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8 tuition-free colleges.

mental_floss Blog 8 Tuition-Free Colleges

hbrad8002

Hi, I have an inquiry
I'm intending to apply Early Decision this year and I'm also asking for FInaid
Since ED is a bond admission, if one gets in, he has to attend that school.
But what if the ED school admits me but does not meet my demonstrated need? In that case can I break the bond?

thumper1

This has been discussed ad nauseum. When you apply ED, you are agreeing to take the acceptance WITH the financial aid the school computes to meet your need...which quite frankly might NOT be what YOU think you need.

If financial aid is a significant concern...do NOT apply ED. Apply to a variety of schools EA, and RD so that you can compare financial aid packages. You can NOT do so if you get an ED acceptance which IS binding...and you are required to withdraw all other applications.

Also...I would suggest you post your question as a separate thread as it will get more responses.

boisepark

What are some ways to get more financial aids? Specifically, my dd has been accepted to MIT and other top schools but will not get much financial aids ($8000 in loan and $1500 in workstudy program from MIT with EFC of $43000). My husband and I both work and our income is about $140K. We own modest home almost paid off and own 2 cars fully paid(2000, 2003 with high mileages). We do not have any loans other than home mortgage. We are very frugal and have some savings in stocks and bonds($140K). I don't feel our income is such high level that our EFC should be $43000, so I am assuming that our savings big factor in determining EFC.

Does anyone know how colleges determine EFC? I feel cheated because we were frugal and have savings that colleges are not going to give us much financial aids. I feel like going on shopping spree and go on vacations (we haven't gone many vacations) and spend money so that our savings will be much lower.

Can anyone give me some ideas on ways to get more financial aids from colleges where financial aids is only need-based?

Thanks

kok355 Edu. Srv.

Thank you very much Dadofsam for the information.

sk8rmom

boisepark: You would also probably benefit from a separate thread, so other posters can suggest ways to legally structure your assets and give you the benefit of their actual experiences with these schools.

If the 140K is in retirement accounts, for example, the Profile schools probably would not count it as much (or at all for FAFSA). You don't say what your home equity amount is, modest means different things in different locations, but that could be a factor for Profile schools but it's difficult to say because they use their own methodology. Finally, your income alone would likely produce an EFC over any federal/state need-based limits, unless you have alot of dependents or pre-AGI adjustments, and MIT's income limit for free tuition is $75K, right?

I'd also recommend a book called "Paying for College Without Going Broke", also some strategies here:
FinAid | Financial Aid Applications | Maximizing Your Aid Eligibility

mom at home

My d will be going to college after she graduates in 2010. And we will certainly need financial aid. I was considering going back to college to finish a degree but only go part time and was wondering if I could also apply for the FAFSA as well. And if I did will it count against my d's financial need. I am planning to go to a Community College and she is planning an out-of-state University.

swimcatsmom

Yes you can apply for financial aid through FAFSA. I am back in school and do get financial aid. You are eligible for the same federal aid a traditional student with the same EFC would be eligible for.

Your getting aid should have no impact on your daughter's need. Certainly not as far as federal aid anyway. Also if she is in school at the same time as you, you can list her as a member of household in college on your FAFSA which would reduce your EFC. She, however, cannot list a parent on her FAFSA as a member of household in school.

daisies

Hello everyone, this is my first post. My son just graduated last week. Thank you for that wonderful list. It will be most helpful.

lbxjollier

good, thanks

mlmiller

Question: My son lived with his dad from his sophomore year until the start of his senior year (aug 08). I have always had legal custody and claimed on taxes, but he chose to live with his dad. They had a falling out and he moved back with me for the 4 months left of that year. HOwever, when Jan came and we were rushed to fill out the fafsa, he still wasn't speaking with his dad and since I didn't have his financial information, we filled out the fafsa with my info since he was living with me at the time. HOWEVER--his dad provided his support and he would have qualified for aid had they filled it out. Now his dad and stepmom are willing to file for him but --IS IT TOO LATE to make that change? I figured it was better that at least I filled it out, even though he wouldn't receive any aid. THe schools all pushed us to get it filled out. So , what can we do if anything?

thumper1

mlmiller...it would be better to start you own thread with this question. This thread really talks about "preparing" for finaid applications. You'll get better and more rapid responses with your own thread.

fogfog

At a recent group college session, Stanford, Harvard, UPenn etc
I thought they all said something like they do not offer loans in financial packages anymore
and that they do not count equity in homes either.

True?

Are there any changes or considerations we should take care of this year--because for us next year becomes the base year.
Meaning debt issues?
Savings issues?
Custodial Acct issues?

Edietrich87

I am enrolling for the 10' Spring Semester at a local community college. I was told by the councelor that I would have to include my mother and fathers tax information on my FAFSA form. Is this true considering I have not recieved any help from them in over 4 years, I am married with a child and I live in a different state? My father makes over 100,000 a year and I make right at 24,000 which makes me panic that they will consider my father perfectly able to take care of my education.

Edietrich87

Also, He said that they only accepted "Pell Grants" ... how do I go about applying for them? This is all so new to me