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cptofthehouse

cptofthehouse Senior Member

1,707 Points 448 Visits 26,432 Posts
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  • Re: Full Pay

    For need blind schools it doesn't make any difference whether your student is full pay. That's most of the school in this country. Where it makes a difference is in those schools that are need aware. It's often hard to get a school to admit that they consciously and systematically classify the apps that way. I always suspect need awareness in admissions when the admissions office and the fin aid office are the same.

    For those schools, it makes a difference how need aware the school is. What percent of applications do they process on a need blind basis? That can make the difference on how big of a tip being full pay will be. Also, how carefully do they look at the financial need? If a kid needs $5K in aid but is vastly superior to a bunch of full pays, I don't think that would make much difference if the school looks at the need amounts. On the other hand, when you are looking at a whole bunch of kids who are about the same in desirability to the school and even come up the same in the numerical ratings admissions tends to give the apps, the pick will go to ones that fit what is left in the budget.

    I have a few very close friends who worked in financial aid at some selective schools, and though they have plenty of negative things to say about their experiences, they have uniformly told me that when the need came into play, the pool of applicants left were all pretty much coin toss choices anyways.
  • Re: FAFSA - It asks if student is filing tax return. We file for her on ours (parents)What to say?

    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.
  • Re: Left home due to abuse, how does this affect FAFSA?

    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.
  • Re: At a loss

    Franny, it's not what you get from a school that matters, but how much you will have to pay,
  • Re: Why do colleges push the Parent PLUS loan above others

    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.