Not easy being independent

Paying for College
1

<p>Am I calculating this right? Last year I was a dependant, EFC 38xx. This year I am independent and made about the same (maybe 500$ more), and I think my EFC will be about 50xx.</p>

<p>I get that it’s still in one’s favor to work (I’d work more but I’m a full time student and already working well over the recommended hours of 8-15 or whatever), but dang my AGI is about 17k flat–with no parental assistance it’s hard enough living with 100% of my income, let alone 50% if the other 50% is “reasonably” set aside for school. OK, the first 7000 for independents is protected I understand it, but let’s break it down.</p>

<p>After taxes and monthly medical insurance deductions, I’m down to 14k. Rent drops me to 8k. Car insurance (good driver and good student, dull used car) brings me to 6.2. Gas brings me to about 5k. Books and tuition that wasn’t paid for (Thank God I got some scholarships from my first year in community college) only about 1k. Car maintenance-down to 3.5k. Food-to 1.5k. Then there’s clothes, out of pocket medical, (for most there will be a car payment too but I’ve paid off that little used car), and a sliver of luxury money spent. So basically I’ve lived frugally and completely broke even this year–I sure haven’t and couldn’t have saved up five thousand bucks for school. </p>

<p>Rant over–feel free to commiserate or scold : )</p>

2

<p>You are doing a good job to help yourself. Be proud of it. Someday when you look back, you might wonder how you have managed it at all. Hang in there.</p>

3

<p>What is 38xx?</p>

<p>Is that $38k? $3800?</p>

<p>Why not use the more familiar format???</p>

4

<p>Sorry, I meant between 3800.00 and 3900.00 since I didn’t remember the exact amount.</p>

5

<p>Yes, you are in the group of students that often seems to get the short end of the stick in financial aid. You work hard to earn money for school … then you lose free money because you make too much … but you don’t really have enough to pay for things. Apple is correct, though. Be proud of yourself. Hang in there. You can take out loans if need be. Your Pell would have been less than the money you made, so you did come out ahead by working. Try to think of it that way.</p>