<p>Hi Everyone,</p>
<p>Should I apply for the FAFSA if my parents make around $110,000 combined for a family of 5? Please and thank you to all that respond:)</p>
<p>You won’t qualify for a Pell Grant, but you can get a small student loan if you submit FAFSA.</p>
<p>If you don’t apply for FA, how will you pay for college?</p>
<p>My parents have a good amount of “liquid funds” and savings. The most notable being a $1 million home. I’m of course looking for all possible ways of getting funds, even considering ROTC (with an ever-approaching due date). I have a younger brother and sister and I just do want to be ignorant and take all that money from them.</p>
<p>Sorry, I mean $1 million home that my mom received off my grandma’s death.</p>
<p>*don’t want to be ignorant about itxD Geez am I feeling the pain of Mondays.</p>
<p>If your oarents had nothing more than their $110K income, there are many private schools where you could get some need based aid. These are generally top schools that require very high stats.</p>
<p>If you live in the house, it’s your only house and you apply to FAFSA only schools, the house won’t count. It Will at many schools that use Profile however.</p>
<p>If the house is a second home and it’s a fully paid for million dollar home, 5.6 percent of the value will be added to your EFC each year. That means no aid except unsubsidized loans from any school other than merit aid.</p>
<p>Have your parents run some calculators to see where you stand.</p>
<p>Have your parents said what they’re going to do about the house? </p>
<p>If they don’t live in it, it’s a huge asset. </p>
<p>What have your parents said about paying for college?</p>
<p>We don’t live in the house, and we haven’t sold it because my uncle, who’ my mom’s brother, still feels emotionally attached to the house. Ironically, he’s a psychologist. We haven’t fully finished the financial aid calculates online, but I will finish that tonight with my mom for sure. As far as paying for college, my parents said they would pay an equal amount for each one of my brother, sister and I, however much that may be. The thing that really sucks in all of this is that my dad has always been a spender, and as a result, has accumulated a good amount of debt from buying a lot of stuff. From my opinion, it’s due to the fact that his side if the family are all business men and doctors; specifically orthodontists an dentists, the worst physicians of all:/ If I get into schools like Cornell, Carnegie Mellon or USC, then I think I’m just totally screwed financially.</p>
<p>*many grammatical errors (thanks iPod)</p>
<p>“As far as paying for college, my parents said they would pay an equal amount for each one of my brother, sister and I, however much that may be.”</p>
<p>This is the figure that you need. Until you know how much your family will actually kick in, you don’t know how hard you are going to have to work to come up with the total amount that your college education will cost.</p>
<p>That extra house is going to likely prevent you from qualifying for any aid.</p>
<p>YOu need to find out EXACTLY how much your parents will pay each year.</p>
<p>You also need to apply to some financial safety schools. What are your stats? Are you a likely NMF?</p>