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

It is currently 29 Aug 2014, 06:27

Close

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
Your Progress

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

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

FAFSA Strategies

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
Current Student
User avatar
Joined: 27 Feb 2008
Posts: 299
Schools: Kellogg Class of 2011
Followers: 3

Kudos [?]: 69 [0], given: 15

GMAT Tests User
Re: FAFSA Strategies [#permalink] New post 17 Feb 2009, 07:27
Good point rca215. I chose 4 year private school and off campus housing. That still only estimates $23,055 annual expenses. I guess I'll have to submit the real FAFSA and financial aid applications to see what I'm really eligible for. Maybe the $8500 subsidized portion will be possible since the estmated cost of MBA programs is around $75000.
Director
Director
User avatar
Joined: 14 Sep 2007
Posts: 908
Schools: Kellogg '10
Followers: 6

Kudos [?]: 87 [0], given: 15

GMAT Tests User
Re: FAFSA Strategies [#permalink] New post 17 Feb 2009, 07:31
maverick2011 wrote:
Good point rca215. I chose 4 year private school and off campus housing. That still only estimates $23,055 annual expenses. I guess I'll have to submit the real FAFSA and financial aid applications to see what I'm really eligible for. Maybe the $8500 subsidized portion will be possible since the estmated cost of MBA programs is around $75000.

I submitted FAFSA officially,but since they don't have any estimated costs for MBA programs they don't give any guidance on whether you are subsidized-eligible. They just provide your expected family contribution. I guess the school then provides the estimated cost after you accept an offer. It's a bit of a buzz kill after submitting because they don't really tell you anything other than that they expect you to use virtually every cent of your savings!
_________________

http://www.fantasticcontraption.com

Get the best GMAT Prep Resources with GMAT Club Premium Membership

VP
VP
User avatar
Joined: 09 Dec 2008
Posts: 1221
Schools: Kellogg Class of 2011
Followers: 21

Kudos [?]: 237 [0], given: 17

Re: FAFSA Strategies [#permalink] New post 17 Feb 2009, 08:26
It's up to the schools to determine whether you qualify for need-based assistance, such as subsidized Stafford loans, which is why you don't find out anything when you submit your FAFSA. The school will use the estimated family contribution from the FAFSA, as well as their estimated cost of attendance, to determine the aid package to offer you.
_________________

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Expert Post
Founder
Founder
User avatar
Affiliations: UA-1K, SPG-G, HH-D
Joined: 04 Dec 2002
Posts: 12080
Location: United States (WA)
GMAT 1: 750 Q49 V42
GPA: 3.5
WE: Information Technology (Hospitality and Tourism)
Followers: 2233

Kudos [?]: 8383 [0], given: 3645

GMAT ToolKit User Premium Member CAT Tests
Re: FAFSA Strategies [#permalink] New post 17 Feb 2009, 21:36
Expert's post
Great thread! I organized info spread across several posts and put it into a mini-guide in the blog to show it off - great reference information.

I tried to give everyone a credit, but forgive me if I missed you :oops: - was not intentional.


http://gmatclub.com/blog/2009/02/guide- ... ss-school/
_________________

Founder of GMAT Club

Just starting out with GMAT? Start here... | Want to know your GMAT Score? Try GMAT Score Estimator
Need GMAT Book Recommendations? Best GMAT Books

Co-author of the GMAT Club tests

Have a blog? Feature it on GMAT Club!

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Expert Post
Founder
Founder
User avatar
Affiliations: UA-1K, SPG-G, HH-D
Joined: 04 Dec 2002
Posts: 12080
Location: United States (WA)
GMAT 1: 750 Q49 V42
GPA: 3.5
WE: Information Technology (Hospitality and Tourism)
Followers: 2233

Kudos [?]: 8383 [0], given: 3645

GMAT ToolKit User Premium Member CAT Tests
Re: FAFSA Strategies [#permalink] New post 23 Feb 2009, 10:28
Expert's post
maverick2011 wrote:
bb wrote:
Great thread! I organized info spread across several posts and put it into a mini-guide in the blog to show it off - great reference information.

I tried to give everyone a credit, but forgive me if I missed you :oops: - was not intentional.


http://gmatclub.com/blog/2009/02/guide- ... ss-school/


bb, you may want to modify the financial aid guide slightly. Step 2 should have some sort of disclaimer in it about being set up for undergrad only. Also, I would add the link that I provided in the previous post to Step 2...I think it is more helpful in determining EFC. Then the student can compare that number to projected cost from their respective programs.


Thank you - editing it right now
_________________

Founder of GMAT Club

Just starting out with GMAT? Start here... | Want to know your GMAT Score? Try GMAT Score Estimator
Need GMAT Book Recommendations? Best GMAT Books

Co-author of the GMAT Club tests

Have a blog? Feature it on GMAT Club!

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Current Student
User avatar
Joined: 09 Mar 2007
Posts: 192
Schools: Erb Institute: Ross | SNRE
Followers: 5

Kudos [?]: 167 [0], given: 1

GMAT Tests User
Re: FAFSA Strategies [#permalink] New post 27 Feb 2009, 07:46
i'm trying to figure out if lowering cash balances really has an impact on expected contribution. to me, it seems like it doesn't and what really matters is your salary and the difference between $10k vs $20k of cash probably won't make much of a difference in EFC. but if it's $10k vs $50k then maybe there will be a big difference in the EFC (assuming the same salary in both scenarios).

what are your thoughts? basically, i'm trying to figure out if it's worth shedding some cash which i can easily do through mortgage payments.

thanks.
_________________


http://www.erb.umich.edu/
http://www.umsocialventure.com
post558169.html#558169 - a compilation of b-school interview questions
8-66345.html - my (detailed) gmat debrief


Get the best GMAT Prep Resources with GMAT Club Premium Membership

Manager
Manager
User avatar
Joined: 18 Jan 2008
Posts: 221
Schools: The School that shall not be named
Followers: 3

Kudos [?]: 23 [0], given: 0

GMAT Tests User
Re: FAFSA Strategies [#permalink] New post 27 Feb 2009, 07:57
peaceyall wrote:
i'm trying to figure out if lowering cash balances really has an impact on expected contribution. to me, it seems like it doesn't and what really matters is your salary and the difference between $10k vs $20k of cash probably won't make much of a difference in EFC. but if it's $10k vs $50k then maybe there will be a big difference in the EFC (assuming the same salary in both scenarios).

what are your thoughts? basically, i'm trying to figure out if it's worth shedding some cash which i can easily do through mortgage payments.

thanks.


I am trying to figure out the same thing....
I find it unfair that it's asking about your current savings, but ignoring stuff like loans & mortgages.
_________________

明日やろうばかやろう

24 wrote:
Your East Coast bias is worse than ESPN.

Current Student
User avatar
Joined: 05 Aug 2008
Posts: 1262
Schools: Ross 2012
WE 1: 5 Years at Fortune 50 Company in Manufacturing
Followers: 17

Kudos [?]: 164 [0], given: 20

GMAT Tests User
Re: FAFSA Strategies [#permalink] New post 27 Feb 2009, 08:30
fatb wrote:
peaceyall wrote:
i'm trying to figure out if lowering cash balances really has an impact on expected contribution. to me, it seems like it doesn't and what really matters is your salary and the difference between $10k vs $20k of cash probably won't make much of a difference in EFC. but if it's $10k vs $50k then maybe there will be a big difference in the EFC (assuming the same salary in both scenarios).

what are your thoughts? basically, i'm trying to figure out if it's worth shedding some cash which i can easily do through mortgage payments.

thanks.


I am trying to figure out the same thing....
I find it unfair that it's asking about your current savings, but ignoring stuff like loans & mortgages.


I honestly wouldn't worry all that much about EFC in my opinion. Since fafsa is used through UG and graduate school it doesn't really corrolate all that much into B-school. My thoughts are that unlike undergrad where Need-Based grant are a significant portion, as well as work-study and other perks. Bschool is mostly for the people who are gonna be pretty well off when they graduate.

That's just my opinion.
_________________

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Senior Manager
Senior Manager
User avatar
Joined: 24 Feb 2008
Posts: 349
Schools: UCSD ($) , UCLA, USC ($), Stanford
Followers: 118

Kudos [?]: 1304 [0], given: 2

GMAT Tests User
Re: FAFSA Strategies [#permalink] New post 27 Feb 2009, 08:56
Sorry for the silly question but is there any benefit in applying for FAFSA if the combination of scholarship and savings may get you through the 2 years?
_________________

Chinese Democracy is misunderstood...at your nearest BestBuy.

Best AWA guide here: how-to-get-6-0-awa-my-guide-64327.html

Director
Director
User avatar
Joined: 12 Jul 2008
Posts: 519
Schools: Wharton
Followers: 15

Kudos [?]: 97 [0], given: 0

GMAT Tests User
Re: FAFSA Strategies [#permalink] New post 27 Feb 2009, 09:17
chineseburned wrote:
Sorry for the silly question but is there any benefit in applying for FAFSA if the combination of scholarship and savings may get you through the 2 years?


More money is never a bad thing...You can always decide to turn it down later once you've seen your aid package.
Current Student
User avatar
Joined: 27 Feb 2008
Posts: 299
Schools: Kellogg Class of 2011
Followers: 3

Kudos [?]: 69 [0], given: 15

GMAT Tests User
Re: FAFSA Strategies [#permalink] New post 27 Feb 2009, 09:27
peaceyall wrote:
i'm trying to figure out if lowering cash balances really has an impact on expected contribution. to me, it seems like it doesn't and what really matters is your salary and the difference between $10k vs $20k of cash probably won't make much of a difference in EFC. but if it's $10k vs $50k then maybe there will be a big difference in the EFC (assuming the same salary in both scenarios).

what are your thoughts? basically, i'm trying to figure out if it's worth shedding some cash which i can easily do through mortgage payments.

thanks.


Click the link I provided earlier and manually calculate your EFC (page 21 if no dependents other than spouse):
http://studentaid.ed.gov/students/attac ... update.pdf

Or try this online calculator:
http://www.finaid.org/calculators/finaidestimate.phtml

As I said earlier, your assets only contribute .2*(amount of assets you have) to your EFC. Therefore, if you were able to reduce your assets from $50K to $10K then you would reduce your EFC by $8000.
Current Student
User avatar
Joined: 27 Feb 2008
Posts: 299
Schools: Kellogg Class of 2011
Followers: 3

Kudos [?]: 69 [0], given: 15

GMAT Tests User
Re: FAFSA Strategies [#permalink] New post 27 Feb 2009, 09:35
GoBruins wrote:
I honestly wouldn't worry all that much about EFC in my opinion. Since fafsa is used through UG and graduate school it doesn't really corrolate all that much into B-school. My thoughts are that unlike undergrad where Need-Based grant are a significant portion, as well as work-study and other perks. Bschool is mostly for the people who are gonna be pretty well off when they graduate.

That's just my opinion.


EFC does matter. The financial aid office is going to compare your EFC to the expected cost of attending their school for 2009-2010. Let's say your EFC is $15K per year and the cost of attendance is $75K. Then the school will allow you to make up that $60K difference with scholarships, loans, and to a lesser extent, grants. The lower your EFC is, the more money you are eligible for.

I agree that it probably doesn't make sense trying to reduce your assets since they don't count that much, but most people need loans for bschool even if they are "gonna be pretty well off when they graduate."
VP
VP
User avatar
Joined: 09 Dec 2008
Posts: 1221
Schools: Kellogg Class of 2011
Followers: 21

Kudos [?]: 237 [0], given: 17

Re: FAFSA Strategies [#permalink] New post 27 Feb 2009, 10:47
maverick2011 wrote:
EFC does matter. The financial aid office is going to compare your EFC to the expected cost of attending their school for 2009-2010. Let's say your EFC is $15K per year and the cost of attendance is $75K. Then the school will allow you to make up that $60K difference with scholarships, loans, and to a lesser extent, grants. The lower your EFC is, the more money you are eligible for.


That's not quite true. Regardless of what your EFC is, you can still borrow full cost of attendance (less scholarships and grants) with Stafford and GradPLUS loans. So in your example above, assuming the person got no scholarships, they could get $20.5k in Stafford loans and $54.5k in GradPLUS loans.

The EFC is used as an index so that schools can quickly assess the relative financial need of applicants for determining who qualifies for need-based aid.
_________________

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Senior Manager
Senior Manager
User avatar
Joined: 24 Feb 2008
Posts: 349
Schools: UCSD ($) , UCLA, USC ($), Stanford
Followers: 118

Kudos [?]: 1304 [0], given: 2

GMAT Tests User
Re: FAFSA Strategies [#permalink] New post 27 Feb 2009, 10:48
zoinnk wrote:
chineseburned wrote:
Sorry for the silly question but is there any benefit in applying for FAFSA if the combination of scholarship and savings may get you through the 2 years?


More money is never a bad thing...You can always decide to turn it down later once you've seen your aid package.



I see. Thanks.
My only concern with filing (and not using) is that this is an inquiry on your credit report that will affect negatively your score in the short term and will stay on your report for 2 years.
_________________

Chinese Democracy is misunderstood...at your nearest BestBuy.

Best AWA guide here: how-to-get-6-0-awa-my-guide-64327.html

VP
VP
User avatar
Joined: 09 Dec 2008
Posts: 1221
Schools: Kellogg Class of 2011
Followers: 21

Kudos [?]: 237 [0], given: 17

Re: FAFSA Strategies [#permalink] New post 27 Feb 2009, 11:01
Filing a FAFSA isn't a credit inquiry because you're not applying for a loan yet. After you file the FAFSA and your school determines your financial aid package, then you apply for loans - at which point the inquiry will show up on your credit history.
_________________

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Current Student
User avatar
Joined: 27 Feb 2008
Posts: 299
Schools: Kellogg Class of 2011
Followers: 3

Kudos [?]: 69 [0], given: 15

GMAT Tests User
Re: FAFSA Strategies [#permalink] New post 27 Feb 2009, 11:32
Jerz wrote:
That's not quite true. Regardless of what your EFC is, you can still borrow full cost of attendance (less scholarships and grants) with Stafford and GradPLUS loans. So in your example above, assuming the person got no scholarships, they could get $20.5k in Stafford loans and $54.5k in GradPLUS loans.

The EFC is used as an index so that schools can quickly assess the relative financial need of applicants for determining who qualifies for need-based aid.


I see. Thanks for the clarification. I guess I misunderstood the financial aid officer at Kellogg. I've never been able to find this information (how they use EFC) on the schools' websites.

EDIT: I think I remember what she was saying now...basically, just what you said: they subtract the EFC from the cost of attendance to determine your "need". Your "need" is used to determine eligibility for need-based aid and, in Kellogg's case, merit/need-based scholarships. But you can take out a loan for the full cost minus scholarships and grants.
SVP
SVP
User avatar
Joined: 04 Dec 2007
Posts: 1689
Schools: Kellogg '11
Followers: 13

Kudos [?]: 176 [0], given: 31

GMAT Tests User
Re: FAFSA Strategies [#permalink] New post 14 Mar 2009, 17:48
Finally filed the FAFSA. Woo.

Yes, it was a bit later than ideal. But better later than never :)
Intern
Intern
avatar
Joined: 10 Nov 2008
Posts: 46
Followers: 0

Kudos [?]: 2 [0], given: 0

Re: FAFSA Strategies [#permalink] New post 15 Mar 2009, 17:33
How little do you have to make to qualify for subsidized Stafford loans? I qualified and I am almost positive it was a mistake by the school....
Current Student
User avatar
Joined: 21 Aug 2008
Posts: 348
Schools: Fuqua '11
Followers: 5

Kudos [?]: 36 [0], given: 0

GMAT Tests User
Re: FAFSA Strategies [#permalink] New post 27 Mar 2009, 10:11
Just sent mine away(with $0 expected family contribution, woohoo. Being a volunteer has its perks sometimes). Since I placed 3 schools on my 'schools you are considering attending' list, I'm curious how will they base their aid package since the 2 (especially Wharton vs Duke) have a much different expected cost of living.
Director
Director
User avatar
Joined: 14 Sep 2007
Posts: 908
Schools: Kellogg '10
Followers: 6

Kudos [?]: 87 [0], given: 15

GMAT Tests User
Re: FAFSA Strategies [#permalink] New post 27 Mar 2009, 10:15
getmeouttahere wrote:
How little do you have to make to qualify for subsidized Stafford loans? I qualified and I am almost positive it was a mistake by the school....

This issue popped up for a few of us at Kellogg who thought we made above the subsidized limit but still qualify, so I'm not really sure how it works.
_________________

http://www.fantasticcontraption.com

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Re: FAFSA Strategies   [#permalink] 27 Mar 2009, 10:15
    Similar topics Author Replies Last post
Similar
Topics:
Streamlining the FAFSA? isa 0 21 Feb 2009, 22:26
FAFSA?? aaudetat 1 16 Mar 2008, 06:33
FAFSA is a joke westsider 14 10 Feb 2008, 20:48
FAFSA deadline? Xeo78 4 02 Apr 2007, 10:33
CA FAFSA? jayy178 0 23 Feb 2007, 08:42
Display posts from previous: Sort by

FAFSA Strategies

  Question banks Downloads My Bookmarks Reviews Important topics  

Go to page   Previous    1   2   3   4   5    Next  [ 91 posts ] 



GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.