<p>I’m going to be attending a school that costs slightly less than 30k per year (all expenses…). Thankfully, I will be receiving about 3k in scholarships for sure, with 15k a strong chance (my graduating class size is barely under the limit to receive a valedictorian scholarship, but high test scores will apparently make me eligible for some/most of that money). I’ve applied for other scholarships, but I don’t expect much else. My EFC is around 16k, but my parents have significant debt. We have been homeless and bankrupt within the past decade. My stepfather got a great job three years ago, making about 75k a year. My mother doesn’t bring home anything substantial. We’ve had debt problems due to my stepfather’s commitment to paying child support for his first two kids and my mother’s medical bills - I have seen statements showing bills for around 25k, so I know they are/were substantial. They keep most of those things secret, so I don’t know how much debt remains on those things. My parents are very poor managers of money - as I type this, they are out spending hundreds of dollars (this constitutes a typical weekend - spending at least 100$). I live a nice lifestyle, but we have no cash assets and our home equity is devoured every time they refinance to cover increasing debt. My real father owes thousands in child support, but nobody seems to care about chasing it. I understand that my parents make poor choices and I have to live with that. I have worked hard to get where I am thanks to a pretty horrible childhood, and am not looking for handouts. I would, however, like to know about how much debt will I have leaving school in 4 years, assuming that I receive 15k in scholarships towards the 30k/year cost. Is it simply going to be around 60k, regardless? With an EFC of around 17k (but the real EFC not even close), will I receive any financial aid?</p>
<p>You can always try to get an RA position when during your sophomore, junior, senior years because from what I’ve heard you usually get free room and board if you’re an RA.</p>
<p>Here’s a thought. It sounds like your father (is he remarried?) makes less and has less than your “partents.” If that’s so, and he lives in the same school district, consider moving, for he will qualify as the ambiguous non-custodial parent. If not, consider moving just before graduation. If that happens, you are GUARANTEED to qualify for substantially more financial aid after notifying the college and re-filing any and all required financial aid forms.</p>
<p>My father lives in Alaska, so that won’t work. My little brother has medical issues and my father makes very little, so I don’t think I could move there. What do you mean by moving before graduation? If I graduate in May, I should move? Where to? How does this benefit me?</p>
<p>Reecy is referring to the fact that schools that only look at FAFSA consider the custodial parents income and assets to determine EFC. </p>
<p>This would work – but only under certain circumstances: You would need to move in with your dad and your mother would not be able to claim you on her income taxes for 2006 or any years after that. You could only attend a school that looks strictly at the FAFSA (not the profile or other information). You would be considered a resident of Alaska – thus giving up any scholarships/grants you might get in your current state. Many schools are suspicious if you graduate from a high school in a state other than the one where you claim residency – so you need to move in time to graduate from school in Alaska. You would have Alaska residency, so you lose any in-state tuition reduction if you were planning on going to school locally to save money. Legal custody would need to be shared with your dad – your mom would have to agree and you might need to change the court papers. Officially, the parent who claims custody should be the one that provides the most support, financially, for the year. </p>
<p>I think this is a pretty slippery slope and definitely not ethical – it could trip you up in a number of different places and I would certainly never recommend such a move.</p>
<p>another approach would be to ask for a review of the financial aid package after you receive it – consideration might be given because of debt for child support and medical bills. Make sure you take a work-study award instead of just loans – and try and minimize your loans as much as possible. Be very frugal with you money. another option is to try and graduate early, saving one or two semester of tuition. </p>
<p>Will your parents (real and step) pay any money at all? Even $5,000 a year would really help out. Talk to your dad and mom and see. Even if they are squeezed tight, they just might be able to do it. $200 a month each from your mom and dad doesn’t seem like tons of money – but in a year, it adds up to just under $5,000. so that that would reduce those loans by $20,000 over four years.</p>
<p>I think that this ^ would be the best bet. Please make sure to provide reciepts of some sort for the medical bills and all of that to the head of the financial aid department. That would be one of those “professional judgement” types of situations, I think. Now, that may or may not work, though, it would be all in how you present yourself.</p>