That your daughter has assets that are generating an income is more the issue if you as a family are applying for financial aid. 20% of HER assets will automatically go straight to her EFC. Only 5.6% of any of your assets AFTER your asset protection allowance is used (She gets no such protection) goes towards EFC. That can be a significant difference. The assets are reported as of the date you complete the FAFSA so I suggest considering some remibursement of parental expenses or opening a 520 or prepaying some future expenses or the amounts could reduce potential aid amounts.
I think it is time to get a job and a place to live on your own and start getting settled. If you do so in the area of the college, there will a lot of room to let possibilities and work option, at least for many schools. YOu might also want to apply for some jobs at the school itself, as that could give you free tuition, in many cases. But give school a break, and get yourself on your feet. Not everyone has a college degree, and there is no rush to get one.
The school really has nothing to do as to whether the parent qualifies. You just go to it alone--that's what we did We did have other lower interest options, but this was the easiest with less ramifications, no hassle. We started paying immediately, but if we had run into difficulties, could have extended it to 25 years, with no problems. Just finished paying ours off. Yes, it is expensive. In our case, the orig fee was particularly high as we paid off the loan immediately after taking it and in 10 years. BUt some people who stretch out the repayment period so they don't start paying until 6 months after kid graduates and then takes the 25 year plan, that 4% is hardly anything amoritized over all that time.
Chelsey, FAFSA is just an application that you have to complete in order to get access to financial aid. It gives you nothing. The EFC that it calculates tells your what you MINIMALLY have to pay before getting any financial aid at most schools because you can't get a dime of federal aid until you pay your EFC. We are talking JUST FIn Aid here, not merit.
So what is your FAFSA EFC? That is what you will have to pay. If you subtract that number from Pitt's COA, you get what your defined need is. Pitt does not guarantee to meet that need. Hardly any, if any school makes that guarantee. So you are likely going to be gapped. Whether you have need or not, you will be eligible to borrow $5500 in Direct loans as a freshman, and if you have need, some of that can be subsidized (usually would be in your fin aid package in such cases). IF your EFC is below the $5600 or so level, you automatically are eligible to get PELL Grants from the fed government, and again, Pitt would have that in your fin aid package.
Last year only 13% of the freshmen got full need met. On average, freshmen got 55% of need met.