estimating FAFSA on your own

cptofthehouse
Fri, 09 Oct 2020 18:48:08 +0000

It’s more what the government is willing to kick in, rather than what they think you should pay. All that’s guaranteed in terms of federal financial aid is a max of about $6k of PELL Grants and interest subsidy while in school on $3500 of student loans.

Given your numbers, all you may see from the federal government is some loan subsidy if your child picks a school with costs exceeding EFC. I recommend your child reimburse you for his/her expenses or buying some things in shopping list before filling in the asset part of the FAFSA because any assets the student has on the day FAFSA is filed adds 20% to the EFC with no allowance. Parental assets hit at 6%.

Colleges expect costs to be met by past (savings), present, and future (loans) income