As an international student who does high school in USA, my daughter is eligible to apply only CSS profile not FAFSA.
She applies to Colombia as ED. when I tried NPC, I got 25K college grant though we earn more than 250K but with lot of mortgage loan yet to be paid. is it something true? I mean in reality will we get that much aid? she is the first kid goes to college. Please share your experience.
The amount of your mortgage is not as important as your net home equity (value of house minus amount owed on the house).
Do you have any assets besides your home?
How old is the oldest parent?
Did she already apply to Columbia? Or she planning to apply to Columbia?
we have another home which is a town home and rented that out. But we are still paying mortgage for that too. no other assets or cash. oldest parent is 47 years old. she is working on the application. the home where we live worth 900K and the mortgage we still have to pay is 700k.
How much is the rental property worth and how much do you owe on that?
How much rent did you collect in 2017? Is that amount included in your income
the rent we get is form 2018 on wards. for 2017, we paid 7k mortgage for both the houses. will that impact the net price?
What is the EQUITY in these homes.
With only one in college, that grant amount sounds high to me. I would recheck your inputs. I would expect a grant amount closer to $0.
How much is your rental property worth…and how much do you owe on THAT?
the equity is around 400000
If you have $400,000 in equity in your rental property, that will add at least $24,000 to your family contribution. Since it’s a rental property, some schools would assess the full equity value…not a %age…because the assumption is you can sell this. It’s not your home.
You also have equity in your primary residence…about $200,000. Some Profile schools will assess a portion of the equity in your primary residence as well.
With $250,000 in income, a rental property with $400,000 in equity, and a primary residence with $200,000 in equity, I can’t imagine you will qualify for need based aid…at all.
You have about a million dollars worth of real estate alone. Plus your income.
Did you really think you would get need based aid?
I can’t imagine that you’d qualify for need-based aid. You have a very large income, and you have a lot of equity in the rental home.
How much do you have in savings/investments (other than the rental)?
It doesn’t matter that you owe a lot with your mortgages. Those are personal choices.