Let’s not forget that primary home equity is never reported on FAFSA, and is not a factor for some schools that use Profile. This is why it can be categorically said that any claim that $1 million in assets will lead to zero in need-based financial aid everywhere is not true. A family with $50k in aggregate income could be living in a home with $1 million in equity, and that primary home equity might never be factored into the need-based aid calculation. This is certainly not a common occurrence, but with home values on a steep escalator over the past few years, it’s becoming more of a possibility for some families.
Why would merit money have anything to do with your financial status?
I thought merit money was more of a bribe to attend the school, not financial aid.
Merit money doesn’t. However, when someone is looking to understand the “aid” playing field - you should understand both sides.
Many have a “target price” but cannot get there need based wise - either because the school doesn’t meet need or the family doesn’t have demonstrated need (like mine).
Then the other way to get to your # is merit.
So we don’t anything about OP - from a qualifying POV to a budget POV - many can afford to pay full - but don’t want to or refused to (that’s our situation).
So as you’re learning about need/aid, merit should also be a part of the education (IMHO) because it can be equally as important and is typically easier to access depending on the choice in school.
Thanks
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I understand and agree. I just thought you were implying that your assets were too high for W&L to give your daughter merit money. I thought they’d be unrelated. Sorry if I misunderstood you.
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Sorry -
I was just saying - they publish an “income” table like many schools do. And in the range of my income, it said 88% got need aid - but of course with a disclaimer that said assumes average assets.
So being as I was one of the other 12%, I asked - what does that mean (average assets) - and they told me 2x the salary - which let’s be honest, isn’t average assets!!
I knew b4 applying we’d get no need - anywhere. But since that was in writing in their aid brochure - I thought to ask - out of interest.
I had called Cornell because my daughter expressed an interest in applying and wanted to see if I had any shot - and we talked for like 15 mins and she went through the entire - it’s an investment in your child.
For the record - I have no goofy stuff - like 2nd houses or businesses or anything - just a straight 1040 person.
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OP Here—thank you all for your answers! Based on what I’ve learned through CC (amazing wisdom pool here!) given our assets and income, we will not qualify for financial aid. One of our children (who will not be attending college) is severely disabled and so we are in one of those situations where some of our assets are actually dedicated to that child’s future care, and 30% of our income goes to the child’s daily care. I had wondered whether using the “consultant” might help us better explain our circumstances so colleges might consider financial aid. But it seems that I could explain those circumstances just as well.
Thank you!
Or better. A tough situation to be sure. Best of luck as you move through the process.
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Well…given that you have ongoing expenses for a child with a disability…it’s very possible that the college would do a special circumstances consideration for you. Financial aid departments do have some discretion with extenuating circumstances like this. It is possible that some of your assets could be removed from consideration.
Good luck!
Also, I would suggest that your college bound student look at colleges where they might garner some merit aid. Merit aid is not income and asset dependent.
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First, find a couple sure things - schools your child can get into that are affordable without any merit or need based aid. Then focus on schools where your child might be able to get merit (and schools with automatic merit). If there are schools that your child is interested in that are known for good need based aid, I would strongly encourage you to discuss your situation with a financial aid officer at each school. My niece has a severely disabled child, and I am familiar with the costs associated with his care. It is possible that a school with good need based aid might take your costs into consideration. Stay away from schools you can’t afford without merit or good need based aid … concentrate your efforts on schools that “could” work out.
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