CSS profile- parents

Paying for College
1

Hey CC

My parents and I have been filling out CSS profile together and I have a question
My father is the only person in the family to work and makes 75K a year. I have 2 siblings who are currently in college and will continue to be next year.

However, thanks to my family’s frugal spending (I mean like one of those parents who is very passionate about their child going to college), they have saved up 450K in their bank account.

I am very grateful for that they have saved money for my college education.
However, I do not want to be a son who spend all of my father’s 35-years of work savings.
So I am applying financial aid with CSS profile but came across a thought that if my family has 450K in our bank account,
I would be awarded small amount of grant if admitted. So, if I were to be awarded small amount of money, what would be the point of putting my self at a risk of hurting my admission chance of applying for need-based financial aid?

Is it worth it to apply for fianancial aid? or should I not just apply for it and spend all my father’s saving?
I am in a dilemma of not wanting to spend my parents money but also wanting to enroll college that cost substanitially.
Thank you for reading my post and happy new year guys!

2

Look and see if the schools you are applying to are “need-blind”. It means they will not consider your your status applying for need-based aid when making your admissions decision. You may still receive a some financial aid.
Good luck :slight_smile:

3

At need-blind schools (most schools are need-blind), applying for need-based financial aid is not a factor in the admissions process. Depending on the school, with three in college and income of $75K/year, your chances of getting decent need-based aid are pretty good, even with $450k in non-retirement savings.

4

Is your dad self-employed?

How much does your dad have saved for retirement??

How much of that $450k will be spent on your siblings’ college costs as well?

5

With your parents’ savings, you will have a somewhat higher EFC, but probably still qualify for a significant chunk of grant aid from private colleges. So yes, you should apply.

Your parents’ money will be spent either way. But with need-based financial aid, the amount they have to spend may be significantly less. When the coa for private colleges is $60K+ a year, even a moderate grant can be a welcome cost savings.