Unlike last year when I was the first in the nation to file my FAFSA, I filed it two weeks ago with my mother over the phone. I received my Student Aid Report the following Tuesday, and I was amazed to see my Estimated Family Contribution had nearly doubled itself from $9,715 last year to $17,898. My higher than expected EFC has me very concerned. One scholarship I received this year worth $6,200 requires financial need, which the new EFC does not qualify for. I will also not be awarded the Kentucky Tuition Grant worth $3,000 or the $5,000 one-time award I had for this year. In total, I will lose $14,200 in aid. I met with my university’s financial aid office today however, they are unable to do anything about the situation as my parents income has increased by around $21,000 since last year’s FAFSA. I unfortunately don’t meet the need requirement for any grants or other assistance, and it seems my only option would be to either borrow more money or transfer. Transfering is a very dangerous idea though since I have a 75% tuition scholarship at my university, and while our total cost of attendence is approaching $40,000, the public universities in Kentucky don’t offer much in terms of aid to transfer students with their cost of attendence at around $23,000. Any advice would be greatly appreciated!
Ok…I’m confused. If the cost to attend colleges in Kentucky is $23,000 a year…where are you going NOW that costs $40,000 a year?
The Kentucky schools are $17,000 less expensive than $40,000.
I attend a private university in Kentucky.
Ok…then do the math.
Can you pay $40,000 a year to attend your current school?
How much CAN your parents pay?
If the COA in Kentucky is $23,000 a year, and you get a $6500 Direct Loan (which is the sophomore amount), then your balance would be under $17,000…which is WAY less than $40,000.
If your parents’ income increased by about $21k, then that can cause about a substantial increase in your EFC…which sounds like that’s what happened. Sounds like the formula essentially is saying that about half of that increase is available for college costs.
Did anything else change??? I’m thinking that also your parents retirement contributions also increased.
Since your parents are now enjoying a much larger income, what are they saying about paying more for your college costs?
How much WILL your parents pay towards college per year???
@thumper1
I’m not paying the full $40,000. I’m receiving two scholarships independent of financial need, which combine to $24,863 before federal loans. If I were to transfer, I’d have no scholarships available except for $2,438. My parents aren’t abke to pay anything toward my education.
@mom2collegekids
My parents claim they haven’t seen a $21,000 increase in income. In fact, my mother said her income has decreased. I’m not sure how considering our income was retrieved from the IRS, which is apprently right from what she has seen. Aside from the confusion, my parents are unable to assist me in paying for my education.
If your parent income went down, then there is an error someplace.
Did your mom or dad do a TSA or IRA rollover in 2017? Ask them this.
And didn’t you say you would no longer be getting some of these scholarships at your current school?
Please explain. What scholarships will you STILL be getting at your current school for the 2019-2020 school year.
The scholarships I will be eligible for if I stay at my current university in the reply above. The scholarships I’d be losing are seperate. My parents don’t have either a TSA or an IRA turnover. All our taxes are filed with an accountant because my parents have minimal knowledge when it comes to taxes.
So…if you have $24,000 in scholarships and $6500 in Direct Loan…that is more than $40,000.
What’s your problem?
It would only be $31,363. I’d still need to borrow significantly more money in order to cover my 2018-2019 college expenses.
Sorry…I added wrong.
So…you have a $8000 shortfall.
Or sounds like you are getting a lot more scholarship money than your cost to attend this year. Is that true? Can you save that money…and use it next year?
Have you taken the $5500 Direct Loan for THIS academic year? You could do that and use it next year.
2018-2019 is the CURRENT academic year. You should already have your aid in place for this year. Do you?
Something is wrong. Are you saying that your parents didn’t get a big raise in income? They have your parents investigate why your FAFSA app is showing a great income.
I don’t understand how you keep setting yourself up for financial problems.
from your May 2018 post:
^Back in May, you already wanted to transfer and people here advised you to work, and check on a school, 4 hours from your home, that would cover all of your costs. Did you do that? Will they still accept you?
Then, in another post, you purchased an unaffordable horse that your father was willing to pay for, but was unwilling to pay for the care. So you were working in a job, that you did not like, to pay for the board and care and didn’t have time to study so you asked for help on this forum
Have you and your family considered seeking a financial counselor, who can show you how to budget?
If your parents send everything to an accountant, maybe they need some help?
I’m trying to be sympathetic because I understand that you are having a rough adjustment to your college environment. Do you have a good budget set up for next year?
Horse number one is supposedly going g back to its original owner. Where is the money that owner is giving you to repurchase that horse? Also your dad offered to buy you a new horse. Say no to that, and use the money for college.
And once more this question…
Are you talking about aid for the CURRENT academic year…2018-2019 (which is what your subject title says)
OR are you talking about aid for 2019-2020…which is the FAFSA that was just released for completion on October 1.
And did you complete the correct form IF you are talking about 2019-2020?
@mom2collegekids
I figured out the issue. The accountant made a mistake on our taxes by adding money to our income. He had to file an amendment in order to change the income, but it seems the IRS has the unamendend tax information. I sent an email to Federal Student Aid, but they said it couldn’t be adjusted because my parents’ income was retrieved directly from the IRS.
@“aunt bea”
The college I was referring to in May is not the best enviroment for me as it’s a public university with lots of sexual activity and alcohol use. It’s also very far from home, and their financial aid offer does not extend to this year. Their equine program is mostly classroom-based as well with little hands-on experience. Considering I never had a horse to work with when I was younger and the fact the farm I used to help has went out of business, hands-on experience is essential.
I also continue to work my $7.50 an hour job for 10 hours a week. It’s the only way I can make money while here.
@thumper1
The money is gradually being returned to me by the owner. The money is not enough to pay for college expenses, especially if I’m looking at owing over $14,000 for next year.
If you can’t afford college next year, why are you buying a new horse?
I met with financial aid a second time today with much better insight. While my FAFSA can’t be adjusted by myself to reflect our amended tax information, Federal Student Aid said the university could change it. My university will select my FAFSA for verification, and my parents will then submit their amended tax doccumenfs. The university will file a request for the EFC to be lowered based on the new information provided afterward, which the federal government should approve. I was also told I’d be eligible for the Kentucky Tuition Grant despite being under belief I had lost my ability to qualify for it with the incorrect EFC. I’m supposed to meet with financial aid in another month in order to begin the verification process. I have high hopes this will solve my very difficult situation.
You cannot use the DRT if you have an amended return. If your FAFSA is incorrect, you have to go through the school to correct it. Get the corrected return and have your parents get a tax transcript.
NEWSFLASH:
Most colleges have sexual activity and alcohol use. It’s not a major course of study, and you’re not expected to partake. You do your own thing at a university.