@thumper1 She said 45k. Would the SUNYs hold the real estate holdings against her?
“DadTwoGirls : May I ask what out of country small university your daughter attends? We’re in the same boat. Close to retirement. My daughter would definitely consider out of the country.”
She applied to what are probably the four top small primarily undergraduate universities in eastern Canada: Mount Allison (in Sackville New Brunswick), Acadia (Wolfville Nova Scotia), St Francis Xavier (Antigonish, Nova Scotia), and Bishop’s (in Lennoxville Quebec). These are basically as close as Canada has to what we call a liberal arts college. There are several other goods ones, she also applied to Mount St Vincent in Halifax which is a pretty good school also.
We visited all and were impressed by all of them. Mount Allison and Acadia are great schools in beautiful locations. Bishops is a nice small school and the closest to us here in New England. Acadia is at least close to a major airport (just over an hour from the Halifax airport). The main issue with Mount Allison is that it is near a smaller airport (1/2 hour from Moncton) and thus would require two flights from where we live rather than one. The main issue with St Francis Xavier is that it is a bit hard to get to (we didn’t actually figure out the best way, it is just under two hours from the Halifax airport).
My impression is that they would all cost about C$30,000 per year for total cost of attendance for an international student. At current exchange rates this comes out to about US$24,000. You might want to double check this on their web sites. Merit scholarships are possible.
We also looked at Dalhousie in Halifax. I really liked it but it was larger than what my daughter wanted. If she had wanted a large school she probably would have gone with either our state flagship in New England or Dalhousie.
Admission to all of the above is based primarily on grades. With straight A’s and strong SAT and good references admission is basically a non-event in Canada (pick a school, apply and attend).
^Excellent info. Canada can feel like New England.
And New England can feel crazy, Canada more, if someone’s not familiar with the weather. No, I don’t usually say that. But I’m not sure why “city” has to be north North. Or mega size. Frankly, on this budget, you could do a family visit to DC, NYC, or Boston, several times/year, and stay on college budget.
Plus, what we’re saying is the family isn’t like some where they’re just trying to save, say, 20k on costs. You can’t afford the remaining 20, 30, or 40k. Conventional wisdom is, you can’t count on Grandma contributing. Many times here, the grandparent doesn’t realize how much you’re counting on. Or may need the money after a year. Or some family tiff gets in the way.
So when looking at “dreams,” for a 17 year old, a kid only now thinking about embarking, lots yet to be refined, we adults often have to add the rational.
Suny only looks at the FAFSA
Her assets will drive her EFC. Unless D is eligible for federal aid ( probably not) or can get merit, they will be full pay
@gearmom, OP said her net income is $45k. Colleges use gross income to calculate financial aid, not net.
As a NYS resident, I hope people aren’t allowed to hold half a million dollars in real estate and still qualify for need based aid at our schools. Why should people with those type of resources get the same aid as families who earn ~$50k/year and have zero assets?
“Why should people with those type of resources get the same aid as families who earn ~$50k/year and have zero assets?”
Because if they sell those assets they will have no income at all, and will retire destitute.
So how come, still with a 45K income, and lots of assets but no intention of paying the big bucks, is anyone talking about Northeastern, Elon or Canadian schools?
“Why should people with those type of resources get the same aid as families who earn ~$50k/year and have zero assets?”
Because that’s the way the rules are written? If it is a FAFSA only school, and family qualifies for the simplified assets test, the family has answered the questions and qualified for the aid. It’s no different than if a really wealthy family’s child wins a merit award or a full athletic scholarship. They followed the rules and were awarded FA.
It’s no different than a wealthy farmer getting a tax credit that was intended for a small family farm or some other tax break. It happens. Rules are set to help a big group of people but there are always going to be exceptions. Is the family that makes $99k and gets the Excelsior scholarship that much more deserving than the family that makes $101k? They have to make the rules to help the most families.
No- if they sell a half million worth or assets they will invest the $ somewhere else and earn income off the investment. They wont be “destitute” with a half million in funds from sales on an investment.
@jym626 They are already earning an income off the assets. 45k a year income is not salary.
IN post # 15 Op states that income is 45k including rental income.
in Post number 33 Op clarifies by stating that their income is 45k after taxes.
It is probably unlikely that they will be eligible for an automatic 0 EFC or will meet the simplified needs test . Op should run the FAFSA forecaster as assets from properties along with brokerage funds and money in the bank will be considered income.
NE and Elon both use the profile so everything will be taken into consideration. They will get very little if any need based aid from them.
@Sybylla OP’s daughter is talking about NE, Elon. She doesn’t want to go to her affordable instate options. I’m not sure how she got the expectations of an expensive private education. We make about four times that salary and our kids don’t expect a 60k a year education.
gearmom,
Not sure what you are saying. They won’t retire destitute was my point. And not sure what your reference to “salary” is – there is earned and unearned income. Income investments (interest income) or if its put into something else that generates income, is still income.
@jym626 I think they are retired or semi already. And those assets which generate the income are all they have.
They currently have assets which provide an income. I don’t understand what you are saying. Sell the assets and invest to provide an income?
Thanks. Understood. But they won’t be destitute unless they spend the capital investment. I read the OP’s comment
to mean they make the $45K from the interest off the investments and the rental properties, and they have an inheritance, rental properties and brokerage accounts. Maybe I am misreading. I am not saying they should sell the initial investment. I am just saying they aren’t destitute with a half million dollar asset.
OP- did you do the FL prepaid college plan?
@pamelamk Elon and High Point are not creating a new list based on affordability. They are expensive Profile schools.
Look at post #15. Not sure how to quote on a phone. 45k is what the are getting a year total. Seems to be based on rental income etc. Seems like no other retirement than their 450k. They aren’t destitute but if they have to sell a property to pay for a private education, they’d be in trouble.
I think we are talking about 2 different things. I was responding only to post #66 which says “if they sell those assets they will retire destitute” which isn’t true. They will only retire destitute (and they will probably have social security, but no matter) if they sell the assets AND THEN SPEND THE FUNDS. If they simply sell, they will have the $$> I wasn’t talking about the cost of college. Was simply clarifying that they aren’t destitute when they have a half million $.
And as @sybbie719 mentioned, a post above says they have $45k net after taxes… Not saying that’s a boatload of $, but that probably puts them in maybe the 15% federal tax bracket, and FL has no state tax. No, they likely can’t afford an expensive school that uses the PROFILE without merit $, but they aren’t destitute. They are middle class with nice assets.