Tiny
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Post by Tiny on Apr 12, 2011 11:47:37 GMT -5
The article mentions that the AVERAGE loan burden is 24K... That doesn't sound so bad to me... that's like, what, a car loan?
I suppose if you have 24K in SL debt and your major was Flower Arranging (and you didn't bother to take ANY business or accounting or marketing courses and didn't bother having a job and barely got passing grades in ALL your courses) maybe it wasn't such a good idea.
I think the people in trouble are the ones like my neice who have 60K (I'm estimating - she was on the 5 1/2 year plan) in SLs, a usable degree (education) but who 'fail to launch' by not really trying to find a job... She's been out of school for 3 years and still not working full time. she apparently has better things to do...
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thyme4change
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Post by thyme4change on Apr 12, 2011 11:47:39 GMT -5
Arizona in state tuition is $4000 per semester, so $8,000 per year. Just to pay tuition, you would have to work 18 hours per week, every week for $10/hour. You would still have to come up with rent, food and books. You would still have to work nearly 40 hours per week, every week, to make enough to get out of state school with no debt.
Argue all you want, but the fact is, even in state school, tuition has gone up disporportionally to all other categories of expenses and to average earnings and to minimum wage, and to inflation. And, it isn't like the housing bubble that burst and everything came back down. State budgets have slashed funding to public universities, and non-dischargeable loans have made financing easy to get. The result has been a movement of costs from the tax payers to the students. What was possible 10 years ago is much, much more difficult today. Maybe it is the correct thing to do - maybe not. We can argue that all day. But you can't argue that because you did it in 1984 they can do it today. It is an apples and oranges comparison.
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Post by Deleted on Apr 12, 2011 11:48:34 GMT -5
When I returned to school at age 22, I was still considered an effing minor and my parent's considerable income still counted against me, My friend's parents made a 150k when she applied for the FAFSA. She had two older sisters in college and they still thought her parents could afford 15k a year for just her.
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michelyn8
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Post by michelyn8 on Apr 12, 2011 11:51:19 GMT -5
Yeah the whole "I went to college 20 years ago without student loans by working and paying for it myself" mentality drives me nuts. It is not possible to do that anymore. You may make min. wage or slightly above working two jobs and still come nowhere close to paying for one year of in-state tuition, room and board cost. College costs have skyrocketed whereas wages have not. As others have pointed out, even the school I attended in 2001 has doubled in price, wages haven't. Of course the super expensive all the bells and whistles colleges for English degrees are there to point fingers at but the reality is college is insanely priced and only the super rich (parents pay outright) or super poor (huge grants) get out of there student loan free. I never finished college and I'm not buying that you HAVE TO HAVE student loans to get a degree. Its a choice plain and simple. You can choose to take out loans and go full time to a specific school while choosing to live on campus thus creating the room and board expense and choose a specific degree program that may or may not require you to expend extra fund for books than other stuff OR you can go part time while working, choose a school that allows you to live in a LCOL area with friends or family off campus, seek scholarships and grants and spend a year or two extra to get a degree that will allows you to pursue employment in more than one field. Then there is tuition reimbursement offered by some employers that will enable you to obtain your initial degree or even additional degrees at no cost to you. You always have a choice!!!! No one is forcing you to obtain students loans so if you're tens of thousands of dollars in debt when you graduate, suck it up.
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Firebird
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Post by Firebird on Apr 12, 2011 11:52:53 GMT -5
Some of you seem to be out of date with reality at this point in time. My alma mater (I graduated last year) is more than DOUBLE what the rate was when I first started college. I worked 3 jobs and graduated early. I also had scholarships (not a full ride).
I still had $10k in student loan debt. That figure is low and I can afford it but I challenge anyone to go to school now without some debt. It is near impossible now.
$10k is one thing, strider (I have $15k myself). $60k, $80k, and especially over $100k (for UNDERGRADUATE) is ridiculous.
Less than $20k is fine, I think. My payment is $200 per month, which was not nearly enough to break the bank at any point in my career. It's a good goal (mind you, I racked up that debt in one year - but I blitzed through two years worth of classes in that year and I was willing to pay a premium to finish that quickly; had I waited to gain residency, it would have been more like $5k in debt, if anything).
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Post by pig on Apr 12, 2011 11:55:05 GMT -5
I never finished college and I'm not buying that you HAVE TO HAVE
Who on this thread said you had to go to college?? Are you saying that a middle income family should not have the ability or right to send their high aptitude student to college? Sorry, but we've gained many an outstanding scientist, doctor, educator etc from families that had no way to afford to send their children to college and they were only able to go through intervention from the schools. Schools aren't doing that so much anymore.
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Post by tea4me on Apr 12, 2011 11:55:23 GMT -5
I lived in an area where there was not a college nearby. Otherwise, I probably would have gone right after high school and lived with my dad.
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michelyn8
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Post by michelyn8 on Apr 12, 2011 11:58:05 GMT -5
I never finished college and I'm not buying that you HAVE TO HAVE Who on this thread said you had to go to college?? Are you saying that a middle income family should not have the ability or right to send their high aptitude student to college? Sorry, but we've gained many an outstanding scientist, doctor, educator etc from families that had no way to afford to send their children to college and they were only able to go through intervention from the schools. Schools aren't doing that so much anymore. I hit a wrong key when I went to take off the caps lock. Darned fingers have a mind of their own sometimes.
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Firebird
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Post by Firebird on Apr 12, 2011 12:00:01 GMT -5
I think the first priority is to find the degree you want. Then figure out how to afford it.
I agree that Underwater Basketweaving for an out of state private college isn't going to cut the mustard but it really is a disservice to the students that know what they want to do.
Well said. And I would add that if the thing you want to do isn't going to pay well, you need to figure out how to get the degree on the cheap (or not at all).
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Firebird
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Post by Firebird on Apr 12, 2011 12:01:40 GMT -5
The article mentions that the AVERAGE loan burden is 24K... That doesn't sound so bad to me... that's like, what, a car loan? I suppose if you have 24K in SL debt and your major was Flower Arranging (and you didn't bother to take ANY business or accounting or marketing courses and didn't bother having a job and barely got passing grades in ALL your courses) maybe it wasn't such a good idea. I think the people in trouble are the ones like my neice who have 60K (I'm estimating - she was on the 5 1/2 year plan) in SLs, a usable degree (education) but who 'fail to launch' by not really trying to find a job... She's been out of school for 3 years and still not working full time. she apparently has better things to do... This. I'm not against a nominal amount of SL debt because in many cases it IS unavoidable. But one needs to be smart and realistic about the realities of one's desired career, especially in the pay department.
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Firebird
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Post by Firebird on Apr 12, 2011 12:06:45 GMT -5
Arizona in state tuition is $4000 per semester, so $8,000 per year. Just to pay tuition, you would have to work 18 hours per week, every week for $10/hour. You would still have to come up with rent, food and books. You would still have to work nearly 40 hours per week, every week, to make enough to get out of state school with no debt.
You're forgetting summers. I pissed around quite a bit my first summer, but I made something like $5k during the second and I wasn't working particularly hard. So that's more than half of one year's tuition right there.
Like I said, I'm not against a nominal amount of debt but there are realistic ways to cut the cost, and working during the summer and winter breaks is definitely one of them. 18 year olds do not need four months of vacation per year.
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973beachbum
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Post by 973beachbum on Apr 12, 2011 12:26:30 GMT -5
Doc - Is the $7600 or $16000 per semester? Per year? For a four-year degree, that sounds really cheap. Yeah this is when I know I live in a very HCOL area. The local CC costs $6800 a year. I have a freshman in HS and I don't want to know what a 4 year univ will cost when she goes.
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thyme4change
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Post by thyme4change on Apr 12, 2011 12:28:06 GMT -5
I included summers.
$10 x 40 x .9 (taxes) x 52 = $18,720
Less $8000 for tuition. Less $1500 for books Leaving $9k for living expenses or $765 per month. I lived off $600 per month, with a free car from Mom and Dad when I was in college. That was 20 years ago. I assume prices have gone up a little since then.
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Lex Luthor
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Post by Lex Luthor on Apr 12, 2011 12:32:06 GMT -5
Starting next year (in AZ), they just approved raising tuition ~$1500 at each of the three in-state universities....about a 19% increase. Just ten years ago, the tuition for these same universities was $2,000 to $3,000. However you slice it, the cost for a college degree has risen substantially in AZ, as it has elsewhere in the country. The wages a student can earn and the number of jobs they have access to has not.
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Post by Deleted on Apr 12, 2011 12:33:07 GMT -5
I'll probably pay off that 10k for him as a graduation gift. That's very generous of you! 9%, ouch. I thought my 6.8% was bad. On parental help - I think they need to revisit the FAFSA eligibility. When I returned to school at age 22, I was still considered an effing minor and my parent's considerable income still counted against me, even though I hadn't lived at home in four years and hadn't taken a penny of support from them in more than two. I wasn't even on their health insurance anymore. It was incredibly frustrating. There has to be a way to NOT penalize young independent adults for their parents' income if it's not a factor while safeguarding against parents saying they won't help and slipping Junior some money on the sly. Make it so parents have to contribute the EFC? Hey divorced parents sometimes have to, why not other parents? You can contribute to the EFC by letting them live with you or by paying the cash. If you will not, you must sign a legal document and your child become an independent. If you do give them money (more than X) amount you are jailed and fined.
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shanendoah
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Post by shanendoah on Apr 12, 2011 12:36:01 GMT -5
When I started undergrad in 1994, I had a $10k scholarship that was supposed to be the cream of the crop, best academic scholarship the school offered, full ride for 4 years. (I worked in the scholarship office. It wasn't the best scholarship, the best was from a private endowment, but qualifying for the one automatically removed you from the running for the other.) Now, I screwed up, lost my scholarship and took 6 years to graduate (I went part time for 2 years and drastically changed my major as well.) But when I did graduate, that $10k a year, just 2 years after I was supposed to have finished, was no longer a full ride.
College prices are going up. In part because the public doesn't want to pay more taxes and therefore doesn't want to fund higher education. Right now, there are numerous articles about the fact that the new WA state budget is slashing funding to UW, and therefore UW is responding by decreasing the number of in-state freshman slots it has and increasing the number of out-of-state students it takes in order to keep the numbers going. It doesn't actually cost more to educate an out-of-state student, but they get to charge almost 2.5x as much ($8,700/yr in state, $22,000/yr out of state). I can't find the first article I read on it that tracked the changes in the percentage of costs that used to be subsidized by the state, but will try and post that tonight.
So, for those of you who say "just go to the state school", that's actually becoming less of an option.
Dependency status for the FAFSA has been an issue forever. In the 90s it was an issue. I remember having to tell people that it didn't matter if they hadn't spoken to their parents for 3 years, if they were never declared a ward of the court or emancipated minor, they had to ask for their parents' tax information in order to apply for student aid. The worst part was the parents who were mad at the year gap between when they could claim the student as a dependent on their taxes and when the FAFSA considered the student independent. We had a standard little blurb that said "this is a federal regulation. the school has no authority to wave or in any way alter the requirement. you are free to take the matter up with your congressman or senator." And if they kept yelling at us, we student employees were given permission to hang up on them.
And I don't know how many people are forgetting the summer. You still have to find a way to feed and house yourself over the summer (when dorms and cafeteria are shut down, even for people taking summer classes). So most students do work during the summer, they just have other bills to pay.
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Firebird
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Post by Firebird on Apr 12, 2011 12:39:46 GMT -5
Leaving $9k for living expenses or $765 per month. I lived off $600 per month, with a free car from Mom and Dad when I was in college. That was 20 years ago. I assume prices have gone up a little since then.
A little, but $765/month is still workable. Especially if you don't have a car (and most college students truly don't need one). My living expenses during my last year of college were around $600/month, and I did have a car. This was 2009.
Besides, even if you have to take out, what, $200/month in loans to cover the shortfall that's only $9,600. Which I've said is reasonable.
Work two jobs or overtime in the summers and you might not even need that much. Plus, you can always graduate early.
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Post by ty on Apr 12, 2011 12:43:16 GMT -5
www.nytimes.com/2011/04/12/education/12college.html?_r=1I hope this link works. It's not my problem these people are graduating with a lot of student loan debt. They can't buy houses or purchase other items. Maybe they should have thought about that before signing the dotted line. Yes, I am a cold hearted woman. ;D Student loans is a credit-trap for new students that usually end up getting stuck for life deep in debt, ruining their future of ever succeeding in America. When I worked at a college, I explained the FAFSA applications vs the Student Loans. I helped a lot of students fill out their FAFSA's and apply for other grant programs. Others that went for the student loans usually regretted in doing so. There is plenty of "Free Money" available for college students. You just have to look and talk with a good councilor on campus that will help guide you along the way and assist you with the information that usually is on a table at the financial aides office. Just don't go to college and apply for a student loan. Do some research and talk to some people on the campus. You will be happy that you did, and it will save you a lot of money and headaches.
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Firebird
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Post by Firebird on Apr 12, 2011 12:45:51 GMT -5
So, for those of you who say "just go to the state school", that's actually becoming less of an option.
This was true for me. The state school was more expensive than the out-of-state school (I got a scholarship too, which was part of the reason). I'm not denying college costs are going up - it's just that people have to play the cards they're dealt. Taking out loans to cover every last penny might have been workable 20 years ago, but today it's close to financial suicide.
And I don't know how many people are forgetting the summer. You still have to find a way to feed and house yourself over the summer (when dorms and cafeteria are shut down, even for people taking summer classes). So most students do work during the summer, they just have other bills to pay.
This is true, and not everyone can live at home. However, since college towns are usually deserted during the summer, it's usually possible to find comparatively cheap housing. And if you don't have classes to worry about, you can work a lot of hours.
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Firebird
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Post by Firebird on Apr 12, 2011 12:47:16 GMT -5
The worst part was the parents who were mad at the year gap between when they could claim the student as a dependent on their taxes and when the FAFSA considered the student independent. We had a standard little blurb that said "this is a federal regulation. the school has no authority to wave or in any way alter the requirement. you are free to take the matter up with your congressman or senator." And if they kept yelling at us, we student employees were given permission to hang up on them.
Talk about preaching to the choir ;D
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msgumby
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Post by msgumby on Apr 12, 2011 13:02:22 GMT -5
I have a few thoughts on the matter. I graduated in 2003 and both my husband and I (each) had about 6k in student loan debt with science/engineering degrees from a top private university (although we had very different financial situations in college). I'm not convinced that going to a public school saves much money, given my experience with financial aid at private universities.
The way our school worked, is they first determined how much it would cost to attend per year. They would then take the parents salary and my personal savings and figure out how much we could contribute. I had about 5-10k saved up before going to college, and any money I had in savings was the first thing they assumed we could contribute. My parents were upper middle class so between that and my savings, I did not qualify for any aid initially. My father retired mid-way through college, and once that happened I qualified for aid. The first aid they offered was federal perkins loans (which were only 1-2k/year and maxed at 6300 for an entire undergraduate education. Once they had subtracted off those contributions, they found us grants to cover the rest of our tuition and living expenses. Going in, I was quite upset to realize that my savings for the last 10+ years just diminished my possibility for grants and they expected me to spend it ALL in the first year. Once my father retired, I was able to get some grants (but any work I did counted against me and reduced my available grant money directly). I still worked over the summers, but mostly for experience and the exact dollar amount I made was pretty meaningless. I ended up with 6300 in federal perkins loans. If my parents weren't willing to help contribute to my education, I'm not certain what I could have done for the first few years. It was automatically assumed by the university that they would contribute to my education, and I may have been able to ask them for more loans if that wasn't the case. The only time I know they have done something like that is one of my friends had an abusive father (now divorced from his mother) and with some convincing they decided to not evaluate his fathers contribution. It would have been impossible for me to fund my education on my own at that point based on working because first I couldn't earn that much in a year and second even a part time job was impossible to have while attending my college (at least during the school year we were expected to spend 60-80 hours/week on homework).
My husband had no savings and his mother's expected contribution to his education was zero dollars (her income was too low). He got full financial aid for 4 years (including room and board, tuition, books, etc...) and ended up with the same 6300 in student loans. We also discovered that we lived fairly frugally and his grant money they provided to cover books and living expenses was well more than he actually needed. But, any savings he had from one year directly reduced his grant money for the following year (thus not really inspiring us to save too much money because we would just have to give it back).
Discussions with a number of friends that attended top-rated universities have had similar experiences with the way they determine how much aid to give you (they will give you grants if your parents don't make enough - but always assume if your parents do make enough that they will contribute). In the end, I'm not complaining because we ended up with an excellent education, for very little money. Now, we both could have gotten free rides at state universities, but I'm very convinced we got our moneys worth. Looking forward, I plan to help our kids however we reasonably can. We will make enough money that it will be hard for them to qualify for much aid, and we will hopefully be in a position to be able to help.
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Post by Deleted on Apr 12, 2011 13:02:38 GMT -5
The thing that pisses me off, is that parents are not required to fill out the FAFSA but the student is penalized if the parent does not. Also, what about people whose parents are toxic? Some parents will use ANYTHING to control/abuse their kids. There needs to be something done.
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Post by Deleted on Apr 12, 2011 13:04:47 GMT -5
Besides, even if you have to take out, what, $200/month in loans to cover the shortfall that's only $9,600. Which I've said is reasonable. I like this advice. It doesn't have to be all or nothing. I took out loans for what I needed, but I never took out the full amount they offered. My SL are about as high as a new compact car. Not great, but not really a big deal.
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Mardi Gras Audrey
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Post by Mardi Gras Audrey on Apr 12, 2011 13:08:37 GMT -5
Firebird, I totally agree with you on the FAFSA dependency issue.. When I was going to undergrad (back in the dark ages of early 2000s), they considered you dependent until age 24 unless you had a kid, got married, etc... talk about rewarding bad behavior... Our govt is ridiculous. A friend of mine got tuition, books, mileage, and housing paid for because she had a kid as a teenager and then went to school. I ended up working over fulltime (usually 50 hours a week, 60 during summers/vacations). I always looked strung out on drugs. I'm glad my friend got help (She is someone I totally admire for turning her life around and she is someone the system actually helped and should be a role model for other teens) but the disparity in resources for each of us was mindblowing. When I got laid-off from my job and went to get financial aid help from the school I was told to "get rid of" my parents if I wanted help (They made a lot of money but I was not living with them and they gave me no $$. It didn't matter to the school-their income was counted).
It extends even to grad school. I am currently in grad school and our school wants parents' financials up until you are 30! Apparently, being 25 with an undergrad degree doesn't indicate you are an adult. They still take your parents' $$ into account.
On the flip side, the govt is spending way too much for the levels of revenue. If they have to cut SOMETHING, I would prefer it be funding to colleges/universities. Do I want to pay more for school or take out more loans? No, but if it means preserving funding for K-12 education (that everyone should get), health services, and food for the disabled and elderly, I am all for that. It is easier for me to pay back loans or more tuition costs with a degree than try to play catch up when we have a generation of kids that weren't educated properly because elem ed funding was cut or have a bunch of people who are sick because we cut funding to the health depts and CDC.
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Post by Deleted on Apr 12, 2011 13:12:25 GMT -5
Firebird, I totally agree with you on the FAFSA dependency issue.. When I was going to undergrad (back in the dark ages of early 2000s), they considered you dependent until age 24 unless you had a kid, got married, etc... talk about rewarding bad behavior... Our govt is ridiculous. A friend of mine got tuition, books, mileage, and housing paid for because she had a kid as a teenager and then went to school. I ended up working over fulltime (usually 50 hours a week, 60 during summers/vacations). I always looked strung out on drugs. I'm glad my friend got help (She is someone I totally admire for turning her life around and she is someone the system actually helped and should be a role model for other teens) but the disparity in resources for each of us was mindblowing. When I got laid-off from my job and went to get financial aid help from the school I was told to "get rid of" my parents if I wanted help (They made a lot of money but I was not living with them and they gave me no $$. It didn't matter to the school-their income was counted). It extends even to grad school. I am currently in grad school and our school wants parents' financials up until you are 30! Apparently, being 25 with an undergrad degree doesn't indicate you are an adult. They still take your parents' $$ into account. Where do you go that wants your parents' info. None of the schools, nor the fafsa wanted mine or my fiance's parents' info.
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msgumby
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Post by msgumby on Apr 12, 2011 13:18:20 GMT -5
gin1984 - we had the same experience as audreyalyce. It's been a few years, and it was only for my husband (so I don't remember the details of the paperwork). But for the few years in grad school where my husband applied for aid, he needed to get his mom's tax returns to fill out the fafsa.
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Mardi Gras Audrey
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Post by Mardi Gras Audrey on Apr 12, 2011 13:23:41 GMT -5
Gin,
I'd rather not say which school I go to but I will say that it is a state school. The docs weren't needed for the FAFSA but the school had people fill out other forms and provide copies of their parent's tax forms. I got lucky because I am ancient so they didn't ask for my parents but my classmates had to provide this and they talked about during our Fin Aid briefings. For me, it would have been ridiculous to provide them. I haven't lived with my parents in over a decade, owned my own home, and lived around the country on my own. I also made more than my parents in the last few years (I am a nontraditional student) so asking them for financial help with school would be really dumb.
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Lex Luthor
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Post by Lex Luthor on Apr 12, 2011 13:32:04 GMT -5
I can help to provide a concrete example of this. A year ago, I went with my sis for her interview at UCSF. It was for their PharmD grad program. As part of their internal financial aid process, to determine how to allocate aid from the school, they required students over 24 (ie: independent by fed standards) and under 30 to supply their parent's financial information.
Here is the wording:
Most UCSF students are automatically independent because they are in a graduate or professional program. The exception is first-year pharmacy students without a bachelor's degree and fewer than 90 semester or 135 quarter units upon enrollment at UCSF. During their first year such a student is considered an undergraduate for financial aid purposes and therefore, possibly considered a dependent student.
When students are dependent, their parents' financial information is evaluated to determine whether the parents should contribute financially.
With the exception of medical students, applicants who will be 30 or over by December 31, 2011, are not required to submit parents' information unless applying for programs through the Department of Health and Human Services (HHS). This federal department requires parents' information of all applicants, regardless of age or dependency status. HHS programs include Health Professions Student Loans, Loans for Disadvantaged Students, Primary Care Loans, Scholarships for Disadvantaged Students, and Nursing Student Loans.
Independent students, under 30, who only want to apply for the Federal Direct (Stafford) Loan, Federal Work-Study, and the minimum UCSF grants are not required to provide parents' information.
Applicants who will be under 30 by December 31, 2011 and want to receive consideration for low-interest loans and grant and scholarship assistance in addition to federal aid, must submit parents' information. Medical students regardless of age must submit parents' information for this type of funding consideration. This information should be completed on the PROFILE, for students applying for financial aid at UCSF for the first time.
UCSF considers the financial circumstances of parents, because of the high cost and limited funding for a professional education. Parents' income, assets, age, number of dependents, and other factors are analyzed, and a "Financial Strength Index" (FSI) is determined.
The FSI is not used to compute eligibility for financial aid but is used to determine the type and amount of aid awarded. The greatest priority for grants, scholarships, and low interest loans is given to students whose families have historically lower income. For example, an independent student with high-income parents would be awarded a Federal Direct (Stafford) Loan and perhaps a Federal Perkins Loan, but would probably not receive University need-based scholarships or loans.
Special Circumstances may be considered for those students under 30 years old who would like to be considered for Full Funding, but find that one or both of their parents' information is not available to them. These circumstances do not include a parent filing a tax extension or divorced parents as the reason alone. Special circumstances for consideration of waiving parent's information are reviewed on a case-by-case basis. Documentation of the circumstances is required. This documentation includes, but is not limited to, a letter from the student explaining why the parent's information is unavailable, a letter from the other parent also explaining the situation in detail, and a completed Third-Party Verification of Special Circumstances Form. Contact Student Financial Aid for more details.
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❤ mollymouser ❤
Senior Associate
Sarcasm is my Superpower
Crazy Cat Lady
Joined: Dec 18, 2010 16:09:58 GMT -5
Posts: 12,857
Today's Mood: Gen X ... so I'm sarcastic and annoyed
Location: Central California
Favorite Drink: Diet Mountain Dew
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Post by ❤ mollymouser ❤ on Apr 12, 2011 13:44:57 GMT -5
My hope is that more parents see articles like this and start working now ~ with their kids ~ about financing college or other options for their children (by which I mean considering options like vocational training and NOT necessarily going to college.)
I graduated 22 years ago from a State University and didn't have student loans, but I also held a full-time "real" job (it paid more than minimum wage) and it took me 6 years to graduate rather than the standard 4 years. I don't know if I could've afforded housing, tuition, books, etc. if I'd just been working a part-time or minimum wage job.
I didn't incur any student loans until I chose to attend a private grad school (I applied to state schools, but wasn't accepted in my program) .... and then ended up with $75,000 in student loans. My first job afterward paid just $42,000 per year ~ an income which eventually doubled, but I still spent years paying off those grad school loans.
I do think that more students need to really do their research about their chosen career fields (which isn't the same thing as their "declared major") and really see if a student loan ~ and how much in student loans ~ makes economic sense for them.
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Mardi Gras Audrey
Senior Member
So well rounded, I'm pointless...
Joined: Dec 25, 2010 18:49:31 GMT -5
Posts: 2,082
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Post by Mardi Gras Audrey on Apr 12, 2011 13:46:45 GMT -5
I can help to provide a concrete example of this. A year ago, I went with my sis for her interview at UCSF. It was for their PharmD grad program. As part of their internal financial aid process, to determine how to allocate aid from the school, they required students over 24 (ie: independent by fed standards) and under 30 to supply their parent's financial information. I guess I'm glad??? to hear that our school isn't the only one doing this ... don't want to be special in this area... I will say that this one time I am glad I am old... When I was in my late 20s, I made more $$ than my parents while living in a lower COLA than them. It would be a jerk move to ask someone who makes less than you and has higher bills for financial help with school...
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