Curmudgeon
Recycles dryer sheets
- Joined
- Oct 17, 2016
- Messages
- 255
My daughter is a HS senior and will be attending college next fall. Unlike my son, who managed to get himself a free ride, I don't see any merit scholarships coming down the road for her. The FAFSA for 2018-2019 is based upon the 2016 tax year. I FIRED in mid-2016, and my income that year was fairly high, so there's no way she is going to get any need-based aid. So, it looks as though my daughter will be depending on loans - either from us, or others.
Are there any good reasons for me to file, or not to file, the FAFSA? Filing it would open the door to some non-subsidized Stafford loans, which currently cost 4.45%, with interest accruing from day 1. Not sure I like that interest rate; I would probably just loan her the money myself and maybe be generous on the interest as a gift. Other than the Stafford, I can't see any reason to file the FAFSA - it just opens up my personal finances (income and assets) to a list of third parties.
Any thoughts, from those who have been through this process?
[Oh, for the acronym-haters : FAFSA is Free Application for Federal Student Aid, the form college students fill out to get need-based financing for college.]
Are there any good reasons for me to file, or not to file, the FAFSA? Filing it would open the door to some non-subsidized Stafford loans, which currently cost 4.45%, with interest accruing from day 1. Not sure I like that interest rate; I would probably just loan her the money myself and maybe be generous on the interest as a gift. Other than the Stafford, I can't see any reason to file the FAFSA - it just opens up my personal finances (income and assets) to a list of third parties.
Any thoughts, from those who have been through this process?
[Oh, for the acronym-haters : FAFSA is Free Application for Federal Student Aid, the form college students fill out to get need-based financing for college.]
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