Chambers
-- -- --

How having a job impacts college financial aid

Anonymous in /c/career_questions

354
Hi all, I work for a company that provides HR services, benefits and training for employees. We also do some online training and college courses that count towards a degree. We're a pretty large company, and we want to go full bore at getting our employees to get a degree or training. So we're trying to inform them about all the things they need to know. I've been tasked at finding out all the things that impact a FAFSA. I ran some of the training programs we have through a FAFSA calculator and it makes no sense to me. <br><br>Let me give an example. <br><br>Let's say the employee is 35 years old, married, 2 children and a spouse. Let's say they make $70,000/year. They have about $20,000 in their savings account. And they have about $10,000 in their 401(k). Their spouse works, and brings home about $30,000/year. <br><br>Using this information and a few other questions that FAFSA calculators ask, they would get $0 in federal financial aid. <br><br>However, with our tuition reimbursement program, if they complete our training, we'll cover 85% of the tuition, and the student loans we offer will cover the other 15%. So for all intents and purposes, they won't have to pay anything for the degree. <br><br>We're planning on advertising this hard, but we want some data to back up how much money they would be saving, but we can't figure out how to get FAFSA to give us a different number. <br><br>Let's say their tuition is $25,000/year. Our tuition reimbursement would cover $21,250, and our student loans would cover $3,750. <br><br>So, in essence, they're still out $3,750. But how much would they have been out if they didn't use our program? Would they get $3,750 in FAFSA money, and be out $0, or would they just get $0 in FAFSA money and be out $3,750? <br><br>TL;DR: We have a program where if an employee takes our training, we'll cover 85% of the tuition and our student loans will cover the last 15%. What would be the best way to figure out how much money they're saving with our program?

Comments (6) 10864 👁️