<p>fogfog - did you get your EFC from the PROFILE? Or did you hear from the college itself about your finaid package? I am still mid-way through PROFILE and in a very similar situation as you are. We are by no means poor, but 50+k/year is a very big deal. I am hoping for either merit money or (if S can get in) fin aid from the few high endowment schools. I knew they add back retirement contributions, but allowing only partial deduction for income taxes?! How can they count your income taxes as ‘available’ income? Makes very little sense.</p>
<p>^^ Reading your thread on Fin-Aid forum.</p>
<p>fog- Are you or your husband self employed? That may answer the FICA question. As someone who has had kids in private schools I know the EFC can be a shocker. When S entered 6th grade we filled out FAFSA for the heck of it and then fell off our chairs when it came back at about 30% of our gross income. Sorry for the unanticipated bad news, I hope the school comes back with a better answer for you. </p>
<p>Olderwisermom- I am green with envy.</p>
<p>Still trying to make sure all the teacher rec paperwork is OK. That will get done tonight.</p>
<p>Hi All</p>
<p>DH is self employed with a s corp structure.</p>
<p>FYI
The institutional method will add back any and all retirement, IRA, SEP etc contributions as available income.
Also they take the FICA, taxes, health etc all of your allowable IRS approved/federally regulated deductions and add back a percentage of that!
Then all of that is added back to your income–so they adjust your AGI up–even though IRS code and tax law handles it otherwise.
Forget what your taxes show–they do it “their way”</p>
<p>From that # - they derive what they call “available income”,
they then derive your PARENTAL part of the EFC.
As you know, the PARENTAL EFC DOES NOT include your student’s contribution of “summer work”, nor a portion of student assets (any savings/529 if he/she has one)…that is the STUDENT’s part.
Then at the bottom of your statement,
they say here is the scholarship part we can offer you,
and here is your student’s work assignment part…</p>
<p>In our case, our student will be responsible for about approx 5k a year.
($1500 summer + $3Kjob + $850asset)</p>
<p>Our part came in at 30% of their “available income”, what they have computed…which as I mentioned, is nothing like tax law/tax code.</p>
<p>And despite our agi being under their cap…we somehow didn’t get that nice 10% EFC…
and the woman couldn’t tell me why/how…
uh, thats comforting.</p>
<p>I knew retirement contributions were counted but what is already in the retirement fund is not. Every parent who is expecting FA needs to calculate their EFC, and it sounds like from your experience Fog they should also get a read from the colleges. So many parents and students do not understand that they are probably going to be expected to contribute much more than they feel comfortable with. One reason I just spent 3K getting my 93 auto with 228K miles on it fixed. I can’t see taking out a car loan right now. </p>
<p>I think as far as their methodology, it isn’t black and white. It is probably good that you are looking into this now when money is still on the table and they can offer more if they want.</p>
<p>We spent a lot of time researching schools that look like a good fit for S and will probably offer him merit money. Thankfully he says he will gladly attend any one of them.</p>
<p>Engrmom, outstanding news! Congratulations to your son!</p>
<p>Missypie, what a drag! Were you able to figure out the CA problem?</p>
<p>Fogfog, how awful! We’ve all been half- joking about the martinis and margaritas, but seriously…I think you need to pour yourself a stiff something!</p>
<p>Although Pepper has kindly offered to help me if I get in a bind with the forms…I am seriously considering bagging it on FAFSA/Profile.</p>
<p>Tell me this, those in the know: we are expecting significant merit aid and moderate music scholarships. I have my own biz, so (like fog’s H), my situation will be complex and not favorable.
Also have assets that don’t seem huge to me, but will be considered huge to those evaluating the forms.</p>
<p>Can my D receive merit and music scholarships (not anything need-based) without filling out those blasted forms?</p>
<p>MOSB, it depends on the school. My son receives a merit scholarship from his college without the FAFSA or Profile. My advice is to check with each specific school, since they all do things differently.</p>
<p>I agree with Omom. S has at least one school that requires Profile to be filled out by Nov 1st for consideration of merit scholarships. I guess that is what I am tackling this weekend.</p>
<p>My understanding is some schools require the forms and some don’t. If that is the case I am just going to fill out the forms. I don’t expect we’ll get a cent-even though my S told me about the HYP 10% program it sounds like by the time you calculate it it’s a lot more than 10%-which is good to know since that will spare us having to fill out their applications-I heard Harvard requires LOR specific to their school-I wonder if the others do as well. Not worth it since his chances of getting in are minuscule anyway.</p>
<p>I will gladly try and help anyone with these forms-I haven’t had a chance to even look at it yet since H is supposed to be doing them (a two CPA family-how exciting!) . </p>
<p>S has his first interview today in Providence with a visiting college rep. I won’t be here to get him off-H will meet him at his office and take him. S is nervous but I am sure he’ll do fine.</p>
<p>No progress on the Apps but the school show is really shaping up nicely. :)</p>
<p>Hi all - congrats on the acceptances and auditions and hard work done. Hurray!</p>
<p>I’m sorry to hear of the FA worries … I can’t offer reassurance, since all I know is that it’s a huge hassle and worry until college is done with. D2 will be hoping for merit scholarships but I don’t think there are special applications. But we’ll have to go back to doing FAFSA (we stopped after 1 year at D1’s school because it clearly meant nothing, no merit aid of any kind). That’s H’s dept, phew.</p>
<p>I’m proud of D, who went right back to homework and ACT prep as soon as the play was over. We’re planning a nice outing on the 24th to celebrate! It gives me a lot of faith that when ACT is done she’ll crank on essays as promised. Really as long as things are well in hand by 11/1 or so (6-7 more apps in, most CA, a few short supplements) I’ll be blissfully happy. A couple more with 12/15 deadlines and she’s done. If some of the EA/rolling ones are shockers, she can throw in a couple more RDs in Jan-Feb. It works.</p>
<p>We’re driving to Minn to visit campus during a school break 11/27-29. It’ll be a nice time to talk, for once! Taking Japanese D, too. And of course there will be a side trip to Mall of America! </p>
<p>Best wishes to everyone - we’re getting there.</p>
<p>FogFog, I am sorry to hear about your finaid issues. Not only is this why so many kids are doing 10 applications, but also why so many of us (and much more not on CC) are getting our children to apply to very good schools that aren’t HYP but good schools in areas outside the Northeast where merit aid is often available and college costs are lower to begin with. As my daughter was surprised to learn, even though she isn’t applying to any Ivy, all the colleges she is applying to are in the top 100 to top 150 in the country or else she is applying to an honors college at a state university. I explained that there are over 3000 institutions in the country and she will still be going to a very select institution. Just one that is better suited for her and for us.</p>
<p>Good morning all. On a more cheerful note (since I seem to have been doing nothing but complaining about D’s foot-dragging on college apps) D’s 18th birthday is coming up, and I wanted to do something fun for her last b-day at home (sigh). I recall seeing a clever idea about getting 18 presents (mostly small ones) for this birthday and the thread I saw this on had some good suggestions for some items. Unfortunately, I failed to note them and now I can’t find the thread. Does this sound familiar to anyone? Any great ideas? I already have several different kinds of candy, post-its, coffee mug, mechanical pencils, voter registration form, I-tunes and Borders gift cards…Would appreciate any additional ideas!<br>
And in the meantime, congrats to those acceptances, great audition (mosb) and submit button hits. And hugs to fogfog - how disappointing to see that Ivy financial aid wasn’t what it appeared to be. I haven’t even touched any Profile, etc. info. Not going to need-based aid and will be relying on merit money. I suspect some schools are going to require those forms and am not looking forward to the prospect. I don’t do numbers!</p>
<p>@cooker. I was about the ask the same thing…Ds 18th birthday is Tuesday. On the voter registration…found out last week that in GA you can register at 17.5 so we registered on the last day possible and she will be able to vote in November for the 1st time!!!</p>
<p>D has asked for a mother/daughter day at the spa so that will be the big gift.</p>
<p>
</p>
<p>The dates show up just fine. It’s the scores that don’t show up and yes she used the drop down box…isn’t that the only way they can be entered? Our computer is new, so I doubt that the browswer is old. No errors on the signature page. She clicked the “print preview” button on the signature page.</p>
<p>Here is what the common app help people said:</p>
<p>
</p>
<p>So I forwarded that message to the school’s admissions department and asked if they do, in fact, suppress certain info, but I haven’t heard back.</p>
<p>My D2 did something really wonderful for D1’s 18th birthday, which was 2 weeks before she went to college. D2 bought her around 10 of their favorite movies (on my dime, of course, but several were $10). She wanted a fun way to give them to her, so she made a scavenger hunt, with a special secret message about each movie. It was SO cute, and I’m so made we got so caught up in the moment that we didn’t film it, or even save the clues.</p>
<p>Since my kids’ b-days are after school ends, and they follow the big grad presents and all that, I definitely think the little thoughtful gifts are such a wonderful idea. They’re also a fun way to show we’re thinking of them in their next big adventure.</p>
<p>My D turns 18 the day after election day.</p>
<p>I got impatient and called the school about the common app glitch. This is their first year to use the common app. It was obvious that they had no idea what I was talking about. They said they were sure it would be “fine.” Comforting, huh? I think that as soon as D hits Submit, I’ll have her email the admissions department of the school, outlining the problem and reporting the missing scores anyway. They already have the ACT scores as it is.</p>
<p>Oh, ouch, missy!! You don’t deserve this. Best wishes on a very speedy remedy.</p>
<p>Hi All
Mom of Song Bird
So far, from what we have learned–about every school requires the FAFSA even if its merit aid, and many may require the Profile.</p>
<p>One thing that irks me–
the fin aid rep said they added in the BUSINESS’ contribution to a pension…
so
does that mean that they ask how much everyone’s employer puts into their pension / retirement and counts that??</p>
<p>I get the issue if its an employee contribution, however here we are talking the employer contribution… which is different…though they count it as untaxed income and hit you hard.</p>
<p>I have been running around today with errands–though will call our tax attourney. I do need more infor from the fin aid office about methodology…</p>