High Income, but Can't Afford College!

Paying for College
21

<p>So aside from choosing an in state school, I’m basically doomed. I guess it’s good to get some confirmation lol. Thanks.</p>

<p>Are there any people here who made too much for aid, but actually needed it? What did you do?</p>

22

<p>@alijasmined What did you end up doing?</p>

23

<p>It does not look like a choice but it will from the FA point of view. She would count, I think, as a member of the household that is supported by your parents, but that is about it. I have seen households with a $60,000 income and six or seven in the household, who qualified for need aid, but your family income is 3 times that, and your household is probably smaller.</p>

<p>Merit aid, that is, based on grades and test scores, is what you should look for. Bear in mind that Yale and most other high ranked colleges do not even give merit aid, as basically everyone who applies qualifies for merit aid–top achieves. See their website.</p>

24

<p>@op
With an income of 200K per annum, only the most generous college (HPS) will give you a need based aid. Even then, it’s probably about 2k - 10K, if that. It could be more since your brother is also in college. You can visit the colleges’ NPC.</p>

<p>Our HH income last year is in the same bracket and we didn’t qualify for any from an Ivy (not HYP), so we are paying full price.</p>

25

<p>look at schools that offer merit aid
<a href=“http://www.kiplinger.com/tool/college/T014-S001-kiplinger-s-best-values-in-private-colleges/”>http://www.kiplinger.com/tool/college/T014-S001-kiplinger-s-best-values-in-private-colleges/&lt;/a&gt;&lt;/p&gt;

26

<p>

@alijasmined’s HH income is about half of yours so your situation is a little bit different. </p>

27

<p>Have any of you experienced this?</p>

28

<p>We have a large income but did not feel we could afford to pay full freight for a out of state or private school. We told my D how much we were willing to pay and she based her choices on that. Yes -she was a little disappointed -but life is full of choices like that. She wound up instate and is doing very well.
I never felt like I would have been comfortable taking need based aid</p>

29

<p>There are two important things for you to do to get some idea of where you are in terms of need and what’s affordable. First of all ask your parents what they can afford to pay per year for you to go to school. What they realistically are able to come up with in terms of taking it out of some savings, out of current income and what they might borrow. Also find out what their incomes are approximately, the AGI on their last tax return with any HSA and 401K type contributions added back in. And about how much in assets , not in IRAs, 401K or other qualified accounts that are tax sheltered. Run an EFC estimator. With your brother in school next year, there will be two of you in college which will pretty much cut the EFC in half, but be aware once he is no longer a full time student, it’s that full amount right there. That number the EFC is pretty much the MINIMUM you and your family will be expected to pay before you get any financial aid. To see how specific schools might give some aid, run the NPCs for each school on your list. </p>

<p>YOU, as a freshman, will be permitted to borrow up to $5500, on your own. After that, parents get involved. Right now, it doesn’t look too good for OOS publics coming up with much money, not that it’s ever such a great picture for that. OOS publics tend to take care of their own first. Get your test scores up a bit and you might get a bit of something from Buffalo or other SUNYs, or some CUNYs. You are lucky to be in a state where the cost for going away to college is relatively low. It looks like your parents could swing sending you away to Stoneybrook, or other SUNY since the entire cost in in the low $20K range. </p>

<p>If your grandmother is a dependent for tax purposes, then she is accounted for in the asset protection allowance of your parents as the number of dependents does play a role in that figure. Just as it would be for any dependent. If she is not a dependent for tax purposes, then it’s not taken into account just as the tax system does not take her support into account for whatever reason. Some of the aid is federal so there are some things that are linked in taking these things into account. </p>

<p>Also talk to your GC about some schools that might have been good to previous grads about giving some nice merit aid. Some of the smaller Catholic schools might ante up some money. Look at the guaranteed scholarship links and other lists at the top of the page here for some ideas on some low cost school, some OOS bargains if going out of state is something that interests you. You certainly are not doomed. I’m sure that you can come up with a list of schools that would be could possibilities and yet affordable. </p>

30

<p>Need based aid is HEAVILY weighted towards parent INCOME. Moving around assets is just that…moving them around. Bomerr…assets are arrested at 5.6% for the FAFSA calculation after an asset protection allowance.</p>

<p>For Profile, schools can assess assets as they please.</p>

<p>Bubble…how much WILL your parents be able to pay towards college each year for you? You will need to work within that budget.</p>

<p>The very vast majority if colleges do NOT meet full need anyway. Your FAFSA EFC should be viewed as the MINIMUM you will be expected to pay.</p>

<p>There is a net price calculator on every college website. Run your family finances through that to get a feel for your potential aid and net costs at some of the colleges you think you might apply to.</p>

<p>Just remember, when your sibling is done with college, YOUR EFC will rise…so take that into account.</p>

<p>As mentioned upstream. There are MANY colleges that don’t cost $60,000 a year. There are also colleges where you would qualify for merit aid. Check the thread above for automatic full tuition/full ride scholarships.</p>

<p>ETA a couple of things.</p>

<ol>
<li><p>You are not “doomed” if you have to attend an instate public university.</p></li>
<li><p>Your parents are making a choice to fund your grandparents’ living expenses. Colleges do not give need based aid so that families can fund the living expenses of others. I’m not saying this isn’t a nice thing for them to be doing, but it is a choice.</p></li>
</ol>

31

<br>

<br>

<p>Income is usually the biggest driver. Even if you had no savings, your efc would be too high.</p>

<p>Then when you add savings, that makes it even higher.</p>

<p>withdrawing savings doesnt matter. the money still exists. </p>

<p>assets are exposed to about a 6% calculation. the first 45k is exempt (approx). </p>

<p>which private schools are you applying to?</p>

32

<p>

</p>

<p>Not sure where this info is coming from, bomerr. This student is NOT low income so the only guaranteed loan she will see is a $5500 Direct Loan (not $12.5k). Assets are assessed at 5.6% for FAFSA, after an asset protection allowance (not 3%).</p>

<p>Most schools have the EFC, plus a student contribution. </p>

<p>But you are right in that this student will likely be expected to pay the full cost of attending all of the schools on her list…none guarantee to meet full need…and they don’t.</p>

<p>I would strongly suggest this student run the net price calculators for each college under consideration. Certainly, apply anywhere, but if the money isn’t forthcoming to meet the parent financial limitations, then be prepared to walk away. </p>

<p>In an earlier post, this student wondered about receiving 1/2 the cost of attending in need based aid. I would wager that is not likely at the schools currently on the list.</p>

33

<p>@Mom2collegekids Mainly Syracuse, Ithaca, USC, Emory, and Emerson. But that list is open to change. Also, I know that a lot of those are academic reaches :)</p>

34

<p>While my brother is in school, they are willing to pay around $25,000. When he graduates OR gets a job and begins to pay for his education, that will increase to around $35,000. So I’m not asking for much. I just wanted to know if moving assets would help, but apparently not. :slight_smile: I’m really into journalism. So basically the schools with very good communications programs are on my list. If you know of any more affordable schools that have that, or will give me aid, please feel free to let me know!</p>

35

<p>OP, didn’t you say the mortgage will be paid off next year? So maybe the cash that is going toward the mortgage payment could go toward college expenses. As others have said, you aren’t getting any need based aid. You could work hard to bring up your standardized test scores and look for some merit aid.</p>

36

<p>Sugar…you need to look for schools where you will get MERIT aid. You are NOT going to see need based aid in the amount of $30,000 a year. You just are not. You might come close to that amount in need based aid at Harvard, Yale or Princeton…with two in college. But I’m guessing acceptance at those schools,would be a challenge for you.</p>

<p>If $25,000 is your budget, you have all the SUNY schools to consider…all would be within your budget at the instate costs. </p>

37

<p>

Syracuse’s financial aid does include loans. However, see the list of SU scholarships on <a href=“http://www.syr.edu/financialaid/scholarships/su_scholarships.html”>http://www.syr.edu/financialaid/scholarships/su_scholarships.html&lt;/a&gt;.&lt;/p&gt;

<p>Also,

Does you brother encourage you to attend more $$ schools?</p>

38

<p>@thumper1
parent plus loan too</p>

39

<p>Idk if this counts for anything, but my mom is a city employee-- a teacher. Will that change anything when applying to schools?</p>

40

<p>

A teacher at college? There may be tuition discounts for college employees, see <a href=“Paying for College: Discounts for Academics”>http://www.forbes.com/sites/baldwin/2013/02/28/discounts-on-tuition-for-university-employees/&lt;/a&gt;&lt;/p&gt;