<p>Hi ! I'm a rising junior and can any of you tell me hows the finicial aid at:</p>
<p>Northwestern
University of Michigan
Case Western Reserve University
Brandeis University
University of Rochester
Boston University
Penn State University Park</p>
<p>Im from NJ and my parents income is lower than 35,000 combined. They JUST bought a house (350k) but have 0 in their bank now. I have 2 younger siblings if it matters. </p>
<p>Thank you:)</p>
<p>Just curious…</p>
<p>how do parents with an income of $35k, buy a home for $350k?</p>
<p>Are your parents self-employed? </p>
<p>you’re OOS for Penn State and UMich, so don’t expect much from them. </p>
<p>BU doesn’t meet need and I think they do preferential pkging. I don’t think Case meets need either.</p>
<p>What are your stats?</p>
<p>Lol yea my parents saved up from like 20+ years of work and
GPA: 4.something
Alot of honor/AP courses
PSAT:1780 with no study
Alot leadership EC and Volunteering hours</p>
<p>And yerp they’re self employed</p>
<p>What is your family’s GROSS income? Many deductions allowed for self employed are added back in as income for financial aid purposes. Some of the schools on your list will count a portion of that $350,000 home equity your parents have in their home.</p>
<p>Northwestern meets full need as they calculate it…but you will need a much higher SAT score to be accepted there in my opinion. </p>
<p>The OOS public universities will likely be unaffordable.</p>
<p>At this point, I think you need to modify your list. You need to include at least ONE school where your acceptance is guaranteed AND you will be able to pay the costs. I don’t see a school like that on your list yet.</p>
<p>I would strongly suggest that you concentrate your efforts on improving the PSAT score and on getting a much higher SAT than your PSAT would predict right now.</p>
<p>You should also look at some of your instate public universities, and see what they have to offer.</p>
<p>If your parents REALLY have $35,000 income, you should see if NJ offers any aid to low income students.</p>
<p>Gross idk but net is 34,000 something and I believe I could get a 2100+ after studying asdfghjkl words and like alot of practice tests over the summer</p>
<p>Personally, I think a lot will depend on their gross…when you say $35,000, is that the adjusted gross income on their taxes…or is this their after tax income. What IS that $35,000?</p>
<p>Thats after taxes and okay I was also considering Rugters instate</p>
<p>What is their before tax income? That is what is used to determine financial aid, not after tax income.</p>
<p>Find out what their adjusted gross income was last year. Keep in mind, however, that self employed folks often find expenses added back in as income on the calculation.</p>
<p>The after tax income does not matter for FA. </p>
<p>For FAFSA you need the adjusted gross income which is income before many deductions and before taxes. That is what is used to determine your FAFSA EFC. </p>
<p>Schools that use CSS will also add back many business deductions when determining your eligibility for institutional aid.</p>
<p>I’m not getting it. Your parents make $35,000 combined but yet they bought a house for $350,000. That doesn’t make sense. Is there something I’m missing or is the OP not telling the whole truth. Either way, your going to have to get your SAT up if you want to get accepted into some of the schools on your list.</p>
<p>As soon as I saw that I knew that the parents were self-employed. I suspect the business is a restaurant or some kind of service business.</p>
<p>I suspect that the home was purchased with cash or mostly with cash…no mortgage or a very small one.</p>
<p>The student isn’t likely going to get a lot of aid. The schools that give lots of aid use CSS Profile and will scrutinize the business income and deductions. </p>
<p>If he goes to a FAFSA only school then again aid won’t likely be generous because few FAFSA only schools give great aid.</p>
<p>
Too early to tell. Your family’s fiances may change a lot in a year.</p>
<p>Hard to see that a family with income of 35K could purchase a home for 350K
AND pay the INSANE property taxes in NJ.</p>
<p>
</p>
<p>But you are now enrolled in a SAT prep school, and this is a recent posting from you. You also noted that although you have to memorize 1000 words, that your CR score has not gone up.</p>
<p>
</p>
<p>Have you checked out Xiggi’s method for SAT improvement?</p>
<p>Yea I told my prep school about this and they had me focus cr only. It helped me bring my score up to 600+</p>
<p>And thanks everyone for the feedback</p>
<p>And he goes to a prep school…</p>
<p>Hmmmm…</p>
<p>OP, as you have been told, if your parents own a business, many schools that use PROFILE and/or supplemental questionnaires to the FAFSA, will assess that business differently than the FAFS EFC will. WIth a net income at the level you are reporting, it means that you are likely eligible for federal aid like PELL and subisidized loans, but the schools on your list will redefine your family contribution most likely very differently. Also primary home value does not get reported or used on the FAFSA, but most PROFILE schools and, again, schools that ask for supplemental info, will generally want the value of that primary residence, and will likely include in the parental assets at least to some degree, maybe fully.</p>
<p>The schools that tend to meet full need, define it themselves, and they tend to scrutinize those who own businesses. You can ask for a pre read at some of these schools to get some idea of what they will expect your family to pay, because the EFC estimates and NPCs results are not likely to be accurate for you. </p>
<p>What are your parents willing and able to pay for your college? When you know that, look for schools where the possibilities are good that you can get enough aid/ merit or financial to make it work. The most important schools on your list are going to be the ones you know will accept you and that you will be able to afford. </p>
<p>So your list is a nice wish list, and I don’t say to abandon it outright. But those are the easy schools to find. You need to do a nitty gritty search for the lesser known schools that your famly can afford. I suggets ALbright College as a possibility. ALso look at the guarnateed award schools and ask your counselor about what schools nearby are good to students from your high school in terms of aid.</p>
<p>WIth a net income at the level you are reporting, it means that you are likely eligible for federal aid like PELL and subisidized loans</p>
<p>We don’t know that. Net income isn’t used to determine Pell. We don’t know what the AGI is. It may be too high for Pell. It sounds like the family draws about $35k per year out of the business after paying taxes, SS, maybe contributing to a retirement fund, and other costs. The AGI may be twice the net amount.</p>
<p>If the family adjusted gross income was $35,000, he would be eligible for a portion of the Pell. But the $35,000 he is reporting here is after taxes. That is not the number that determines Pell.</p>
<p>OP…when you say “net income of $35,000 a year”, is this after taxes AND other deductions and bills being paid?</p>
<p>Again…what is the adjusted GROSS income? That is the number you need to know.</p>