<p>I'm just wondering. My dad's income is enough that one would expect full payment each year of college without aid, but we're also in a lot of debt. is this taken into account at schools with no-loan policies? i've tried princeton's estimator (just to get a feel because i know they "meet full need"..not saying i'll apply or get in there, lol) and it doesn't take it into account at all.</p>
<p>No, financial aid does not take debt into account unfortunately. Listing your savings as zero is about the best you can do.</p>
<p>No…debt isn’t taken into account unless it’s a significant amount due to medical costs that weren’t covered by insurance.</p>
<p>The reason debt isn’t taken into account is because debt is largely a personal choice…the result of choice of homes, cars, etc.</p>
<p>If debt were taken into acct, then affluent people would just buy some pricey items on credit and then apply for FA. </p>
<p>So…if what you’re saying is…your family has a strong income, but has debt and therefore won’t be able to contribute as much as a school will expect, then you need to be sure to apply to some schools that will give you large merit for your stats, so that the remaining amount, your family can pay. </p>
<p>For instance…if your parents say that they can pay $10k per year, then you’d probably need a scholarship that would cover all of your tuition so that your remaining costs could be covered with your parents’ money and a small student loan.</p>
<p>Do you know how much your parents will pay? If not, ask them.</p>
<p>No, debt is not taken into consideration when you are applying for financial aid. </p>
<p>
</p>
<p>You can only list your savings as zero if your savings IS zero. If you or your parents have any money in your savings…or anywhere else for that matter, you must list it as an asset on both the FAFSA and the Profile.</p>