Web chat focus was financial aid

BY CATHY JETT
Michael Farris fielded a variety of financial aid questions during the monthly Money Talk$ webchat Tuesday on fredericksburg.com.
Below is a sampling of the inquiries and the answers provided by Germanna Community College’s coordinator and director of financial aid. A complete transcript of the webchat is archived at fredericksburg.com/News/chat3/Archive?chat_id=140.
;”>My daughter is headed to Virginia Tech next year, and financing it will be a stretch for us. Our FAFSA [Free Application for Federal Student Aid] indicates that our EFC [Expected Family Contribution] is well beyond what we will pay, but we don’t have anywhere near that much money set aside.
Are there any good ‘tricks of the trade’ you can offer? Should she get her own apartment next summer to get the aid based off her own income vs. her parents?
–TS in Spotsylvania
Unfortunately, there are no “tricks” to gaining eligibility that way. Her dependency status is not associated with her place of residence or whether or not she earns an income of her own. It is based on her age, primarily. It is very difficult for a student under the age of 24 to gain independency for aid eligibility purposes.
I would recommend her possibly pursuing on-campus student employment for her first year, and maybe balancing that with a low-interest student loan. There are also parent-specific student loans that are available to folks in your situation.
This is a great opportunity to reach out to the folks in the financial aid office at Virginia Tech for more detailed information about what types of aid they have to offer.
Tip: There is no substitute for engaging the financial aid office at the school that the FAFSA is being sent to. Having worked in several different financial aid offices, at schools on both the East and West coasts, I know how critical the conversation between student and family and the college or university is. Plus, each school awards its financial aid differently. As soon as the FAFSA has been completed, call the school.
;”>Do parents’ financial obligations and credit histories have a significant impact on what financial aid is available to their children?
–KD in Fredericksburg
As a rule, no. The FAFSA examines income and assets as opposed to credit scores and familial expenses. The exception would possibly be if a parent is trying to borrow a parent-specific student loan on behalf his or her son or daughter. Federal parent loans require a credit check.
;”>What about students with disabilities does the state work with the college to fund someone that is physically disabled and has no income? Does the college offer funding for disabled students?
–BA in Stafford
Great question. In short, yes. The Federal Application for Aid takes this into account, and is able to identify and assist students with documented disabilities and supplement any existing federal or state disability benefits with additional federal funds for eligible students.
Cathy Jett: 540/374-5407
Email: cjett@freelancestar.com

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