Never assume anything when it comes to the NPC for financial aid. The actual cost may be higher. Cornell (and some other schools on your list) uses the CSS. You won’t know the actual price until you get your financial aid package from the school after you’ve applied and been accepted.
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I would be uncomfortable advising you that the NPCs are giving you accurate numbers based on your parents’ business situation, combined with the fact that NPCs are not updated for 2024-25 in a multitude of ways.
I know Cornell declined to give you a financial aid pre-read, but once you start submitting apps, and once the 2022 tax return is complete, I urge you to ask some other schools to do pre-reads. Meanwhile, as others have said, lock down the schools that you are fairly certain will be in the $25-$30K range after merit. Good luck.
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How do I do this if the NPC’s will be inaccurate?
That’s a good question.
You will have to choose the schools that give a set merit award, whether for NMF or GPA, to fill out your safety/highly likely options. Posters have given you a number of schools where you would receive a full ride, or close to it, based on your NMF status. Do any of those schools appeal? Have you done virtual info sessions with them?
Some schools do estimate merit in their NPCs, but most don’t. Students who are merit hunting tend to have to put in relatively more apps because merit is unknown prior to acceptance at many schools. And, as I said above, some schools will do financial aid pre-reads. Ask every school you apply to for this.
To me, your parents business situation sounds complicated. Some schools will add back all of the allowable tax deductions to income, to take one example that shows how NPCs can be inaccurate for those who own businesses. I don’t know about leased businesses.
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These are the schools that don’t require. This is the list (not complete) of publics I and others gave you. Your Bama and Auburn, Arizona, Kansas, Iowa State etc.
Those you know will make budget. So that’s your baseline of schools that you should fall in love with bcuz there’s a very good chance you’ll have to choose one.
The rest - you’ll have to find out if you get accepted - Cornell, WUSTL, etc.
I’m confused again on cost. Your family says $25-30 but now says don’t worry about cost ? Which is it ?
My bigger concern is they won’t be able to fill out the forms which then will make the cost full.
It’s that first list that is more important than the high priced schools. So choose those schools wisely. But then take your shot at the high priced.
I wouldn’t ED but that’s me. Unless, for example, you’re able to pay what an NPC says. It may not be accurate but it gives u that baseline to apply ED.
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My guess is it will be the same for leased businesses. We have a very small business and had to submit the corporate tax returns to some colleges. Based on my calculations they added back into “income” some of the business tax deductions that the IRS allows.
OP—in case you don’t know, some businesses report to the IRS on schedule C of the 1040. Others have an entirely different set of forms that constitute the “business tax return” that is separate from the personal tax return.
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Good info.
Also for OP, at this point small businesses will be included on FAFSA starting this year as well (unless some legislation passes that undoes that change). That likely won’t matter though for NPCs at CSS profile schools, most of which ask for business info.
Don’t count on it being less. Have you asked your parents how they feel about $45K/year for Cornell?
University of New Mexico is another that I believe will come in under budget. They have excellent merit potential for NMF.
@WayOutWestMom can detail this and CS as an option.
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You may also want to consider how much you want to borrow for college and if you are taking more than your share of the family income and savings (of which you say there is none) to fund your college. Are you comfortable with your parents working overtime to pay, even if that means your siblings get less and your parents can save nothing for retirement?
If your parents are middle aged (likely with 3 kids of college age), they should be thinking about their retirement and their savings. I’m sure they want to sacrifice for their kids, but you need to think about whether that’s fair, especially when you have options that are free for undergrad.
Have an honest conversation about finances, not just about college but about the family’s situation. It is concerning that they have no assets but yet are willing to pay $30-40K per year for college. Where is that money coming from?
You have such great options for ‘free’. Did your older sibling have more options for medical school because he/she had no debt out of undergrad?
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Can you ask your parents about when they will complete their 2022 taxes? They may have an extension but if they are able to complete them sooner that will help you with the NPCs. You will probably have to have them ask their accountant for the business information if the NPC asks for it.
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I am assuming that this means National Merit finalist. I am not a finalist nor am I affiliated with it in anyway. Didn’t do too good on the PSAT.
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Why won’t my parents fill out the forms. You are referring to FAFSA and CSS forms right?
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I did not see a schedule C on my parents 1040.
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Is this a good thing or a bad thing.
I got a positive reaction from them.
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I am not a potential NMF.
Do your parents have money saved for college, given they said they have no assets? I am confused.
Apologies for the misunderstanding, I confused threads. Why do you anticipate a full ride or close to it at Auburn, which you posted earlier in this thread?