Do I have a chance for any financial aid?

Paying for College
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<p>My parents untaxed combined income is around 360k, after taxes it's like 180k (doctors both, according to them). I'm their only son. Applying to NYU ED, Fordham, Northeastern, Univ. of Chicago and UConn (last four are EA).</p>

<p>If you want to see my credentials, here's a link to my chance thread</p>

<p><a href="http://talk.collegeconfidential.com/what-my-chances/1009855-chance-me-nyu-uva-fordham-northeastern-carnegie-mellon-more.html%5B/url%5D"&gt;http://talk.collegeconfidential.com/what-my-chances/1009855-chance-me-nyu-uva-fordham-northeastern-carnegie-mellon-more.html&lt;/a&gt;&lt;/p>

<p>I can't figure out whether I should apply for aid or not, and whether it would hurt my chances at any of these schools.</p>

<p>Basic cred: SAT 1980 (retook scores out soon), 3.8 gpa weighted, top 10%, 8 aps, team captain</p>

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<p>You will not qualify for need based aid with a parental income of $360k.</p>

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<p>At those schools, with those stats, with that family income, realistically you are very unlikely to see any financial or merit aid…</p>

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<p>Yeah, but that’s untaxed 360k, after income taxes it’s like 180 lol. So we realistically don’t see half the pay. I don’t know whether that matters though. Hehe my Dad doesn’t want to pay for my tuition, and I don’t my mom to pay it all so that’s why I’m asking.</p>

<p>Edit: Also an only child.</p>

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<p>^No, it doesn’t.</p>

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<p>Even if the total income “before taxes” was “only” $180,000 that would still put your family in the top 5% of households. 3.58 times the median household income - And thats for the $180,000 figure (not the $360,000 figure that your family actually makes). </p>

<p>Not saying whats good, whats bad, whats right, or whats wrong, just that your very unlikely to get a discount on your tuition because it will be a hardship for your family. </p>

<p>On the plus side if you want to look at 4th tier school where your stats will be far above the average student you may get some merit aid…</p>

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<p>Ah thank you so I guess I shouldn’t even bother applying for FAFSA or any type of fin. aid?</p>

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<p>I wouldn’t.</p>

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<p>You can apply if you want federal loans - that would help some.</p>

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<p>Taxes are irrelevant. </p>

<p>Many people see half their income going to various taxes (fed, state, local, property). You’re no different than many people.</p>

<p>Most people would LOVE to have $180k left over after taxes. You’re very high income - expect to pay full freight.</p>

<p>Why are you applying NYU ED? Have you visited the school? What is your major?</p>

<p>Hehe my Dad doesn’t want to pay for my tuition, and I don’t my mom to pay it all so that’s why I’m asking.</p>

<p>Are your parents married? If they are, how would your dad be able to avoid paying some of your tuition? Do they keep all their money separate??? </p>

<p>Are you saying that your dad isn’t willing to pay one dime of your college costs? Or, are you saying that he doesn’t want to pay for a $55k per year school? If he’ll pay for a less expensive school, how much will he pay?</p>

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<p>Once again, thanks for your opinions everyone. :slight_smile: Now I know I def. don’t qualify for financial aid.</p>

<p>I’m applying NYU ED because I want to go to Stern for business, which is, as far as I know, one of the best business schools in the country. It’s also close to home (I live in CT).</p>

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<p>If you haven’t visited NYU, I suggest that you do…soon.</p>

<p>Some people don’t like NYU because it lacks that campus feel that many undergrads want.</p>

<p>What’s the deal with your dad and paying for college???</p>

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<p>If your dad will not pay and you don’t qualify for aid then applying anywhere ED is a very bad idea.</p>

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<p>You should have a list of 10 schools. Not one. And you should read about how aid works. And you should talk with your mom. And especially you should talk with your Dad.</p>

<p>Combined income is evaluated for Private Schools. NYU is particular for giving bad and low aid even to those qualified. Consider it a crapshoot.</p>

<p>Always file a FAFSA, just in case.</p>

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<p>Absolutely no chance for need-based aid with those numbers – but my daughter was offered small merit awards from both Northeastern and Fordham with stats that were better, but not by a whole lot (roughly the same SAT, weighted GPA over 4, with uw around 3.8… top 4% class rank) – so you might get a slight discount. I remember Northeastern offered a $10K merit award, Fordham’s offer was combined with need-based aid so I don’t recall the details. Northeastern could be a good option cost-wise for a full pay student because it also give students an opportunity to earn a significant amount of money via the co-op program – which for the OP would allow the parents to stretch out tuition somewhat and probably allow the OP to earn a significant portion of his living expenses during the later years of college.</p>

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<p>Everyone pays taxes. Your family is not unique in that regard.</p>

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<p>Are your parents married? If not, only your custodial parent’s info would go on the FAFSA. </p>

<p>In any event, the colleges don’t care if your parents “dont want to pay” for tuition…they only care if they CAN pay for your tuition. With a gross income over $350,000 a year, you will not get need based aid anywhere.</p>

<p>What DOES your dad hope to see you doing next year? How much is your family (note…not just dad) willing to contribute to your college education?</p>

<p>How will you pay for NYU if your parents are not willing to pay the full cost?</p>

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<p>Lol, I guess I was just blown away by the how much money we lose in taxes as a kid.</p>

<p>Thanks everyone for your responses once again, I’m sure we’ll figure something out. I’m not that worried, I just wanted to know whether I would qualify for any type of aid.</p>

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<p>You will qualify for unsubsidized federal loans if you want them. Everyone who fills out a FAFSA can get that. </p>

<p>Just be sure your parents are willing to pay if you apply ED.</p>