Would i get money from fafsa? Please Help?

Question

Well i believe i really need the money however, some people have told me i might not get it....because even though my father only makes about 20 K a year he has life savings of about 25 K, and a house work about 200 K (we dont live there) . So they have told be that because of that i might not qualify even thou my father does not make good money and everything he has is because of savings :O( and those savings i dont want to take my fathers money away! but i dont qualify as independent b/c im only 19. :O(

Answer 1

Will you qualify for financial aid? If you fill out the FAFSA you will qualify for something. It may be a student loan, or a student loan in addition to grants. Your father's income is fairly low on the surface, I'd need to know more about what his tax return really says, and his savings is protected, if the amount is accurate, would be protected in the formula by the Asset Protection Allowance. What may affect your eligibility is the equity in the second house. A house that is rental property or a second home needs to have its net value (current asking price of the house and property if it were put up for sale today minus the remaining amount of the mortgage on that property today) included on the FAFSA. That asset is figured into the calculation of your eligibility. It may or may not have an effect depending on that and the effect may not prevent you from getting a federal or state grant.

You also have to understand that the EFC (expected family contribution) is not the amount of money the college requires you or your parent to pay to the school. EFC is a measurement of what your family resources can provide for you for the school year. It is not necessarily cash in hand. That number is intended to represent all of the things your family pays for you in the course of a year--housing, food, clothing, insurance, heat, lights--lots of things you and they may not consider as a contribution, but in fact are support for you. You also have to understand that the college's budget for your living situation also plays a large role in determining how much and what kind of financial aid you are offered. It works this way--a college sets its Cost of Attendance which includes tuition, fees, allowances for books, living expenses, personal expenses and transportation. Cost of Attendance is the starting point. EFC is subtracted from that and the result is financial need or the amount of financial aid you can be offered from all sources. From there the college's packaging policy, or their determination of the percentages of what need they will meet and how they distribute the aid to meet it, kicks in. Can you appeal for extenuating circumstances? Certainly, but you have to be the proactive person here, the college isn't going to come and ask you to tell them this. Talk to the financial aid office and meet with a counselor about your situation and see what you need to do. Just don't not go to school because you don't get grant money.

Answer 2

You won't know till you fill out the form. Most people get some. You can also work with the college your going to. They can get you more money if you have a "special circumstance" (and it sounds like you do). Just make sure you talk to them a soon as you get an answer back from the fafsa people.

Answer 3

Same here. I don't know because they have not EFC yet. I pray I get a grant and I hope you get it too because I can't take away my fathers saving either. they were planning on visiting pakistan for the first time since we came here and i can't just be like yea sorry now its going to pay for my college

Answer 4

It can't hurt to fill out the form online and see.