If you are a student or plan on going back to school...
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13-11-2012, 12:25 PM
If you are a student or plan on going back to school...
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13-11-2012, 12:39 PM
RE: If you are a student or plan on going back to school...
(13-11-2012 11:55 AM)traceparcet Wrote:  
(13-11-2012 09:41 AM)kingschosen Wrote:  ...and you're in the US, then ask me your Financial Aid questions.

I can help you out.

-Your friendly neighborhood FAC.
I have been having a hard time understanding Financial Aid and Scholarships. I am currently attending a Christian college (Not the best choice I know), but I plan on transferring as soon as I can, and hopefully to the same school as my boyfriend. Do all schools offer their own types of Financial Aid?
No and yes.

A school has to be eligible for Title IV funding (Pell Grants and loans). If a school isn't eligible, then they will probably have private scholarships to help fund students, but, honestly, if a school isn't eligible, I would find another school. They either lost their Title IV funding due to violations or never got it because of their admission requirements or they aren't accredited.

If a school has Title IV funding, then this funding is available for all students. They only factor that changes is the amount that you can receive (based on your EFC). Institutions usually also accept third party grants and scholarships to help fund the student's education. Likewise, different states have varying state sponsored scholarship programs that Title IV schools participate in.

For instance, here in Louisiana, we have a state grant called TOPS. It is for recent undergraduates that attend a Louisiana school. It can pay up to $1500 per award year.

In your case, if you transfer to another school, be wary of your school's disbursement dates for federal funding. If you leave after the last disbursement date, then your funding for that award year will more than likely be used, and you can't receive any more funding until the next award year.

So, it's possible to transfer to another school, and have all your aid used up for that award year. This means that you will more than likely be coming out of pocket until the next award year rolls around.

Award years last from July 1st to June 30th of every year.

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13-11-2012, 12:44 PM (This post was last modified: 13-11-2012 12:48 PM by kingschosen.)
RE: If you are a student or plan on going back to school...
(13-11-2012 12:39 PM)kingschosen Wrote:  
(13-11-2012 11:55 AM)traceparcet Wrote:  I have been having a hard time understanding Financial Aid and Scholarships. I am currently attending a Christian college (Not the best choice I know), but I plan on transferring as soon as I can, and hopefully to the same school as my boyfriend. Do all schools offer their own types of Financial Aid?
No and yes.

A school has to be eligible for Title IV funding (Pell Grants and loans). If a school isn't eligible, then they will probably have private scholarships to help fund students, but, honestly, if a school isn't eligible, I would find another school. They either lost their Title IV funding due to violations or never got it because of their admission requirements or they aren't accredited.

If a school has Title IV funding, then this funding is available for all students. They only factor that changes is the amount that you can receive (based on your EFC). Institutions usually also accept third party grants and scholarships to help fund the student's education. Likewise, different states have varying state sponsored scholarship programs that Title IV schools participate in.

For instance, here in Louisiana, we have a state grant called TOPS. It is for recent undergraduates that attend a Louisiana school. It can pay up to $1500 per award year.

In your case, if you transfer to another school, be wary of your school's disbursement dates for federal funding. If you leave after the last disbursement date, then your funding for that award year will more than likely be used, and you can't receive any more funding until the next award year.

So, it's possible to transfer to another school, and have all your aid used up for that award year. This means that you will more than likely be coming out of pocket until the next award year rolls around.

Award years last from July 1st to June 30th of every year.
Thank you that helps me understand things a bit more. The university I am going to is currently a private one, but I may attend a state university. I am from Pennsylvania, but moved to Virginia for college. Love the area I am in but the school is less then to be desired.
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13-11-2012, 12:49 PM
RE: If you are a student or plan on going back to school...
No problem.

FA can be tricky, so I can definitely understand the confusion.

Let me know if you need anymore help.

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13-11-2012, 09:51 PM
RE: If you are a student or plan on going back to school...
Do you know anything about transferring schools? I applied for FAFSA, they said I probably qualified, and that was it. I imagine I need to actually be accepted to a school to know for sure if I qualify?

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13-11-2012, 10:58 PM (This post was last modified: 13-11-2012 11:10 PM by GirlyMan.)
RE: If you are a student or plan on going back to school...
(13-11-2012 09:41 AM)kingschosen Wrote:  ...and you're in the US, then ask me your Financial Aid questions.

I can help you out.

-Your friendly neighborhood FAC.

Given that you do this for a fucking living, this may very well be the most useful thread you've started here. Girly makes too much for his offspring to qualify for any aid, but I do appreciate the tax breaks. ... Bravo KC, bravo. [Image: bravo-7466.gif]

(13-11-2012 09:51 PM)Near Wrote:  Do you know anything about transferring schools? I applied for FAFSA, they said I probably qualified, and that was it. I imagine I need to actually be accepted to a school to know for sure if I qualify?

Don't think that's right. But KC would know better. FAFSA's got some fucked up rules if I remember correctly from when GirlyBoy tried to use it. Even though he bailed on me and moved to Oregon to mate and started supporting himself and a shitload of 5 other dependents when he was 19 yo, think they still required him to wait until he was like 22 yo or something before they stopped considering my income. That's fucked up.

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14-11-2012, 01:16 AM
RE: If you are a student or plan on going back to school...
(13-11-2012 09:51 PM)Near Wrote:  Do you know anything about transferring schools? I applied for FAFSA, they said I probably qualified, and that was it. I imagine I need to actually be accepted to a school to know for sure if I qualify?
Like I told Trace, it depends if the school can receive Title IV. If they are a Title IV school, you qualify. Regardless of your income levels. All students qualify for loans... most people think federal aid is just grants, but the loans are pretty killer in all honesty. Right now, you can't beat a 3.4% interest loan... sure that's going up next year to 6.8, but still. Pretty good.

So, if you transfer to a Title IV school (which is almost all colleges and universities) then yes, you qualify for it. Go ahead and do your 12-13 FAFSA if you haven't. PM me your EFC (at the end of the FAFSA; on your confirmation page - also emailed to you), and I'll let you know what you can get in federal aid.

Also, you do not have to be accepted to a school to be eligible for federal aid.

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14-11-2012, 01:20 AM (This post was last modified: 14-11-2012 01:27 AM by kingschosen.)
RE: If you are a student or plan on going back to school...
(13-11-2012 10:58 PM)GirlyMan Wrote:  
(13-11-2012 09:41 AM)kingschosen Wrote:  ...and you're in the US, then ask me your Financial Aid questions.

I can help you out.

-Your friendly neighborhood FAC.

Given that you do this for a fucking living, this may very well be the most useful thread you've started here. Girly makes too much for his offspring to qualify for any aid, but I do appreciate the tax breaks. ... Bravo KC, bravo. [Image: bravo-7466.gif]

(13-11-2012 09:51 PM)Near Wrote:  Do you know anything about transferring schools? I applied for FAFSA, they said I probably qualified, and that was it. I imagine I need to actually be accepted to a school to know for sure if I qualify?

Don't think that's right. But KC would know better. FAFSA's got some fucked up rules if I remember correctly from when GirlyBoy tried to use it. Even though he bailed on me and moved to Oregon to mate and started supporting himself and a shitload of 5 other dependents when he was 19 yo, think they still required him to wait until he was like 22 yo or something before they stopped considering my income. That's fucked up.
Thanks, Girly Smile

If you're not married, don't have a kid, have a kid but don't provide 50% of its income, or under 24 then you are a dependent student.

A few exceptions:

If you were awarded to the state before your 18th birthday, then on your 18th birthday you are independent.
If you submit a dependency override and it's accepted due to situations beyond your control - no contact with parents, don't know your parents, etc, then you can become an independent student.

If your kid had kids during his school tenure and still used your income, it sounds like someone's FAC didn't know what they were doing.

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18-11-2012, 05:34 AM
RE: If you are a student or plan on going back to school...
Why does the FAFSA online dislike my tax data and my parents' tax data? The retrieval tool was supposed to work, and it's a rather large inconvenience to go to the IRS office for the data, particulsrly this late in the year. My family's EFC is too high for most anything, but that's more of a fluke as well, since the actual spending possibility is nowhere near what the EFC says.

Why does financial aid have to be so frigging difficult?

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21-11-2012, 08:59 AM
RE: If you are a student or plan on going back to school...
(18-11-2012 05:34 AM)il_bandit Wrote:  Why does the FAFSA online dislike my tax data and my parents' tax data? The retrieval tool was supposed to work, and it's a rather large inconvenience to go to the IRS office for the data, particulsrly this late in the year. My family's EFC is too high for most anything, but that's more of a fluke as well, since the actual spending possibility is nowhere near what the EFC says.

Why does financial aid have to be so frigging difficult?
Sometimes the retrieval tool can go wonky if you or your parents have done something to your taxes: filed late, filed for an extension, amended, etc.

This is to ensure that the correct tax information is placed in. More than likely you will be chosen for verification if you don't do the data retrieval tool.

Just be prepared... it's a lot of paperwork. If you're chosen for verification and you're a dependent student, you are going to need a copy of you and your parent's W2s for the 2011 tax year as well as you and your parent's 2011 tax transcript. Keep in mind, this isn't the tax return... this is the tax transcript that you have to get directly from the IRS. Pain in the butt. Even FACs hate dealing with the IRS.

The EFC is a proprietary number. The number isn't a direct representation of your family's income. That's the FTI, and it's on your ISIR or SAR (whichever you can access - probably SAR).

If your family's income is no where near what it was during the past tax year (parent lost a job or something like that), then you can request that the FAC do a professional judgment.

Each school is different as to how they handle professional judgments, but it would be your best course of action. You'll have to prove your family's current income and show that it is not what you were making in 2011. Based on that income, they will determine your EFC.

FA has become difficult and convoluted because students have egregiously abused the system... to a point that student debt is almost uncontrollable.

Hope this helps.

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