Do i qualify?

Paying for College
1

<p>I am curious about which schools may get me financial aid with my current status:</p>

<p>Im the 1st child into college
1 sister who is 11
Parents married and make over 100,000 each
owe lots of debts
about 50,000 is saved for college as of right now</p>

<p>would northeastern, bentley (my grandpa also contributed a large sum of money into bentley), bryant, suffolk and/or UCONN (instate) offer me financial aid and roughly how much do you think it would be?</p>

2

<p>It's not possible for anyone to predict with accuracy, but my sense is there won't likely be any need-based aid for you just based on income and the 50,000 assets you listed. But schools make their own decisions about how to distribute their money, and depending on the nature of the debts they could take that into consideration -- but probably won't. You really just have to apply and see.</p>

<p>But that all has only to do with need-based aid. There is also merit-aid which is awarded based on grades, test scores, community involvement, special talents, or other criteria. Those type of grants are not dependent on income. There are such grants from school's themselves, and also outside scholarships from various sources. It's easier to get outside scholarships for your first year, but it could help stretch that college savings fund if you could get some scholarships to start out with.</p>

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<p>Debts won't count unless it's against equity that is counted as assets. Does not look too good for FA, but possible. Run numbers through the calculators. FAFSA will let you borrow nonsubsidized Stafford money.</p>

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<p>Your 11 year old sister really won't matter much as she won't be in college at the same time as you. She will be considered another member of your household.</p>

<p>Consumer debt (cars, credit cards, etc) are considered a choice. </p>

<p>$50,000 in savings...is that in your name or your parents' names? Hope it's in the parents' names. Even so, that asset will reduce your financial need.</p>

<p>$200,000 in income for both parents...I would guess that need based financial aid would be unlikely. Your family EFC will probably be in the $40K or more range.</p>

<p>If your granddad contributed to Bentley, that might help you with acceptance but it won't help at all with need based financial aid.</p>

<p>You don't post anything about your stats, but perhaps you might receive merit aid at one of these schools.</p>

5

<p>ahhh i dont think so, but basically 3.3 weighted overall, 4.0 junior year, math 650, writing 560, reading 530, retaking in oct, </p>

<p>that 50k is in a 401k (i think, i may be mixing that up with another name). its in my parents name but it must be used for my education when im 18...
im really not expecting much, but i heard that around 88% of people get SOME sort of financial aid, and out of $45000 per year for college i was hoping to knock off atleast $5,000 from that number with financial aid...any amount helps...</p>

6

<p>A 401k is a retirement account which would be protected from the FAFSA calculation. But if this is money that must be used for your education then it is probably not a 401k. A 529 maybe?</p>

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<p>There are schools where you would be eligible for merit aid. Not Harvard, Yale or Princeton...but they don't give merit aid anyway.</p>

<p>E.g. look on the website of York College in PA. First of all, it is much less expensive than many other small private schools, and secondly, you might be eligible for some merit aid especially if your SAT scores improve a tad.</p>

<p>I would suggest (like others) that you run a financial aid calculator. Use the institutional methodology. It will give you a ballpark of your EFC (expected family contribution).</p>

<p>Then have a discussion with your parents about how much they plan to contribute to your college education each year.</p>

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<p>Me and my parents have the money to go there even if i end up taking out alot of loans taken out in their name (which i would obv pay them back), its just we would rather have the some financial aid than none, but i wouldn't go to a college just because itd be less expensive</p>