Complicated Financial situation

Your brother’s costs could shift, with 2 in college. Depends on his college’s polices and the funds they have. Did he apply for aid?

But your income is your income. You want the college to,exclude some of it. They aren’t going to give you need based aid to support the assets of your parent owned business.

Does your brother’s college meet full need? If so, his family contribution will go,down.

Are your colleges colleges that meet full need for all? If not…you might not see a dime in additional need based aid even IF the college reduces your income.

OP, I’m sorry that you’re in a situation in which your parents make more than $200,000 per year but are saying they can’t help you out much with college costs. You’re not going to get much financial aid from any college. Are you eligible for merit aid anyplace? How much exactly are your parents willing to pay?

Thanks for all the responses. Based on what you all have said it is unlikely for me to get aid but i will call anyway. I have only two options right now for schools per previously stated. From my parents + grandparents I am hoping for around 12,000 per year from them (that is what they have explicitly told me — they have limited cash and around 100,000 worth of debt already) the rest my parents will have to take out loans for that I will be responsible for paying back. I did not get financial aid from any colleges.

Good luck with your request.

Another option would be to take a gap year. Then you could apply next year as an incoming freshman…looking t schools,where you would garner merit aid. Merit aid is not tied to family finances…and would be a good bet for you…if you have the ACT or SAT score…and GPA to be eligible,

And there is always the option of starting at a CC to save $ for the last two years.

@helpme17 I disagree. There are many affordable colleges and universities. You should look at public/state institutions in your state. These are usually affordable to most families. Private and OOS universities can be much more expensive, especially if you don’t qualify for need-based aid. But that’s a matter of choice.

At 12,000 per year from family plus your federal loans (5,500 for freshmen), you almost certainly need to start at community college and save money.

Take your full federal loan each year and sock it in the bank, because if you do not take a loan freshman year, that does not roll over into your loan eligibility in future years.

If your parents already have $100,000 worth of debt, they may not be able to take out sufficient loans (and it would be a bad idea, anyway). Have they borrowed for your brother? Is he taking the annual student loan?

Do you have a job? Any savings of your own from working, birthdays, etc.?

If you go with the $26,000 school, and get $12,000 from parents/ grandparents, plus $5,500 federal student loan in your name, plus $3,000 from work earnings, you’d have to come up with another $5,500 (minimum) for Year 1. Perhaps your parents can/are willing to borrow this amount.

The more expensive schools are totally out of the picture; even if one of them offered you $10,000 (unlikely at this point), you’d need over $30,000/year in parent loans.

My family is in the same situation and if there was away around it I’m pretty sure I would have found it. It is what it is.

@exlibris97

This poster says he or,she did not qualify for financial aid. This leads me to believe the student is a current HS senior.

I totally agree, there are affordable colleges. No one needs to attend a $60,000 a year college. BUT this student may have missed the boat on the applications to those less expensive instate public universities for THIS year.

@thumper1 There are still many public universities that are still accepting applications. They may not be the individual’s preferred choice, but they can always transfer.

This student has a $19,000 or so budget for college for the year. $12,000 from family and a $5500 Direct Loan.

Yes, there are colleges still accepting applications, but he has to come in insert $19,500 in total costs for the year…and that will put a LOT of schools out of the running.

If there is a public university within commuting distance of his home…maybe that would work. But a residential college most likely is going to cost more than $19,500 next year.

There are a lot of public schools were $20k will work. If the student has $19k, can work to get the budget up to $22-24k, many non-flagship publics will work. Even a small grant or merit scholarship will help.