So my main question is if there is a point to filling out FAFSA. My estimated household income is around 300k. I dont know if I will be considered for aid and how colleges will use this information. I said I dont want need based aid, but my parents arent rich- we have expanses aswell- my twin brother is also going to college with me. So does this have an effect on getting any aid? Im just confused on how FAFSA actually works and if by completing it colleges will give grants or something.
Fill it out anyway…some schools require it even for merit consideration and you will need to fill it out to get Stafford (federal) loans…other than the time spent completing the form, I don’t see much downside.
No, you won’t qualify for need-based aid, even with a twin in school. The issue is a very high income…and likely high assets that go along with that kind of income.
submit it in case it’s needed for merit or for a small student loan…$5500
You need to ask your parents how much they’ll pay for each twin. It is VERY late for you be having that discussion…if you haven’t.
Where did you and your twin apply?
Most schools that give generous aid will require CSS Profile…do your schools?
Your FAFSA EFC for each child will be about $50k+ (maybe higher once assets are figured in)
Your CSS profile for each student will be about $60k (maybe higher once assets are figured in)
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Chances at Uconn (BS/MD Program as well as college) Upenn Tufts Cornell Yale Umass Stonybrook BU Colgate Bucknell
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Do you have a parent who is a physician?
I suspect that your parents also have a lot of savings/investments.
Many of your schools also require CSS Profile.
You won’t likely get any aid at those schools…probably not even Yale…which gives the best aid.
Are your parents prepared to pay $100k+ per year for twins to go to college?
You’re a Conn resident. when will you find out about the BS/MD program?
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UMass Got into the honors college and 12k scholarship. Im OOS. GPA 3.9 SAT: 750 CR 700 M and 720 Writing
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Actually, if both of these students get accepted to Yale, it is possible that they could receive a small amount of need based aid each…but it would be SMALL. And Yale, Penn, Cornell, BU and Colgate also require the Profile for institutional need based aid.
If the student wishes to get the Direct Loan, he will need to complete a FAFSA with his parents. But that doesn’t need to be done now. It can be done any time during the 2015-2016 academic year.
As noted above…it is unlikely that these twins will receive need based financial aid at most places…maybe all places. This is especially true if they have significant assets.
But the student does need to find out if his parents have a college budget for him. Do they have college savings for you and your twin?
Thank you everyone!
@mom2collegekids one of my parents is a vet who owns his own practice, which counts as an asset. Most of my schools take CSS and FAFSA, but it sounds like it will be a bit pointless…the reason I am asking is because my parent has his own business it take a while to count up his taxes after the business is finished. As a Conn resident I believe notifications for the BS/MD go out marchish…but i have a chance at a half tuition due to my SAT score. Its the cheapest way I am going considering I want to go to medical school after undergrad.
@thumper1 my parents have some saved for both my twin and I. About 2 years for a higher institution such as Yale.
So if need based aid is out, merit is the only other way? And loans
I am in the process of looking at outside scholarships as well
Merit, summer job, federal loan for student ($5500 freshman year - but need to file FAFSA), savings (yours and parents’), current income.
Do you have a job?
Well…if your parents also have $100,000 in the bank for each of you for college (that is on the low side for two years of attending Yale), then I amend my previous post.
You will not qualify for need based aid at any school.
Discuss what to do with your parents. It sounds like they are prepared to pay the costs for you to attend any college.
Remember, schools assume that you will use past income (savings…which you have), current income, and future income (loans) to fund college costs.
If your parents have $100,000 in the bank just for you, they could use $25,000 per year…and would be funding about $30,000 per year in other ways. They would not need to pay $60,000 a year for you two to attend college.
Oh…and if you go instate to your flagship, your out of pocket costs would be less than $10,000 each after the $25,000 per year in college savings.
RTA…just FYI…a number of the schools on your list do not give any merit aid…at all…to anyone.
And FYI…a $300,000 a year annual family income is in the top %age of family incomes in this country. It is about 6 times the national average. So, while you don’t think you are wealthy, you really are.
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Actually, if both of these students get accepted to Yale, it is possible that they could receive a small amount of need based aid each....but it would be SMALL.
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Yes…if there are no assets, but I suspect that there are. With that income, likely there are significant assets/investments.
edited to add…
Dad owns his own business…a big asset…and he’s a vet. And, it sounds like there is college savings as well. Likely there are significant assets, large retirement contributions each year.
Read post 7. In the first two sentences I said I was amending my response to say that these students would not be eligible for need based aid…anywhere.
The student already said that each twin has about $100,000 in college savings.
does he need to fill out FAFSA though even to get merit aid?
Sometimes the FAFSA is needed for merit aid. It depends on the state and the school.
Some schools require the FAFSA even for merit aid consideration.
He doesn’t have to submit it to the schools that do not give merit aid.
The schools that require you to file FAFSA to get your merit aid will tell you so. You should also file if you want to get the $5.5K student loan. Otherwise, no need to.
Okay thank you all for your help. I believe I will just file anyway. There is no harm not to. Although I dont think any college on my list needs FAFSA for merit aid. In any case, without merit aid for say Yale, the full 60k will have to be payed by me? If so it seems like UConn is my best bet. Once again, thank you all for your help.
@mom2collegekids is parent debt taken into consideration?
Yale does not award merit aid.
Parent debt is not taken into consideration, other than to reduce equity in real property or investments.
There is no merit at Yale or any Ivy.
Parent debt isn’t taken into consideration. Schools don’t give you more money so that they’re effectively paying for your family’s debts. .
Just as a hypothetical. But okay thanks for your help. But i just realized 300k is pre tax…although I doubt it has any standing for aid still
It doesn’t matter that it’s pre-tax. Aid is based on pre-tax
Aid is not based on pre-tax. Federal taxes are subtracted in aid calculations and the level of state taxes is somehow taken into consideration too.
All private colleges on your list also look at primary home equity. Probably this will be a complete aid killer.