<p>I’m applying for a public university here on PR. I want to know if I can get student aid with a 74k per year income</p>
<p>Doubtful…</p>
<p>it’s worth trying, you never know.</p>
<p>get the financial info from your dad and run it on fafsa4caster</p>
<p>you’ll have a pretty good idea of where you stand</p>
<p>Actually, it is possible to qualify for federal aid. It’s not gross income, but the AGI that you need and a copy of your parents tax return for 2008 (and yours as well if you filed). Your federal EFC is based on a number of factors, including household size and assets. If your EFC comes in under $4617, you are eligible for federal aid. If not, I believe you would be eligible for federal loans. I’m not familiar with PR’s student aid funding, but there might be an increased level of income allowable for grants there, as is the case in many states. Finally, institutional aid in the form of merit and need based scholarships can be surprisingly generous if you target the right schools.</p>
<p>FAFSA is just the form you and your parents need to submit in order to start the financial aid ball rolling. It does not GIVE you any money. It gives you a number which is your Expected Family Contribution (EFC). If low enough, you can qualify for the PELL grant, but I don’t think at your dad’s income level that would be the case, but it is possible depending on his age, lack of assets, number of dependents, etc and what comprises that income. </p>
<p>Any other grant money would be determined by the individual colleges. The more generous ones tend to require another application such as PROFILE. </p>
<p>You would also be eligible for Stafford loans, possibly unsubsidized, depending on your college costs.</p>
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<p>Cpt, any Profile schools in Puerto Rico? Also, I know your statement above is just a generalization, but it’s one that always bothers me a bit to read simply because the truly generous, fabulously well-endowed Profile schools, like Harvard, are probably not the ones most kids are likely to get in to. My guess is that alot more kids get full rides, or other very generous offers, to state schools and lesser known private schools every year from a combination of merit and need based aid. Not a critique, just my .02:)</p>
<p>I can’t speak specifically to schools in Puerto Rico, but often completing a FAFSA and any school-specific financial aid forms is necessary to be eligible for merit aid, special scholarships that aren’t based on need, etc.</p>
<p>Sorry, Sk8rmom. You are right. There are some FAFSA only schools or schools that are not as all encompassing on PROFILE or their own apps that can give generous aid to specific students. I am giving a generality.</p>
<p>If you look up colleges and how much of need is met ON AVERAGE and how it is broken down (grants vs self help), it can give you an idea as to what the average student at a given school gets. However, that is very much a guideline. I know kids who got their most generous financial aid packages from NYU, for instance, which is a FAFSA only school that has a reputation of being tight with their financial aid. They certainly do not meet a great % of their students’ need, however, given students can get 100% or most of their need met.</p>
<p>^^^ correct. NYU requires fafsa to be eligible for any scholarships. They are moving more aid towards the ‘need’ column and less in the ‘merit w/o regard for need’</p>
<p>when NYU wants you, they will give you the aid you need. But do expect to pay your EFC, they aren’t that generous :-)</p>
<p>You could make $180k and still get money from Harvard and I’m sure you need to file FAFSA and/or CSS Profile for them. To me FAFSA/Profile is like a credit score: just a number that the institutions with the money can use at their discretion.</p>
<p>My feelings exactly, j’adoube! Although they are working within certain regus/guidelines for distributing federal and state money, I think of EFC as “eligibility for cash”!</p>
<p>A very good way to put it J’adoube. For those who need or want financial aid, it is wise to cast a wide net. No problem applying to schools that are reputed to be stingy with aid. Maybe you will be one for whom they will be generous. However, it isn’t wise to put all of your eggs in one basket, as the old saying goes, so look at different sorts of schools. Learn where you would be most wanted to increase your odds. A midwesterner with high SATs has a better chance of generous aid from NYU,for example than someone from the 25 mile radius with scores in the upper 25% of their range, but not terrifically high. A school that is 60% female is going to be slightly more interested in attracting male students and their aid and merit packages may reflect this. Again, none of these adages are certainty, but just odds. Look at FAFSA only schools as well as PROFILE schools and see if any schools that may be a good fit for you also have merit awards and fin aid policies that fit your situation.</p>