FAFSA: Free Application for Federal Student Aid - TIPS N TRICKS
- Thread starter Gazoo
- Start date
Here's tip of my own. Don't just go into the site and start filling out stuff. Download a worksheet that they provide to do all of your figuring and mistake making first.
Https://fafsa.ed.gov/fotw1718/pdf/fafsaws17c.pdf
Https://fafsa.ed.gov/fotw1718/pdf/fafsaws17c.pdf
just try to avoid loans... do the research for as many grants as you can find..
if they have to take out loans make sure they are going for a degree that will actually mean something when they get out..
medical doctor especially surgeon, engineering (mechanical, civil, electrical, all will pay nicely after a few years on the job experience...
computer science especially security or coding..nursing...
biology, graphic design......
and again take the time an research for grants it will be worth it in the long run..
if they have to take out loans make sure they are going for a degree that will actually mean something when they get out..
medical doctor especially surgeon, engineering (mechanical, civil, electrical, all will pay nicely after a few years on the job experience...
computer science especially security or coding..nursing...
biology, graphic design......
and again take the time an research for grants it will be worth it in the long run..
oh and congratulations on the three going to college....
good job mayne..
good job mayne..
Unless you get selected for verification; don’t put your true amounts of cash in savings, checking, net worth of investments and untaxed income down; all this will increase the EFC.
With three in college your EFC will be significantly lower than someone with one in college; still if your income is about a certain level (at three, probably about $100k or more); your not getting any free money; you’re just getting Feds loans.
Better than worring about FAFSA; NEGOTIATE with the FA office at the college for a better aid package. If your kids want to go to school a, and are accepted to school a, but schools b and c are offering better aid packages (more institutional scholarship money; other school grants), call the office at school a and let them know your kid REALLY wants to go there but other schools are offers more free money that doesn’t have to be repaid; then ask them can the beat those packages? If not beat, at least match them?
With three in college your EFC will be significantly lower than someone with one in college; still if your income is about a certain level (at three, probably about $100k or more); your not getting any free money; you’re just getting Feds loans.
Better than worring about FAFSA; NEGOTIATE with the FA office at the college for a better aid package. If your kids want to go to school a, and are accepted to school a, but schools b and c are offering better aid packages (more institutional scholarship money; other school grants), call the office at school a and let them know your kid REALLY wants to go there but other schools are offers more free money that doesn’t have to be repaid; then ask them can the beat those packages? If not beat, at least match them?
Also apply early for the FAFSA and check the schools FAFSA deadline; there’s a lot of school aid that has filing deadlines for admission and the FAFSA that are even earlier than your state’s deadline; and a lot of that money is first come first serve.
If you are former military or law enforcement check your state’s financial aid site to see what kinds of grants they offer for children of vets and law enforcement.
If you are former military or law enforcement check your state’s financial aid site to see what kinds of grants they offer for children of vets and law enforcement.
I've been told to talk specifically with schools.
Thank you sir!
You may need to repeat this a few thousand times. Can't tell you how many have degrees from great schools with piss ant majors (theater, art...) and sorry ass GPAs working at Target.
Yep.
Also don’t write off private colleges just based on sticker price; some of them are flush with cash and can get your total cost of attendance down to match or beat state U, especially if they have good grades.
For me is was all determined on income of my folks at first. Pops did a great honor and paid 80% of my schooling when I was earning my bachelors. I was only 13K in the whole in debt.
It wasn't until the Masters when the student loan debt kicked in. I had no choice to do the FAFSA myself because I wasn't a dependent anymore. I didn't have a job so I got full loans from the government including work study. I didn't that for4 years and accumulated 60k in debt.
If you can find grants and scholarships then that would be great. Just remember grants and scholarships will reduce the loan amount you will receive from the government. For example, if no grants/scholarships the government will give you 20k for the school year (10k per semester). After tuition is paid you can take the rest as a refund. So if tuition is 4k per semester, then you can get back 6k in refund per semester.
However if you're awarded 8k in scholarship/grant money, then you'll only get 12k in loan money. Then school usually pulls a fast one by doing your work study as a stipend instead of an actual w-2 job. Stipend money is nontaxable income. So if the school gives you $1200 a month in stipend money for the semester then that's $4800 per semester and $9600 for the year. So the $12k of remaining monies becomes $2400 in loan money which breaks down to $1200 per semester for remain loan money. For the most part this is an ideal scenario to avoid debt, however in graduate school life can be very different (like myself) because I had a family and I couldn't live well off of $1200 dollars a month.
It wasn't until the Masters when the student loan debt kicked in. I had no choice to do the FAFSA myself because I wasn't a dependent anymore. I didn't have a job so I got full loans from the government including work study. I didn't that for4 years and accumulated 60k in debt.
If you can find grants and scholarships then that would be great. Just remember grants and scholarships will reduce the loan amount you will receive from the government. For example, if no grants/scholarships the government will give you 20k for the school year (10k per semester). After tuition is paid you can take the rest as a refund. So if tuition is 4k per semester, then you can get back 6k in refund per semester.
However if you're awarded 8k in scholarship/grant money, then you'll only get 12k in loan money. Then school usually pulls a fast one by doing your work study as a stipend instead of an actual w-2 job. Stipend money is nontaxable income. So if the school gives you $1200 a month in stipend money for the semester then that's $4800 per semester and $9600 for the year. So the $12k of remaining monies becomes $2400 in loan money which breaks down to $1200 per semester for remain loan money. For the most part this is an ideal scenario to avoid debt, however in graduate school life can be very different (like myself) because I had a family and I couldn't live well off of $1200 dollars a month.
For me is was all determined on income of my folks at first. Pops did a great honor and paid 80% of my schooling when I was earning my bachelors. I was only 13K in the whole in debt.
It wasn't until the Masters when the student loan debt kicked in. I had no choice to do the FAFSA myself because I wasn't a dependent anymore. I didn't have a job so I got full loans from the government including work study. I didn't that for4 years and accumulated 60k in debt.
If you can find grants and scholarships then that would be great. Just remember grants and scholarships will reduce the loan amount you will receive from the government. For example, if no grants/scholarships the government will give you 20k for the school year (10k per semester). After tuition is paid you can take the rest as a refund. So if tuition is 4k per semester, then you can get back 6k in refund per semester.
However if you're awarded 8k in scholarship/grant money, then you'll only get 12k in loan money. Then school usually pulls a fast one by doing your work study as a stipend instead of an actual w-2 job. Stipend money is nontaxable income. So if the school gives you $1200 a month in stipend money for the semester then that's $4800 per semester and $9600 for the year. So the $12k of remaining monies becomes $2400 in loan money which breaks down to $1200 per semester for remain loan money. For the most part this is an ideal scenario to avoid debt, however in graduate school life can be very different (like myself) because I had a family and I couldn't live well off of $1200 dollars a month.
If you have your Masters and high paying career isn't the $60K in loans a good trade off? After all that's the price of a very nice car.
Depends on how much the new career is paying.
100K job and a 60k loan ain't a problem. Most master students ain't coming out of school making that though. I got a doctoral degree and I ain't making that.
Hell, many have to work lower jobs until they are able to get something in their field.
And if you're not paying the loan, then interest kicks in. 60k can become 90k real quick.
17-18 FAFSA is based on your 2015 taxes. The Dept of Ed uses something called the IRS Data Retrieval Tool to automatically pull your tax information from the IRS. RIGHT NOW IT"S CURRENTLY NOT FUNCTIONING! Normally when the data retrieval tool is working and you aren't eligible to use it, the fin aid office makes you requests your tax transcripts (not returns) if your application is selected for V1 Verification. Since the Data Retrieval Tool is not working, Fin aid offices should be able to accept your TAX RETURN which is a lot easier to fake.
If your child is under the age of 23 they will be considered a Dependent which means they will eligible for a lot less Direct Loan. Your child can petition to the finaid office that they are "independent" to receive more Pell and DL but it's very difficult and involves something called "Professional Judgement."
Your eligiblity for aid is determined by your Estimated Family Contribution. The main factors to your EFC are your Adjusted Gross Income and the amount of members in your family. Those two fields on the application will greatly drive your EFC score. The lower your EFC score, the more Pell you'll be eligible for. This is an example of the pell schedule for the 17-18 award year.
The 18-19 award year will be based on your 2016 Tax Return. If you haven't filed yet, find someone in your family who makes less than $40k and have them claim your child. If the IRS data retrieval tool is working by then, the IRS will pull the information automatically and your child will be eligible for a lot more aid.
If your child is under the age of 23 they will be considered a Dependent which means they will eligible for a lot less Direct Loan. Your child can petition to the finaid office that they are "independent" to receive more Pell and DL but it's very difficult and involves something called "Professional Judgement."
Your eligiblity for aid is determined by your Estimated Family Contribution. The main factors to your EFC are your Adjusted Gross Income and the amount of members in your family. Those two fields on the application will greatly drive your EFC score. The lower your EFC score, the more Pell you'll be eligible for. This is an example of the pell schedule for the 17-18 award year.
The 18-19 award year will be based on your 2016 Tax Return. If you haven't filed yet, find someone in your family who makes less than $40k and have them claim your child. If the IRS data retrieval tool is working by then, the IRS will pull the information automatically and your child will be eligible for a lot more aid.
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If they take out loans, make sure they do subsidized rather then unsubsidized. No interest accumulates on subsidized loans when they are still in school.
Also, if they use loans, make sure it is a degree they can use to pursue public service: teacher, lawyer, city worker (civil engineer). By doing this, they qualify for public loan forgiveness.
Also, if they use loans, make sure it is a degree they can use to pursue public service: teacher, lawyer, city worker (civil engineer). By doing this, they qualify for public loan forgiveness.
I think non-profit organizations qualify too.
Yes, that is correct.
Damn good advice! Especially about letting them apply under another family member.
Have you known anyone to have done this?
Hell yeah, The only way the FAFSA validates your demographic information is through your tax returns. They use your Social to validate your citizenship with DHS.
Good advice. Why would anyone take unsubsidized? Is it easier to get.or something?
It's additional money if needed. Like a safety net, especially for students that stay off of campus.
It's all under the same financial aid package.
First year undergrad max for Subsidized is $3500. Unsubsidized $6,000. If you get both, that's $9500 towards your tuition with 6k bearing interest from your first day of class.
Damn they get these kids! Especially when you consider the average student doesn't graduate in under five years and that not including those that drop out.
No credit check; federal protections like payments deferral; income-based repayment, etc.
You get more loan money when it's unsubsidized.
If you have kids, get them an apartment for 12 months. Put all the bills in their names, pay all costs in cash or checks from their accts. Also the parents can no longer claim them on taxes, for that year.
Then have them apply for Federal Aid/College age as single adults , no support. Community college for one year.
Then have them apply for Federal Aid/College age as single adults , no support. Community college for one year.
I'm going to give you a tip that should be common sense, but a lot of people fuck this up. DO NOT PROCRASTINATE!!! Whatever they're going to do, do it in a timely manner. Also, if they have to get a loan and get, let's say, a 7k loan, and their tuition only comes to 2800 or so, only take what you need. If they do accept the whole amount, apply the other half to the next semester, and that avoids them having to get a loan for that semester. That's what I did.
I'd use that extra on room and board....pay that shit in advance if you staying off campus.
Yeah man....that shit is crucial. I'd advised dudes to get their basics out the way at a community college.
Yes, indeed. I have a friend who has a Ph.D and working for NASA. Right now. This very moment. Where did he start at?
A community college. He saved tons of money.
And, yep. He's Black.
Big time props to your NASA friend.
I also have a buddy that is a Dean at Rutgers now and started at County College.
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