College Students: Financial Aid (FAFSA) question....

[jread]

Ok, I just filled out my first FAFSA since 1997 or so. I did it online so I could get everything done more quickly. I don't know anything yet except the "Expected Family Contribution". Since I'm classified as an independant, this means this is my expected contribution. The EFC came out to: $7,768.00 I guess that any expenses beyond this will qualify me for grants, etc. Is this right? I seriously don't see how they expect me to pay 7700 per year for school :rofl: That will have to be mostly student loans. The good thing, though, is that the school I'm going to attend costs about $513.00 per credit hour, so I should be able to get past that 7700 limit pretty easily spread over the year. Any financial aid would REALLY help at a school that's this expensive.

Damn, I hate the government. I guess you have to work at McDonald's and have 10 kids to qualify for anything good :rant:

[MacGuffin]

"Expected Family Contribution"

I believe that refers to contributions from parents, spouses, rich uncles, etc.

Not yourself.

[jread]

"Expected Family Contribution"

I believe that refers to contributions from parents, spouses, rich uncles, etc.

Not yourself.

This is what I had originally thought, but after reading more I discovered that this is my expected contribution. I'm 25 so I'm filing as an independant student. My parents' income does not figure into the equation anymore.

[Birdsnest]

It might take 4-6 weeks to find out, but usually you can make a pretty decent income and still get a grant.

PS: Do NOT earn a certificate, in your area of interest. Go for the AA or BA degree, because once you earn a certificate, I don't think you can get financial aid towards same area again, go for the degree so you leave your options open.

My advice about financial aid?

Note: Do NOT accept the student loan. Paying back $5000 takes so long and its not worth it, and easy to go into default. (You didn't mention it, but they will offer it to you, and if you are smart, you will find a way to live on the grant, which you do not have to pay back). It takes a month or so to get a reply, so next time you apply, apply in July for the next year of classes. Its worth it, the GRANTS are at least.

Just beware of the loans, they push them and students have no idea if they will get a job and be able to pay it back. If you have to pay $50 a month for 6 years, thats only 600 per year, and the interest accrues and ends up taking much longer, and messes up credit. Refuse the loan and accept the grants if offered.

[Edmond Zedo]

Wow. I'm 25 too and want to resume my original plan of going after the Industrial Design BFA next fall (or ASAP). I've learned so much in my time away from school.

I'm not sure what money I can get my hands on yet privately. Can one apply for FAFSA online?

[booyalab]

Wow. I'm 25 too and want to resume my original plan of going after the Industrial Design BFA next fall (or ASAP). I've learned so much in my time away from school.

I'm not sure what money I can get my hands on yet. Can one apply for FAFSA online?

yes

http://www.fafsa.ed.gov/

[Edmond Zedo]

Thanks hon.

Damn, I wish I kept better files. Or any files. *buys lottery ticket*

[garak]

Say NO to the loan and help yourself.
If you're taking out a loan, isn't it pretty likely that you simply don't have the money available? A big part of why people get a degree is so that someday they'll make more money. Trying to pay it in your poor years somehow doesn't seem to make sense to me.

[jread]

If you're taking out a loan, isn't it pretty likely that you simply don't have the money available? A big part of why people get a degree is so that someday they'll make more money. Trying to pay it in your poor years somehow doesn't seem to make sense to me.

Exactly. The whole reason I need student loans and grants is that I can't afford to pay for school on my own. I'm going to a private college where the tuition is about $1600 per CLASS. I can't pay that on my own. What I've done is justified the expense of the degree with the extra money I will make once I've finished. It will balance out (hopefully) to where paying off the student loan won't be hard to do.

My current workplace offers a measly $1200 per year in tuition reimbursement which will help a little. Also, if I can get any grants or scholarships, then hopefully I won't have too large of a loan to pay off.

[garak]

And once you start having to pay those loans, try to see if you can do a balance transfer to a credit card to get a better rate. It could save you a lot of interest. The credit card balance transfer dance is actually almost amusing .. I used to work dealing with that stuff over the phone. 0% and 1.9% and rates like that are so much better than 8% or 14% or whatever the heck a student loan charges.

[Bugeater]

FAFSA is really stupid. According to them, even though my parents can't claim me as a dependant on their taxes, I'm considered a dependant on the FAFSA because I'm not 23 or older, or married, or a ward of the state, etc. What complete bullshit. So, they either expect my parents to pull money out of their asses (Who are the idiots who come up with that ridiculous EFC anyway? Let me guess...rich Congressmen?), or they want me to agree to a student loan that I'll be repaying for the rest of my life. Fuck them.

[moni]

are you going to an out-of-state college? my parents make less than 50,000 combined, and their expected contribution is around 2,000... out-of-state tuition at WSU is a bit over 13,000 (and there are living expenses of course, around 4-5,000). for the past three years, i've been getting over 5,000 in grants and over 5,000 in student loans (which is necessary for me to take out) each year thanks to financial aid... (the rest is paid off with scholarships).

i really don't know how else to compare with others on this... most of my friends don't even get grants when they apply for FAFSA... is it because of my parents' income? is it because the cost of living in hawaii is high? who knows for sure...

although i'll be in debt around 20,000 by the time i graduate, i think it'll be worth it... there's no way for me to have worked full time in college and be able to keep scholarships at the same time.

[Bugeater]

I'm not going to any college, in-state or out-of-state, because I can't afford it. My parents make more money than yours, but as I said before, they're already in debt and can't really contribute anything. I don't know if I'm selfish or not, wanting the government to pay for college...but that's what it's there for, right? They're supposed to help those who can't afford it, and I just don't see how saddling people with student loans is accomplishing that. Most people will be paying those off for the rest of their lives. Hell, the interest rates alone are horrendous. I could probably get a cheaper one from my bank.

[sbw]

FAFSA is really stupid. According to them, even though my parents can't claim me as a dependant on their taxes, I'm considered a dependant on the FAFSA because I'm not 23 or older, or married, or a ward of the state, etc. What complete bullshit. So, they either expect my parents to pull money out of their asses (Who are the idiots who come up with that ridiculous EFC anyway? Let me guess...rich Congressmen?), or they want me to agree to a student loan that I'll be repaying for the rest of my life. Fuck them.

You are right, bugeater: fuck them. fuck them in their stupid asses. (sorry, I hope someone out there saw jay and silent bob strike back.) but in my view, the correct response is not to bitch and moan about what the government is not giving you (because they don't owe you shit, simply because they stole it from me so as to appropriate my money to you without my consent) (naturally, "me" means "all employed taxpayers who are getting fucked over", a group which presently includes me). the correct response is to eschew college altogether, since it's a big scam. If you want to be a doctor or lawyer (and don't come from wealth...your post indicates that you share this condition with me), than you have to resign yourself to years of schooling that will put you in horrible debt that it will take you a long time to pay off even if you DO get that good job. Unless you strive for a specific profession which requires additional academic qualifications after high school, I think that college is a bad idea.

they are not holding a gun to your head forcing you to sign for a student loan. why do you think that you should get to go to college for free?

Scott

[sbw]

I don't know if I'm selfish or not, wanting the government to pay for college...but that's what it's there for, right?

there is nothing wrong with being selfish. but no, that is not what the government is there for...it is there to protect the liberties of the governed (by providing police, courts, military, etc.). that is their only legitimate function...which is why roughly 70% of the actions performed by the federal government (perhaps higher) are expressly forbidden by the constitution.

Scott

[Bugeater]

It just sucks when your whole family is bitching at you to either go to school or get a decent job. My aunt wants me to take some college classes with her because she's trying to convince me that I'll enjoy them (yeah right), and I'm bored to the point of not even showing up at my current job. I'm just mad at the way everyone's pushing me to conform. It makes me want to go jump off a bridge.

[Eileen]

Sigh. I feel for you, Bugeater... but what are you going to do instead?

[moni]

I'm not going to any college, in-state or out-of-state, because I can't afford it. My parents make more money than yours, but as I said before, they're already in debt and can't really contribute anything. I don't know if I'm selfish or not, wanting the government to pay for college...but that's what it's there for, right? They're supposed to help those who can't afford it, and I just don't see how saddling people with student loans is accomplishing that. Most people will be paying those off for the rest of their lives. Hell, the interest rates alone are horrendous. I could probably get a cheaper one from my bank.


I've been taking out a stafford loan (subsidized) for the past 3 years... which isn't bad: "Subsidized loans are awarded based on financial need. You will not be charged interest before you begin repayment or during periods of deferment. The federal government “subsidizes” the interest during these times." stafford loans page (http://www.staffordloan.com/stafford-loan-info/undergraduate-stafford-loan.php). My parents are still in debt too... and my dad has bad credit (we were denied the PLUS loan). It's too bad that FAFSA doesn't take into account all sorts of situations though... I wish I could help you out.

But anyways, it seems like the main choices for you to be able to attend college... is to either take out loans, apply for lots of scholarships, work and attend college (i have a friend who's paying off all her tuition through her job since she too didn't get any grants and does not want to take out loans), or can concentrate on saving money before going to college.... i'm sure you thought of all of these so far, plus more. and Hey, if you don't want to go, then you don't have to go!