In your case, as a single parent, I would suggest you use the FAFSA formula and work through it yourself…UNLESS the net price calculators specifically ask if you are single.
I’m a little confused. How much aid will your daughter need to attend college? A full free ride? Full tuition? Partial tuition?
What kids of schools is she looking at?
Here is what I think you should do…
- Look at your current budget...and decide how much you think you can really pay per year for your kiddo to attend college. Include the $5500 federally funded student loan in your budget if you want to...as your daughter will be able to take that loan.
But…you need to pick a budget for college. Really…the EFC doesn’t matter if it’s something you can’t afford or won’t pay for any reason.
So…set that budget.
- Have a college money talk with your daughter. She needs to understand your financial limits before she applies to colleges. If the money really matters,she also needs to understand that she can apply anywhere, but if sufficient aid isn’t forthcoming from a school it will need to be dropped from consideration.
- You are fortunate to live in CA where there are a ton of excellent Cal States, and UCs. There should be one at least that meets her college needs...and if she the Middle Class Scholarship still exists, that would be a bonus if she got it. There has, over the years, been discussion of eliminating that MCS so just beware of that.
- Figure out whether you want to use that “extra” money you have in the bank for college costs. You might want to consider putting it in a 529 account...but that’s your decision.
- The balances IN your 401k accounts are not considered income...but the amount you put into them In thefafsayear IS added back in as income. But really...I’m not sure you can add to those accounts on unearned income only...so this might not matter after 2017 tax year, and that 2019-2020 FAFSA...@mommdc??
- Start looking for merit aid awards that are guaranteed. You won’t find any if those in CA. I don’t believe any colleges in CA have guaranteed merit (well...except USC 1/2 tuition for NMF). But there are some good schools across the country where your daughter could garner merit aid.
- Your daughter has a 4.0 GPA...and a 1500 SAT? What majors is she considering? Any restrictions on part of the country?
University of Alabama, for example, would give her a very decent guaranteed merit award. @mom2collegekids
- At some schools the early bird catches the worm in terms of merit aid. And some colleges do have an earlier admissions application deadline for merit aid consideration, especially their larger awards...so keep a very close eye on deadlines and don’t miss them.
And lastly…I hope the poster with this sage advice will respond…but do not do anything for financial aid purposes that you weren’t intending to do anyway. Life has a way of throwing curveballs.