<p>There are PROFILE schools that do sweeten the pot for desirable students beyond what need dictates even though these schools say that they give for need only. The amounts are not huge but not negligible. Bill Gates may want his kids to get Stafford loans. If he does, then the way to go is to fill out FAFSA. There is also much to learn when filling out these forms even if your kid does not get aid. It is a process that they should know.</p>
<p>OMG that's SICK!!! </p>
<p>I cannot believe someone making $100,000 a year can actually qualify for financial aid! LOL!</p>
<p>That's seriously disturbing.</p>
<p>The financially well-off should be forced to pay for it on their own.</p>
<p>$100k is not enough to pay for college unless there is a history of earnings in that amount. COA at private colleges is running over $50K and that can mean the entire take home amount for some people at that pay level. That is one of many fallacies in the way FA works.</p>
<p>Living Flame, the people who make that much money will not get Pell grants, ACG, FSEOG, or other federal grants. The federal aid they would get would be limited to loans & possibly work study. I know that $100k a year sounds like a lot, but as cpt points out, someone who makes that much will most likely need help to afford an expensive private college. They may get grants, but the grants would be from the school, not the government. Government gift aid is limited to the neediest, as it should be, IMO.</p>
<p>As Hillary Clinton pointed out, $100K a year in certain places with a very high cost of living, like NYC, captures firemen, teachers and nurses, not the wealthy. It's all relative.</p>
<p>My concern is slightly different. It looks like I have a lot of money in the bank right now (sold all my company stock), but I have a spouse who is severely disabled with a degenerative terminal illness, who will be going into a nursing home soon. I'm trying to keep the family home for the kids, and will need to pay for at least two or three years of a nursing home out-of-pocket until all of the kids graduate high school. I have several kids in college. I'm afraid the financial aid offices will view this pot of money sitting in an account as something that I should spend for the kids' college, not understanding the unique circumstances behind it. I will write schools a supplemental letter of explanation, but I'm not sure how it works with the federal program based on FAFSA.</p>
<p>Neonzeus, this is something that has to be addressed with each college individually, and unfortunately there will be some schools that will not care and not make the adjustments. Is there anyway the money can be set up in a trust or annuity so that it does not have to be reported to FAFSA? I know that Taxguy had some interesting solutions for assets.</p>
<p>The own business seems to be a problem. (always waiting for partners part to file returns) if we use 2007 for estimating,(keep in mind we will only rec 2007 return next week) when does 2008 have to actually be completed to qualify? Does FAFSA take into account home equity? and/or business equity?</p>
<p>Noeonzeus
You will definitely have to send them an explanation also any supporting documents that you have. Colleges that use CSS profile might view your circumstances different than just the FAFSA. You should also read this website FinAid</a> | Financial Aid Applications | Maximizing Your Aid Eligibility
It gives good advice as to how to maximize your financial aid eligibility with certain strategies.</p>
<p>Neonzeus, the financial aid administrators are allowed to use professional judgment to change the components of the expected family contribution, and this can impact your eligibility for federal aid. You have a compelling case, but you will need to document carefully.</p>