college financial aid

college financial aid questions and answers

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Q: What income is poor enough for college financial aid?
Hi, next year I'll be applying to Georgetown (my dream school), but i noticed that they dont give out any merit based scholarships except for sports (which dosent apply to me). However, Georgetown does offer financial aid. How poor does one have to be to qualify for financial aid? My dad is a cabinet maker and my mom is a nurse, and together they earn about $100,000 before taxes. I have a brother and a sister that also need to go to college in 2-3 years. We have no college savings, but we do have A LOT of credit card debt. I know I'm not poor, its just that we can in no way afford Georgetown! If accepted, is it likely that I will get financial aid?

A: Mos competitive colleges like Georgetown do not offer merrit scholarships due to its application base. It is not a matter of being poor per say to qualify for financial aid but the individual circumstances of the person applying for it. The financial aid award is based on a percentage of your income and savings (at a higher rate than your parents) along with your parents' income and savings. It also takes into consideration how many are in your family size, mortgage size, and how many are attending college at the time. There is a more detailed worksheet for a fee which can help bring more help. In addition, I recommend applying for any outside scholarship no matter the amount because it will add up. I will include some free resources to locate tuition money to attend Georgetown. First, I still recommend completing the FAFSA form even with your parents' income. It can also bring the work study program (spending money), need based scholarships from Georgetown's scholarship endowment fund, and student loans. One good thing about schools like Georgetown is that they have a big endowment fund but is dependent on the individual school itself. Second, check with your high school guidance office if you are a high school senior. They have a list of local scholarships for its students. You have the best chance of getting a scholarship this way. Third, the public library has a scholarship book listing various scholarships with some not even listed on the web. Finally, I recommend joining several free membership scholarship search engines. They offer a customized search based on a survey you complete. There is a scholarship for almost anything out there including wearing duct tape to the prom. Good luck!

Q: Out of state community college financial aid eligibility?
Are you still eligible to receive financial aid, if you're planning to attend an out of state community college. Can the government deny aid because it's out of state?

A: As long as it is an accredited college and is eligible to receive federal funds, then you're still eligible to complete the FAFSA and receive the funds that you're entitled to. You won't be denied because you're attending an out-of-state school. I've found some good information here... http://www.TopFinancialAid.info/ Good Luck.

Q: How does a parent divorce affect college financial aid?
My parents are getting a divorce. I am going to be a freshman in college next year. I've already gotten my financial aid for this year, so that shouldn't change (right?) but I wasn't sure if this would affect my financial aid for the next years. My parent's income should stay roughly the same, albeit seperate. Okay, additional question: Do I just get to pick which parent I want to report? I haven't lived with my parents for a year now and probably won't live with them again, so I don't technically have one or the other that I live with... My dad makes less money, am I allowed to say that I live with him for that reason?

A: I believe you send in the information for one or the other in that case...do you live with one? That would narrow it down. My parents have been divorced forever...my brother lives with my mom and claims only her income for financial aid purposes. As to your second question, I see no reason why not. As far as education goes, I have no problem with anyone taking legal loopholes to better themselves. Besides, chances are that if you are still recieving financial aid reporting two incomes, you'll have your college paid for nearly completely no matter which parent you choose. Your dad would also be able to claim you on his next taxes if you chose that route.

Q: What agencies do I need to contact to apply for community college financial aid?
What agencies do I need to contact to apply for community college financial aid? Including possible help with living expenses.

A: The college ought to have a financial aid office. That would be the most important place to start. If they are aware of other agencies to which you should apply, they'll give you points of contact.

Q: If my husband and I file our tax return separately, do I have a better chance for college financial aid?
We are a middle income family, He works full time, I work very part time, and attend college. Even though they say our EFC is 14000 that does not mean we have it! Previous student loans, mortgage, bills etc all add up. I am never eligible for anything beyond an unsubsidized federal loan, and our credit is shaky at best, we are not eligible for a private loan. If we file "married filing separate" will I be able to receive additional financial aid?

A: Regardless of how you file your taxes you still have to include your spouses income as well as your own on the FAFSA, which will not make a difference on your EFC. Talk to the financial aid office at your university and tell them about the circumstances that are leading you to a high EFC but why you have little to no money to contribute to your education. They may be able to either "fix" your EFC, or to give you invormation on grants you are unaware of. Unsubsidized student loans are still something to utilize if you can get them, as well as your school possibly offering a alternative payment plan to help with the rest. I hope this helps, I'm in the same boat as you... It really stinks.

Q: Will not claiming my 16 year old child on taxes help when he applies for college financial aid?
I'm worried about paying for my son's college and, with him being 16, there isn't much time to save. I've heard that if he hasn't been claimed on his parent's taxes as a dependent for 2 years prior to applying, he may qualify for a Pell grant and other financial aid. But I can't find anything in writing to support that. Should I not claim him this year?

A: You will not find this in writing anywhere. There are two different "classifications" when applying for federal fin aid. Dependent; which requires the person to claim their parent and their income, and independent; which requires only the student and the students spouses (if they have one) income to be reported. Neither of these statuses has anything to do with who claims who on what tax form, where the student actually lives, weather the parent will pay for the kids education or even supports them or will continue to support them. Generally to be considered independent he has to be 24 years old, married, have kids he supports, be a veteran, an orphan, was a ward of the court until the age of 18 or have a bachelors degree. Claim him... honestly, it isn't going to make a difference.

Q: Is anybody aware of an account or investment that does not count against college financial aid, efc calc?
A coworker saw a flyer for a seminar for an investment that does not count against college financial aid. Or EFC calculation. He cannot find the flyer. Is anybody aware of this investment? Is this somekind of life insurance? Thank you.

A: This sounds like a scam.

Q: What are the benefits of being US citizen (vs greencard) for college--financial aid, scholarship, etc?
so basically, what kind of benefits can a US citizen have versus that of a green card holding resident9 in terms of financial aid, scholarships, anything related to college (&paying for it)

A: In order to qualify for FEDERAL finanical aid (Pell grant, work study, Stafford and Perkins loans, you must be: Eligible Noncitizen You must be one of the following to receive federal student aid: • U.S. citizen • U.S. national (includes natives of American Samoa or Swain’s Island) • U.S. permanent resident who has an I-151, I-551, or I-551C permanent Resident Card) If you’re not in one of these categories, you must have an Arrival-Departure Record (I-94) from U.S. Citizenship and Immigration Services (USCIS) showing one of the following designations: • “Refugee” • “Asylum Granted” • “Cuban-Haitian Entrant, Status Pending” • “Conditional Entrant” (valid only if issued before April 1, 1980) • Victims of human trafficking, T-visa (T-2, T-3, or T-4, etc.) holder • “Parolee” (You must be paroled into the United States for at least one year and you must be able to provide evidence from the USCIS that you are in the United States for other than a temporary purpose and that you intend to become a U.S. citizen or permanent resident.) If you have only a Notice of Approval to Apply for Permanent Residence (I-171 or I-464), you’re not eligible for federal student financial aid. If you’re in the United States on certain visas, including an F1 or F2 student visa, or a J1 or J2 exchange visitor visa, you’re not eligible for federal student financial aid. Also, people with G series visas (pertaining to international organizations) are not eligible for federal student financial aid. For more information about other types of visas that are not acceptable, check with your school’s financial aid office. Citizens and eligible noncitizens may receive loans from the FFEL Program at participating foreign schools. Citizens of the Federated States of Micronesia, the Republic of the Marshall Islands, and the Republic of Palau are eligible only for certain types of federal student aid. These applicants should check with their schools’ financial aid office for more information.

Q: Why does McCain want to do away with college financial aid?
After all, most college students rely on some sort of financial aid to deal with the soaring costs of an education. @Rick P - FYI: I'm a military veteran and am far more educated than you will ever be. Oh, and if questioning the wrongs of our government is liberal, then I'm proud to be a Liberal!!!

A: to make sure that the poor stay poor and the rich stays rich

Q: Military dependents and college financial aid?
My husband is active duty Army, we are stationed at Fort Carson. Is there a way to get financial aid for me to do some college courses through the Military? Also, if anyone is local to Fort Carson, is there a way to do online classes?

A: YOu will have to fill out the financial aide forms. However, if your husband's is the only income, that can make it much easier to qualify. There are also schlorships out there just for military dependents...check with your enlisted and officer wives groups on base, the commisary and with the education office on base..they can point you in the right directions. And lastly, many colleges will waive the time requirements needed to establish yourself as an in-state resident and allow military members and their dependents to pay in-state tuition rates from the get go. As for online..if you have a computer and an internet, you are good to go. Again, talk with the education office on base..they can suggest colleges to look at that work well with military life styles.

Q: Do college financial aid offices have access to my financial aid history?
OK I did not list my past college on my community college application. I was accepted to the school and now I'm applying for financial aid. The financial aid office wants me to list all previous schools that I have received financial aid from. I may have messed up and I'm not sure what to do. If I don't list the last college will the financial aid office be able to pull up my financial aid history? Will it show up anywhere like on the NSLDS? Any suggestions on what I should do now? thanks

A: You answered your own question dearie :-). The NSLDS is exactly what it's name implies, it is a 'warehouse' if you will, of what types of aid you received, when, for what school, for what amount, . . . . . and whomever gets your social (any school), realistically can access the information. The best thing for you to do is contact your new school, advise them that you believe you inadvertently (accidentally) answered a question incorrectly, tell them which one, and they will probably advise you to make the correction. Be proactive and take care of it like a responsible student, do NOT be reactive and wait for something to come up - - or it could just come up at a time where time is of the essence in calculating how much aid you really qualify for, can receive, and WHEN you receive those new funds :-). Your previous financial aid has NO bearing on what you will get now - unless you maxed out - which is highly doubtful!

Q: What do I do for college Financial Aid if I have an International Parent?
I am an Alabama resident college student. I'm having trouble filling out my FAFSA online. My mother lives in Germany; she has a US Social Security Number. My father is from the US, but he will not fill-out his income tax information for 2007. I am trying to apply for aid without being labeled as an international student. What can I do to complete my FAFSA without breaking the law?

A: How or where your parents live has nothing to do with you being labeled "International". To fill out the FAFSA, if your parents are still presenting themselves as a married couple and your mother earns an income in Germany you have to convert her income to US Dollars and answer the appropriate questions. If your mother is in Germany because your parents are separated, you do not need her information. http://finance.yahoo.com/currency For your father-if he is not filing taxes but is required by the IRS to file, sorry, you cannot apply for aid. If he is not filing because he is not required to by the IRS, report his income on the FAFSA where appropriate. Where your parents lives has no effect on your aid.

Q: Question about applying for college financial aid?
I am going to be applying for aid to go back to school. I will more than likely qualify for pell grants. My question is- do they give you a little more than just the expense of the classes and books? I am a mom trying to go back to college, and I am concerned about lost wages. Any knowlege of how this works?

A: Your financial aid eligibility is determined by your financial need, and that, of course, depends on your "Cost of Education". Cost of Education includes more than just tuition, it also includes books, school fees, room and board, certain transportation and miscellaneous expenses and even an allowance for a computer. You begin the process by completing the Free Application for Federal Student Aid, better known as the FAFSA. That information is submitted to the US Department of Education, which evaluates your income and your assets and various expenses in order to determine a figure known as your EFC (expected family contribution). Remember, the idea is that you are predominantly responsible for your college education - the government helps out to the extent that you NEED assistance. Your EFC will be sent to (and used by) the financial aid office of your chosen school to determine which financial aid programs you are eligible for. Your "need" is the difference between the Cost of Education and your demonstrated ability to pay. The college will do the best it can, given limited resources, to cover as much of your "need" as possible. The bad news is that a very high percentage of students experience a "Financial Aid Gap" - that's the difference between Cost of Education and your financial aid and personal funds. Those expenses must be paid out-of-pocket. Also keep in mind that most federal aid comes in the form of student loans. The government has a phenomenal student loan program with low, fixed interest rates, flexible borrowing terms and great borrower benefits. If you qualify, the government may even pay the interest on the loan for you, while you're attending school. Obviously, these loans are an "investment" in your "more educated" future. You should never borrow more than you will be able to comfortably repay. Your bottom line concern should be that financial aid is not intended to cover your living expenses - only your educational expenses. When you receive federal assistance, you must sign an acknowledgment that the funds that you receive will only be used for educational expenses. That means you can't pay off credit cards, you can't buy clothes for the kids, you can't take a vacation and you can't pay your health insurance with these funds. Remember that your borrowing is limited to your cost of attendance - the money that you receive will be pretty much gobbled up by books and tuition and food and housing - leaving very little for anything else. So - if you're financially independent, and you're walking away from a job to return to school, you really do need to have some other forms of savings or assets that you can fall back on while you're in school. The people who most benefit from financial aid are the traditional students - the kids whose parents are still paying for just about everything. I doubt that's the case for you, so you're going to need a Plan B for your non-educational expenses. I hope this helps. For more information, start out by reading the booklet I'm attaching below - it's a federal government publication called Funding Education Beyond High School: The Guide to Federal Student Aid. I've also linked to the FAFSA website. Good luck!

Q: Is there a way to anonomously report fraud regarding college financial aid?
I am aware of someone who is fraudulently reporting information about her son in order to receive more government assistence for his college education. Is there a way I can report this anonymously. It really frosts me to see someone take advantage of the system like this since the programs were not designed to be used this way. Thank you everyone!

A: I agree: it's very frustrating, since it's taxpayer money (yours and mine) that they're taking, undeservedly. You can report Student Aid Fraud to 1-800-MIS-USED. Naturally, there's no guarantee that that anyone will be able to stop this person from abusing the system, but it's a start. You can rest a little easy knowing that applications are selected randomly for a process called "Verification" (some schools require everyone to partake in this process, submitting tax forms for the school to scrutinize). It's possible that this person will eventually get caught.

Q: I am wondering about college financial aid, can you give me all the information you have about it?
Please tell me how much is usually the cut off for financial aid in terms of how much a family makes and any other facts you may know.

A: Andreas : There are too many variables involved in financial aid to say "okay, here's the cut-off". The financial aid that you might be awarded is determined by more than just income. You'd need to take into consideration how many people live in your home, how many go to college, the value of assets that you and your parents may own, the amount of money that you and your parents have in the bank, the amount of state and federal taxes that each of you have paid, and a whole host of other things. Every question on the FAFSA form is relevant to the determination of how much financial aid you may receive. If it were as easy as you're imagining, the FAFSA would be a one question application - "How much money do you make?" Spend some time with this booklet from the US Department of Education - it's called "Funding Education Beyond High School: The Guide to Federal Student Aid". If you'd rather not read it online, you can pick up a copy at any high school guidance office. When you're finished with that, try the Department's great FAFSA 4Caster - a simplified FAFSA-like questionnaire that will help you estimate how much financial aid you might qualify for. I've provided links to both below. I hope these help you find what you're looking for. Good luck!