<p>So, my financial situation is sticky... my parents have very high income (over $200k before taxes), but also have very high expenses. We own two additional houses as well as some property and though we've been trying to sell them we haven't been able due to the harsh economic climate. Even with these expenses, coupled with the fact that they are paying full tuition for my sister's college, do you think my family will qualify for any need-based financial aid? I know the chances are slim, but I'm hoping for some feedback so I can get an idea of where I'm at.</p>
<p>It really depends on the schools and the assets. For instance, if you got in to Harvard and the assets were below water (worth less than the mortgage) then you would get FA. That will not be true at most schools.</p>
<p>Essentially, no. Your family is in the top 2 percent of American households by income, and can pay for any college in the country. Perhaps some of those “very high expenses” should be cut back on. Need-based aid is aimed at those whose families truly can’t afford college.</p>
<p>I’m interested to know, honestly, why did you ever think that you might qualify for need-based aid? “Need” means “cannot afford,” not “cannot afford without canceling that European vacation.”</p>
<p>Foxhound, your situation is far from sticky. I would love the chance to have your kind of “very high expenses.”</p>
<p>Foxhound- it’s worth a try. Ignore the haters- every family situation is different. Being strapped for cash, even though you have an above average income level, is not uncommon in today’s economic climate. If nothing else you will qualify for loans. I have friends who received aid from private institutions who were in similar situations, not as much from big publics, but you won’t know until you try. Good luck!</p>
<p>What is the equity in those “other two houses”. In other words, what is their value MINUS the mortgage owed on them? That is an important number. And the same with the “additional property”.</p>
<p>Also those VERY generous colleges noted above require either the CSS Profile OR a school based financial aid form as well as the FAFSA. The Profile asks for the value of your primary residence as well what you owe on that…these schools consider primary home equity as well.</p>
<p>These very generous schools give need based aid to high earners with “typical assets”. I’m going to stick my neck out here and say that a family that owns THREE homes and some additional real estate property has more than “typical assets”.</p>
<p>Most students who qualify for need based aid do NOT have the resources to have purchased two additional houses and some additional property. Those are considered ASSETS for financial aid purposes.</p>
<p>Now, having said that all…have you run your family income/assets through one of the online financial aid calculators? This will give you a GUESTIMATE of what your family contribution will be.</p>
<p>And you say you have a sister in college…what was HER family contribution for the current college year? That will also give you an indication regarding your need. Take her number and divide it in half…your won’t be exactly half…but it might be close. Her need will be similarly reduced for the 2011-2012 school year if BOTH of you are in college at the same time. This doesn’t mean she will get more aid, however.</p>
<p>A lot depends on how your assets are structured and what the expenses are for. For example, if your parents have the other properties as business properties (as shown in your tax returns) and you have business loss, then your other assets may not show up in FAFSA or show up in CSS as business expense (loss).</p>
<p>On the other hand if your parents have high credit card debt or a home equity loan that financed a vacation to Europe (just examples, I have no idea where you debt is and I am not implying that your parents did spend money on such expenses), Colleges should not and will not care as these are discretionary expenses. So what are the expenses for? If there are significant expenses for caring for a aged relative, those could be considered by an FA office as a special consideration.</p>
<p>So, it depends upon the specifics. The best way as suggested by Thumper1 is to actually run some numbers through a calculator and see where you land up. That said, it appears that any aid you may get is going to relatively small compared to the COA but one never knows unless one tries.</p>