Ot - fafsa

[Mikej]

Anybody not file the FAFSA papers for any specific reasons? It seems to be very intrusive especially if you have something saved? Just looking for input- -thanks..

[shovelhd]

If you want your kid to be eligible for financial aid, 99.x% of colleges and universities require it. If you think that the FAFSA is intrusive, be glad you don't also have to file the CSS Profile. It's much worse.

[ColonelJLloyd]

It seems to be very intrusive especially if you have something saved? Just looking for input- -thanks..

Isn't that the more or less the point? You know, need based aid and whatnot.

[Macadamia]

you mean you might not be eligible for free government money because you're rich?:)
I guess you could talk to the school about it if you're planning on paying out of pocket, but the fafsa basically establishes a profile for you/your student, for the school/government/scholarships to evaluate aid eligibility.

[nalax]

If you want your kid to be eligible for financial aid, 99.x% of colleges and universities require it. If you think that the FAFSA is intrusive, be glad you don't also have to file the CSS Profile. It's much worse.

What he said+++
FAFSA is downhill with a tailwind. CSS Profile is potholes inside potholes. It's better filing early rather than later so don't procrastinate. Good luck!

[false_Aest]

The only reason not to file FAFSA is because you're positive that you/your child will not get financial aid.

[dustyrider]

They're just confirming what they already know.

[Mikej]

I just attended an informational session at the high school sponsored by the major area lender - I'm not rich by any means, I was curious if there was any obvious snags, but it appears to be not as invasive as I thought. Not really any tricks to it.

[Mikej]

They're just confirming what they already know.

Right? Weird -

[shovelhd]

Just be honest. Don't try and hide money cause it won't work. Every school is different with FA awards unless your kid is getting a ride. Just make FA a part of the decision criteria.

[GregL]

Just filed ours on behalf of our daughter who will start college in the fall of 2017. We found it to be straightforward. We're not expecting any need-based aid, but have been told it's required for consideration of some merit scholarships.

-Greg

[Steve in SLO]

I did both, no big deal. It's just a hoop you need to jump through.
They are, after all, trying to ferret out who is eligible for financial need-based scholarships. Luckily, my daughter is not. She is, however going for a number of local scholarships and other private merit-based funding. She has applied for early decision to Brown, so I may need to sell the number of bikes or at least one kidney.

[shovelhd]

Mine's at Syracuse. 5 year program. $63k per.

[bart998]

I have to fill one out for my daughter who starts fall 2017. Not sure why because 1: We don't qualify for any aid and 2: she already was awarded a full scholarship.

[Steve in SLO]

I have to fill one out for my daughter who starts fall 2017. Not sure why because 1: We don't qualify for any aid and 2: she already was awarded a full scholarship.

If I was in your shoes, I'd happily fill out 10 FAFSA and CSS forms. Congrats!

[jtakeda]

Mine's at Syracuse. 5 year program. $63k per.

Holy ****.

I must've just missed this "college is ridiculously expensive" trend by a couple years.

I walked out with $32k in debt after getting a free ride for 2 years.

[Mikej]

Holy ****.

I must've just missed this "college is ridiculously expensive" trend by a couple years.

I walked out with $32k in debt after getting a free ride for 2 years.

Yeah, and it seems the gov't paid interest loans only go to about $5k per year -out of the 4 schools under consideration, 2 are private, with those yearly packages retailing in the 60k range. The private schools tend to offer a reduction or merit scholarship of about $9k per year. Its crazy, when I went to a private college, I just signed and the loan was started for the entire amount. Also, the interest rates now are high -4-6.5% plus 1.1% fee, I am now wondering if the fee is annually or one time...Some private lenders had over 6% rates and 4% fees.

[malcolm]

I've got a high school sophomore. When should you start this process?? I'm completely ignorant.

[GregL]

I've got a high school sophomore. When should you start this process?? I'm completely ignorant.
Starting with this year, the FAFSA was available after October 01. My wife and I completed it within the month of October to support our daughter's applications to start college in the fall of 2017. So the simple answer is that the FAFSA can typically be completed a little under a year before the school year for which financial aid is required.

http://time.com/money/4514462/fafsa-available-october-1/

- Greg

[malcolm]

Starting with this year, the FAFSA was available after October 01. My wife and I completed it within the month of October to support our daughter's applications to start college in the fall of 2017. So the simple answer is that the FAFSA can typically be completed a little under a year before the school year for which financial aid is required.

http://time.com/money/4514462/fafsa-available-october-1/

- Greg

Thanks and thanks for the link. My daughter while very smart is notorious for hey we need to get x done and the deadline is tomorrow.

[rwsaunders]

Speaking as the parent (financier) of two kids who have been through both the private college and public university systems, don't get your hopes up in terms of receiving federal aid. The threshold for what most colleges and the Feds believe to be sufficient income and assets to afford college is pretty damn low. If you own a business, both your tangible and paper assets are used as part of the equation as well.

When you receive your FAFSA designation, FAFSA will be quick to point out that you will not find a scale to compare yourself to. In other words, secret code for we don't want you to be able to look at a scale and predetermine that you don't qualify for a dime. Also, federally funded work study is in part determined by FAFSA, and none of my kids ever qualified. They eventually found jobs, but the schools prefer to hire kids who are subsidized by the government.

From my perspective and note that I am saying "my perspective", merit scholarships at private schools are just a way to lower the sticker price and make you feel good that you're only paying $45,000 per year as opposed to $63,000 per year. Most schools are quick to include merit scholarships with their offer. The "little Ivies" such as Carnegie Mellon, Tufts, Washington University, etc., don't need your money so merit scholarships are few and far between.

Have your kid apply to a slew of schools and include as many overlap school applications as you can afford. This terms refers to schools that compete for the same kids. When you have all of your acceptance letters in hand, start to negotiate with the school that your kid really wants to attend and cut your best deal. You'll save more money this way than you can ever expect to see from FAFSA.

Note that the above negotiating tactic only applies to private schools. The better performing public schools don't need your money either and their tuition rates are typically much more competitive. Here are a few college sites that you might find interesting.

http://nces.ed.gov/datatools

https://www.cappex.com

[malcolm]

Speaking as the parent (financier) of two kids who have been through both the private college and public university systems, don't get your hopes up in terms of receiving federal aid. The threshold for what most colleges and the Feds believe to be sufficient income and assets to afford college is pretty damn low. If you own a business, both your tangible and paper assets are used as part of the equation as well.

When you receive your FAFSA designation, FAFSA will be quick to point out that you will not find a scale to compare yourself to. In other words, secret code for we don't want you to be able to look at a scale and predetermine that you don't qualify for a dime. Also, federally funded work study is in part determined by FAFSA, and none of my kids ever qualified. They eventually found jobs, but the schools prefer to hire kids who are subsidized by the government.

From my perspective and note that I am saying "my perspective", merit scholarships at private schools are just a way to lower the sticker price and make you feel good that you're only paying $45,000 per year as opposed to $63,000 per year. Most schools are quick to include merit scholarships with their offer. The "little Ivies" such as Carnegie Mellon, Tufts, Washington University, etc., don't need your money so merit scholarships are few and far between.

Have your kid apply to a slew of schools and include as many overlap school applications as you can afford. This terms refers to schools that compete for the same kids. When you have all of your acceptance letters in hand, start to negotiate with the school that your kid really wants to attend and cut your best deal. You'll save more money this way than you can ever expect to see from FAFSA.

Note that the above negotiating tactic only applies to private schools. The better performing public schools don't need your money either and their tuition rates are typically much more competitive. Here are a few college sites that you might find interesting.

http://nces.ed.gov/datatools

https://www.cappex.com

I suspect my wife and I will not qualify for any federal funds. We've had friends tell us similar things to what you said above. Most of their kids had multiple small scholarships that many times really added up. I didn't know you could negotiate tuition or costs.
Thanks for the links

[rwsaunders]

I suspect my wife and I will not qualify for any federal funds. We've had friends tell us similar things to what you said above. Most of their kids had multiple small scholarships that many times really added up. I didn't know you could negotiate tuition or costs.
Thanks for the links

College enrollment peaked in 2010 and has declined very year since...high school populations are down, birth rates, etc. The private schools have to compete pretty hard, as less kids are applying and many schools are under capacity. Declining enrollments, coupled with increasing operating costs will sound the death knell for the smaller schools that can't differentiate or capitalize on what sets them apart from others in the market. I was advised to negotiate by my daughter's high school guidance counselor, who himself had been a private school admissions officer. It's uncomfortable at first because college selection is such an emotional event, but it's your money.

One other piece of advice unless the money doesn't really matter and your kid's heart is set on a particular school...don't apply for early decision. That is a binding event and the aid that's offered with the acceptance is the best that you'll ever do. Weigh your kid's odds of acceptance on the Cappex site, then go for the gusto.

[malcolm]

rwsaunders, thanks sounds like good advice

[rwsaunders]

rwsaunders, thanks sounds like good advice

No problem and happy to be of service. My kids took a while to get into the college search discussion and it helped to educate myself on the application nuances and the financial aspects of the process beforehand. It can be quite a daunting event for both kids and parents alike.

For our first kid, we felt like we had to visit all of the more "selective" schools or her chances of being accepted would be greatly diminished. While this might hold true to some extent for the schools that require interviews, etc., for the most part, most people just don't have the time and resources to make this happen and the schools seem to understand this.

For our second kid, we shortlisted his favorites and made the visits, and applied to a series of schools that we were certain of acceptance, without visiting. Then we waited for "accepted student" events to make the visits and this is where the serious negotiations take place. You've been accepted at this point, the school is trying to meet their quotas and your kid should know what "fits" for them as well.

The time spent visiting the schools with your kid and discussing their future, the world, the weather, shooting the breeze about life in general, is priceless and brings back many great memories. We have one more son who is currently a HS junior and the process is starting again. We enjoyed every minute of it with the other two and I look forward to being a part of his unique journey as well.

PS Just wait...in five more years (understanding that your kid is a HS sophomore) you'll be having graduate school discussions with your kid. Ask me how I know...

[shovelhd]

Syracuse does not offer merit scholarships, only need.

As for early decision, it only makes sense if the student has a true #1 school that they would take no matter what. For my youngest that was Syracuse. It made the whole process a lot easier. He's currently #1 in his class. He looked into transferring, and got tremendous financial offers. He decided to stay and pursue a minor, which was not possible anywhere else.