<p>I'm getting ready to start the CSS Profile (when it comes out on Oct 1) and my parents are asking me questions about how our finances will be viewed. My dad owns a business which once had a lot of work, but has faded over the years because of the economy (and his work is becoming obsolete unfortunately - letterpress printer) to very low. But still, we have a fair amount of savings from years past, even with a very low income. Will high savings detract from your EFC? What if I (the student) have a few thousand dollars in savings? Also, does anyone know what "non-includable assets" are? We saw them mentioned a couple times but can't find any examples. Thanks and sorry if this is posted elsewhere, I couldn't find anything related.</p>
<p>*Will high savings detract from your EFC? What if I (the student) have a few thousand dollars in savings? Also, does anyone know what “non-includable assets” are? *</p>
<p>It will depend on how much your parents have saved/invested. If they have - say $350k in non-retirement accounts - and a decent income - then your EFC would be too high for much - if any - aid. </p>
<p>If your dad’s business is small, then his business equipment might be a non-includeable asset. </p>
<p>Your family may need to be prepared to accept that your expected family contribution might be higher than it can afford to pay.</p>
<p>Also…many schools do not meet need anyway. Most schools don’t have much aid to give. 
</p>
<p>How much will your parents pay each year? If you don’t know…ask. </p>
<p>To protect yourself, if you have high stats, ALSO apply to a couple of schools that will give you big merit for your stats. Those can be your financial safety schools. You don’t want to end up with a bunch of unaffordable schools.</p>
<p>What are your stats?</p>
<p>Which schools are you considering?</p>
<p>Stats are good (2300, 35, 4.0, Strong ECs) and I am looking at 100% need colleges (HYPS) and UC Davis, which offers a Regent’s scholarship for full-need which I think I may be able to get. </p>
<p>But I guess my parents and I should stop worrying, because our savings are nowhere near the figure you gave (around 60K) and our income is very low (20K AGI or so). So I think you answered my question. Sorry if that wasted your time, all this financial aid stuff is so stressful because my ability to go to college hinges on it. Thanks so much</p>
<p>Don’t apologize for a minute about asking finance questions. Too many students and families are far too cavalier and uninformed about the expense aspects of college, and end up getting unmanageable loans or facing huge disappointment.</p>
<p>But the savings and income figures you have provided make it look like you will meet the full need thresholds at many schools, unless there is something about how they value the business that I do not see. You should also qualify for application fee waivers.</p>
<p>m2ck will be back through directly to recommend Alabama and their excellent guaranteed scholarships.</p>
<p>You have a good chance of getting Regents at all the UCs</p>
<p>Thanks UT84321 and FresnoMom, there really isn’t anything special about my dad’s business other than that he has three printing presses for work (about $7,000 each) but I don’t think that would change anything… And thanks for the application waiver idea, I did get free SAT tests / APs, though I am trying to use the Questbridge application which is free anyway. Best case scenario, I would get matched with a QB college, but everyone always says that getting matched is really hard. So I am hoping to just get in RD with QB. Thanks again</p>
<p>Be careful. At Davis you’ll be fine, but private colleges take a different approach with business owners. They will usually add back some deductions they don’t allow, making your AGI higher. They will often consider the business an asset and value it. </p>
<p>If you get into HYP you should also be fine, but other privates will not be as generous.</p>
<p>Okay, thanks RedRoses. Do you know if there’s a way to find out which colleges count businesses as assets? Will 20K in machinery be significant? Thanks</p>