Ok, so my parents are divorced. I live with my mom, who makes a very little amount of money. My Dad, however, makes a ton. He would be considered extremely rich. But, my Dad isn't going to help pay for my college. So here is what I need to know- the schools I'm applying to are private colleges, and they all look at my Dads income. So I wont be getting any aid from the schools themselves. But I know that the fafsa and other federal aid programs only look at my moms finances. So, does the govt. give the aid itself? Because then I can expect some govt. aid. Or does it just recommend an amount to the school? Because if the school is awarding it, and they see how much my dad makes, I wont get any federal aid either. So basically, does the college decide how much federal aid I get, or does the govt.?
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Answers & Comments
Verified answer
Your qualification for federal aid amounts come from the government. When you fill out the FAFSA, they compute student and parental contributions as well as your estimated financial need for the university you are attending.
Your mom should be the only one claiming you as a dependent, and therefore only her income should come into play - since your dad is not supporting you.
I would advise taking this unfortunate situation (divorced parents) to your advantage as well, and playing that off to the university as strong as you can. Generally, private universities, even after need is determined, have more money to grant to students who have overcome adversity in life. Some won't, but it is worth a shot.
Your federal aid (perkins - loan, pell grant, staffords - loan, PLUS - loan, etc) will only amount to so much per year, and I know at many private universities this still will not cover your need, even though it is exactly that, your determined NEED.
You should make sure you are applying for any type of local scholarships or grants and additional money available. If you are a good student, that helps. I went to a very good private school my first few years of college (xferred to a public, wanted more fun and social opportunities) and I received over half my tuition (around 15k/year) from the University itself based on merit grants alone (max they gave out at that college). The rest I funded through private organization scholarships and some Stafford Loans.
Even though it may seem you qualify for a good amount of federal aid based on your mother, I would advise barnstorming for other sources as if you weren't going to get a penny. I got much less than I expected.
Unfortunately, the Federal system does screw people who have earned merit based aid. That is actually counted against your eligeable amount at most institutions when you are applying at the university for financial aid. Your eligeability for say, subsidized stafford loans as opposed to unsubsidized can be effected based off of money you earned due to your academic performance - while someone who barely got into college with similar income parents, can receive more federal aid qualifications than you because your merit scholarships are working against you.
Apply for all kinds of aid available, fill out the FAFSA EARLY so you know where you stand.