My mom started her job about a year ago, her not working is on one tax return (110k income with just my dad working) and now my families current combined salary (around 200k) is the income on the most recent tax return. However, my family is paying off debts atm so they do not have an excess amount of money to pay for my full tuition. Will I get a decent financial aid package?
You will not get need based financial aid. You should look for merit aid.
You will not get a decent need based aid package. Your family income is too high. Debt is not considered in the formula.
What can your parents pay?
What are your SAT or ACT scores, and your GPA?
You will not get any need-based aid from 99%+ schools. HYPS might give you a tiny amount.
You need to talk to your parents and ask how much they’ll pay each year. Do that SOON.
They may tell you that since mom has been re-employed for a YEAR, and you don’t start college for another year, that those TWO YEARS of income were/are being used to eliminate that debt.
However, if they tell you that those TWO years of income still will not pay down enough debt to allow payiing full freight at your schools, then you’ll need to make a new list (I saw your list on your other thread).
Find out how much they’ll pay.
And u somehow think your family is the only one paying off debts?
My parents are committed to paying for my tuition but I will probably have to make some student loans. I always have a in state safety just in case something happens too.
The fact that financial aid will be going to those who need it more than you do doesn’t mean you’re being “hosed”. College resources aren’t infinite.
You’re virtually full pay to about 99.99% of all schools. Maybe HYPS will give you 5K to 15K.
You may get financial aid to a handful of schools if you have any siblings in college. Some will count graduate school- I know of at least two.
What are your stats (GPA, PSAT/SAT/ACT scores)?
One of my safes is probably going to offer me a scholarship. Ill be fine with 5k in aid just anything would be nice.
Need-based aid will likely be small if there’s any, like other posters are saying. Depending on your stats you may qualify for merit-based scholarships at some schools.
I think OP should run an NPC or two with estimated numbers. I ran one recently for a $350k income and many schools offered $10k or so in grant money - so $200k might net OP some money though perhaps not much.
Im also from NY which has a high cost of living
350K income? And 10K in grants? I highly doubt it. Maybe if there are 4 kids in college simultaneously.
It’s true. In fact, it was true for several schools in the $60 to $65k attendance category. But no one has to take my word for it - OP, run the NPCs yourself or ask your parents to help you. Let’s not predict what this kid may or may not get and leave it up to the school, shall we?
@gossamerwings At which schools did you find that?
There are a couple of schools that have “bad” NPCs. A couple of them were so screwy that the more you made after a certain point, the more it was showing grants.
I doubt that there are any schools that will truly give $10k in grants with an income of $350k and ONE child in college.
If the schools are HYPS, then maybe they’ve gone to some even more exotic super aid policy of giving everyone “something”. But even that sounds too crazy.
How many kids do you have in college at the same time? If multiple kids, then yes, you might get need based aid at some of the most generous colleges with a $350,000 a year income.
But really, let’s not let the OP think this is what happens in most cases, because it’s not.
And gossamerwings, I would suggest that you check what you entered in those NPCs if there is only one sibling attending college.
But I do agree that the OP should run the NPCs.
@GossamerWings Is that what you’ve found out for your nephew’s chances for aid at schools that he wants to appy for?
You likely will get little to zero financial aid except for some small loans, so focus on merit. Welcome to the middle and up where everyone pays. I would recommend staying off this thread where all you will read about is students finding a way to go to college for free and where you will be made to feel they “need it more than you.” Not healthy for you. The price your parents pay for working hard and being successful is funding everyone else in college and everything, that is life. Look for information on merit on other threads.