FAFSA (if you have been there)

[4077]

I have been told that if you can afford two toppings on a pizza, you really aren't going to get anything from this... what were your experiences if you have been through the process with your college bound kids....?

 

[nw6675]

This is random and a total one off...FAFSA with us on it. Zilch. DSS decides to join the military, but injures himself in basic training and was discharged. We no longer had to be listed, he got a PELL grant. And he gets a check for the rest of his life.

Only sharing to show the system is crazy. Why should parents be responsible for adult children? I just disagree with the system.

 

[leebee]

You need to file a FAFSA to be eligible for federal (and most state) loans. Sure it's a loan, not free money, but the rate is usually better than what you'll get from private lenders, and many of them are subsidized so repayment/interest doesn't start until 6 or 9 months after graduation. I know some people don't like reporting their financial information, but it's not like the government doesn't already have this via the IRS (and I'm pretty sure they can get anything they want anyhow... it's the government, after all).

 

[Herding_Cats]

We are about to embark on our first FAFSA, and I know that many (if not all) of the state colleges/universities use the FAFSA information for distributing scholarships.

And yes. This is the only way they can get subsidized loans.

 

[Mommb]

Some schools (both private and public) require completion of the FAFSA before they will award any aid, even merit-based scholarships. We earn too much for Federal aid, but my kids received other aid from the colleges they attended that put thrm on track to graduate without loans.

Filling out the FAFSA for the first time is a pain, especially if you haven’t finished your income tax forms yet, but you should be able to save some information to be used in subsequent years.

 

[Allison]

What you have been told is not true. In addition to being required by some schools to be considered for any aid at all it opens the door for federal loans.

 

[LKing]

We are about to embark on our first FAFSA, and I know that many (if not all) of the state colleges/universities use the FAFSA information for distributing scholarships.

And yes. This is the only way they can get subsidized loans.

All of them do. Our state schools distributed CARES funds to students who filed FAFSAs. Those that did not submit a FAFSA, did not receive funding.

 

[Robbie Cottam]

I have been told that if you can afford two toppings on a pizza, you really aren't going to get anything from this... what were your experiences if you have been through the process with your college bound kids....?

Don't believe everything you read on the internet.

Fill out the form; it is FREE, after all.

 

[proudmomof4]

Went through this with 4 kiddos, we filled it out every year for the 4 years for each kid. I just looked at it as part of the process and got it done.

 

[BadgerMom99]

It comes out tomorrow for the upcoming school year. Or that was the last update.

 

[jbrostek]

FAFSA is required for many (but not all) merit or other non need based awards as well as all the things mentioned above. Fristra is that the regulatio site has been down all week for maintenanc. So now we wait to get our registration processed to start that after the new year.

 

[mikehn]

I have been told that if you can afford two toppings on a pizza, you really aren't going to get anything from this... what were your experiences if you have been through the process with your college bound kids....?

A freebee is bound to come your way one day. Fill it out

 

[jaredjohn4]

Yes, the first time is a pain to fill out and complete. First year it said the parent contribution was $90k with our son at Iowa that only cost about $35k. The following years it was a lot easier, but after 6 years and two kids, we still didn't get any money. It's just another hoop you have to jump through. Start a college fund when your kids are born and be happy.

 

[TheRustyScupper]

This is random and a total one off...FAFSA with us on it. Zilch. DSS decides to join the military, but injures himself in basic training and was discharged. We no longer had to be listed, he got a PELL grant. And he gets a check for the rest of his life.

Only sharing to show the system is crazy. Why should parents be responsible for adult children? I just disagree with the system.

. . . Thanks for his service.
. . . But, not a good way to receive a check.

 

[TheRustyScupper]

Why should parents be responsible for adult children?

1. We fully agree.
2. Our single exception is Daughter-#2 who runs our family business.
3. My wife and I worked hard to build the business to fund our retirement.
4. Daughter #2:
. . . we paid her a fair rate to do household work and chores, and much of it she saved
. . . she got summer high school jobs to save for college
. . . she used her own money for two college degrees
. . . we remember she only asked for funds to tide her over for two holidays at while at college
. . . she fully paid her for Panama City and South Padre Island "Spring Breaks"
. . . she has worked hard within our business will inherit it
. . . we love both kids, but are proud of the work ethos of #2-daughter
5. Daughter #1:
. . . always thought since we lived comfortably, we should have bought her anything she wished
. . . she was not spoiled, but thinks she should have been

NOTE:
It is fine that some parents have the desire and ability to pay for their kids.
It is their choice to spoil the children if they wish.
But, in some cases, kids do not learn the values and rewards of work.
Any more, we live in an entitlement society.
Don't people remember Kennedy's inaugural speech and his question to Americans?
("Ask not what your country can do for you, but what you can do for your country?")
Although children might resent it now, the future will show the wisdom of their parents.

 

[jbrostek]

I agree that there is a sense of entitlement, however, much of it has nothing to do with paying for college. And these days, when the cost to get a degree for jobs that require one (counseling, teaching, medical of any type, CPA, etc.) are insane. The same cost of our degrees graduating 20 years ago is up 400%, salaries are definitely not up 400%. Even with what is considered very generous savings in DD 529 plan, the cost of in state tuition at any of the area colleges would wipe it out AND still leave her with a 25k dollar loan to pay off.

I do believe in the putting skin in the game. I proposed to both my DW and her ex that we have our DD pull subsidized loans while in school to cover what 529 cannot. Once she graduates, combined we can afford to pay off the loans for her. It would put her skin in the game to graduate, however, unlike a lot of college grads (including one I am mentoring) she won't have to figure out how to pay 1k a month student loan, plus rent, insurance and other living expenses just to have a college degree.