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I cannot afford to go back to engineering school

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Re: I cannot afford to go back to engineering school

#111
I waited until I was 24 to fill out a FAFSA. Once you are 24 you don't need to supply your parents info. I worked at a movie theater until I got a full ride from financial aid. I got to party and get get that out of my system before I started school.

And really, I am not sure how you couldn't get that any taxable income would cut into what you get. I was a drunk stoner and knew it. During the summers I got a real job and knew to never make over $9,500 in taxable income or it would eat into my aid. I quit jobs before school started so I wouldn't hit that number.

Re: I cannot afford to go back to engineering school

#112
post #101

The US university loan system is fucked. We have a government-run loan scheme called HECS. You defer your university fees throughout the duration of your studies, apparently no matter how long they last. The programme is not means tested at all, so it is available for every single domestic student studying uni here, no matter what. That loan is then paid back only once you start earning more than a threshold amount o…

The U.S. has a really helpful student loan repayment program — and no one's using it: http://www.businessweek.com/articles/2013-08-07/the-u-dot-s-...

Which isn't highlighted because the narrative that is not "Hey we are helping people get college educations" the narrative is "Rich people can afford to send their kids to school, poor people can't, its increasing the divide between the haves and the have-nots."

That second narrative gets you rage views and votes for office, pretty much without regard with evidence to the contrary. Students can get a college degree at state schools for about the same cost as buying a new car, and on much more favorable loan terms.

That said, there are lots of ways we could improve how we grant student aid, in my last letter to my Senators I suggested that providing need-blind aid for STEM degrees (Creating in demand workers and part of the alleged worker shortage) would serve the double benefit of both getting people college degrees, and getting employers the legal resident college graduates they seem to so urgently desire. It is a simple idea but if you subscribe to the idea that tax payer funds should be allocated for the improvement of the citizenry and society, having a larger qualified worker pool seems to meet that requirement.

Re: I cannot afford to go back to engineering school

#113
Given my experience in a similar situation several years ago, I don't think you have explored all of your options. Your Expected Family Contribution (EFC) and need-based limit may have changed, but there other ways to pay for school. (All of the following assumes you haven't already hit the overall government loan limit; if that's the case, you're at a university you honestly cannot afford.)

For example, the Stafford loan program offers unsubsidized loans (meaning interest accrues while you are in school) to all eligible students regardless of need. The eligibility requirements for these loans amount to being legally allowed to attend school in the US and not being in default on existing student loans.

As an independent student, you should be able to borrow up to $12,500 in unsubsidized loans directly from the government, regardless of your EFC. It will be more expensive than your other loans in the long term, so you should weigh the cost of two years of additional interest against not finishing school.

All of that said...

Something really feels wrong about your financial situation. The automatic-zero Expected Family Contribution limit for an independent student is $24,000. Assuming you were living on student aid from January to May and made $25.85/hour, 40 hours a week from June to December, for a full 30 weeks (unlikely given holidays, etc), you should have made right around $31,000 pre-tax. If that's the case, your EFC should be a _maximum_ of $7,000, but probably closer to half that.

My bet: your FAFSA EFC is incorrect. Find the worksheets and manually work it out for yourself.

Re: I cannot afford to go back to engineering school

#114
I consider myself very lucky. I did my undergrad and never struggled with money. My parent never supported me with a dime since they didn't have much. I didn't have any scholarships. I saved up some money from high school and used that for the first year of college, then started working as an co-op. How did I do it? I went to school in Germany. That's also where I'm from. Back then there was no tuition and I only paid 120 Euros of administration fee per semester. I had it easy. I could study freely, I had everything I needed and the beer at the universities' vending machine was cheap. Life was good. Back then in 2004 I never read any English/US news or community web sites. I didn't know what college was like over there.

After I graduate came to the US and I've been living in a typical college town at the east coast for ~7 years. I have many undergrad and graduate friends most of which are American. I'm _BAFFLED_ at the simple acceptance of this rip-off fucked up higher education system. It's not even a topic ever that our local University President just raised tuition by another 5% this year. And a ~40% raise in the last couple year. In Germany, they started talking about introducing a 500 Euro tuition in 2006(?) and introduced it in 2007. Students where furious, they protested on the streets, they occupied the main buildings. They raised there voices. They started petitions. The press was on our side. They introduced them and students investigated on how the tuition was going to be used (contract only allowed to use it towards better education and not for maintenance/bills) and problems were discovered. Long story short: In 2013/2014 there is only one state left that still has a tuition of 500 Euros. The rest abandoned it all.

I have asked this question many times:

Why do Americans not protest?

Take the French: they kidnapped their CEO and threatened to kill them (~2009). They burned down parts of their factory. They raise their voice. Yet, with a ridiculous policy here in the US, I see nothing ever happen. I heard there was some protest about PRISM in S.F. last week. I frankly missed the coverage about that since it may have been to small. There were bigger protests about PRISM in Germany last week. This is sad and I don't understand it.

Students of America: Stop wining on Internet forum, they do not tend to often get coverage of the media.

You want main stream TV coverage: Go on the streets and protest.

Re: I cannot afford to go back to engineering school

#115
post #70

Hey, at least you're not $250k in the hole with an incredibly low 7% interest rate, at the age of 26! What do you all think about a Kickstarter for student loans? I'm looking for $300k in investment or to validate my idea by raising $300k through the service.

I like the idea. Money up front now, for a percentage of your future earnings.

Oregon is on it.

http://www.salon.com/2013/07/11/oregon_students_partner/

Re: I cannot afford to go back to engineering school

#116
I am totally stunned. Are you telling me that you are not going to fund a student who does not have a degree yet but found a good enough job where she gets paid? Man, in fact you need to raise the money given to her because it will ensure one persona out of unemployment for sure.

Re: I cannot afford to go back to engineering school

#117
post #101

The US university loan system is fucked. We have a government-run loan scheme called HECS. You defer your university fees throughout the duration of your studies, apparently no matter how long they last. The programme is not means tested at all, so it is available for every single domestic student studying uni here, no matter what. That loan is then paid back only once you start earning more than a threshold amount o…

HECS is amazing. I would never have been able to afford university without it.

Mine has long since been paid back (a painless process).

Re: I cannot afford to go back to engineering school

#118
post #109
post #33

Earlier quoted context omitted.

Is there still a screw case for "kids from wealthier families" when the families refuse to help? At least during the '80s, I was told I was ineligible for any financial aid.

Declare yourself independent, move out, get a part-time job, remove yourself as a dependent from your parents taxes, etc. etc. Now you are the income source for your own education expenses, and if you don't make that much money should be eligible for all kinds of wonderful tuition assistance programs. If the school asks, just say you have a terrible relationship with your parents and are estranged from them.

I brought that sort of scenario up, was told it wasn't an option, although the lower level staffer I talked to wished it was. Perhaps my school took a particularly hard line, I certainly had a few peers who boasted of scams they and their family were running, e.g. borrowing at subsidized rates and getting >20% returns that Carter era inflation allowed them to earn (the government was slow to acknowledge the inflation it had created back then).

Re: I cannot afford to go back to engineering school

#119

Earlier quoted context omitted.

Yep. If your parents are wealthy and don't want to help you, you are most definitely not going to a high-end school, not even a state flagship. At that point community college is the only reasonable option (because it's actually possible to earn enough without the degree to cover the cost). You couldn't really have it any other way without drastically altering the structure of higher education: the alternative is tha…

http://www.sfa.ufl.edu/basics/cost-of-attendance/ The incremental cost of going to school versus "just" living is like $6000. Even the child of a rich parent with no financial aid should be able to pull that together, especially if you manage to swing any scholarship money.

No, they shouldn't, because "just" living gives you 40-60 hours/week to work, and going to college doesn't. Especially at a high-level, challenging school.

Re: I cannot afford to go back to engineering school

#120
post #27

It's unclear if her financial aid was grants or loans. If they denied her grants I'd say this (while unfair by current standards) is reasonable. Given her internships, it's reasonable to say she could probably pay for a chunk of her degree and certainly afford loan payments when employed later. Now, of course, one wonder's why we are offering loans and aid to people who can't get such a return on investment ( regardl…

If I remember correctly, FAFSA also limits how much money the federal government will lend you.

The government offers both need-based subsidized loans and unsubsidized loans. The latter are available to anyone, regardless of need. They usually won't cover everything, but they often cover a good chunk of your total bill.
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