OP, if your sister is a college senior now, or even next year when you are a freshman, you will want to calculate the NPC two ways now - with two kids in school AND with you being the only undergrad student in the family. Once she graduates, your expected contribution will likely jump so better get as much info as you can now.
While your sister may currently be in her 4th year of college if she is in a combined program., she may be considered an independent student now and the PA part may be grad program.
She would most likely be a grad student when you are a freshman.
Considered by whom? If the sister doesn’t have an undergrad degree, FAFSA will still consider her a dependent for FA purposes.
My nephew was in a grad program but the school held his undergrad degree so that he’d still be eligible for undergrad FA and scholarship programs (state tuition subsidies).
Ok even if they consider her a undergrad student this year while sis is a college senior and Op is a high school senior.
When op is a freshman (applying now) sis will still be an independent student when op files for financial aid for 2020-21.
The most least expensive PA program ( which would be at SUNY med) is too expensive to be covered by full tap and full Pell and that max $7500 loan. NYS aid only covers 4 years.
I will be shocked if you receive $65,000 in need based aid from Boston University. The school is very costly, and doesn’t meet full need for all. In addition to your mom’s Profile form, your dad will need to complete the non-custodial parent Profile.
As noted, when your sister gets her bachelors or progresses to the graduate part of her program, she won’t be counted as a student on your FAFSA…at least not at BU. Your costs will go UP.
@twoinanddone some PA programs with direct entry consider the last two years of the PA program to be at the graduate level. This surprises some PA students who then become ineligible for financial aid things only for undergrads. If this PA sibling is no longer considered an undergrad, the very well might impact this kid’s financial aid.
Also, in order for your sister to be counted as a member of household and student in college for FAFSA, your parents need to support her.
If they pay nothing for her college, and she takes out a student loan, she might be paying more towards her support than your parents.
She’ll have to figure out whether her sister is still a dependent, but I didn’t find this to be true: “If they pay nothing for her college, and she takes out a student loan, she might be paying more towards her support than your parents.” That’s an income tax test, not a FAFSA one.
I paid almost nothing for my D#2’s schooling (scholarships). She was still a dependent for FAFSA purposes (and tax purposes in our case) because she was under 24, a full time student, and did not have a BA/BS. When her sister filled out the FAFSA, it was 2 in college.
The schools might consider a 5th year PA student a grad student and charge more in tuition, and a state program could cut off the subsidies (Colorado cuts off the subsidy after 145 credits whether you have a degree or not) but on the FAFSA she’d still be pursuing her first degree so an undergrad (if under 24).
But I don’t think OP is going to get $65k from BU.
Even if OP’s EFC is 7k, how is she going to pay it? She has already stated that parents can’t ost anything and her $5500 loan will already be accounted for in her aid package. Any income Op makes us going to raise her EFC(making it a vicious circle). Are her parents willing to borrow or co-sign loans? Op can apply Anywhere she wants but she is going where her money can take her. The net-net is that it is really important for Op to make sure that she has an affordable option.
I know that my dad had to take out my sister’s(age 21) loans for her undergrad under his own name but that she is paying him back directly for it while her grad loans will be under her own name. She is in a direct entry PA program and is expected to have 300k in loans after graduation I think but her expected first year income is 100k. You can all check for yourselves, but using the college board calculator based on my dads income is was 7k.
Another factor to consider is that he pays 15k in child support and that was a question. BU is now has 100% need met financial aid, so that is how. I believe they actually have a scholarship fund that makes it so you don’t have to take out any loans if you qualify for the pell grant, not to say that I will.
My dad may or may not have to take out my loan under is own name too, but I am essentially responsible for paying back all of it on my own. I currently don’t make more than 2k a year so it is not anything significant. Bear in mind also that my dad may be retiring this year, although I know that will not have an immediate impact however we are considering appealing. Thanks
Apparently so.
Us your 7k EFC based on one or two in college? I think you are looking at it as two in college and a 7k EFC. However with your sister being independent with one in college your EFC will be closer to 15k.
Just because BU has a no loan policy does not mean you will graduate debt free. You will probably use your loan to help Pay your EFC.
If you use your $5500 loan your dad will pay/borrow 10k
You must also consider health insurance (especially if your dad does not get a new job) books, travel and start up costs which can easily add up to another 5k
If your plan is to major in psychology I don’t see how you can afford more than the federal student loans for undergrad. And if your dad is unemployed and is a cosigner on your sister’s loans for 4 years of undergrad, I don’t see how he can afford it either.
NYS has a lot of SUNYs. Are there any you can commute to from either parent’s home? Pell, TAP, and the federal student loan would cover commuting expenses and you’d be able to graduate without much debt. If you’re eligible for full Pell and TAP you may not have to borrow much at all.
For myself. I took what was affordable. That was the local community college, while I worked, and took student loans for it. Once I received 2 associate degrees (Businss and Computer Info Systems), I went on to the closest 4 year school.
I found that I couldn’t afford the 4 years school, so I went into the workforce. I’m glad I didn’t continue with college, and saddle myself with debt. With my high work ethic, I had and still have the ability to outproduce others while also helping them out.
I now make more than people with masters and doctorates that I work beside. The great equalizer is working in the IT industry. Work ethic, getting things done, and certifications are valued more than college degrees.
I’ve now paid off my student loans which were very small compared to others. My salary is well into 6 figures.
Don’t put yourself so far underwater choosing the “best” school. In my experience, the school you go to doesn’t amount to much in the workforce, unless the person hiring you went to the same school. When I first starting working, I was embarrassed to have only gone to a community college. I’ve been told by so many co-workers that they’re jealous of my educational path, because of dealing with less debt.
Currently, in the IT industry, we’d hire someone with IT internships and an associates degree over someone with a bachelors degree.