Join Early Retirement Today
View Poll Results: Should I appeal the financial aid decision?
Yes 21 84.00%
No 4 16.00%
Voters: 25. You may not vote on this poll

Reply
 
Thread Tools Search this Thread Display Modes
Re: Help with Financial Aid Decision
Old 05-06-2007, 05:19 PM   #21
Full time employment: Posting here.
 
Join Date: Jan 2004
Posts: 844
Re: Help with Financial Aid Decision

There is always the third option...appeal the decision, and if you get more aid, and then use some(or all) of the savings to donate to a cause/organization that you find worthy.
__________________

__________________
farmerEd is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Help with Financial Aid Decision
Old 05-17-2007, 11:15 AM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
 
Join Date: Jun 2006
Posts: 11,194
Re: Help with Financial Aid Decision

Here are the results of my appeal:

Due to my appeal, the scholarship amount was increased from $11,700 to $21,700! That is, an increase of $10,000. The total for tuition and fees comes to $44,000, so the University will be paying about half.

Thanks for all your advice!

__________________

__________________
Al
TromboneAl is offline   Reply With Quote
Re: Help with Financial Aid Decision
Old 05-17-2007, 11:20 AM   #23
Thinks s/he gets paid by the post
 
Join Date: Mar 2006
Location: Houston
Posts: 2,155
Re: Help with Financial Aid Decision

What an appeal! You're the man.

So, it took you about 2 hours to get it done, right? $5,000/hr, man oh man
__________________
Sam is offline   Reply With Quote
Re: Help with Financial Aid Decision
Old 05-17-2007, 01:52 PM   #24
Recycles dryer sheets
 
Join Date: May 2004
Posts: 495
Send a message via AIM to yelnad Send a message via Yahoo to yelnad
Re: Help with Financial Aid Decision

Wow. That's great.
__________________
Yelnad --"What you're paying for is an education, not a room at the Sheraton,and sometimes that education is uncomfortable."- Jim Terhune, Dean of Student Affairs, Colgate University
yelnad is offline   Reply With Quote
Re: Help with Financial Aid Decision
Old 05-17-2007, 02:19 PM   #25
Full time employment: Posting here.
kaudrey's Avatar
 
Join Date: Feb 2006
Location: Alexandria, Va
Posts: 941
Re: Help with Financial Aid Decision

Quote:
Originally Posted by SecondCor521
When I am at my best, the above would answer the question for me.

I am not always at my best, but I am trying to be at my best more often.

2Cor521
2Cor - For some reason, these words struck me. We are about the same age, and I have been thinking similar thoughts. I have found myself becoming more introspective lately.

Sorry OP, I don't have any thing to add to the Financial Aid discussion. Carry on...

Karen
__________________
Two roads diverged in a wood, and I - I took the one less travelled by...
kaudrey is offline   Reply With Quote
Re: Help with Financial Aid Decision
Old 05-17-2007, 09:29 PM   #26
Thinks s/he gets paid by the post
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 2,398
Re: Help with Financial Aid Decision

Karen,

Thanks!

2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is offline   Reply With Quote
Re: Help with Financial Aid Decision
Old 05-18-2007, 06:46 AM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,615
Re: Help with Financial Aid Decision

What a great thread! It looks like my plan to pay for college for my kids will work: Retire!

Did I write "work"? I meant "I won't work".

Besides me and T-Al, who else is gonna use retirement to get a great financial aid package?
__________________
LOL! is offline   Reply With Quote
Re: Help with Financial Aid Decision
Old 05-18-2007, 08:39 AM   #28
Full time employment: Posting here.
Sandy's Avatar
 
Join Date: Dec 2006
Location: Florida
Posts: 855
Re: Help with Financial Aid Decision

I've been reading this thread with great interest. While we are saving and have good hopes to cover much of the college costs, it is somewhat like trying to predict future health care costs - since the total annual financial burden is influenced by where you go, scholarships, available past savings, loans, and current out of pocket costs.

If my plans go as hoped, I will FIRE during my twins' junior year of HS. From this group I have learned that aid is based on past year's income, with the junior year used as the basis for the freshman year. As a result, if I don't make my FIRE goals and have to keeping w*rking, I will end up having to contribute more -- so will need to keeping w*rking!

So, like LOL!, in some ways I hope to FIRE to help pay for college.

__________________
I would not have anyone adopt my mode of living...but I would have each one be very careful to find out and pursue his own way, and not his father's or his mother's or his neighbor's instead. Thoreau, Walden
Sandy is online now   Reply With Quote
Re: Help with Financial Aid Decision
Old 05-19-2007, 07:28 AM   #29
Recycles dryer sheets
 
Join Date: Oct 2005
Posts: 55
Re: Help with Financial Aid Decision

LOL, I can't tell if you are kidding or not. It is perfectly feasible to semi-retire, a la "Work Less - Live More," and reduce your income to the point that the government and universities step up and pay for your kids' college educations. If you were still working 100%, you would have had to pay for the educations. Work Less - Live More - Get Financial Aid.

A flaw feature of the system is need is measured by what you make, not what you could make if you were really trying.
__________________
dt123 is offline   Reply With Quote
Re: Help with Financial Aid Decision
Old 05-19-2007, 07:31 AM   #30
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,615
Re: Help with Financial Aid Decision

Quote:
Originally Posted by dt123
LOL, I can't tell if you are kidding or not.
Let me make myself perfectly clear: I am not a crook kidding.
__________________
LOL! is offline   Reply With Quote
Re: Help with Financial Aid Decision
Old 05-19-2007, 08:47 AM   #31
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
 
Join Date: Jun 2006
Posts: 11,194
Re: Help with Financial Aid Decision

For the first year we got a 2K scholarship from the university, and 4K in one-year scholarships from outside sources, and we paid the rest. After learning from this forum that one can get just as good of an education from a good state school, I did some significant kicking of myself for what I considered was a major financial blunder.

However, with the current level of financial aid, it's turned out OK.
__________________
Al
TromboneAl is offline   Reply With Quote
Re: Help with Financial Aid Decision
Old 05-20-2007, 02:10 PM   #32
Confused about dryer sheets
 
Join Date: May 2007
Posts: 1
Re: Help with Financial Aid Decision

TromboneAl,

Congratulations on winning the financial aid appeal!

This is my first post on this board, and I just wanted to point out something that may help you (and others) in the future in regards to financial aid. IF you can manage to qualify to file a 1040A or 1040EZ federal tax form (instead of the 1040 long form), with your low adjusted gross income it appears that you should qualify for an automatic zero EFC in future years! This is known as "Automatic Zero-EFC."

The key is which tax form you file. If the parents have AGI of $20,000 or less (2006 amount) and the parents can file a 1040A or 1040EZ, then the student's EFC will be zero. This is even if the child has substantial income, or you and your child have substantial assets, as assets would not be counted in the financial aid formula.

There is also another rule known as the "Simplified Needs Test." If the parents have AGI below $50,000 (2006 amount) and the parents can file the 1040EZ or 1040A form, then all the family's assets will be excluded from the federal financial aid formula. This can be a substantial benefit if much of your wealth is outside tax-sheltered retirement plans.

These two rules can make the student eligible for a Pell Grant and other benefits. It's my understanding that if you did file a 1040, but were eligible to file a 1040A or 1040EZ, these rules will still apply. If the only reason you have to file a 1040 is because you have taxable capital gains from the sale of securities, for example, you may want to think about delaying sale of stocks in future years while your child is in college so you can file a 1040A or EZ.

There is an excellent financial aid calculator at http://www.finaid.org/calculators/finaidestimate.phtml that includes these two rules in the calculations. It may be fun to play with the numbers there!

Best wishes!



__________________

__________________
I dropped out of the rat race, but I haven't retired from life!
EarlyRetiree is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Roth Conversion and College Financial Aid TromboneAl Other topics 2 12-20-2006 10:59 AM
Stop working = More college financial aid? LOL! FIRE and Money 60 11-19-2006 01:51 PM
Spendthrifts Get Financial Aid TromboneAl FIRE and Money 38 06-16-2005 03:38 PM
College financial aid planning farmerEd Other topics 38 05-05-2005 08:32 PM
College / financial aid farmerEd FIRE and Money 33 01-28-2004 03:16 PM

 

 
All times are GMT -6. The time now is 08:34 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.