Messed up FAFSA help please :(

<p>Ok so some background info:</p>

<p>My parents make around 100k a year, and we have 2 small businesses. While filing FAFSA i put 100k for the business assets portions not knowing it should be 0 unless they have >100 employees..</p>

<p>I need to change this but i already submitted my FAFSA so when could I change it? Also when i change it will it hurt my chances of receiving the most aid I can? I hear once u change something they need to process it again taking time while other people are taking up all the aid...</p>

<p>I also got a message at the end saying they could not calculate a EFC because the amount I entered for taxes equaled or exceeded their income. Im 90% sure I did not do this as I was really sure I put 100k for income and 20k so that problem shouldnt have came up.</p>

<p>My last question is: Does anyone know how much AID i would be able to get? I live in california and am looking to get into a UC</p>

<p>Thanks!</p>

<p>It should only take a few days for your FAFSA to be processed. You'll receive an email telling you your SAR is ready for viewing. Log back in and make whatever corrections you need to.</p>

<p>With an AGI of $100K, you won't qualify for federal aid other than loans. If you can't find the information online, someone here should be able to tell you what the Calgrant limits are, or you can search this board for posts by Kender who is a CA college student and has posted on that program many times.</p>

<p>Good luck!</p>

<p>Because people ask the question so many times, sk8rmom :)</p>

<p>OP:
Here's the link to the income/asset ceilings for Cal Grant for 2012-2013. Based on the rough numbers you gave, doesn't look like you'll qualify :(
<a href="http://www.csac.ca.gov/facts/2012_13_income_ceilings_new_applicants.pdf%5B/url%5D"&gt;http://www.csac.ca.gov/facts/2012_13_income_ceilings_new_applicants.pdf&lt;/a&gt;&lt;/p>

<p>Your family's income alone is too high if it's at what you say it is. The UC Blue and Gold Opportunity Grant also has a cutoff below your income (cut off is $80k):
University</a> of California - Blue + Gold Opportunity Plan</p>

<p>I don't know of any guaranteed merit scholarships at the UCs. The few scholarships I do know about (not guaranteed ones) are drops in the bucket and/or vary from UC to UC (such as Regents Scholar).</p>

<p>Hey guys thanks for the input. My fafsa was processed today and i was able to change the assets to the correct amount.</p>

<p>UC will cost about 30k a year. Im the first generation in my family to attend college so im not sure how this works. If its 30k and stafford will lend me 5.5k that means i need to come up with 24.5k more to go to school for the year. Is it possible to get a complete loan of 30k per year and not have interest until i graduate?</p>

<p>My parents have quite a bit of debt so they won't be able to contribute much to my college expenses.. Please give insights</p>

<p>Thanks a lot!!</p>

<p>No, it is not possible to take out a loan for the balance unless it is a private loan. Two issues there. 1) with a private loan you have to start repaying right away, and 2) you would need a co-signer. That person would guarantee to pay the loan if you do not. </p>

<p>The bigger issue is that $25,000 - $30,000 is the absolute max you should borrow for all 4 years total - not just 1. You won't be able to borrow $120,000 and even if you could you would ruin your life with the debt load. </p>

<p>Forget about borrowing $30,000 per year. Sorry. You need to find a school you can afford.</p>

<p>A general comment on this person's situation...and herein lies how people miss out on significant opportunities to make college affordable...at $100K of income and assuming no other significant assets, their EFC would be about $15K+...if student was able to get into a private with significant need-based aid (ideally 100% need met), the "true cost" would be significantly less than UC even if the sticker price is $40, 50, 60K+; unfortunately, without this knowledge, "sticker price" is all that is looked at for many and then once the reality of UC at $30K is the final answer, most cannot afford it and are left with not going at all or "the hard way" (CC, etc....). I sincerely wish this info was more generally known by all in our community before its too late...</p>

<p>For OP, did you apply to other schools?</p>

<p>at $100K of income and assuming no other significant assets, their EFC would be about $15K+</p>

<p>That isn't accurate.
FAFSA is likely to find an EFC of $24,000 for an income of $100K- before taxes. Since PROFILE is designed to identify additional monies to be used for COA, the institutional EFC could be higher.</p>

<p>Like EK4, my experience is the EFC is usually in the 25-33% of income range.</p>

<p>Guys sorry for being naive or ignorant but say i have 120k in debt at the end of my four years. Wouldnt I be able to pay it off relatively quick if I were to live with my parents and watch how i spend my money? I was thinking i could get it done in under 5 years...</p>

<p>Wouldnt I be able to pay it off relatively quick if I were to live with my parents and watch how i spend my money?</p>

<p>Would you really want to be living with your parents after being on your own for 4 years?</p>

<p>Living with your parents assumes that the best job offer will be within commuting distance. What if it isn't?</p>

<p>$120,000 at 7% for 5 years is $2,376 per month. Before taxes that is $3,400 per month or $40,800 per year just for loan payments. </p>

<p>Reality check - you will have to have a co-signer. No one in their right mind will do this. Where you get your undergrad degree does not really matter. If you are going to spend money spend it on grad school. Go to the cheapest quality undergrad you can. Drop the loan plan.</p>

<p>The thing is that my parents don't even have money to pay for my college at the moment. Theyre expecting me to get a loan and pay it off myself. Im wondering if i chose the CC route, if the basic government loans and a part time job would get me through me 2 years? What happens after that? I doubt id be able to come up with 30k a year after 2 years of CC.</p>

<p>Would it possible for me to go to a state university and just take loans to pay it? I could get a part time job to pay the interest while im in school. I was thinking that state colleges would leave me with around 30k in debt after im done and maybe that seems more reasonable. Also to get loans for state college is easier i think as the stafford would be almost enough for tuition. Maybe I could find a few more? Any insights please help</p>

<p>$30,000 in Stafford loan debt is the max anyone should take IMO. Again, you can't take out private loans without a co-signer. If your parents won't help then you don't have many options. </p>

<p>CC for the first couple years to get your gen Ed requirements and basic courses probably is your best bet. Then transfer to a public you can afford. Your degree is from the public but you have done it as cheaply as possible. Work part-time in school and full-time during the summer. </p>

<p>There are no other loans besides Stafford you can take on your own.</p>

<p>
[quote]
Im wondering if i chose the CC route, if the basic government loans and a part time job would get me through me 2 years?

[/quote]

This is a great idea and very workable. You can even save $ for your last 2 years. And if you attend a local 4 year for the last 2 the Stafford loans with savings may be enough to cover tuition.</p>

<p>Do you live near enough to a UC to live at home? That will save a significant amount of money, as many UC area rents are extremely high as are dorm costs, sometimes dorm costs are much higher than off campus prices.</p>

<p>So I am thinking.. if I go to CC for 2 years i could finish those 2 years without any debt or maybe a little debt.</p>

<p>The problem is after that if I transfer to a UC it will cost 30k a year and stafford loan will only offer 7.5k, even if I work a lot i dont know if I would be able to come up with the difference. Are there any other loans I would be able to get?</p>

<p>Somemom: No the closest UC is actually about 1 hr away and that is Berkeley which i doubt id be accept to haha</p>

<p>Does CA offer a student loan program? I haven't heard of it but NY does so it's possible. Several other ideas come to mind...take your full Stafford loans for the first 2 years and save them, or most of them, while paying for CC out of pocket. Try to major in something with decent employment potential and get a full time job once you have a 2 year degree but continue to live at home and save every bit you possibly can. Pick a UC that has reasonable rents nearby and live off campus. That should give you a significant portion of what you'd need for years 3 and 4. You'll wind up with close to $25K in Stafford loan debt which is about average.</p>

<p>what about a CSU?</p>

<p>Do you live near a CSU? If so, you could commute to it.</p>

<p>Even if you had to borrow for the last 2 years of college (after attending a CC), that's still a LOT less debt than borrowing for 4 years.</p>

<p>What is your major and intended career?</p>

<p>how much do you think you'll be earning after you graduate?</p>