Can I afford to go back to college? YES!
As I mentioned I filled out the FAFSA online. It was quite easy and I have been doing it for a couple of years for my daughter who is attending Oral Roberts University in Tulsa. I have added the link to the FAFSA to my links list.
I already had an electronic pin; you use that to sign your FAFSA electronically. I just needed to make sure it worked. I highly recommend that everyone do a FAFSA. It is the easiest step to see what is available for your college. My husband, Mike, and I decided to go ahead and take the loans. Building the new studio will take everything we can to manage things financially. We will not however take the unsubsidized loans. Basically the difference between unsubsidized and subsidized loan is that one collects interest now, the other does not start collecting until I believe it is 6 months after graduation or 6 months after you are out of school.
So after filling out the FAFSA they send back my EFC, basically this is the Estimated Family Contribution for the family. The college figures everything out and has sent me my financial award letter. This was a bit confusing because well, I filled out the wrong FAFSA, I filled out the 2004 FAFSA. Because I was doing that FAFSA for my daughter. This April session at Vermont College is still on the 2003 FAFSA. Which is to my benefit, because I made less money in 2003 than 2004. As I understand it the college will take the semester in October and base that on the 2004 FAFSA. I know it seems like a lot of red tape to go through but the financial aid department is really quite nice.
Were there any other surprises in the financial aid letter? Well kind of. You see the federal subsidized Stafford Loan, the one that I do want, is not exactly what is listed in my award letter. There is a 4% fee, which is taken off of the top. So I deducted that and have what is allowed for that loan. The total cost for the spring semester at Vermont College is 5,210. This includes your room and board for the week, it does not however include your airfare, trip from the airport, and I am coming in a day early so I will probably need some extra meals. So I put a spreadsheet together, I love spreadsheets. I added up everything I want in my award letter deducted what I didn’t want and subtracted that from my total for the semester of 5,210.
Now many of you are probably thinking DUH! But just incase some of you don’t know the first thing about going back to college and the financial end of it I am writing it down in this blog. I must say that after doing the FAFSA I went to my husband, showed him the bottom line and he said, “Wow, I would not have thought it but this is actually doable, not just for you but for me as well.” I think he will probably wait to see how my adventure goes, before he dives into the pool of going back to college full time. I guess that is why I would suggest for anyone remotely interested in going back to college to begin to take the steps. You may find that what you thought was unattainable is actually as my husband said “quite doable”
What is left over on my statement I can pay out over 5 months or as one lump sum. If I do the five-month payment thing there is a 30.00 one-time payment plan fee that is added.
Oh I almost forgot. I got to deduct my $100. Fee from everything because I had to send a $100. check yesterday, with my application.
Are there any other surprises in that letter? Most people would freak but this surprise did not bother me at all. Apparently when you fill out your FAFSA the government “randomly” decides who they are going to check up on. So if it is you, then you have to send in some documentation including a copy of your taxes for the year in question. Well each year we have done the FAFSA for my daughter at ORU she is audited, so “randomly” we are “regularly” selected and sure enough the same thing happened at Vermont College. I am just getting to the point where I make those copies of the tax form right after signing it, put it in the envelope so that it is ready. It really is no big deal. If you have made errors in the FAFSA then your financial award letter will change, as will the amounts.
One more thing, payments do not go to the financial aid department. That is an entirely different department. At my daughters college, Oral Roberts University you need to have financial clearance before you can pick up schedules and proceed any further. That is done in the day of registration and there are long lines. I feel that for Vermont College I would like to get this taken care of before hand but if not, as I understand it, the Bursar’s office will ask you to come and get financial clearance during your first day.
I already had an electronic pin; you use that to sign your FAFSA electronically. I just needed to make sure it worked. I highly recommend that everyone do a FAFSA. It is the easiest step to see what is available for your college. My husband, Mike, and I decided to go ahead and take the loans. Building the new studio will take everything we can to manage things financially. We will not however take the unsubsidized loans. Basically the difference between unsubsidized and subsidized loan is that one collects interest now, the other does not start collecting until I believe it is 6 months after graduation or 6 months after you are out of school.
So after filling out the FAFSA they send back my EFC, basically this is the Estimated Family Contribution for the family. The college figures everything out and has sent me my financial award letter. This was a bit confusing because well, I filled out the wrong FAFSA, I filled out the 2004 FAFSA. Because I was doing that FAFSA for my daughter. This April session at Vermont College is still on the 2003 FAFSA. Which is to my benefit, because I made less money in 2003 than 2004. As I understand it the college will take the semester in October and base that on the 2004 FAFSA. I know it seems like a lot of red tape to go through but the financial aid department is really quite nice.
Were there any other surprises in the financial aid letter? Well kind of. You see the federal subsidized Stafford Loan, the one that I do want, is not exactly what is listed in my award letter. There is a 4% fee, which is taken off of the top. So I deducted that and have what is allowed for that loan. The total cost for the spring semester at Vermont College is 5,210. This includes your room and board for the week, it does not however include your airfare, trip from the airport, and I am coming in a day early so I will probably need some extra meals. So I put a spreadsheet together, I love spreadsheets. I added up everything I want in my award letter deducted what I didn’t want and subtracted that from my total for the semester of 5,210.
Now many of you are probably thinking DUH! But just incase some of you don’t know the first thing about going back to college and the financial end of it I am writing it down in this blog. I must say that after doing the FAFSA I went to my husband, showed him the bottom line and he said, “Wow, I would not have thought it but this is actually doable, not just for you but for me as well.” I think he will probably wait to see how my adventure goes, before he dives into the pool of going back to college full time. I guess that is why I would suggest for anyone remotely interested in going back to college to begin to take the steps. You may find that what you thought was unattainable is actually as my husband said “quite doable”
What is left over on my statement I can pay out over 5 months or as one lump sum. If I do the five-month payment thing there is a 30.00 one-time payment plan fee that is added.
Oh I almost forgot. I got to deduct my $100. Fee from everything because I had to send a $100. check yesterday, with my application.
Are there any other surprises in that letter? Most people would freak but this surprise did not bother me at all. Apparently when you fill out your FAFSA the government “randomly” decides who they are going to check up on. So if it is you, then you have to send in some documentation including a copy of your taxes for the year in question. Well each year we have done the FAFSA for my daughter at ORU she is audited, so “randomly” we are “regularly” selected and sure enough the same thing happened at Vermont College. I am just getting to the point where I make those copies of the tax form right after signing it, put it in the envelope so that it is ready. It really is no big deal. If you have made errors in the FAFSA then your financial award letter will change, as will the amounts.
One more thing, payments do not go to the financial aid department. That is an entirely different department. At my daughters college, Oral Roberts University you need to have financial clearance before you can pick up schedules and proceed any further. That is done in the day of registration and there are long lines. I feel that for Vermont College I would like to get this taken care of before hand but if not, as I understand it, the Bursar’s office will ask you to come and get financial clearance during your first day.
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