Winning the Financial Aid Lottery

I’ve been home sick for several days, so I took the opportunity to file some of the required college financial aid forms online. This is the third year I’ve done this, so I should know what to do and when to do it, right?

The first part was a breeze. I actually knew the password and log-in names, and the FAFSA pre-filled last year’s information and just asked me to see if it was correct. What a breeze! I had worried because my taxes weren’t done, but I had my W-2 laying right there. No problem! Hmmm, new marital status, what kind of trouble is that going to cause? Just check the box? Great!

Moving along, breezing through the pages, then we come to: Parent(s) income____. Parent(s) other income______. Parent(s) income that you are trying to hide_______. I feel guilty only filling in one box. What if I hid it from myself?

Then we had: Income Tax paid (from line 56.)_____. There is nothing on line 56. But there is an amount owed on line 57. Is that the right amount? Why is it on the wrong line? Why don’t they just sync up with the IRS and get this stuff themselves?

Parent(s) total of cash, savings and checking accounts_____. Sometimes I lie on this one. I figure if I put what it really is, they won’t believe me. So I add a few hundred.

Parent(s) assets____. ZERO! Okay, done.

But now I need to file the CSS Profile. You need to be a CPA to figure that one out. Oh, you’ve never done that? Thank your child for choosing a school that doesn’t need a sample of DNA to hand out financial aid.

There are six different questions about retirement income. Which one to choose? Is my retirement plan sponsored? Will I get Social Security? Will you give my kid enough college help that she can take care of me in my old age? Is there a line for that?

What is your sister’s name? Where does she go to school? How much is her tuition? Do we get tax exempt interest? Why are Railroad Retirement benefits a separate category from any other? Credits to be received—how do I know? I don’t have them yet. And the best line of all: Cash expected to be received or any money expected to be paid on your behalf_______. Do I need to estimate the amount each aunt or uncle or grandparent is likely to send on her birthday? What about her graduation gifts? If she finds a quarter on the sidewalk, is there a line for that?

Maybe it isn’t really that bad, but getting financial aid for college is not for the faint of heart. I think that these forms are the first place that schools cut students who really don’t need the money. The parents with good college savings plans just close the window and send cash. The rich parents pay their accountants to do it.

For those who persevere, though, you just might win the financial aid lottery. And for the two years of aid my son has already been given, I’d like to say THANKS!

2 Responses to “Winning the Financial Aid Lottery”

  1. I’m not sure why but this site is loading extremely slow for me. Is anyone else having this issue or is it a problem on my end? I’ll check back later on and see if the problem still exists.

    cube world donwloa

  2. admin says:

    Nobody else seems to have an issue. Sorry for the delay!

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