I'm rich... at least according to the FAFSA.
I'm rich. Yippee! I didn't know that until I filled out the Free Application for Federal Student Aid for my college bound student.
If you've ever completed this form, you know what a royal pain it is. If not - its full of questions on your income, your wife's income, your investment income, your child's income, your imaginary income and all kinds of financial questions.
Then, after pages of income questions comes the somewhat humbling question of net worth. Lets just say that mine is PATHETIC. But that's not the ultimate FAFSA "kick in the pants".
After reviewing my middle class income, my nearly non-existent investments and my less than $10,000 net worth (minus retirement and home values), the government geniuses at FAFSA judging headquarters determined that I have $19,000 lying around to use each year for college. $19,000 A YEAR!!!!
After reviewing my income, did they ask how much my "fixed" expenses are? NO. Did they ask how much my house payment was? No. How about how much I spend on health, auto, home and dental insurance? NO. Did they figure into their genius equation that I occasionally buy gasoline and groceries and clothing? I DON'T THINK SO. And what about other folks who may have alimony, huge medical expenses, child support or debt repayment plans -- any consideration of those factors? Again, a big FAT, NO!
The FAFSA application process is a joke. Heck, if I'd have known I was this rich, I'd have skipped filling out the goofy thing and just opened up my checkbook!!
(Whew, that was pretty close to a Stan Milam rant, wasn't it?)
In any case, if you've ever filled out one of these FAFSA forms, I'd be curious as to your thoughts and comments.
Feb 28, 2008 at 12:01 a.m.
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And how many BILLIONS of dollars per DAY are we spending in Iraq? I think I heard the figure $2 billion/day. That would mean in one month, those tax dollars could provide 60,000 kids with the $100,000.00 cost necessary to fund a private, 4 year education. About twice as many for less prestigeous colleges. We have SO lost our way...
Feb 25, 2008 at 2:11 p.m.
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Whats even more crazy about this is that your child will have to claim your income until they are 26!! I am 22 years old, have lived on my own since I was 17 and have to claim my parents income for another 4 years. How is this even fair. My parents do not give me a dime and I do not expect them to. I have to pay for college on my own and it has become near impossible to get any financial aid because my parents "make too much". But...if I was a single mother I would have a free ride...all my expenses paid for (and yes those were a guidence counslers words). Too bad I am taking the responsible route and waiting until I am married for kids to start popping out. Thanks for the encouragement FAFSA!!!
Feb 16, 2008 at 1:09 p.m.
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I filled mine out and it said we could afford $23,000 a year for college. What if we are raising independent young adults and believe they should bear the cost of their educations? This means that all my children qualify for are straight up bank loans with no real discounted rates. This is such a bummer when you consider that my children will likely complete at least a four year degree and use their educations to become productive, tax-paying citizens. The problem here is that we as parents refuse to pay tuition for 18 year old adults because we feel they need to bear all responsibilities of adulthood, yet these same young adults must use our income when applying for financial aid until they are 23. Crazy system.
Feb 16, 2008 at 7:01 a.m.
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I think the figure you're not feeding the monsters anymore so that will help - but those of us in middle are really getting our butts kicked!!
Feb 15, 2008 at 5:27 p.m.
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Well, looks like you'll be among the lucky one's in 2009 to receive a big income tax increase ! Perhaps it will be retroactive!
Congrats!
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