Posted by JML755 on February 06, 2013 at 05:40:19 from (97.78.165.188):
In Reply to: 2012 Taxes posted by MarkB_MI on February 05, 2013 at 02:58:12:
Quoting Removed, click Modern View to see
FAFSA is just the common form used by colleges to ascertain a student (and their parents) financial status. The actual decision on aid comes from the individual college's Financial Aid office. Obviously, the Aid office has to follow federal guidelines on aid that comes from federal funds so this will be pretty standard across the country. A student will generally qualify for a mix of Aid. Grants/Scholarships are pretty tough to get and comprise a smaller portion of the Aid. The rest is made up from loans. .
There are 2 main types of loans(subsidized and unsubsidized). The Stafford loan is the name for one of them.
There are also non-college or non-government scholarships that a student can apply for. One of my daughters got a $ 2500 scholarship thru the state Equestrian Hunter/Jumper Association.
The FAFSA also determines what the "family contribution" should be. When our oldest (first daughter) first applied in 2000, the FAFSA said our family contribution should be $ 26,000/yr. My eyes bugged out because I didn't have over $100,000 in the bank to contribute to a 4 year education for my daughter. We helped her out and she made it thru undergrad and law school mostly on loans which she is paying off now.
All 3 of our daughters made it thru college and have LARGE loans (2 of them that went on to Law School have loans in the $150k-200k range, but earned close to $200k as a starting salary when done).
Yes, college is expensive, but if it is a step toward a professional career, it is well worth the expense. If a person is going to college because it's what is expected and ends up with a degree that has limited market potential (e.g. philosophy or women's studies) and has no idea what they want to be, then college will not be a financially wise decision.
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