<p>Hi, I am wondering about my opportunities for financial aid. My parents are both very successful, my mom is a lawyer and my dad is a social worker. However, we recently moved and neither of them are working. We have multiple rental properties, but we owe mortgages on almost all of them. That is the current income we are living off of. If it is true that universities/ FAFSA looks at you financial situation in junior year, how are my financial aid chances? I'm not sure how much assets are worth in comparison to two unemployed parents. Thanks for any help</p>
<p>Well…you have a couple,of issues. First…your parents COULD get jobs. Are they planning to do so?Your financial aid year will be the tax year that begins in January of your junior year and ends in December of your senior year. So…if you are graduating from high school in 2015, the 2014 tax year is what will matter.</p>
<p>Your parents have rental properties. The equity in those WILL be counted as assets on the FAFSA,and Profile. And the income from rents will be considered income. </p>
<p>Assets are assessed at 5.6% of their value. Income is assessed much higher!</p>
<p>To be honest, there is no way to assess your financial aid prospects without knowing more. If your rental income is very HIGH than your financial aid prospects will be lower.</p>
<p>You need to discuss college and the financing for it with your parents. For all you know, they have college costs in some account. You need to find out if they plan to help you with college costs, and if so, how much they can contribute.</p>
<p>You should also take a look at the merit aid threads on this forum…to see if you will qualify for any of those awards.</p>
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To clarify, they won’t consider ALL the income from the rents as income, since some of it is being used for expenses for the rentals.</p>
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We have multiple rental properties, but we owe mortgages on almost all of them.
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<p>Well, if you can live off the income and some don’t have mortgages, then you’re still going to have a highish EFC. And even the ones with mortgages probably have equity.</p>
<p>Your parents may also have savings, and they may also soon be seeking employment. So, even if you qualified for “some” aid your frosh year, that aid would disappear for the later school years. </p>
<p>You need to have your parents run the NPCs both ways…with their current situation and as employed people. </p>
<p>You need to ask your parents how much they’ll pay each year towards college. Do they have a college fund for you?</p>
<p>What schools are you considering? Most schools do not give much aid so even if you “qualified” for aid, you still will be largely gapped. Schools aren’t obligated to “meet need” at all. They can give you nothing but a small fed loan and expect you to pay $50k even if your EFC is $7000.</p>
<p>You should also include some schools that will give you large merit for your stats as safeties. </p>
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Hi, I’m a junior in high school in AZ and am wondering about my chances at getting into UW Seattle, University of Portland, UCLA, UCSD, etc.</p>
<p>I have a 4.0 unweighted GPA, am currently taking 4 AP classes and will be taking 5 next year. I am in the top 10% of my class. I haven’t done my SAT or ACT yet, but my PSAT scores were as follows: Critical Reading 670, Math 610, and Writing 710. Mind you, these were taken blindly with no studying whatsoever, so I know I can improve. I have next to no ECs and my community service is a little lacking, but this is due in part to my job, where I work 20+ hours a week. I am a white female, middle class. Please tell me my chances for the above schools. Thanks!
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<p>Ok, you have some OOS publics on there, and they won’t care if you have a low EFC or not. They’re going to expect your parents to pay A LOT! The UCs will take your EFC and add $23,000 per year. So, if your family’s EFC is $20k, then your family will have to pay $42k per year. And the “aid” will be loans to cover the rest. </p>
<p>UW will likely give you nothing or very little. </p>
<p>UP is a private, so you need to have your parents run their NPC to see. It doesn’t meet need, so expect to pay a lot. </p>