Home

College sharing parents finances with students?!?!
1, 2  Next
 
Post new topic   Reply to topic    Forum -> Household Management -> Finances


View latest: 24h 48h 72h


amother




OP
 

Post  Thu, Sep 03 2020, 9:33 am
My daughter went to orientation. She was informed that "everyone" is on FASA and "no one " is paying full tuition. They said that you can make up to 1.5 million to qualify...

We were denied for any funding from FASA. My daughter sent the FASA email to the person that made these statements. The person said that 1.5 was an exaggeration.

She then shared our personal finances with my daughter. How is this ok?
Back to top

Frumme




 
 
 
 

Post  Thu, Sep 03 2020, 9:58 am
FAFSA makes a lot of claims that aren't substantiated and they conveniently make it difficult to be considered an independent by their criteria. I didn't get anything from them when I was in college, besides being approved for student loans. They also don't take into account things like medical bills, mortgages unless you have more than one house, etc etc (from what I remember).

It's not right that the representative your daughter wrote to shared your personal finances. I would probably write back that it was inappropriate to do so.

Whatever you do, just don't get suckered into applying for a Parent Plus loan. They really, really push for them because it means that you co-sign a loan and in the event that your DD doesn't pay for whatever reason, they get to go after you. It's a nightmare.
Back to top

lilies




 
 
 
 

Post  Thu, Sep 03 2020, 10:07 am
1.5m? More like 200k.
If you apply for aid and you share personal finances, there is no confidentiality. Your daughter is applying to college, not the parents. They talk to the applicants.
Back to top

lilies




 
 
 
 

Post  Thu, Sep 03 2020, 10:09 am
Frumme wrote:
FAFSA makes a lot of claims that aren't substantiated and they conveniently make it difficult to be considered an independent by their criteria. I didn't get anything from them when I was in college, besides being approved for student loans. They also don't take into account things like medical bills, mortgages unless you have more than one house, etc etc (from what I remember).

It's not right that the representative your daughter wrote to shared your personal finances. I would probably write back that it was inappropriate to do so.

Whatever you do, just don't get suckered into applying for a Parent Plus loan. They really, really push for them because it means that you co-sign a loan and in the event that your DD doesn't pay for whatever reason, they get to go after you. It's a nightmare.


But they make sure to count loans as income.
Back to top

amother




Aquamarine
 

Post  Thu, Sep 03 2020, 10:30 am
That is crazy and I am livid for you!!!!
Back to top

amother




Aquamarine
 

Post  Thu, Sep 03 2020, 10:32 am
Can you share what school?
I'm now nervous.
Back to top

amother




OP
 

Post  Thu, Sep 03 2020, 10:38 am
When we applied for FASA I had to make a new login to input my financial information. It's not visible to my daughter.

My husband and I are very upset. Especially since it said that based on our finances her parents should have no problem paying for college. Excuse me!!

We are not allowing dd to apply for loans at this time. She can afford to pay for her tuition this year. Next year will be a different story and we may need to assist with tuition.
Back to top

amother




Violet
 

Post  Thu, Sep 03 2020, 10:45 am
amother [ Aquamarine ] wrote:
Can you share what school?
I'm now nervous.


US schools won't do that. In fact, if your student is over the age of 18, s/he will need to agree to share financial information, including bills, with you.
Back to top

amother




Mauve
 

Post  Thu, Sep 03 2020, 11:01 am
When I filed for FAFSA like 14 years ago, I clearly recall requiring my parents' tax returns to complete the forms. Didn't your daughter need that info to apply for FAFSA? Didn't she have to sign anything to apply that had your details on it?
I guess I'm a bit confused about how you applied for it if you're not the student but maybe that's an option I wasn't aware of?

Whether fair or not, the government takes the approach that if your parents can afford to pay for it, they won't give that financial aid. I had a friend who was in foster care half her life, estranged from her father, and still couldn't qualify because her estranged father earned too much....
Back to top

amother




cornflower
 

Post  Thu, Sep 03 2020, 11:15 am
So the issue appears to be that you do not want to help pay for her tuition and feel that financial aid should be determined by looking at your daughter's finances and not you're finances.

That is not how financial aid is determined because it is assumed that the parent will pay for the amount that is determined by the formulas they use. The child's finances would also be assessed - e.g. an education trust would be consider to be an economic asset to be used in calculating financial aid.

There are some circumstances in which a child would be financial independent of a parent. If a child has been legally emancipated for several years with a full time job or otherwise illustrates that they are an independent entity, then the parents' financial status would not be relevant but the burden would be on the child to show they are legally economically independent.

When I was getting financial aid, I had worked and had separate tax returns for several years so it was only my finances that were considered in terms of aid packages although my parents assisted me as they didn't want me to be burdened with high student loans when I graduated.

This seems to be a very specific fact situation in your family where you feel that your daughter should pay for this year because she has money but maybe you will pay for her next year but perhaps I am not understanding. However, the bottom line is that if your family unit has financial resources they will be counted unless there is some legal reason for a child to be considered to be a separate economic unit.
Back to top

tigerwife




 
 
 
 

Post  Thu, Sep 03 2020, 11:20 am
Is FASA the same as FAFSA?
Very odd that they’d tell the students that they’re all getting financial aid. Why on earth would they do that?
If you’re in NY, TAP is easier to get than FAFSA. After a year or so, if your daughter does well, she might be eligible for other scholarships.
Back to top

amother




Natural
 

Post  Thu, Sep 03 2020, 11:22 am
amother [ Violet ] wrote:
US schools won't do that. In fact, if your student is over the age of 18, s/he will need to agree to share financial information, including bills, with you.


US schools won’t do what?
We’re talking about FAFSA which is US program, so we’re only talking about US.
Back to top

egam




 
 
 
 

Post  Thu, Sep 03 2020, 11:23 am
lilies wrote:
1.5m? More like 200k.
If you apply for aid and you share personal finances, there is no confidentiality. Your daughter is applying to college, not the parents. They talk to the applicants.


It's much less that 200k. We don't make that and weren't qualified for anything. I have a DC in college right now.
Back to top

amother




Gold
 

Post  Thu, Sep 03 2020, 11:31 am
When I was in college I remember that I needed to bring in forms with my parents’ incomes and I was embarrassed to look at the forms (they weren’t in envelopes or anything). I remember being impressed by how much my father earned and shocked by how little my mother earned.
Back to top

amother




OP
 

Post  Thu, Sep 03 2020, 11:33 am
amother [ Violet ] wrote:
US schools won't do that. In fact, if your student is over the age of 18, s/he will need to agree to share financial information, including bills, with you.


It was a school in the Tristate area
Back to top

amother




OP
 

Post  Thu, Sep 03 2020, 11:38 am
amother [ cornflower ] wrote:
So the issue appears to be that you do not want to help pay for her tuition and feel that financial aid should be determined by looking at your daughter's finances and not you're finances.

That is not how financial aid is determined because it is assumed that the parent will pay for the amount that is determined by the formulas they use. The child's finances would also be assessed - e.g. an education trust would be consider to be an economic asset to be used in calculating financial aid.

There are some circumstances in which a child would be financial independent of a parent. If a child has been legally emancipated for several years with a full time job or otherwise illustrates that they are an independent entity, then the parents' financial status would not be relevant but the burden would be on the child to show they are legally economically independent.

When I was getting financial aid, I had worked and had separate tax returns for several years so it was only my finances that were considered in terms of aid packages although my parents assisted me as they didn't want me to be burdened with high student loans when I graduated.

This seems to be a very specific fact situation in your family where you feel that your daughter should pay for this year because she has money but maybe you will pay for her next year but perhaps I am not understanding. However, the bottom line is that if your family unit has financial resources they will be counted unless there is some legal reason for a child to be considered to be a separate economic unit.


No, you got it wrong.

We were never going to apply for any financial aid. We know that we earn to much. The school insisted that we apply. We were obviously denied. I'm not discussing this here.

The problem is that at orientation my dd was informed that anyone making less than 1.5 will qualify for aid. They actually mocked people who pay for school. She forwarded the denial of aid and received a response back with my personal finances.

How is that ok?
Back to top

amother




cornflower
 

Post  Thu, Sep 03 2020, 11:45 am
amother [ OP ] wrote:
No, you got it wrong.

We were never going to apply for any financial aid. We know that we earn to much. The school insisted that we apply. We were obviously denied. I'm not discussing this here.

The problem is that at orientation my dd was informed that anyone making less than 1.5 will qualify for aid. They actually mocked people who pay for school. She forwarded the denial of aid and received a response back with my personal finances.

How is that ok?


That is just insane that someone would pass on such completely erroneous information. It is not even a gray area as no one advising students and parents could reasonably believe that financial aid is available for someone with a salary that high It isn’t even a gray area in terms of calculating net worth and assets and they were completely incompetent.

Gray area is someone earning a relatively nice professional salary with extraordinary expenses that may be considered in the formula. No one who has a salary of $1.5 million could reasonably be thought to need aid. I am stressing salary because that is different from retirement assets and home equity.
Back to top

amother




Turquoise
 

Post  Thu, Sep 03 2020, 11:50 am
Just want to understand, you dont want your adult child to know your financial situation? are they still part of your household, why dont you want them to know
Back to top

amother




OP
 

Post  Thu, Sep 03 2020, 12:09 pm
amother [ Turquoise ] wrote:
Just want to understand, you dont want your adult child to know your financial situation? are they still part of your household, why dont you want them to know


Why do my kids need to know our income? For what purpose? Do your kids know your financial details? Why?

I also don't need help budgeting.

Regarding dd paying for college this year. She threw us in a loop 2 years ago when she suddenly decided to go to seminary in Israel. We paid 20k for seminary. We gave her spending money.

Dd decided that she wants to get a Doctrate. We can't afford to foot the college bill for all our kids.
We discussed that we paid for all her college credits in HS, paid for seminary, but now it's time for her to start paying.

We are willing to help out, (we purchased an expensive computer that she wanted) but we want to make sure that she is serious about school. She overcommitted herself at work recently, and I dont want school to become unimportant.
Back to top

amother




Slategray
 

Post  Thu, Sep 03 2020, 12:14 pm
amother [ Turquoise ] wrote:
Just want to understand, you dont want your adult child to know your financial situation? are they still part of your household, why dont you want them to know

Because it's none of the kids business to know how much their parents earn!
You're right op I would be upset too! But nothing to do about it now! It was a huge lack of tact on the school's part !
Btw afaik, if child is not a dependant on your tax return anymore he could apply for financial aid on his own, regardless of living arrangements!
You have to see if that makes sense for you, your child would benefit in schooling aid but you would probably have to pay more taxes( less dependant in your household!)
Back to top
1, 2  Next Recent Topics

Page 1 of 2 View latest: 24h 48h 72h


Post new topic   Reply to topic    Forum -> Household Management -> Finances

Related Topics Replies Last Post
New college
by amother
0 Tue, Oct 27 2020, 7:06 pm View last post
For all parents whose kids are scared of baths 6 Sat, Oct 24 2020, 4:35 pm View last post
I’m sharing cheap outfits that look expensive 220 Wed, Oct 21 2020, 9:29 pm View last post
Consequence for hitting or hurting parents
by amother
8 Thu, Oct 01 2020, 7:55 am View last post
Need college advice from fellow PAs
by amother
21 Tue, Sep 22 2020, 5:58 pm View last post