<p>I’m in my mid-twenties, and am a federally independent student. I’m applying to one “100% of need met” profile school, where I am NOT independent, as a junior transfer this year. I haven’t yet gotten an acceptance or denial of admission yet… but I want to be prepared to turn down an admission offer if it means going too far into debt. So I’m trying to figure out how much debt I might be dealing with here.</p>
<p>Although I had to furnish the school with my parent’s information, truth is, I will likely not be receiving any financial assistance from my parents. So whatever the school calculates my “expected” contribution is, is the amount I will have to start borrowing.</p>
<p>So i’m wondering if anyone feels like predicting how much a profile school might think someone in my situation might be able to pay:</p>
<p>My federal EFC (independent status) for '09/10 is $3000. </p>
<p>Parent’s income is approximately $95K/year. Their assets total at about $270, including home equity and retirement savings.</p>
<p>I have a sibling who is graduating college next spring, who my parent’s are paying the $12k/year tuition for. This sibling receives no merit or need based aid.</p>
<p>My income last year was $12k. I have no savings in my name.</p>
<p>I’ve attended community college for a while, but have been able to pay as I’ve gone. I’ve never applied for, or received, any merit or need based aid.</p>
<p>there are some schools example,Cornell where you may be declared independent for FAFSA purposes, will not declare you independent unless you have received no financial assistance from your parents for the last 5 years.</p>
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<p>In this case they will use your parents income and assets to determine your financial need.</p>
<p>I would suggest running your numbers through one of the FA calculators (college board, College confidential, etc) so that you will have an idea ad to your parent contibution.</p>
<p>Could you clarify your parents assets – two hundred and seventy dollars? or 270K? If $270K, you really need to break out home equity, retirement savings IN 401K or IRA or similar kinds of account (not regular investment accounts.)</p>
<p>Sybbie: Yes. I know that my need will be assessed using my parent’s info. But will it be assessed exactly as if I were 18 years old? Or will my federal independent status have some effect?</p>
<p>My guess is that your EFC will be too much to borrow. They’ll expect something on the order of $15K of your parent’s assets per year (retirement savings won’t be counted if they are in official retirement vehicles so this could be less), about a third of their after tax income (split at some schools while your sister is in college, but if her school doesn’t meet need they’ll pay much more), your EFC and the aid package will already have loans at most schools before you add this in.</p>
<p>You’d be far better off choosing a school that will not count your parent’s at this point.</p>
<p>I’m in a similar situation. My aid package from a LAC (that meets full need) required that I show proof of actually being independent and not claimed on my parents taxes even though I am independent on the FAFSA. My yearly income was approx 16k. Federal EFC =$0, schools calc of my EFC= $7900. My package also included $4500 in loans. Basically most privates that are also Profile schools will calculate your EFC to be about half of your salary. Hope this helps.</p>
<p>Ah-ha. You have led me to my next question. How do I tell how much debt is too much debt? </p>
<p>…Okay…I just thought of all the complexities involved in that question. I think I will need to start another thread. Its been a long day. Once I’ve slept, perhaps I will do that…</p>
<p>Colleges using PROFILE and their own financial aid apps can do pretty much what they please regarding how they dispense their own funds. Actually so can those using FAFSA only. So when it comes right down to it, it’s up to the individual schools. It’s only the government money that is regulated by the FAFSA results.</p>