For all of you whose kids are not near college age, here’s a warning: Save up your brain cells. You’re going to need them to complete the FAFSA (the application for financial aid for college). That thing is a nightmare. I kid you not, it wanted more detail about our finances than the IRS does!
Interestingly, where the government takes into consideration any expenses (you know, all the cool deductibles like kids, medical, etc.) FAFSA only looks at your income. In fact, it even looks at income not required by the IRS to be reported like a minor’s social security payments on behalf of a parent. No understanding that, while we look good on paper, in fact … well … not so much.
We are blessed in that the Florida Bright Futures program is going to pay 100% of Anth’s tuition but we were still hoping to qualify for money for books, the activity fees, and all that kind of thing. Don’t think it’s gonna happen. We’ve discussed maybe a Stafford Loan for the incidentals if necessary but in this economy we don’t want to have our son graduate with a pile of debt that has to begin being repaid in 6 months no matter what the job market is like. So we may just lump it along the hard way.
The middle class really takes it in the shorts here. Can’t afford to pay for college but make too much to qualify for help. And, yes, we did have college savings plans in place for the kids but Studly’s disabilities and out-of-this-world medical expenses kinda killed that plan.
Anyway, politics and qualifications aside, the form itself is a bear so, when it comes time to do it for your kid be armed with more paperwork than you need to buy a house, pay your taxes and have a kid combined; a good strong cup of coffee; a tranquilizer or two (or a nice hot bubble bath waiting); and infinite patience!
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