@gearmom, In post 33 OP clarified the income is $45k after taxes.
@DadTwoGirls, Nobody is saying OP has to sell her assets. If they can’t afford their EFC on their current income, perhaps they need to consider their in state options. I wouldn’t depend on getting need based aid at an OOS public. Does the state of FL hand out need based grants to OOS residents? If so, that’s great. However, I don’t think NYS has that kind of money, so I don’t think OP should count on getting need based grants at our schools.
OP was simply asking if, despite a low income, which could generate some good aid at some colleges, the assets will screw things. Mostly, that’s a yes.
I recall being at a presentation with the head of U Miami’s FA department. He bluntly said (and I am paraphrasing) that he used to be in a different field of finance, knows quite well how to read a tax form, and even if you have an AGI that is low, if you have assets, they expect you to use them for tuition, and that if you don’t like the FA they offer (they are a profile school) the next person in line will.
@jym626 That is exactly correct. They expect you to use assets which is why our kids will not be going to CSS schools because that is the expectation and we are not willing to do that.
@lookingforward If you are talking about Orono, I personally don’t care if it is a city. I wanted a school quality comparison from @DadTwoGirls if he knew.
I think this is definitely a case where OP needs to start the list with financial safeties then build out from there. Will net price calculators be accurate for her? If not, I think I’d look for guaranteed merit.
If the grandma can pay $25k/year, OP’s daughter works summers and earns ~$3k, and she takes the ~$5500/year federal student loan she has a budget of ~$33k. If she qualifies for merit on top of that she’ll have a pretty healthy budget. It may not be enough for her dream schools but it’s enough to go OOS.
@lookingforward It was a quick question for me to better understand @DadTwoGirls excellent post. I’m sorry if this brief question to @DadTwoGirls has bothered you. I mean what the heck. Are you going to be chasing me around CC being hostile.
For OP’s daughter the reality is she won’t get all of her checklist without the funds to pay for them. I have done my best to help as I could.
@austinmshauri With that budget she could afford probably any of the UMass’s: Amherst, Boston, Dartmouth or Lowell.
@pamelamk If that is your budget, UMass Amherst could be a great opportunity in a great college town. They have a five college consortium. https://www.fivecolleges.edu/ She could take classes at Amherst etc.
If her total gross income is really $45,000 a year…it is possible she will qualify for the simplified needs test. This requires an income of under $50,000 a year and one of the following additional things.
Ability to file a 1040A or 1040 EZ form. This is not likely as this family has rental income, and properties...and investment income.
OR
Qualifies for a means tested benefit like SNAP, free/reduced lunch, federally subsidized housing.
OR
One parent is a displaced worker. This doesn't sound likely either.
To the OP…
Do a google search for Simplified Needs Test.
You can also complete the fafsa form. If you qualify via income AND have one of the above qualifiers…you will not be asked to give asset information.
If your income is really under $50,000 a year…you might want to apply for SNAP or free/reduced lunch.
The SUNY schools use only the fafsa.
The simplfied needs test applies only to the FAFSA. Any schools using the Profile or their own financial aid form will count those assets.