<p>hello, the driving force behind my college search is financial aid so could anyone tell me what my chances are of receiving need-based scholarship money?</p>
<p>father: 60 years old, 2 jobs - community college professor and elementary school teacher- makes 50k a year, went to bowling green and college in iran</p>
<p>mother: 50 years old, 1 job- hairdresser, makes 17k a year, graduated from community college and college in iran</p>
<p>background: iranian
no brothers or sisters</p>
<p>also, my parents have had to pay full tuition all four years at the private school im going to.</p>
<p>family of 3- income $67,000
I estimate using our own experience that your EFC will be approx $15,000 to $20,000 ( we are a family of 4 earning $50,000- EFC is $15,000)
If the FAFSA calculator estimates that your EFC is $15,000 for example and that you attend a school that meets 100% of need. Your family will only have to come up with $15,000. about $3,000 to 4,000 of that will be assumed to come from student summer earnings. The rest will be your parents to assume.
Your aid package could be made up of loans ( subsidized and un, grants and work study.
Tuition for private school only comes into play if you are attending a school that uses PROFILE to determine financial aid, and if your parents will be paying private school tuition for a sibling while you are in college. Unfortunately, the fact that they were paying tuition for you that could have went into a college fund or other things, isn't going to count for college aid. Income is what is mostly considered.
<a href="http://finaid.org/%5B/url%5D">http://finaid.org/</a></p>
<p>celebrian25- that's cool, I've never met anyone who's even mentioned bowling green (maybe its bc I live in Texas) I hear it's a decent school. I watched their football team play oklahoma last year. Their team is surprisingly good!</p>
<p>pkarr: Can't really even give a good estimate, not enough info. Most importantly missing is:</p>
<p>*Your income and assets in your name (this can increase your EFC dramatically)
*Your parents' assets -- if large, they will increase the EFC
*Whether your parents have any large deduction offsets to income, like mortgage interest-- this can bring their 67K down to, say, 47K, which will result in a large decrease in the EFC.</p>
<p>sblake
was that your experience with finaid? That may have been a unique situation, we have a mortgage & interest, and while our 1040 forms and W-2s are submitted to the college- making plain our taxes and deductions- the amount of our EFC is still about 1/4 of before tax income for a family of 4.</p>
<p>Well-- looking at only family before tax income is only a part of the puzzle, since EFC is based on a % of</p>
<p>Parent's Income
Parent's Assets
Student's Income
Student's Assets</p>
<p>So two students whose parents make the same income can have widely different EFC's. Parent's income is often the most important factor, though.</p>
<p>I was in error about the home mortgage intereste deduction, though. Good tax deduction, but not particularly helpful since it doesn't reduce AGI in the financial aid formulas. Other adjustments, like the self employed medical insurance adjustment, can make a significant difference, though.</p>
<p>Pkarr should run the financial aid calculator with various scenarios to see where he ends up.</p>
<p>If you have a brother who is currently attending college, as well as a brother who will be going to college as the same time as yourself, what should you put in under the "How many college students live in your household" question?</p>