FAFSA and Other Things

So last night was college night for senior parents at the high school. Hoping to learn that there is a new shift towards awarding money for kids who merit it, I attended with my friend, Carol. We have both been down this road before - once for me and twice for Carol. We know the drill, but you never know when you might pick up a new tidbit. Whenever the discussion turns to the FAFSA (Free Application for Federal Student Aid) form, I feel the need to bust out laughing. Big of them to make the application "free", don't you think? The last time we filled one of these forms out, we were told that we could afford to spend $99,999 a year to send our son to college. I'm quite certain that the only reason it wasn't more than that is because there were no more boxes! I'm sorry, I thought the rest of us were still supposed to have a house to live in and food to eat while we send a kid to college. Thinking we had completed the form wrong, we went to a seminar put on by St. Louis University cleverly called "How to Complete the FAFSA." Turns out we had done everything right. As we spoke later with the instructor about our situation, he said that people who own their own businesses are at a disadvantage with FAFSA. The form takes into account your assets, but not your liabilites. Just because we HAVE a lot of heavy equipment and trucks doesn't mean we OWN all of them. Our federal government at work...I have been trying to come up with a clever saying for what FAFSA really stands for, but it is eluding me. Something along the lines of Federal Employees Laughing Their Asses Off as they read the applications. I know, it doesn't work, but you catch my drift. Sadly the FAFSA is required for any scholarships or aid you request, so there is no getting around it. At least I know Katie will be offered a token loan at a lower interest rate, as all students get those. I did get my one tidbit from the night - there are once again more applicants than open slots, so apply early and apply often.