Up until this year, I had signed up for financial aid using my mother's income which is very low. I've gotten a full ride every year and had extra money left over. This year I was able to apply as an independent student, and barely got enough financial aid to cover my tuition. What gives? I called financial aid and they said that was correct. How is this possible when there was more money made between my mom and I in previous years than what I made alone last year? It doesn't make any sense to me. Now I have to take out hella student loans.
2006-07-14 21:33:08 · 5 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
When the government calculates what you are eligible for they take into consideration the number of people in your household, income, age, the amout you paid in state taxes and a few other items. So when you are fairly young, you have a decent income and you are not married and have no dependents they figure a large portion of your income can go to your education, in the form of loans or out of pocket.
2006-07-15 06:31:24 · answer #1 · answered by Nicole P 2 · 1⤊ 0⤋
If you are independant, they consider your income only. They have a slightly different formula for independant students. Do you make more than your mom? If you do then that would affect it. Also, some scholarships and grants are only good for so long, and may meet specific requirements. Some grants are just for dependant students. Your school can only give you what's available to you. Also, the time in which you submitted your fafsa could have an affect on availability of aid as well. You should check up of scholarships and grants you have previously received and check the requirements for each of those. The financial aid process is long and very complicated, so the possiblities of your higher contribution could be endless, but these are some of the factors that could have played a role in your financial aid package.
2006-07-14 22:48:32 · answer #2 · answered by Josh 4 · 0⤊ 0⤋
The formula is slightly different for independent students. In addition to this, if your parents' income is low enough, they can actually have a negative EFC (Expected Family Contribution), actually making you eligible for more federal aid.
CollegeToolkit (http://www.CollegeToolkit.com) has some EFC calculators that can help you understand this scenario better.
Good luck.
2006-07-15 07:37:40 · answer #3 · answered by Mark 2 · 0⤊ 0⤋
Maybe your loan/grant is running out....if not the calculation would be incorrect . Take a look at your applications again and see what amounts you entered
2006-07-15 02:25:23 · answer #4 · answered by Richgirl 3 · 0⤊ 0⤋
That doesn't make much sense...
But this may help you
http://www.daylon.com/scholarship/
2006-07-15 09:37:16 · answer #5 · answered by nolyad69 6 · 0⤊ 0⤋