIVE years