<p>My father makes $250,000+ a year, but my younger brother and I will be entering college a year apart from each other, and this will be expected to put some strain on my family's ability to contribute to both our tuitions (looking at high-tuition schools).</p>
<p>My question is, does the fact that my brother and I are only a year apart qualify us for some sort of aid? I know that my father's income doesn't exactly translate to much aid, but he's only been making that for the last 2 years and hasn't been very wise financially.</p>
<p>Also, he's been showing me money growth calculations on how much better it would be to invest $200,000 at 8% growth rate per annum and end up with an extra $1.2 million in assets by the time I'm 45 rather than "wasting" it on an Ivy League education. </p>
<p>Unless your family has unusual expenses, chances of getting much more than an unsubsidized loan is low even with 2 in college at $250K. If your family has a home and investments, no chance at all.</p>
<p>I'm not sure why so many people undervalue education, but many do.</p>
<p>My advice is to find out what your family can really pay before you apply and you may want to look at merit aid schools. There's a sticky on the parent's board.</p>
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Also, he's been showing me money growth calculations on how much better it would be to invest $200,000 at 8% growth rate per annum and end up with an extra $1.2 million in assets by the time I'm 45 rather than "wasting" it on an Ivy League education.
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<p>Well for starters if he knows a place to get a guaranteed 8% return please post it here cause the best I can currently find is @ 5% :) . Also it is the difference between going to an Ivy and going elsewhere that you would be saving rather than the full cost (unless he is saying you should not got to college at all?).That being said I am not one of those that is concerned about Ivy league schools and my D has chosen to go to a state U where she is in the top tier of students so gets some good merit aid. If your Dad does not feel it is within his means to pat for an Ivy league school you should respect that.</p>
<p>As for financial aid. Your income is probably too high to qualify for much and remember assets are also taken into account. Based on the income alone with no assets your FAFSA EFC (parent portion) would be in the 70,000 plus range with just you in college. When you and your sibling are both in school it will reduce the parent portion of your EFC to around $36,000 (under FAFSA it would halve it with half going to your sibling and half to you - don't know how it works with profile schools). But parent assets will increase that, student income and assets will increase it and profile takes into account more assets than FAFSA generally.</p>
<p>You've already gotten two really good answers and some good advice. </p>
<p>Essentially, you won't even qualify for FA until your sibling is in college at the same time and even then it probably won't make that much of a difference. You're best bet are merit scholarships...</p>
<p>Strange that if your dad is showing you calculations like the one your describe above, that there isn't a 529 set up for you. </p>
<p>I think that the point that your dad is trying to make is that an Ivy education is way overpriced--though I know some wouldn't trade it for the world. College is largely what you make of it. Good State schools really aren't that bad--there are much much worse things in life--and it's likely that if you have good grades/scores that you would receive some sort of merit scholarship.</p>
<p>Is your heart set on a school in particular or do you simply feel that an Ivy education is necessary to succeed? If you aren't set on an ivy education, then consider alternatives; it's certainly not worth the debt. </p>
<p>If you don't mind me asking, what schools are you considering, what interests you as a career, and which state do you live in?</p>
<p>P.S.
For the record, I'm one of those people who believe that it is the responsibility of the parent to pay for most of college if possible. However, like swimcatsmom I don't believe it's the responsibility of the parent to pay for an Ivy</p>
<p>Your dad is mega-rich. I don't think you should get financial aid. Just persuade your dad real well, saying that Ivy League connections are the best kind; because honestly, if you major in business or law, you're set for life if you try hard enough.</p>
<p>Most kids are at the mercy of what their parents can afford to pay for college, or are willing to pay for college. Regardless of income, no one is necessarily entitled to a $200,000 undergraduate college experience. Plan accordingly.</p>
<p>First of all, I'm absolutely aware that I won't get any financial aid. You're right... I don't deserve it. I'm not entitled to a first rate education, either. So I've been working hard for a long time to be worthy of it. </p>
<p>I don't really know what motivated my post. Maybe the idea that after so many years of effort, my father reneges on a promise that could make or break my future (although I'm well aware that those who are meant to succeed will, no matter the circumstances). If we were low-income, I'd be the first person to say that it would be more prudent to go to the state school. But we're not. (My dad could probably pay for 6 years of education out of pocket). I just don't get it. I'm going to have to have a talk with my dad... who knows, maybe he's right.</p>
<p>However, I do appreciate everyone taking the time to respond. I respect brutal honesty :)</p>
<p>noct - I live in New York and am aiming for schools like Harvard, Columbia, and NYU. I hope to double-major in biochemistry and economics (if that's possible... I'm kind of clueless when it comes to college matters, which is why I read these forums :D)</p>