FAFSA & CSS PROFILE.....

[princessleia]

ok...I am feeling quite lost here. DD is a senior and will be applying for college soon. I got lots of questions. Do I apply for FAFSA even though I have substantial savings (altho I do need to stretch that a bit to make it last as I do see her spending lots of years studying) However, I don't think I can afford full sticker price, I do need the college/university to 'lower' their costs (in the form of aid & grants). Where and how do I start this whole college financial thing?

Feeling ignorant and lost.....  

[Sharon]

You will need to do that FAFSA starting in January.  A lot of college won't even consider scholarships, grants etc without that.  With my DD we found that colleges offered scholarships from her area of study (school of business, school of engineering etc).  You go to the college website and look in her particular area of interest and then look for scholarships specific to that. The applications for those scholarships are lots of time due in the December/January time frame.  Then they can be awarded before the "packages" go out in the spring.  It sounds like your best bet for lowering the cost is getting some scholarships.

Since your DD is still in high school have her start checking out scholarships offered by your local service organizations (Rotary, Elks, Eagles, etc).  DD did an activity resume when she was a senior in HS and it really helped with scholarship applications.  That way she didn't have to rethink each time what years did I volunteer here or work there type of thing.

Also check out and see if your state has certain aid things.  In our state students can qualify for an opportunity grant of ~2000 a year.  I have heard of other states where they can get the first year or two paid for if certain qualifications are met.  Again a lot of things are based on the FAFSA.

Another thing with some of these they are based on a first come first service type of things.  In other words the first kids to qualify get the money and when the money is gone, oh well.  That is why we always did our estimated FAFSA on Jan 1.  It got us to the first of the line for money.

You will also need a "pin" to sign your FAFSA.  You can apply online to get that you will want to get on that so you have the pin by the beginning of the year.

Does the HS counseling office have someone who helps the kids with college financial aid things.  DD's high school did and it was a good resource.

Go to every opportunity you get to learn more about the process.  When doing college visitations, at the big open house type things, there is usually a seminar for the parents on paying for college, go.  DD's high school also had an evening where they brought people in to talk about paying for college.  There is a lot to be learned at these things.

[973beachbum]

My first thought when I read this was to offer you my condolences.

First of all you should fill out the fasfa.  It doesn't matter how much you have basically.  Unless you are literally a multi millionaire and are totally fine paying the whole sticker price, fill out the fasfa!

A few little tips.  It is still 2015 so it is still possible to tweak your finances to help here.  One thing I would add is that mom and dad's savings don't count that much for fasfa.  it is only 5% for the parents savings, and retirement accounts don't count at all for fasfa, for the student it is 20%.  So don't think you wouldn't qualify for any aid just because of savings.

The most important thing here is to NEVER fill out the CCS profile unless a college tells you have to.  If they say anything else just ignore it.  Most schools will actually encourage it but still say it is "optional".   Trust me you are always going to be better off with just the fasfa than CSS profile!

[973beachbum]

www.forbes.com/sites/troyonink/2014/11/28/2015-guide-to-fafsa-css-profile-college-financial-aid-and-expected-family-contribution-efc/

The CSS Profile is frequently due significantly earlier than the FAFSA as well. Many schools require students applying for early decision or early action to file the application by Nov. 15 of the year before they attend. And regular admission students often must file by Feb.1 of the year they will attend. Financial aid deadlines for both the CSS Profile and the FAFSA vary from school to school and in both cases, families are urged to estimate their income tax figures and submit the forms as early as possible to take advantage of aid awards that are distributed on a first-come, first-serve basis.

"You really can't wait," says Hoffman.

Read more: www.bankrate.com/finance/college-finance/css-profile-maximize-financial-aid.aspx#ixzz3nylfLdRh
Follow us: @bankrate on Twitter | Bankrate on Facebook

A little light reading for you.

I would suggest when she is applying to colleges you look at the college's website to find out what they require and what the date is that it has to be in by to  qualify for school aid.

[GRG a/k/a goldenrulegirl]

Fill out the FAFSA (and the CSS *IF* the schools she is applying to require it) early. Even if your DD isn't eligible for Federal financial aid, many schools won't award ANY financial aid (scholarships, awards, private grants, etc.) unless the FAFSA/CSS are completed and submitted.

As for aid for folks who ON PAPER *appear* not to need it, most, if not all, schools also offer merit aid based solely on grades without influence from the FAFSA or CSS. Most schools inform the student that he/she received one or more merit scholarships in the acceptance letter. If your DD has strong grades (as compared to a particular college's student profile) and/or high SAT/ACT scores (again as compared to the college's student profile) she could get anywhere from a couple of thousand dollars/year to full tuition (but not room and board, etc.)/ year REGARDLESS of your income or your savings. Most colleges clearly tout these scholarships on their websites.

Also check to see if she is attractive to schools for talent in an extracurricular such as sports or music or other skill. If she is willing to play for a school team or orchestra or other such group, she can be awarded scholarships that are separate from FAFSA/CSS need-based funding.

Don't dismiss expensive private schools automatically because of the cost. Most have deep pockets and award very generous merit and other scholarships to students they WANT for their school. Make sure your daughter markets herself well because, in the end, college admissions is simply a sales and marketing campaign.

And, be sure to check for interstate agreements and other such quirky programs that allow students to pay in-state or reduced rate tuition at out-of-state public colleges and universities when the home state public universities lack a program for the student.

Good luck!!

[garion2003]

Definitely fill out the FAFSA. By doing it, she might or might not get aid. By not doing, she definitely WON'T get any aid. Also the formula is largely influenced by income, so your 'substantial savings' may or may not make a difference.

There is no more FAFSA PIN, it's now an ID and password combo, just like your bank or most any other site.

 How much aid she receives is ultimately up the school. As others have said, if she doesn't qualify for need based aid, look for a school that offers merit scholarships.

Good luck!

[princessleia]

I do need to do the CSS Profile - the college/university DD is interested in requires it. 

Thanks everybody who answered and point me to the right direction....  I know I can always count on YMers. Any other tips would be welcomed too!

And yes, GoldenGirl, we are not ruling out private universities/colleges (that was a turnaround for me   . DD's grades and extracurricular activities are above the norm and so I do hope she will be able to get into a good college at a bargain price.  

[princessleia]

Oct 8, 2015 8:10:38 GMT -5 garion2003 said:

Definitely fill out the FAFSA. By doing it, she might or might not get aid. By not doing, she definitely WON'T get any aid. Also the formula is largely influenced by income, so your 'substantial savings' may or may not make a difference.

*relieved to know* and *yeah*   

[The Captain]

princessleia - I'm not trying to beat you up, but do want to point out for other posters that waiting until senior year of HS to figure out college financial aid may not be the most productive way to go.

A lot can change in a year or two, but for me at least, I'll feel much better at least knowing how things work.

There are many scholarships out there.  She should start applying for any and all for which she may qualify.  The $500 and $1K ones can add up.

Does the HS have a guidance office that provides assistance with scholarship applications?

[princessleia]

Oct 8, 2015 10:58:57 GMT -5 The Captain said:

princessleia - I'm not trying to beat you up, but do want to point out for other posters that waiting until senior year of HS to figure out college financial aid may not be the most productive way to go.

I know, I know....it's more to do with not wanting to think and deal with the fact that she's going to be leaving home and going away.....     

[The Captain]

Oct 8, 2015 11:21:00 GMT -5 princessleia said:

Oct 8, 2015 10:58:57 GMT -5 The Captain said:

princessleia - I'm not trying to beat you up, but do want to point out for other posters that waiting until senior year of HS to figure out college financial aid may not be the most productive way to go.

I know, I know....it's more to do with not wanting to think and deal with the fact that she's going to be leaving home and going away.....     

I understand - but have to ask:  Why is the going away part necessary?

I live in a major urban area and besides an excellent community college system, we have several top notch (one of the best in the country) universities within commuting distance.

Now, yes - not everyone has that option BUT I'm shocked when people (especially in my area) assume you have to go away to college.

Unfortunately, I know several people whose kids have, or are, racking up substantial debt to get the "full college experience" when a great school with their program was sitting right in their back yard.

DD is only 12 so it's easy for me to talk, but heck - I'd be thrilled if she choose to go to a local school and have told her so many times.

[GRG a/k/a goldenrulegirl]

IME, colleges want diverse student bodies and that includes geographically-diverse students.

ODS got the most merit money from the school that was 13 hours away and the least from the school that was an hour away.  I can't say with certainty that it was an intentional move on the part of the furthest school, but it was really hard to turn down all that money for the school in the middle distance and merit aid-wise.  

[saveinla]

The going away part may not be because of distance - just away from home, even if the college is close.

[princessleia]

Oct 8, 2015 11:27:59 GMT -5 The Captain said:

Oct 8, 2015 11:21:00 GMT -5 princessleia said:

I know, I know....it's more to do with not wanting to think and deal with the fact that she's going to be leaving home and going away.....     

I understand - but have to ask:  Why is the going away part necessary?

I live in a major urban area and besides an excellent community college system, we have several top notch (one of the best in the country) universities within commuting distance.

Now, yes - not everyone has that option BUT I'm shocked when people (especially in my area) assume you have to go away to college.

Unfortunately, I know several people whose kids have, or are, racking up substantial debt to get the "full college experience" when a great school with their program was sitting right in their back yard.

DD is only 12 so it's easy for me to talk, but heck - I'd be thrilled if she choose to go to a local school and have told her so many times.

DD is set on not going to the local university here - I tried talking to her but she is set on couple of universities/colleges that are a few hours away. I guess I am just getting a taste of my own medication (I was just as independent and got my own ideas when I was her age....my poor mother   My only stipulation to her was that the yearly cost should not exceed what I am going to pay for the local university here and she agreed.  

[973beachbum]

Going away doesn't have to be 13 hours away.  My DD is 4ish hours away.  I will say though that we seriously underestimated what the cost would be for transportation home during the year!  In my mind that was optional so she didn't have to.   There were things like breaks and holidays that we wanted her to come home for.  Just her smaller distance costs like $40 a trip.  PA tolls suck.

I wouldn't totally rule out a school farther away if I was you but I personally wouldn't encourage a long distance.  I have seen too many kids insist they have always wanted to live in Miami when they are from NJ.  Like 1% actually make it the entire first year.  Most only make it through the first semester because mom and dad are furious that they are going to quit and lose all that money paid for it.

I think looking back incedentals and transportation last year came to $3000 so it really is something I think people should at least think about in their budget.

As far as the local CC vs a 4 yr.  My DD was adamant that she wasn't going to the local CC because it would be like her 5th year of HS.  There were maybe 50 kids from her graduating class that went there and most weren't the best students.  I also did an excel spread sheet of the schools applied to with their costs minus aid and scholarships.  The CC would have been about a quarter the cost, skipping commuting costs, but all the others came in pretty close including R&B.  The small liberal arts college she chose ended up only $300 more a year than the local state U.

[GRG a/k/a goldenrulegirl]

Around here, many kids go to local colleges...and live on campus.

By local, I mean as little as 15 minutes away from home.   

I figured if my kid was going to pay all that money to live on campus it was only going to be because he couldn't reasonably commute.

A college that is 8 hours on a good day on 95 away is not a reasonable commute.  But, just barely.    

[NomoreDramaQ1015]

A lot of colleges have been going to freshman are required to live on campus.    Giant money collecting racket.

Simpson was a 2 hour drive from Council Bluffs.   I wouldn't consider that "away" from home but it wasn't something I was going to drive daily either.  It took half a tank of gas to get there so I'd be looking at a tank a day commute.  That would have added up over two years.  Not to mention wear/tear on the car and interstate 1-80 becomes a death trap in the winter.

UNO would have been a better option since it's 20 minutes away but since I live in Iowa I would have had to pay out of state tuition.  That would have added up to more than what I paid to live at Simpson.

Since then UNO has changed their tuition policy and if you live in certain areas of Iowa you qualify for a special tuition rate.  It is still higher than in state but not nearly as high as paying the full out of state tuition.   So it's something we'll be looking at for our kids in the future. 

[973beachbum]

Here too GRG.  Even the local one that is 40 miles away is too close to live there IMO.  That is literally the normal commute for tons of people.  Living there is social IMO.  Although I will say that commuting isn't free like people seem to think.  Gas and tolls cost more than most estimate and that doesn't even include the wear and tear on a car.  Not to mention the cost to my nerves if DD had to commute 40 miles in the winter with snow and bad weather.

We looked at one school that is 90 miles away.  It was actually DD's fav.  It was also $65K a year.   Even that was close enough that even she could see that she would be home almost every weekend.

[happytraveler]

I do not know what your financial situation is, but you indicated you have "substantial assets". My experience putting 2 kids through private colleges was that it was a waste of time filling out the FAFSA. Like you we had significant savings, significant income and it was obvious to me that we were not going to get any need based aid, other than the opportunity to get a GSL in the amount of $5000. We filled out all the paperwork, and sure enough, no need based aid...just the opportunity to borrow $5K. I suppose there is no harm in completing the FAFSA, but set your expectations reasonably.

[princessleia]

Oct 10, 2015 19:29:17 GMT -5 happytraveler said:

I do not know what your financial situation is, but you indicated you have "substantial assets". My experience putting 2 kids through private colleges was that it was a waste of time filling out the FAFSA. Like you we had significant savings, significant income and it was obvious to me that we were not going to get any need based aid, other than the opportunity to get a GSL in the amount of $5000. We filled out all the paperwork, and sure enough, no need based aid...just the opportunity to borrow $5K. I suppose there is no harm in completing the FAFSA, but set your expectations reasonably.

HappyTraveler, what was your net price that you paid for your kids' private college? Was it substantially lower than their sticker price? And was the private college part of the CSS PROFILE group? 

[happytraveler]

Oct 11, 2015 19:11:10 GMT -5 princessleia said:

Oct 10, 2015 19:29:17 GMT -5 happytraveler said:

I do not know what your financial situation is, but you indicated you have "substantial assets". My experience putting 2 kids through private colleges was that it was a waste of time filling out the FAFSA. Like you we had significant savings, significant income and it was obvious to me that we were not going to get any need based aid, other than the opportunity to get a GSL in the amount of $5000. We filled out all the paperwork, and sure enough, no need based aid...just the opportunity to borrow $5K. I suppose there is no harm in completing the FAFSA, but set your expectations reasonably.

HappyTraveler, what was your net price that you paid for your kids' private college? Was it substantially lower than their sticker price? And was the private college part of the CSS PROFILE group? 

My kids colleges retailed for about $47K per year....room, board, tuition, fees, etc. They each coincidentally got similar merit aid totaling about $17K per year...so net cost to us was $30K per year. We had two in college at the same time for three years. Neither school used the CSS. We completed the FAFSA for both and there was no need based aid offered other than the aforementioned GSL for about $5K. We passed on the loans.

[garion2003]

Every college should have a "Net Price Calculator" that should give you a decent estimate of your aid eligibility. And you can always play with the numbers - if you know you will 2 in college a year from now, or if you are going to get a windfall ...etc.

To answer the OP, most colleges require the student to apply for financial aid before giving any sorts of discounts or aid.

[Peace77]

Start by having your daughter take Advanced Placement (AP) classes if available or college classes if the high school has an agreement with a local community college.  Some areas allow dual enrollment with the school district paying for the college classes.

Sign up for Upromise at their website,  Upromise.com


Start researching and applying for scholarships and grants.   The deadlines are very soon. Check with the high school guidance counselor for info on local scholarships.

See Fastweb.com
Scholly.com
Finaid.org

Be aware that a more expensive school may offer more financial aid making the total cost less.

[luckyme]

I have the opposite advice to Peace77 on some items. 

AP classes can be a great thing, but beware of dual enrollment unless you're going local. My friend's son just started college and his school didn't take any of them. Since we have to pay for them here, it was a waste of money.  Also, tuition is usually for semester, so you will pay the same for 12 credits that you would for 18, so those dual classes even when accepted don't necessarily make it cheaper, just easier. 

Also, most of the scholarship websites are often a lot of work w/ very little return. You would be better off targeting the colleges themselves as they often give the most money.     Beware the "freshman" scholarships that entice enrollment but don't carry forward.

There are lots of resources out there on Best colleges, scholarships, etc, but it does take a lot of time to delve into the research. 

I spent a good portion of last fall researching for DS who wanted to go for engineering.  Fortunately, he was a high stats kid, but even with that, it was a lot of work.  Did manage to get him into a school w/ full tuition +.  With loans, work study, some cash from us, he is now enrolled in a 4 year engineering program and loving it. 

[Peace77]

Yes, it takes work to get scholarships.  It may require writing essays or putting together a grant application.  One student earned $92,000 in scholarships.  Some scholarships go unawarded because no one applied.

Another option is to attend a cooperative school.  Student alternate semesters of classes with paid internships.  The internships are normally enough to pay for the following semester.

One way to work through school includes working for an employer that offers tuition reimbursement.

I suggest reading the book, Debt Free "U".  There is another similar book on paying for college but I don't remember the name.

[Deleted]

Oct 14, 2015 19:56:39 GMT -5 Peace77 said:

Yes, it takes work to get scholarships.  It may require writing essays or putting together a grant application.  One student earned $92,000 in scholarships.  Some scholarships go unawarded because no one applied.

Another option is to attend a cooperative school.  Student alternate semesters of classes with paid internships.  The internships are normally enough to pay for the following semester.

One way to work through school includes working for an employer that offers tuition reimbursement.

I suggest reading the book, Debt Free "U".  There is another similar book on paying for college but I don't remember the name.

I recommend that book as well.  I just pulled it off the shelf the other day to reread since it's been a couple years.

[973beachbum]

Everyone needs to remember that a huge percentage of those unawarded scholarships are because there is no one who finds it meets the very specific criteria. 

When we were looking for DD one of the scholarships was for female teaching majors who were of Italian decent, left handed and under 5 feet tall.   How many people would even fit that criteria not to mention find out about it
 

[GRG a/k/a goldenrulegirl]

Sounds more like they just don't want to give away the money, LOL.