<p>Hello,
I'm worried that the majority of schools will not offer me need based aid. Several people contend that my family's annual income, despite my father being a retired state/federal worker and my mother never having a job, will be too high to qualify for any sort of meaningful aid at a tier1 or tier2 school.
We live on the north shore of Long Island (the funny little thing sticking off of new york) and bring in about 150k to 165k annually. We're afraid that that colleges and universities will disregard the high cost of living here and judge us in comparison to a person living comfortably off 120k in Indiana or something. We have no loans or any debt but my parents will not allow me to accumulate any debt through school. They have agreed to pay 25k annually and I am not permitted to get a job during college or now. Medical, dentist and transit is no issue. I have medical till 25 along with dental and i ride all public transport for free in the tri state (no idea why though lol, just a perk.) I also do not have to buy a new car so thats some savings right there, but I'm also afraid they will take my personal holdings and savings and useit against me (about 10k-12k in goods, 30k liquid) or my stock portfolio (around 20k)
Is there a cutoff for most universities to provide need based aid? Also do they expect to be told about savings in stock or bonds? Will trust funds be counted as income?
Also please regard only grants and scholarships please, FAFSA and private loans are completely pointless imo and if it comes to that I could ask my grandfather for help.
thanks in advance :)</p>
<p>
Yes</p>
<p>
Income from a trust fund will be treated as income. Money held in the trust fund will be treated as an asset.</p>
<p>Schools take income and assets into account when determining eligibility for aid.</p>
<p>With that level of income you will probably not be eligible for aid at the majority of schools. I believe a few of the most generous schools do offer some aid to higher income levels but they also factor in assets when making that decision.</p>
<p>Hmm, doesn’t sound good 
…
Do you know anything about Cornell, Princeton or Emory specifically?</p>
<p>If your family income is 150K, even if your father is retired, you are not going to be eligible for need-based grants of any significant size. Also, you have substantial personal assets for a young person and those will also be taken into account. If you want to apply for need-based aid at a private university, you will need to fill out the CSS/Profile, which is what the private schools use instead of the FAFSA. For most people, CSS/Profile gives you a larger EFC and does take into account savings, assets, home equity etc. that FAFSA does not.</p>
<p>The financial aid process does not take into account the cost of living in different areas. This is a frequent plaint of coastal dwellers but there’s nothing to be done about it.</p>
<p>I do not understand why your parents will not permit you to take a job, or how they could enforce such a restriction. Are you not allowed to work in the summer? </p>
<p>The reality is that you really don’t demonstrate “need” in the sense that the colleges define it. Yes, they expect you and your family to tap all your assets to pay the bill. With that in mind, you might want to start looking into which SUNY would be right for you. 25K will about pay for an in-state public.</p>
<p>Addendum: Princeton has an online financial aid estimator on their website. You need to plug in the numbers from your parents’ tax return.</p>
<p>“They have agreed to pay 25k annually and I am not permitted to get a job during college or now.”</p>
<p>Then that is the budget you have to work with. It looks like your assets are in the 60k range. The FAFSA formula would expect you to use about 1/4 of that each year. There are plenty of SUNYs that would be affordable using only part of your assets. Print out the formula itself, and work through it with your parents on paper to see how all of your assets and theirs affect your EFC.</p>
<p>You are in-state for CALS, HumEc, and ILR at Cornell, which gives you a huge tuition/fees break compared to the private divisions. Read up on what they offer at [Cornell</a> University](<a href=“http://www.cornell.edu/]Cornell”>http://www.cornell.edu/)</p>
<p>Depending on your grades and your ACT/SAT scores, there may be significant scholarship money available for you at places a few steps down from Cornell/Princeton/Emory. Only you and your parents know whether or not this would be considered a good option for you. Start with this thread to learn more: <a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/848226-important-links-automatic-guaranteed-merit-scholarships.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/848226-important-links-automatic-guaranteed-merit-scholarships.html</a></p>
<p>Oh well, I know I can get some pretty good merit scholarships so I guess ill depend on that. State is not really an option, my parents want me at either an Ivy League (Preferably Princeton or Yale, for which they are willing to pay completely -no questions asked) or Cornell, which they dont really like but I am fond of and which I’d probably have to cover partially from my own pocket. Otherwise they won’t pay anything towards college since they consider it a waste of time to go to a state or community school or tier 3/4 privates. Doesn’t mesh with my views, but hey thats parents lol.</p>
<p>Also the job thing is because it doesn’'t look good for a younger family member to have to bring in an income to support a family expenditure and in college it’s because they dont want anything distracting me from studies incase I do get into a good school. TBH minimum wage is basically nothing, I couldn’t even buy a decent lunch after a day of work.</p>
<p>double post: but to clarify the 25k was per year, not overall haha. All numbers are annual, otherwise I’d really be doomed.</p>
<p>Your parents income and assets will likely prevent you from getting the aid that you need. </p>
<p>You can apply to some schools “just to see” what happens, but PROTECT yourself by ALSO applying to some schools that will give you BIG merit scholarships just in case the top schools are unaffordable.</p>
<p>Do your parents plan on giving you “pocket money” to spend during the school year? Is that included in the $25?</p>
<p>What are your stats? What is your likely career/major?</p>
<p>^When you mention your parents would prefer you at an Ivy League, explain to them that Ivy is not the end all be all of college. It’s an athletic conference. Make sure you apply to safeties as well.
ARe you in the range for NMSF? That will help.</p>
<p>Your parents have done you a huge favor by laying it out like this. You do need to talk with them about what the plan would be if next year, despite stellar grades, exam scores, ECs, etc. etc. you end up being one of the thousands of students who are rejected by the institutions on their short list. You need an academic and financial safety just like everyone else. This means that if you can’t find one that you can pay for out of your own assets, some student loans, and a part-time job, you will need a very clear Plan B. What is an OK Plan B for them? Gap Year? Enlist in the Marines? Find out now, rather than later.</p>
<p>A lot of research has been done on the benefits of working part-time while you are in college. Not only does it increase your chances of being able to get a job after you graduate (because you do have a bit of work history), for students who work a moderate number of hours (say no more than 20 or so) each week, often their grades improve. This is because they have to learn how to manage their time more effectively. Maybe your parents don’t want you working now, but a part-time job once you are in college can be a very good thing.</p>
<p>I currently only have a 2030 SAT, but on all practice
ACTs from the ACT Org i manage to score between 33-35 and I had no trouble on the act i just took, so we’re expecting something along those lines. I did great on both the math and reading, but I blew the writing section of the SAT because I didn’t understand what they wanted completely and just wrote what i can honestly call my single worst essay of all time. That’s one of the reasons I like cornell, they disregard the writing section.</p>
<p>I didn’t make it to NMSF as I scored much lower on the psat than on the SAT, which I took cold turkey. I have two 750+ SAT IIs and a 3.98 unweighted gpa and plenty of ECs. I’m currently a junior.</p>
<p>My safety is Hofstra but I really dont want to attend classes there. Honestly I found myself bored out of my mind when I went there last and I really dont fit in.</p>
<p>Pocket money isn’t an issue and isn’t included in the 25.</p>
<p>It “doesn’t look good” for a high school or college student to have a summer job??!? </p>
<p>And “to be honest…I couldn’t even buy a decent lunch after a day of work” at minimum wage!!!</p>
<p>Some waaaaayyy messed-up attitudes.</p>
<p>(and your dad makes $150-$165K IN RETIREMENT? The amount of assets socked away must be huge. And you have $50-60K in assets <em>yourself</em>. And you want need-based aid? Wow. Just wow.)</p>
<p>
Sheesh. Where the heck do you eat lunch?</p>
<p>
</p>
<p>Do your parents understand how difficult it is to gain acceptance to an Ivy League university and how remote the chances are? Do they realize that they have essentially told you that unless you win the lottery, you cannot go to college at all under the terms they have set? Also, I thought you said they would only contribute 25K. Even the Ivies will charge a family with your income more than that.</p>
<p>State is not really an option, my parents want me at either an Ivy League (Preferably Princeton or Yale, for which they are willing to pay completely -no questions asked) or Cornell, which they dont really like but I am fond of and which I’d probably have to cover partially from my own pocket. Otherwise they won’t pay anything towards college since they consider it a waste of time to go to a state or community school or tier 3/4 privates. Doesn’t mesh with my views, but hey thats parents lol.</p>
<p>Are your parents immigrants? </p>
<p>Over the next year, you need to educate your parents about…</p>
<p>1) you won’t qualify for any aid</p>
<p>2) You may not have the stats for an ivy…and even if you do, it’s harder to get accepted when you’re from the NE where ivies get waaaayyyy tooooo many apps. </p>
<p>3) they need to broaden their views about other schools. If they’ll pay “full freight” for a top ivy, then they have the money for any school.</p>
<p>OP, to be blunt, you need a serious reality check. Your family’s assets/income place you well within the top 5 percent of wealthiest households in America. You will not receive “need-based” aid anywhere because your family has the ability to pay for any college in America.</p>
<p>I live not too far from you. You can wait tables out here and make a boatload of money every summer.</p>
<p>Also the job thing is because it doesn’'t look good for a younger family member to have to bring in an income to support a family expenditure and in college it’s because they dont want anything distracting me from studies incase I do get into a good school. TBH minimum wage is basically nothing, I couldn’t even buy a decent lunch after a day of work.</p>
<p>You seem to rather clueless about money.</p>
<p>How does it look bad for a young person to have a summer job or something to bring in “pocket money”?</p>
<p>And, minimum wage is about $7.25 per HOUR…so after a day’s work (say 8 hours) you’d have earned about $56. WHERE DO YOU EAT LUNCH???</p>
<p>Frankly, since your dad’s retirement income is so high, it suggests that you’ve been upper income for most of your life, which is why your outlook on money is very skewed.</p>
<p>My opinion…apply to those Ivies if you’d like to. Some of these schools (Yale and Harvard…and Stanford which isn’t an Ivy but has generous need based aid) offer need based aid to students with incomes up to $180K per year with TYPICAL assets. If you have stocks and a trust fund, you don’t have “typical” assets. Also these school use the Profile and many Profile schools do count at least a %age of primary home equity. If your family has lived out on LI fo a long time, they could have a huge amount of money in equity in their primary residence.</p>
<p>Agreed…that your dad has a retirement income in the $150K range…and your mom has never needed to work suggests you have lived a very economically solvent existance up to now. Of course, that is my opinion based on what you have posted here.</p>
<p>There are PLENTY of schools between Hofstra and the Ivies. Surely you can find a safety school that you LIKE. If you don’t like Hofstra, look around. There are many other schools you could apply to. If you are REALLY a competitive admit for those Ivies, you could garner some merit aid to add to the $25K your parents WILL spend. Oh…and that $25K would pay the full price of attending SUNY Bing or Stonybrook…both fine schools.</p>
<p>I suggest you take some time to look for other options…schools that have excellent academic reputations…there are plenty. You need a safety school that you LIKE and you need some match schools. Sorry…but at 10% acceptance rates, the Ivies are a reach for almost anyone.</p>
<p>OP, I think you have your answer. You can check to see if the top ivies will give you aid since they’re a bit more generous but, just so you understand, the first $10K or so of any ‘aid’ is going to be loans and work. The first thing most schools would do is figure you can earn $4-$5K in summer and school year employment and take out $5,500 in loans. </p>
<p>Oh, and you don’t want to fill out a FAFSA. No problem-- but no one will give you need-based aid without it. Really, I don’t think you’ll be eligible for need-based aid because you are not needy. But you knew that. 
What you CAN try to get is merit-based aid. </p>
<p>I agree strongly with the recommendation to have a Plan B. Yes, you may get accepted at Harvard and then mom and dad will pay but you need a school that they’ll pay (even if it’s just $25K) that’s not a top ivy because chances are you have no guarantee you’ll be admitted.</p>