don't qualify for aid but need it desperately - help??

<p>Single-parent home; my father died last year (although they were separated and he wasn't making any money anyway). My mother's income is low enough to qualify for aid, although I don't know exactly what it is. </p>

<p>HOWEVER, we don't qualify for need-based aid. Why? Basically: too many assets/savings, but I can't use them to pay for college because my mother NEEDS them when she retires (she's been depending on them).</p>

<p>Is there any way I can get need-based aid? If not, are there any merit scholarships you would recommend looking into? I don't want to get a merit scholarship to a middle-tier school, although I will if that's the only way I can afford to go to college. (In case it matters, I want to go into theater production/English literature/Classics/possibly music; I don't think I'm a good enough pianist for a music scholarship, though.)</p>

<p>Do they look at extenuating circumstances?</p>

<p>Could your mother use some assets to help you, and then after college you could pay her back little by little over time? Maybe that could help a bit.</p>

<p>If you are talking FAFSA ONLY…what IS your mother’s income? If it is below $50,000 AND she either files a 1040A or 1040ez or you qualify for a means tested benefit (food stamps, free or reduced lunch), you may qualify for the simplified means test whereby your assets would not be reported on the FAFSA.</p>

<p>This will not, however, help you with institutional aid at a school that requires the CSS Profile.</p>

<p>Thumper has some good advice for you. Really, you need to find out what your mother’s income is—a copy of her tax return would give you the best indication, and a list of assets including the equity in your family home (for PROFILE purposes). With that info, you can complete some FAFSA and institutional estimators that will give you some idea what your family is expected to pay.</p>

<p>Are some of your family assets in qualified plans? Those are exempt; plans like 401Ks, IRAs, for example. Otherwise, yes, unless your family is expected to come up with a percentage of those assets over an allotted amount each year… </p>

<p>The fact of the matter is that even if under FAFSA, you come up with a very low EFC, zero even, it doesn’t mean that schools and programs are going to be jumping out with money to meet your needs. With a zero EFC, you get $5500 in PELL money guaranteed a year. The rest is self help, like in loans, some maybe subsidized while in school. So unless you can gain entry into some of the more selective schools that guarantee to meet need, it’s not as though you are assured that your need is even going to be met. Then of course you have that definition of need that is an issue. </p>

<p>Your mothers assets will be tapped at about 5-6% each year as part of what she is expected to pay in costs. Really, it puts you and her in better shape than many at that income level who have no such assets. </p>

<p>You should look at Momoftexa’s thread on full ride scholarships, and also look at local state options that you can afford on your own if you commute and work part time. Maybe a grant will be in the picture. When you find a couple of sure things that you know you can afford without hitting your mother’s assets hard, or at all, then take a flyer on some schools where maybe you can get the merit or financial aid, and see how it goes.</p>

<p>Sorry to hear about the loss of your dad.</p>

<p>*My mother’s income is low enough to qualify for aid, although I don’t know exactly what it is. </p>

<p>*</p>

<p>You need to find out how much your mom earns from income and from investment income. </p>

<p>Does your mom also receive social security benefits since your dad has died? I’m not sure how that all counts for FAFSA.</p>

<p>Are her assets in property, stocks, ???</p>

<p>As others have said, the CSS Profile schools aren’t going to care which way your mom files her taxes. They are going to expect some assets to be used for education.</p>

<p>What are your stats? You may need to also apply to some schools that will give you large scholarships for your stats. </p>

<p>Edited to add…</p>

<p>I’m a junior in an INCREDIBLY competitive NYC high school (every college has heard of us).* I’m aiming for a top-tier liberal arts school (Vassar, Williams, Amherst, Wesleyan, Oberlin, etc); I’m interested in Yale or Brown as well, but I know they’re reaches. So, advice?** Chancing for the colleges I’ve mentioned? Advice on how to stop my impending nervous breakdown?</p>

<p>My specific questions are at the bottom. </p>

<p>SATs (only took a practice without studying): 2180

  • CR: 770
  • Math: 650 [1420 M+CR]
  • Writing: 760</p>

<p>GPA: 95.4 (average in my school is a 93) </p>

<p>Sophomore Grades:

  • English: A
  • Latin: A+
  • Chemistry: A
  • History: A
  • Math: B+
  • Theater Production: A
    (keep in mind that all of these are at least equivalent to honors-level classes)</p>

<p>*</p>

<p>OK…those schools on your list aren’t going to care how your mom files her taxes…they are going to consider EVERYTHING.</p>

<p>If your mom can’t sell any of those assets to help pay for your education, then you need to prepare yourself for the fact that those schools may not be affordable because they’ll expect your mom to pay too much.</p>

<p>you need to identify some schools that will give you lots of merit scholarship money.</p>

<p>Be sure to take the PSAT this year…and study for it.</p>

<p>Is there any way I can get need-based aid? If not, are there any merit scholarships you would recommend looking into? I don’t want to get a merit scholarship to a middle-tier school, although I will if that’s the only way I can afford to go to college.</p>

<p>It’s very doubtful that you can get a private scholarship to pay for 4 years at a private school…that’s over $200k. That would be very unlikely.</p>

<p>Private scholarships are hard to get, often for smallish amounts, and often ONLY for freshman year. </p>

<p>You need to look at the schools that give merit for stats. modest sized merit isn’t going to be enough. You need LARGE merit.</p>

<p>She won’t tell me her income, but I’ve shown her some of these answers and she says they’re helpful, so thanks. I forgot to add - we do have about $90,000 saved for college. We just don’t know where the other $100,000+ will come from. And I don’t think it’s under 50k, but I don’t think it’s much more than that, either.</p>

<p>I know I can’t get a scholarship to a top-tier school; if I get in and decide to go, I’ll probably just take out loans.</p>

<p>Thanks!</p>

<p>*I know I can’t get a scholarship to a top-tier school; if I get in and decide to go, I’ll probably just take out loans.</p>

<p>*</p>

<p>You may need to rethink this. YOU can only borrow the following amounts…</p>

<p>Frosh 5500
soph 6500
jr 7500
sr 7500</p>

<p>so, you can’t borrow the rest without your mom co-signing bigger loans. Since most parents won’t do that because it’s very risky for them and it’s too much debt for a new undergrad, you need to include other options…such as also applying for schools that will give you large merit for your stats.</p>

<p>While you do have good stats, your M+CR score is not high for your list, so that’s another reason to protect yourself and apply to some financial safety schools that will give you large merit for your stats. Financial safety school are schools that you know FOR SURE will be affordable because of assured merit scholarships and family funds. </p>

<p>Some match schools may not give you enough merit or aid, so don’t just depend on those.</p>

<p>Do you know how to find financial safety schools?</p>

<p>tarmiriell, let me offer my condolances on the death of your father. My husband passed away while I had one child in college and another in high school, so I completely understand what an emotional and financial upheaval it is. Although our situation is not really like yours, let me offer a thought or two.</p>

<p>If your father didn’t have an income, he may have had an insurance policy, a pension or 401K, or assets (investments, property, etc) that were not technically income. You mother probably will know this and she was probably the beneficiary. While it won’t help you directly, it might help her out in the future so she could feel more able to assist you with your expenses.</p>

<p>Both of my kids applied for many academic merit scholarships, and were fairly successful. While some are good for only one time or one year, some extend for the entire eight semesters. Try. If you win, it will be the best hourly income you ever make.</p>

<p>And naturally, both of my kids worked at part-time jobs. If you are not eligible for work-study, just go out and get a job. Every little bit helps.</p>

<p>In my experience, private schools are more generous with financial aid. Of course, you will probably get more from lower to middle-ranked colleges than top colleges. Apply to a wide variety of colleges. Maybe even talk to a financial aid counselor to see if they are likely to cover your need. And don’t knock middle tier and state schools. Lots of brilliant and successful people studied at such places.
<a href=“http://talk.collegeconfidential.com/parents-forum/888911-famous-smart-people-went-state-schools-lower-level-universities.html[/url]”>http://talk.collegeconfidential.com/parents-forum/888911-famous-smart-people-went-state-schools-lower-level-universities.html&lt;/a&gt;&lt;/p&gt;

<p>I lost my job and was unemployed after I was widowed. My daughter’s college had a form to explain circumstances of reduced income. Our state also had a form where you could explain reduced income, so maybe NY has that too. We had to send in all kind of financial documents, but it might result in a state grant eligibility. Check that out.</p>

<p>Good luck to you and stay positive!</p>

<p>

</p>

<p>You have to use a bottoms up approach meaning that you have a good list of financial safety schools. My recommendation is that you first apply to SUNY so mo matter what else happens you will have some place to go, and between money in the bank and student loans in your name, that you will have some affordable options. Also check out some of the SUNY honors programs</p>

<p><a href=“http://www.suny.edu/student/downloads/Pdf/2011_honors_programs.pdf[/url]”>http://www.suny.edu/student/downloads/Pdf/2011_honors_programs.pdf&lt;/a&gt;&lt;/p&gt;

<p>have you considered applying for the CUNY McCauley Honors program?</p>

<p>[Macaulay</a> Honors College -](<a href=“http://www.macaulay.cuny.edu/]Macaulay”>http://www.macaulay.cuny.edu/)</p>

<p>tarmiriel,</p>

<p>You have some great advice on this thread-- including sybbie’s wise words to build your list from the bottom up. Please do not ignore this step. Visit the different affordable colleges to see what they offer in your areas of interest. </p>

<p>I suggest your mother call some of those schools and speak candidly with a financial aid officer. She should have a summary of assets and a list of questions. Since you live in the NYC area, I am guessing that part of the issue could be home equity. Your mom can ask if some of the schools cap home equity. Some of the schools might not tell her flat out but she may get an answer if she says, “I live in NYC. My income is X but my home equity is Y. Is there a limit on the amount of equity you will use for purposes of financial aid?” Money in 529s held under a parent or grandparents name is not included on the FAFSA and money in IRAs or 401Ks isn’t included either. </p>

<p>Tell your mom to get the book How to Pay for College without Going Broke to find out more about the ins and outs of financial aid.</p>

<p>$90K in college savings plus the $27K in Stafford loans you could take should pay for you to attend an instate university in your state…for four years. If you work during the summers and part time during the school year, you should be able to pay for your own spending (discretionary and books, etc). I agree…start from the bottom and work up.</p>

<p>Do you have any idea how few people have that much set aside for one kid’s college? You really are very lucky!</p>