View Poll Results: Should I appeal the financial aid decision?
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Yes
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84.00% |
No
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16.00% |
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Re: Help with Financial Aid Decision
05-06-2007, 04:19 PM
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#21
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Full time employment: Posting here.
Join Date: Jan 2004
Posts: 851
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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.
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Re: Help with Financial Aid Decision
05-17-2007, 10:15 AM
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#22
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Posts: 12,880
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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
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Re: Help with Financial Aid Decision
05-17-2007, 10:20 AM
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#23
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 2,155
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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
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Re: Help with Financial Aid Decision
05-17-2007, 12:52 PM
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#24
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Recycles dryer sheets
Join Date: May 2004
Posts: 495
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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
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Re: Help with Financial Aid Decision
05-17-2007, 01:19 PM
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#25
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Location: Alexandria, Va
Posts: 1,053
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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
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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...
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Re: Help with Financial Aid Decision
05-17-2007, 08:29 PM
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#26
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,882
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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.
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Re: Help with Financial Aid Decision
05-18-2007, 05:46 AM
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#27
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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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?
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Re: Help with Financial Aid Decision
05-18-2007, 07:39 AM
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#28
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Full time employment: Posting here.
Join Date: Dec 2006
Location: Florida
Posts: 854
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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
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Re: Help with Financial Aid Decision
05-19-2007, 06:28 AM
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#29
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Recycles dryer sheets
Join Date: Oct 2005
Posts: 58
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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.
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Re: Help with Financial Aid Decision
05-19-2007, 06:31 AM
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#30
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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Re: Help with Financial Aid Decision
Quote:
Originally Posted by dt123
LOL, I can't tell if you are kidding or not.
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Let me make myself perfectly clear: I am not a crook kidding.
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Re: Help with Financial Aid Decision
05-19-2007, 07:47 AM
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#31
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Posts: 12,880
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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
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Re: Help with Financial Aid Decision
05-20-2007, 01:10 PM
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#32
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Confused about dryer sheets
Join Date: May 2007
Posts: 1
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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!
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