pinkie1105

What happens if a sibling was in undergraduate college, but dropped out, and is currently trying to get back on track? Do they still count as undergraduate students, even if it's taken them more than 4 years? My brother was suppose to graduate this year (2009), but he dropped out in his 3rd year. Now he is trying to go to nursing school while finishing up pre-reqs at community college.

alamemom

If he is a full-time undergraduate under age 24 for the full year, then yes, he is considered in financial aid formulas. The cost of attendance at a community college is very low, however, so his entire cost of attendance would probably be under his self-help portion of federal loans and/or work/study. Your EFC will not be "divided in half," in this example nearly all of it would apply to you. You both need to fill out a FAFSA.

It is also important to remember that USC also uses the CSS/Profile (which takes into account assets, such as home equity, that the FAFSA does not) and may determine that you have a higher EFC than the FAFSA figure.

FauxNom

I second the advice to read the book alamemom suggested. It's great.

Regarding the above message re CSS profile, that's crucial information for people to understand. When I see people report "our EFC=5k", it doesn't necessarily mean anything if it comes from FAFSA. What can make a huge difference, and what top private colleges tend to use, is the info from the profile about assets, including home values. (Of course that probably has very little to do with the change in grants for returning students - those assets also would have been taken into account last year.)

a.parent

My son will be returning to graduate. I will have to empty my 401k and remortgage the house. But I'm not telling him that. I try to console myself that a USC degree will allow him to get a good job and help me out later, but with his loans and a degree in history, who knows? He's worked too hard to destroy his dream. Anyone know a good bankruptcy lawyer?
j/k (maybe...)

mdcissp

Do NOT empty your 401k and remortgage your house. Go back to USC financial aid and explain them your situation. If you still don't get the money your son needs from USC financial aid, be honest with your son. You need to protect your retirement and house.
Your son can take a year off to work if need be or transfer to a state school. If he is lucky, he will get a job with an employer who can help finance grad school.

GroovyGeek

I missed the finaid news. Can someone post a link? I thought Sample stated in the "blah-blah-blah" letter justifying the X% tuition increase that USC actually has plans to increase finaid distributions this year. What changed?