How much previous business affects Financial aid?

Paying for College
1

<p>Hello :)</p>

<p>I am an international student,who comes from very low income family with annual income 6-7k$...there are 7 family members..(2 divorced families- total income)</p>

<p>I had a business of buying and selling watches(years 2009-2011)..Making business is not easy here(i sell with competitive price not wholesale) so i learned from marketing books and body language to sell effectively.Objective was to help my family and my everyday lives(plus books,education)...
I had 3 K$ annual turnover,so didnt pay taxes or registered my little business..Although annual turnover is 2-3 K$ , income was less then 800-1000 $ annually ...
Because of family hardship, i was not able to save money for college.</p>

<p>So,i am afraid if my little business diminishes my financial aid...Im even thinking mention it or not..</p>

<p>please give me some advice!</p>

<p>I hope colleges will understand that because its not a monthly income from renting a real estate my income will be nullified..or not?</p>

<p>And home much does it help for small LACS like Amherst?</p>

2

<p>When you file the financial aid applications, you will include your income from the previous year, your parents’ income from the previous year, the value of your bank accounts and investments on the day of filing, and the value of your parents’ bank accounts and investments on the day of filing. If your business ended in 2011, it will not matter at all for the financial aid applications that are based on income from 2012.</p>

3

<p>happymomof1</p>

<p>Thank you so much!</p>

<p>One more question:
our income purely comes from renting 2 businesses.But my father(who is the only financial “benefactor” of 2 families) has also 3 houses which we do not rent…Is it qualified as “assets”? and will it affect financial aid?(or loans?)</p>

<p>Thank you in advance!</p>

4

<p>The other houses are assets.</p>

5

<p>…And will it diminish my financial aid package?</p>

<p>Since i am only filling CSS</p>

6

<p>CSS Profile schools have their own way of determining financial need, so it depends on the school. Call each school on your list and ask. That you are international could also make a difference. Amherst, I believe, treats international students the same as others, but that could have changed, and that is an exception rather than a rule among colleges. At some schools, you are not even eligible for financial aid as a result of your status as non citizen.</p>

7

<p>Thanks for general information.:)</p>