johne417 wrote: ↑Mon Dec 11, 2017 3:39 pm
Edie wrote: ↑Mon Dec 11, 2017 2:46 pm
johne417 wrote: ↑Fri Dec 08, 2017 3:25 pm
Attempting to game FAFSA is going to be a vast disappointment for most. Mayyybe the kid could qualify for a Stafford loan. Meh. Let's not be naive, if you're on the bogleheads board, your kid isn't going to be qualifying for a Pell Grant.
All 4 of our kids should be eligible for Pell grants. Two have already received them, the third will get hers in the fall next year, and the final one should get one as well in two years. Not every boglehead is rich.
Yeah, I know. And good on you, for getting 4 kids through college. Seriously.
My point was more so that attempting to game FAFSA isn't usually worth it, for the vast majority. Curious, what'd you get, and what was your EFC? Anything beyond a few grand for Pell and a buncho loans?
The only way this worked for us was that none of our kids have lived on campus, and that's not anticipated to change (unless our youngest goes out of state). Room and board is more expensive than tuition (almost by half) at the state school our kids attend/will attend, and we live close to campus. We actually had to get waivers to have them live at home.
Our oldest started in fall 2015 with a merit scholarship of $9,500 a year, renewable for 4 years (does not keep pace with tuition). The Pell grant has varied by year, from a low of 1,565 to a high of 2,100 anticipated for 2018-2019. Loans have been kept to 3k in total so far, due to oldest getting a job through the school that has tuition assistance! Unfortunately, graduation will be year 5, due to a change in major, so loans will increase by the end, but still, getting out with under 10k in anticipated loans for the first is awesome IMO.
Our second oldest went to the community college for one semester starting fall 2016 and dropped out by late November
, but will be going back starting in the fall of 2018 at the same time as our 3rd. Pell grant was ~800 for the semester attended (so would have been ~1,600 for the year). We covered the other 600 of tuition/books out of pocket that first semester. Savings from their job will pay for first semester back at the community college, and we'll start helping again 2nd semester, after the commitment has been shown. There are underlying issues with this one due to living with different parent until high school (and not attending school from 5th through 8th until we wrested custody), so
Our third currently has a merit scholarship of $6,000 per year renewable starting fall 2018, but it could increase if GPA increases by the end of high school. However, the state school has started a new need program for any incoming freshman eligible for the Pell grant. For these students, the school has committed to covering tuition and fees -without- loans, via institutional grants/scholarships/whathaveyou, for the first four years (as long as they stay eligible for the Pell), so even though the merit scholarship is less, the out of pocket and need for loans for us should actually come out less than our first for our third.
Our fourth should get the highest merit scholarship available at the state school starting fall 2020, but will be applying elsewhere as well, as a highly motivated individual who has us in awe at times. I thought I was competitive/ambitious in high school, but this kid knocks me for a loop. Way more involved than I was, and just really really focused. International Baccalaureate program, multiple sports, FBLA, HOSA, and always looking for something more to get involved with. The last two years could potentially cost us more than the other kids, as the Pell grant will probably go away with only one kid still at home, but with only one kid at home, I think we'll be able to afford the bump