<p>I know it sounds ridiculous!
But my mom makes about ~40-50k a year.
Dad is sick, doesn't work. He used to be the "bread winner" until he became very sick.)):</p>
<p>We have 2 million worth of real estate.</p>
<p>However, due to losses because of the building total income is a bit lower.</p>
<p>Yes, my parents want to sell the hous(es) but not in this house market. It doesn't make sense, especially if we are doing "okay" with them at the moment.</p>
<p>Will I get any money, assuming I get in ED? If not, I might have to take ~60k in loans a year or transfer to a CC/somewhere I can get merit aid after a semester.)):</p>
<p>If the 2 million dollars worth of real estate are external net assets (no loans - solid worth), then you will likely not receive any financial aid. I have actually done some calculations and I think that if your assets exceed 1.5million then you will rarely get any financial aid. Even if its ~1million or lower you still get minimal aid. If you are gaining substantial income from the building that is considered too. I do not personally see you receiving financial aid, but you will not know unless you apply for financial aid or fill out the FAFSA/ EFC forms.
I also believe that if costs would cause your family such stress you can make a legitimate case to not attend if accepted, based off of “But my mom makes about ~40-50k a year. Dad is sick, doesn’t work”. Really plan this because one semester of 30k would be hell to waste, and to also leave all the friends you make in your first college experience.
Think of this personally from what your family/you can manage. Your parents will try their hardest to say “yes, we can manage it” when in real respects they cannot deny you of your dream.
Myself I am conflicted by a sorta similar dilemma. My family is well off, a few million in investments and stable income so no finaid, but 250k for an undergraduate degree is a crap ton of money, when I can get state school practically free. I also applied ED to a school, but I am so conflicted whether it was the right decision… I am dying to get in (6 more days AHH!) but I dont know…</p>
<p>Hopefully I don’t get in if that is what it comes down to. If anything, I will rethink my whole undergraduate plan of going to medical school if don’t get anything.
Realistically, I will probably take out all loans to stay at NU for 4 years though. 240k by graduation… yikes. At least I’ll be motivated?</p>
<p>Even my state school- UofI costs 40k a year. NOT much better for a state school.</p>
<p>I’m pretty sure you will be able to pay off students loans later on… but there is still a while to go after undergrad. Did you apply for northwestern’s 8 year B.S/M.D program?
oh lol I just realized this was in the NU thread.</p>
<p>Let’s assume that you’re not going to receive any need based aid for purposes of this conversation.</p>
<p>Have you looked into schools that offer significant merit based aid? If your stats are good enough to get into NU, there is a good chance that you can find a very good school that is willing to offer you significant (if not complete aid based on your accomplishments.</p>
<p>Yes, but they are schools I wouldn’t want to go to. Boston College, USC, other “tops” of mine probably won’t give me much MA. IF I get into NU I will be in the below average category. Schools I DO NOT for the life of me want to go to- Loyola (Chicago), Depaul, etc. will.</p>
<p>I think you should go the path most who go to pricey schools traditionally follow- get a huge loan. Your parents’ financial assets mean that probably gauranteed, and you probably don’t expect too shabby of a job. If your family decides to sell a house later, or pick up more money from work, that should resolve things.</p>
<p>If you don’t mind public schools or in-statr, that would lighten up the tension. But its your choice for how you see your future.</p>