<p>@thumper1 I’m sorry for the misunderstanding when I mentioned my cousin and friend. I meant that since they are in college now, and since my parents talk to their parents alot about paying for college, they know the reality of college cost. I didn’t mean it in any other way. I’m sorry for the misunderstanding. </p>
<p>Yes I will definitely make sure to include affordable colleges into my list. </p>
<p>Oh and also my parents saved up money ever since they moved to America as teens (20+ years of saving with no vacations or big spendings) in order to purchase the house all cash.</p>
The $12K in rental income would not all show up as AGI. They can deduct 1/2 of the income tax, as well as such other expenses paid for the other flat (insurance, maintenance, advertising, mortgage or loan interest, etc.). If the total property tax is $12K, then they can probably deduct $6K for tax at least. And maybe they are expecting to take out some loans for school, since there isn’t much of a mortgage on the home.</p>
<p>The thing you might want to make your parents aware of that they may not understand from their friends/relatives re cost of college has to do with the business ownership/income. If those other people work straight employment it is more cut and dried and predictable. Best. </p>
<p>If you apply to schools that use CSS Profile, very likely they will expect a high contribution from your parents. Sounds like gross income is large, there are assets, and there are a LOT of deductions. </p>
<p>Never (repeat NEVER) try to compare your financial aid and income situations to anyone else’s. At the end of the day, all that matters is what your family can pay, not what anyone else is paying.</p>
<p>This is a new application cycle. Your finances are not identical to anyone else’s. Financial aid policies vary by college. </p>