Hello! My family has little income <50k, but large assets ($1 million house). However, we will have 4 students attending college for undergrad at the same time. Am I eligible to enter programs such as Questbridge? I realize you must have limited assets, yet we have many students in college at the same time which is also something they consider.
You should sit with your parents and run their numbers through a FAFSA estimator for starters. That will give you the FAFSA Expected Family Contribution, which tells you the very least you will be expected pay for college. Primary home values are not included in the assets. With 4 kids in college at the same time, $50k income, will likely yield a low or zero EFC. That would mean each of you kids , if all 4 in school in a given year would likely get about $6k in PELL grants, and $5500-7000 in Direct Student Loans( depending upon what year in school the student is) from the Federal government. That’s assuming zero assets owned by each student ( students are assessed 20% of assets owned in the day the FAFSA is submitted. Any assets your parents hsve, with some exceptions like the primary residence, qualified plan money (pension, IRA, 401k, for example) and afternoon a parental allowance, about 6% is assessed.
Some states also have college money. , and also often use the FAFSA EFC. NY state, for example, would give you free tuition at SUNY schools. But this varies from state to state as well as from school to school.
Very few, if any schools guarantee to meet full need as defined by the FAFSA EFC. A lot of schools do not subsidize living expenses (room, board, necessities, transportation). You and your parents most often have to pay those out of pocket. Students generally do not have loan options alone—parents are offered loans or to co-sign with students.
The schools thT tend to be generous with financial aid, often do take other factors into consideration. Primary homes are often not exempt and it varies from school to school if the values are capped, and how that whole Situation is assessed.
I suggest you run your numbers through the Net Price Calculators of a number of schools that are in consideration for you and your siblings. You may find some private schools willing to give you hefty financial aid (if accepted) and some that will expect you to pay quite a bit. Same with the public schools. I’ve known students who have found that their state schools are pricier than Private options.
Then , there are scholarships. Merit money. Usually those reduce need first, so unless you get one large enough to pay all you need paid, it can just reduce financial aid. Again, this varies from school to school.
Are you all in different years? What is the make up of the 4? I assume you are not a quad, so you have a sibling already in college? what are their numbers like?
I think she is asking about programs like Questbridge. Not just financial aid in general.
Are the other three students currently in college, and if so, how are their costs being paid.
Will all four of you siblings be in college the same four years? Or are some in college now, and others won’t be starting for a year or two.
This matters, because it’s the number of siblings in college at the same time that will affect your EFC per FAFSA.
What sorts of colleges are you looking at? Are you a competitive applicant for the competitive colleges that meet full need for all accepted students?
And curious…most people with a $50,000 income can’t afford to live in a $1 million dollar house. They can’t afford the property taxes and they can’t afford the mortgage.
Are your parents self employed?
^^
Right, involve your parents now. Ask them how their money works. Is there any divorce?
QuestBridge states that “… students must demonstrate ongoing financial hardship.”
So chances are that with that kind of asset, you wouldn’t qualify.
My siblings are triplets that are 2 years ahead and then me. My parents are self employed.
So where are the triplets at and what is their EFC? Is the house a business asset? What is the equity in the million dollar home?
So note when they graduate, your EFC will increase sharply (fafsa numbers as unhelpful as they are) if you are on FA due to the siblings. Make sure you factor that in for yrs 3 &.4.
Okay! Thank you so much! So if my siblings did not get a pell grant, I shouldn’t apply for QuestBridge?
If your siblings did not get a pell grant, your parents’ income is higher than you reported.
Do the fafsa4caster with them here: https://fafsa.ed.gov/spa/fafsa4c/?_ga=2.211996182.380955000.1591665578-194964365.1591665578#/landing
Then, let us know the results.
I think the home asset will preclude you from QB, but you can ask.
With three in college at the same time, and an income of about $50,000, your triplet siblings would have been Pell eligible…unless either the income is way higher than you think…or your parents have significant assets aside from your home.
How are those triplets paying for college? Find out.
Is that <$50,000 income your parent net or gross income?
I agree that with a family income of $50k a year, your siblings would have gotten some PELL grants. You need to talk to your parents.
As for QB, carefully read the rules. I believe QB schools require CSS PROFILE, and if your parents own a business, that process will add back deductions and depreciation.
How are your siblings paying for college?