4 ms·

As the author states, this hack is for the FAFSA (the free application for federal student aid)... And given that FAFSA is listed on http://mitadmissions.org/af

by dlss 11y ago

As the author states, this hack is for the FAFSA (the free application for federal student aid)... And given that FAFSA is listed on http://mitadmissions.org/afford/deadlines http://mitadmissions.org/afford/deadlines it looks like it would work with MIT.

superuser2 11y ago
FAFSA is only binding for Department of Education money, which is approximately nothing for a middle-class student at a top-tier school. Most of the reduction off the $60k sticker price comes from university grants, which universities can apportion as they see fit. Many use a combination of the FAFSA, the CSS PROFILE (which is more resistant to asset-hiding), and sometimes proprietary forms.
- dlss 11y ago
  As I understand it, the exploit makes the DoE no longer see the person as middle-class.
- cbr 11y ago
  With CSS PROFILE it sounds like it's just that some schools ask for parents information anyway: When can a student fill out the PROFILE as an independent? A student is considered independent, for financial aid consideration, if he or she is or has at least one of the following: is at least 24 years old as of Jan. 1 of the academic year, is married, is a graduate or professional student, has a legal dependent other than a spouse, is a veteran of the U.S. Armed Forces, or is an orphan or ward of the court (or was a ward of the court until age 18). If not, the student is considered dependent. A parent refusing to provide support for his or her child’s education is not sufficient for the child to be declared independent. Financial aid eligibility is, in part, determined by a student’s dependency status. Independent students are treated differently from students who are dependent on their parents. However, some schools and programs require parental information on the PROFILE even if the student is considered independent based on the criteria above. https://secure-media.collegeboard.org/CollegePlanning/media/pdf/profile-webinar-faqs.pdf https://secure-media.collegeboard.org/CollegePlanning/media/...
- kctess5 11y ago
  Nailed it.
kctess5 11y ago
MIT has a fairly strict financial aid process. There are some gotchas, and even marriage won't make you exempt. When it comes down to it, it's a private institution that is able to decide for itself how it gives out financial aid, independent of FAFSA or CSS. Someone at financial aid told me that they once dealt with a 35 year old, and they made him submit his parents financial information. Who knows if that actually happened, though...
kctess5 11y ago
I probably should note that the marriage trick can be of benefit with government issued grants and loans. You will probably also get some kind of tax benefits. You would definitely get $2500 for the American Opportunity Credit (but you can still sometimes get it if you're single.) Pell grants are also a thing.

by dlss 11y ago

superuser2 11y ago

FAFSA is only binding for Department of Education money, which is approximately nothing for a middle-class student at a top-tier school. Most of the reduction off the $60k sticker price comes from university grants, which universities can apportion as they see fit. Many use a combination of the FAFSA, the CSS PROFILE (which is more resistant to asset-hiding), and sometimes proprietary forms.

dlss 11y ago
As I understand it, the exploit makes the DoE no longer see the person as middle-class.
cbr 11y ago
With CSS PROFILE it sounds like it's just that some schools ask for parents information anyway: When can a student fill out the PROFILE as an independent? A student is considered independent, for financial aid consideration, if he or she is or has at least one of the following: is at least 24 years old as of Jan. 1 of the academic year, is married, is a graduate or professional student, has a legal dependent other than a spouse, is a veteran of the U.S. Armed Forces, or is an orphan or ward of the court (or was a ward of the court until age 18). If not, the student is considered dependent. A parent refusing to provide support for his or her child’s education is not sufficient for the child to be declared independent. Financial aid eligibility is, in part, determined by a student’s dependency status. Independent students are treated differently from students who are dependent on their parents. However, some schools and programs require parental information on the PROFILE even if the student is considered independent based on the criteria above. https://secure-media.collegeboard.org/CollegePlanning/media/pdf/profile-webinar-faqs.pdf https://secure-media.collegeboard.org/CollegePlanning/media/...
kctess5 11y ago
Nailed it.

kctess5 11y ago

MIT has a fairly strict financial aid process. There are some gotchas, and even marriage won't make you exempt. When it comes down to it, it's a private institution that is able to decide for itself how it gives out financial aid, independent of FAFSA or CSS. Someone at financial aid told me that they once dealt with a 35 year old, and they made him submit his parents financial information. Who knows if that actually happened, though...

kctess5 11y ago

I probably should note that the marriage trick can be of benefit with government issued grants and loans. You will probably also get some kind of tax benefits. You would definitely get $2500 for the American Opportunity Credit (but you can still sometimes get it if you're single.) Pell grants are also a thing.