Student loans: Real dumb question

Steve Blank <steve RemoveThis @randallblank.com> wrote:

>You can still get loans for the current year.
>The money will go to the school where it will be credited to your account.
>Since you've already paid you'll have a credit balance to be given to
>you either automatically or on your request.

Thanks Steve!!

I'm age 49, never went to college out of high school.
I was laid of perm last Dec so decided to give it a
go!!

Having said that I'm not savvy abt loans and such.

Another question.... I don't have a LOT of assets but
do have some retirement money in rollover IRA's

When filling out the FAFSA will money in IRA's count
against me? Bottom line...which assets are actually
figured into your eligibility?
 >> Stay informed about: Student loans: Real dumb question 

Assets not reportable for the FAFSA include any tax deferred retirement
accounts like IRAs, 401Ks and annuities. Also excluded is cash value of
life insurance policies, equity in the home, and personal possessions
like cars, jewelry, etc.

Reportable assets include cash, checking, savings, CD's, stocks, bonds,
mutual funds, real estate, trust funds, etc.

The FAFSA computations also have an asset protection allowance based on
your age and whether married or not. A 49 year old has an allowance of
$19,200 if single, or $47,600 if married. Only assets over those amounts
are used in the computations.

Also, you say you were laid off December 2006. The FAFSA will ask for
your 2006 income to project your ability to pay for college in the
2007-2008 college year. You must report the 2006 income on the FAFSA,
but if your total 2007 income looks to be significantly lower you should
make the financial aid office aware of this. They are not required to
adjust your aid eligibility, but can do so if they choose.


Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761


me DeleteThis @privacy.net said the following on 8/24/2007 12:19 PM:
> Steve Blank <steve DeleteThis @randallblank.com> wrote:
>
>> You can still get loans for the current year.
>> The money will go to the school where it will be credited to your account.
>> Since you've already paid you'll have a credit balance to be given to
>> you either automatically or on your request.
>
> Thanks Steve!!
>
> I'm age 49, never went to college out of high school.
> I was laid of perm last Dec so decided to give it a
> go!!
>
> Having said that I'm not savvy abt loans and such.
>
> Another question.... I don't have a LOT of assets but
> do have some retirement money in rollover IRA's
>
> When filling out the FAFSA will money in IRA's count
> against me? Bottom line...which assets are actually
> figured into your eligibility?
 >> Stay informed about: Student loans: Real dumb question 

Steve Blank <steve.RemoveThis@randallblank.com> wrote:

>Assets not reportable for the FAFSA include any tax deferred retirement
>accounts like IRAs, 401Ks and annuities. Also excluded is cash value of
>life insurance policies, equity in the home, and personal possessions
>like cars, jewelry, etc.

OK

>Reportable assets include cash, checking, savings, CD's, stocks, bonds,
>mutual funds, real estate, trust funds, etc.

OK

>The FAFSA computations also have an asset protection allowance based on
>your age and whether married or not. A 49 year old has an allowance of
>$19,200 if single, or $47,600 if married. Only assets over those amounts
>are used in the computations.

I am 49 and single....never married

>Also, you say you were laid off December 2006. The FAFSA will ask for
>your 2006 income to project your ability to pay for college in the
>2007-2008 college year. You must report the 2006 income on the FAFSA,
>but if your total 2007 income looks to be significantly lower you should
>make the financial aid office aware of this. They are not required to
>adjust your aid eligibility, but can do so if they choose.

I have had NO income in 2007 as I've been going to
school and paying totally out of pocket. Advice?

BTW.... BIG thanks for the help! This is all new and
strange to me and something I should have pursued
months ago but have been so busy with school and such
 >> Stay informed about: Student loans: Real dumb question 

Steve Blank <steve RemoveThis @randallblank.com> wrote:

>Also, you say you were laid off December 2006. The FAFSA will ask for
>your 2006 income to project your ability to pay for college in the
>2007-2008 college year. You must report the 2006 income on the FAFSA,
>but if your total 2007 income looks to be significantly lower you should
>make the financial aid office aware of this. They are not required to
>adjust your aid eligibility, but can do so if they choose.

By the way.... I may only be taking 8 semester hrs this
fall.... calculus and chemistry.... both 4 hr classes

Does that affect things?
 >> Stay informed about: Student loans: Real dumb question 

File the 07-08 FAFSA and then meet with the financial aid officer to
discuss your 2007 income and ask if they will make an adjustment.

Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761


me.TakeThisOut@privacy.net said the following on 8/24/2007 1:46 PM:
> Steve Blank <steve.TakeThisOut@randallblank.com> wrote:
>
>> Assets not reportable for the FAFSA include any tax deferred retirement
>> accounts like IRAs, 401Ks and annuities. Also excluded is cash value of
>> life insurance policies, equity in the home, and personal possessions
>> like cars, jewelry, etc.
>
> OK
>
>> Reportable assets include cash, checking, savings, CD's, stocks, bonds,
>> mutual funds, real estate, trust funds, etc.
>
> OK
>
>> The FAFSA computations also have an asset protection allowance based on
>> your age and whether married or not. A 49 year old has an allowance of
>> $19,200 if single, or $47,600 if married. Only assets over those amounts
>> are used in the computations.
>
> I am 49 and single....never married
>
>> Also, you say you were laid off December 2006. The FAFSA will ask for
>> your 2006 income to project your ability to pay for college in the
>> 2007-2008 college year. You must report the 2006 income on the FAFSA,
>> but if your total 2007 income looks to be significantly lower you should
>> make the financial aid office aware of this. They are not required to
>> adjust your aid eligibility, but can do so if they choose.
>
> I have had NO income in 2007 as I've been going to
> school and paying totally out of pocket. Advice?
>
> BTW.... BIG thanks for the help! This is all new and
> strange to me and something I should have pursued
> months ago but have been so busy with school and such
 >> Stay informed about: Student loans: Real dumb question 

If you are enrolled as a degree-seeking student attending at least half
time (normally 6 credits per semester) the only difference is the total
dollar eligibility since it is based on your cost of attendance which
should be less than for a full-time student. Schools have different cost
of attendance budgets based on the amount of credits and yours should be
able to explain them for you.


Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761


me.RemoveThis@privacy.net said the following on 8/24/2007 1:50 PM:
> Steve Blank <steve.RemoveThis@randallblank.com> wrote:
>
>> Also, you say you were laid off December 2006. The FAFSA will ask for
>> your 2006 income to project your ability to pay for college in the
>> 2007-2008 college year. You must report the 2006 income on the FAFSA,
>> but if your total 2007 income looks to be significantly lower you should
>> make the financial aid office aware of this. They are not required to
>> adjust your aid eligibility, but can do so if they choose.
>
> By the way.... I may only be taking 8 semester hrs this
> fall.... calculus and chemistry.... both 4 hr classes
>
> Does that affect things?
 >> Stay informed about: Student loans: Real dumb question