New here..seeking advice

sk8rmom
Sun, 17 May 2009 08:33:40 +0000

I would recommend doing a paper FAFSA with worksheets for your first time through so you actually understand how the process works. It really doesn’t take long and I think it will help guide you in your decisions over the next few years, without having to run back to the computer with “what ifs”!

You may have 2 years worth of savings in the bank and assume that’s what is driving your EFC. That may or may not be true…it may simply be that your income is high! Every family has an asset protection allowance which is based on the age of the older parent and the number of parent’s in the FAFSA household. A 2-parent family, with the older parent being 48 at the time of FAFSA filing, would have a savings allowance of $52,400. So, the first $52K of this family’s reportable (non-retirement) savings is not going to affect the EFC. Above that, only 1/8th of the assets are included in your EFC.
Please note that all the “allowance” tables are subject to annual adjustment by the DoE, so these calculations will change (likely in your favor).

The tables and detail for 09/10 are here:
http://ifap.ed.gov/efcformulaguide/attachments/111408EFCFormulaGuide0910.pdf

This site is also a treasure trove of information and advice about all aspects of financial aid, this link will get you to their “top 10” list for maximizing aid:
[FinAid | Financial Aid Applications | Maximizing Your Aid Eligibility](http://www.finaid.org/fafsa/maximize.phtml)

I agree that a good book like Paying for College Without Going Broke and a carefully researched college list are priceless. I liked this site for gathering initial data on college’s D was interested in as it has a “compare” feature and gives more detailed breakdowns on the financial aid than college board does:
[Student Aid on the Web](http://www.studentaid2.ed.gov/gotocollege/campustour/)

You might also start looking at scholarships that any high school kid, or non-seniors, are eligible for. For example, I believe the Discover is juniors only and the YES may be as well. Finally, since graduation is almost upon us, pay attention to the scholarship announcements in your local paper and find out from seniors/GC if the high school gives packets of local scholarship apps to students. Ours does, but my D also looked at the website of another local school and found others, not included in our packet, that she was eligible for. Local scholarships, of course, are generally less competitve than the national ones and can add up quickly!

One last note…double check anything your high school or outside “aid counselors” not working at a college tell you about filling out forms or getting gov’t/institutional aid. Alot of inaccurate/dated info is given and some “counselors” push plans and products that are inappropriate to a family’s overall financial goals.