<p>The ranch and any business financials associated with it WILL be reported to the Profile schools. And Profile schools often add back in business expenses. So while your AGI for FAFSA purposes is in the negative range (and therefore $0), this may not be the case for Profile schools. </p>
<p>If you had income from the ranch or business and expenses associated with that, that netted you that negative AGI, you need to be aware that some of those business expenses “can” be added back in by the Profile Schools. In the end, they may not calculate your AGI income as being $0.</p>
<p>Did you have earned income in 2010? That amount is likely going to be considered by the Profile schools. Your business losses might discount that and they might not for Profile schools…these schools have varying policies on this.</p>
<p>And again…if you go FAFSA only, please remember that the MAXIMUM financial aid your student receives will not cover the cost of a four year residential college. It’s just not that much money. The federally funded aid definitely won’t cover the costs at a private expensive college. Again…not enough.</p>
<p>*if you go FAFSA only, please remember that the MAXIMUM financial aid your student receives will not cover the cost of a four year residential college. *</p>
<p>Very true…</p>
<p>Fed grants are from $1176 to $5550 per year (depending on EFC)…often not enough to even pay tuition, and certainly not other costs. And student loans are low as well…$5500 for freshman year.</p>
<p>There is a lot of incorrect speculation on this thread.</p>
<p>JustMae - FWIW here is my advice:</p>
<p>Keep UNL in your back pocket. Apply to the schools you want to attend including Rice. Complete all the financial aid forms as required and if you have questions about your specific situation do not hesitate to contact the financial aid officers at the colleges that accept you.
You will probably have to wait until late spring to get your offers and then you can evaluate.
Family farms/ranches are unusual circumstances - they have have special rules under the tax codes and are treated differently than businesses. </p>
<p>You have some advantages in that you have very high stats and are from a generally underrepresented geographic area.</p>
If their AGI is that bad (humongous negative), what would they be using to pay the loans they have borrowed against their assets? More loans? They’re borrowing to survive already.</p>
<p>Curmudgeon (long-time poster on CC) can tell you all about ranches and Profile … his D chose a full ride to Rhodes over Yale because Yale used the value of the ranch … as I recall, they had some pretty unrealistic expectations of how much he should be able to pay. </p>
<p>It doesn’t hurt to apply to some Profile schools, but know that the financial aspect may not work out. DO apply to schools known for merit, because you would be in as good a position as anyone to receive merit scholarships.</p>
<p><strong><em>I’m in Nebraska. Female, 34 ACT, 4.0 GPA, National Merit Semifinalist, State Officer in a CTSO.</em></strong>** I would think you would be a great candidate for admission & possible merit to a number of excellent schools. Think LAC’s, great schools with merit like Vanderbilt, WashU, USC, etc. Cast a wide net (you probably qualify for fee waivers!), and see what April brings.</p>
<p>It doesn’t hurt to apply to some Profile schools, but know that the financial aspect may not work out. DO apply to schools known for merit, because you would be in as good a position as anyone to receive merit scholarships.</p>
<p>I agree! </p>
<p>Apply to some Profile schools just to see what happens… you may get surprised. :)</p>
<p>Also apply to some schools with competitive merit (Kelsmom recommended some).</p>
<p>BUT…also apply to some schools with ASSURED HUGE merit for stats because even if you’re awarded good merit from Vandy or WashU, you have no idea how much they’ll still expect your family to pay.</p>
<p>USC has a guaranteed half tuition scholarship for NMFs. That is very nice…worth about $20k per year. However, if they also determine that you have no need except for maybe Pell (because of FAFSA formula), they’ll still expect your family to pay the other $25-30k+ per year…which doesn’t sound possible.</p>
<p>So, be sure to protect yourself by applying to a couple of REAL financial safety schools which will give a free ride or very close to it. With your likely NMF status, that is possible. If one of your goals is to get out of Nebraska, then relying only on NE-L as your financial safety school isn’t a good idea.</p>
<p>Thanks for all of the advice, everybody! I applied to Questbridge because of the unusual financial situation, even though I’m kind of doubting I’ll be a finalist because of the ranch. Oh, well! I’m in the midst of researching financial safeties! (:</p>
<p>Sylvan, the point is the IRS allows MANY deductions colleges don’t. As I counselor, Ive watched more families than I can remember discover this.</p>
However, if they also determine that you have no need except for maybe Pell (because of FAFSA formula), they’ll still expect your family to pay the other $25-30k+ per year…which doesn’t sound possible.</p>