I am using the cost estimator on the FAFSA website and I am having a little trouble interpreting what some of the information is telling me. I am curious if someone with more experience might be able to tell me what I am looking at here. I am guessing my gross income will be 26,000 or so this 2014 tax season. I put in total checking/savings of $1000.00. I am 27 years old, am single, and am the only person in the household. I went to Rasmussen before and got an associates and don't really know if that qualifies as a "sophomore" so I just put in that I attended before and was a 1st year student. I have been out of school for 6 years and only have like $4000.00 or so left on prior loans. The yearly cost of tuition at the technical college is about $5868. There will not be any work study income.
The question is with an EFC of 5,682 and tuition at $5868 do you know, in your experiences, if I can at least get a loan that I can pay back after graduation time? I don't care about grants, I just want to go back to school no matter what the cost. I can't pay out of pocket due to child support. Would I do better to get a lower paying job at half the gross income and work part time for a year so my tax return is only like ~$13,000? The reason I can do this is because I could live with family and literally give all my income to my child's mother, a price to pay but if it's my only hope I'll do it.
https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1 this is what I used to calculate the information. As an independent am I entitled to the $9,500 freshman loan amount?
I don't know if I want to do a full on FAFSA as it seems to want to send stuff to the school and what not and I do not want to commit to the loan or have to cancel the loan or whatever if I am approved. Perhaps this is a misunderstanding too. I actually spoke with financial aid at the school tonight during their open house and they seemed to think my gross income is too high. I don't know if they were thinking about free grants or loans though. Thinking back now I wish I had asked a bit more.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
