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Does anyone know if on the FAFSA, the ratio of salary to mortgage is taken into consideration? We live in a very expensive part of the country where salaries tend to be higher but so is the cost of living (and our mortgage). I haven't even looked at the form yet but my fear is that our income will be too high for aid yet not enough to cover costs.
Nope not at all....the FAFSA cares not what you owe just what you make....I was astounded to learn when I first completed the FAFSA, that my expected family contribution to my childs education was about 1/3 of our gross earnings.....I literally called a friend to ask if it meant over the course of 4 years....sadly, it didn't. Our expected family contribution exceeded the total cost of my DD going to an out of state school (tuition, room/board/books). Yeah, good luck
Does anyone know if on the FAFSA, the ratio of salary to mortgage is taken into consideration? We live in a very expensive part of the country where salaries tend to be higher but so is the cost of living (and our mortgage). I haven't even looked at the form yet but my fear is that our income will be too high for aid yet not enough to cover costs.
Yes, the government does consider this in determining how much you can afford to pay.
Does anyone know if on the FAFSA, the ratio of salary to mortgage is taken into consideration? We live in a very expensive part of the country where salaries tend to be higher but so is the cost of living (and our mortgage). I haven't even looked at the form yet but my fear is that our income will be too high for aid yet not enough to cover costs.
To paraphrase a financial aid website I once accessed: unless you are destitue or nearly so, your "aid" will be in the form of loans and work-study jobs. Don't despair, there are other loans you can take out, plus scholarships.
The question asked about debt and the FAFSA takes that into consideration.
I don't see that it asks about debt at all only income and assets (not counting your family home)...what question is this? I would be happy to be wrong!
I don't see that it asks about debt at all only income and assets (not counting your family home)...what question is this? I would be happy to be wrong!
I must have missed it as well! I went back to school in last Fall and I have to pay for 2/3 ( student loans of course!) of the total bill. Sometimes I wish I was poor so I could go for "free" Basically we are a family of 5 trying to make it on my husband's salary, so I am trying to find part-time work to help cover things like groceries and gas! However, my classes are 4 days a week with odd hours so finding an employer willing to work around that is tough. I resigned from my 35K job because it was a 60 hr a week sales job, not very conducive to nursing school! I guess it will all be worth it in 2 years!
I just filled out the FAFSA a few days ago and it does only ask for income and assets (cash, savings, checking). It doesn't take debt into consideration. I just found out that my contribution is almost $10,000. I almost cried. Then I realized that the 401k distribution I took when I left my last job was the culprit. This really sucks as, based on my actual salary, my contribution would be less than $2,000. My daughter might have to take a year off before she can go to school. I definitely can't afford $10,000!
I would definitely look into other financing options before having her take a year off. Sometimes kids don't ever get back, and a year isn't going to help her (or you) earn *that* much money.
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Basically we are a family of 5 trying to make it on my husband's salary, so I am trying to find part-time work to help cover things like groceries and gas! However, my classes are 4 days a week with odd hours so finding an employer willing to work around that is tough. I resigned from my 35K job because it was a 60 hr a week sales job, not very conducive to nursing school! I guess it will all be worth it in 2 years! 
