Find all School-related info fast with the new School-Specific MBA Forum

 It is currently 27 Oct 2016, 12:42

### GMAT Club Daily Prep

#### Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

# Events & Promotions

###### Events & Promotions in June
Open Detailed Calendar

# FAFSA is a joke

Author Message
TAGS:

### Hide Tags

Senior Manager
Joined: 23 Jan 2008
Posts: 498
Followers: 1

Kudos [?]: 52 [0], given: 0

### Show Tags

10 Feb 2008, 21:48
<RANT>
So, I just finished my FAFSA... and I have to say I am IRATE. Seriously, what IDIOT came up with this way to calculate EFC?
I understand the idea of giving the subsidized loans to irresponsible people, but.....

Lets look at an example.
Person 1 has a job that pays $70k a year. He lives responsibly, saving almost 1/2 of his income. Over the course of 4 years he builds up a nice nest egg. Person 2 has a job that pays$70k a year. He lives irresponsibly, saving almost nothing of his income. At the end of 4 years, he has nothing saved.

Guess who gets screwed with his financial aid.
</RANT>
Manager
Joined: 19 Aug 2006
Posts: 65
Followers: 2

Kudos [?]: 1 [0], given: 0

Re: FAFSA is a joke [#permalink]

### Show Tags

10 Feb 2008, 22:45
yep, i should have incurred credit card debt rather than saving and investing wisely. my EFC is more than the price of tuition for a year, and i can assure you i dont have that kind of money lying around anywhere.
Senior Manager
Joined: 23 Jan 2008
Posts: 498
Followers: 1

Kudos [?]: 52 [0], given: 0

Re: FAFSA is a joke [#permalink]

### Show Tags

10 Feb 2008, 22:48
I find it reminiscent of the mortgage "rate freezes" etc. being touted by politicians these days
GMAT Club Legend
Status: Um... what do you want to know?
Joined: 04 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 73

Kudos [?]: 398 [0], given: 14

Re: FAFSA is a joke [#permalink]

### Show Tags

11 Feb 2008, 00:29
I'm in total agreement. I haven't done the FAFSA yet because I know the result will be pretty bad. I will be punished for saving lots of my money. Sad, isn't it?
_________________

****************************
GMAT Club Knowledge Vault:
http://gmatclub.com/forum/123
http://gmatclub.com/forum/128-t62555
Kryzak's Profile:
http://gmatclub.com/forum/111-t56286
Member Essays:
http://gmatclub.com/forum/103-t50969

GMAT Club Legend
Joined: 10 Apr 2007
Posts: 4318
Location: Back in Chicago, IL
Schools: Kellogg Alum: Class of 2010
Followers: 89

Kudos [?]: 749 [0], given: 5

Re: FAFSA is a joke [#permalink]

### Show Tags

11 Feb 2008, 04:51
Kry you own a house that you plan on selling. Pay down the mortgage and stash that money in your equity. Max out your IRAs for 07 and 08. You can hide your money fairly well if you want. What sucks is try being married to someone who has a good income...our combined salaries makes it look like we can afford a lot. Only problem, I wont be working and she will be paying all the bills herself.
_________________

Kellogg Class of 2010...still active and willing to help. However, I do not do profile reviews, don't offer predictions on chances and am far to busy to review essays, so save the energy of writing me a PM seeking help for these. If I don't respond to a PM that is not one of the previously mentioned trash can destined messages, please don't take it personally I get so many messages I have a hard to responding to most. The more interesting, compelling, or humorous you message the more likely I am to respond.
GMAT Club Premium Membership - big benefits and savings

SVP
Joined: 24 Aug 2006
Posts: 2132
Followers: 3

Kudos [?]: 135 [0], given: 0

Re: FAFSA is a joke [#permalink]

### Show Tags

11 Feb 2008, 06:52
Maybe we should get rid of welfare, for that matter. How about any type of aid to the needy? I know, I know, it's not exactly the same situation.

Not trying to antagonize you guys, but I'd rather be the guy with the house and complaining about the lack of funding than the guy w/o the house, happy that I'm getting a lower interest rate.
SVP
Joined: 05 Aug 2007
Posts: 1502
Schools: NYU Stern '11
Followers: 15

Kudos [?]: 211 [0], given: 22

Re: FAFSA is a joke [#permalink]

### Show Tags

11 Feb 2008, 07:10
I don't think you will be punished - you will simply need to take on a lot less in loans than someone else who has been a lot less financially responsible.

Graduate financial aid as determined by the FAFSA very rarely constitutes "free money" in the form of non-merit scholarships, grants etc. It simply qualifies you for some federal loans, which you have to pay back eventually.

And less debt = good.

kryzak wrote:
I'm in total agreement. I haven't done the FAFSA yet because I know the result will be pretty bad. I will be punished for saving lots of my money. Sad, isn't it?
Current Student
Joined: 25 Jan 2008
Posts: 60
Followers: 1

Kudos [?]: 1 [0], given: 0

Re: FAFSA is a joke [#permalink]

### Show Tags

11 Feb 2008, 07:20
Unfortunately. EFC is not an accurate assessment of the money you need to borrow for the duration of graduate studies...
GMAT Club Legend
Status: Um... what do you want to know?
Joined: 04 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 73

Kudos [?]: 398 [0], given: 14

Re: FAFSA is a joke [#permalink]

### Show Tags

11 Feb 2008, 09:13
river, true, I can do that, but in the end, I cannot hide my salary and I'm not willing to liquidate all my stock investments just to try to get some subsidized loans. Those are the two things hurting me right now.
_________________

****************************
GMAT Club Knowledge Vault:
http://gmatclub.com/forum/123
http://gmatclub.com/forum/128-t62555
Kryzak's Profile:
http://gmatclub.com/forum/111-t56286
Member Essays:
http://gmatclub.com/forum/103-t50969

Senior Manager
Joined: 23 Jan 2008
Posts: 498
Followers: 1

Kudos [?]: 52 [0], given: 0

Re: FAFSA is a joke [#permalink]

### Show Tags

11 Feb 2008, 09:30
Cute kidderek =) haha... (honestly I would have replied that way to my post as well) Thats why I said for 2 people making the same money. Also - this is my response to the post about "debt is bad". I would rather not have to liquidate savings/investments to fund this. I am WILLING to, as school is my choice. However, I would much prefer a low interest loan. You know, the one the guy that made the CHOICE to spend his money will get =)

Anyhow, not trying to start a flame war or anything of the nature.. just to make this point:
All things being equal - the government should not reward peoplle who chose to be responsible. Which I daresay is not in dispute.
(Before i get flamed for this - read my example again, 2 people who earned the same, guy who saves gets LESS aid)
Manager
Joined: 18 Dec 2007
Posts: 63
Followers: 1

Kudos [?]: 0 [0], given: 0

Re: FAFSA is a joke [#permalink]

### Show Tags

11 Feb 2008, 09:33
westsider wrote:
<RANT>
So, I just finished my FAFSA...

Do you need your 2007 tax filing to complete the FAFSA?
SVP
Joined: 24 Aug 2006
Posts: 2132
Followers: 3

Kudos [?]: 135 [0], given: 0

Re: FAFSA is a joke [#permalink]

### Show Tags

11 Feb 2008, 09:37
westsider wrote:
Cute kidderek =) haha... (honestly I would have replied that way to my post as well) Thats why I said for 2 people making the same money. Also - this is my response to the post about "debt is bad". I would rather not have to liquidate savings/investments to fund this. I am WILLING to, as school is my choice. However, I would much prefer a low interest loan. You know, the one the guy that made the CHOICE to spend his money will get =)

Anyhow, not trying to start a flame war or anything of the nature.. just to make this point:
All things being equal - the government should not reward peoplle who chose to be responsible. Which I daresay is not in dispute.
(Before i get flamed for this - read my example again, 2 people who earned the same, guy who saves gets LESS aid)

Of course of course, flaming of any sort by anyone won't be tolerated here. We're just having a discussion. I completely get your point. I'm just showing you the flip side to that coin. Not that I'm into hot air ballooning, but I remember reading a quote regarding flying on windy days.

"I'd rather be on the ground wishing I was in the air, than be in the air wishing I was on the ground."
GMAT Club Legend
Status: Um... what do you want to know?
Joined: 04 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 73

Kudos [?]: 398 [0], given: 14

Re: FAFSA is a joke [#permalink]

### Show Tags

11 Feb 2008, 09:42
haha, kidderek and westside, you both have good points, but I'm also on the side of westside that if two people have the same income, both should get the same low-interest loan, regardless of savings. Punishing someone who saved up a lot of his/her own money is just not right.

This does not mean that we should get rid of financial aid for the poor, which is a different topic altogether. But I do get what you're saying, kidderek.

Miami: You don't need to finish your taxes to do the FAFSA, but if your estimated income and investments change, you'll need to modify your FAFSA after your initial report.
_________________

****************************
GMAT Club Knowledge Vault:
http://gmatclub.com/forum/123
http://gmatclub.com/forum/128-t62555
Kryzak's Profile:
http://gmatclub.com/forum/111-t56286
Member Essays:
http://gmatclub.com/forum/103-t50969

Senior Manager
Joined: 23 Jan 2008
Posts: 498
Followers: 1

Kudos [?]: 52 [0], given: 0

Re: FAFSA is a joke [#permalink]

### Show Tags

11 Feb 2008, 09:47
Indeed, we are all pretty much on the same side with this one...

As for the taxes, it isnt strictly required, but I did mine anyway. Nice to have it out of the way in a "now i know how badly i'll get screwed" sort of way =)
Manager
Joined: 16 Dec 2007
Posts: 198
Location: San Diego,CA
Schools: Kellogg (R2), UCLA (R2)
Followers: 1

Kudos [?]: 30 [0], given: 0

Re: FAFSA is a joke [#permalink]

### Show Tags

11 Feb 2008, 12:03
westsider wrote:
<RANT>
So, I just finished my FAFSA... and I have to say I am IRATE. Seriously, what IDIOT came up with this way to calculate EFC?
I understand the idea of giving the subsidized loans to irresponsible people, but.....

Lets look at an example.
Person 1 has a job that pays $70k a year. He lives responsibly, saving almost 1/2 of his income. Over the course of 4 years he builds up a nice nest egg. Person 2 has a job that pays$70k a year. He lives irresponsibly, saving almost nothing of his income. At the end of 4 years, he has nothing saved.

Guess who gets screwed with his financial aid.
</RANT>
.
Disclaimer before I comment on this. I'm not a US citizen and have recently started looking at B-Schools( admissions, cost e.t.c) so very little knowledge about FAFSA. My comment is more on the "social" policies of the state. I agree with you but how does one go about identifying those in need and who have been responsible. For any policy (pick any welfare, equal opportunity, diversity) government uses a broad brush to identify beneficiaries to keep it implementable. Unfortunately this is a zero sum game. Some benefit and some get screwed . In the example given by westsider how does government figure out the lack of savings is because of irresponsible behavior. It could be because of extenuating circumstances they have to deal with.
Re: FAFSA is a joke   [#permalink] 11 Feb 2008, 12:03
Similar topics Replies Last post
Similar
Topics:
FAFSA 2013 0 28 Feb 2013, 08:37
16 FAFSA Strategies 91 29 Jan 2009, 14:54
FAFSA deadline? 4 02 Apr 2007, 11:33
CA FAFSA? 0 23 Feb 2007, 09:42
HAHAHA.... Stupid Joke 6 27 Jan 2007, 05:16
Display posts from previous: Sort by