<p>I first would like to say I am not knowledgeable when it comes to financial aid so I apologize if what I am asking is completely ridiculous or out of the question. My family's income per year varies, but is usually between $90,000-$100,000 a year. I have one parent who makes this income and one parent who chooses not work. I know traditional financial aid considers income mainly so I know I would not receive much if it was income based. However, my family had to take a second mortgage out on my house in the past and we are in massive debt. We owe the bank approximately $150,000. My family also has a great amount of credit card debt. Overall, my family is at least $200,000 in debt. Are there any forms of financial aid that would consider overall debt and/or home equity? As you can see, college tuition will be difficult for my family to pay because of this debt. Also, if anyone happens to know, what financial aid does NYU offer? I consider it to be my first choice school and I believe I have a fair shot of being accepted.</p>
<p>NYU is known to offer just about zip in the way of FA. It’s the worst of the worst. Do not expect anything other than loans from them. </p>
<p>As for debt, none that I know of consider consumer debt. If it’s because of medical bills, that can sometimes be considered by FA offices. In general though, no. </p>
<p>Consumer debt is considered a choice. I don’t know of any schools that will consider consumer debt like a second mortgage or credit card debt.</p>
<p>You should start exploring colleges with merit aid possibilities for your stats, as well as affordable instate options.</p>
<p>NYU is a very expensive private university. It is speculated that NYU offers it’s best need based awards to high stats students who they want to attract to the school. Even with that, they are notoriously stingy with need based aid.</p>
<p>With the kind of debt you are talking about here, your parents can’t contribute much to your college costs. Sure, go ahead and apply to NYU (or any other college for that matter), but you MUST be prepared to walk away from ANY school that ends up not providing sufficient aid for you to attend. </p>
<p>Actually, the formulas do consider debt when they are using the primary hoem equity . Such loans secured, are subtracted from the market value of the home. So you if you have a $500K house, but have mortgages on it or HELOCs or second mortgages so that the sale of such house today would not pay off that debt or still leave a debt then the house is worth zilch on the financial aid statement as an asset. If a sale of such house could bring $400K, then the house is worth $100K. So those seeking fin aid will have a better chance of having more need by paying off all credit card or other unsecured debt with a HELOC. THere are drawbacks to doing this too, but one effect is that it would reduce the asset value. But unsecured debt is not recognized. The fin aid model is not built on recognizing that. Exceptions might be made for medical debt.</p>
<p>I am so sorry that you are dealing with this situation. Unfortunately, what your parents’ situation illustrates so clearly is how debt robs people of freedom. They are enslaved to it, and, no doubt, it consumes their time and energy, and now you are dealing with the consequences, too, since your parents are in no position to help you. Their house is already at significant risk with a second mortgage and adding credit card debt via a refi may help a FAFSA calculation, but would put your family home at even more risk.</p>
<p>You have received some great advice above about how to think about your college choices. Unless you can get some significant merit aid, you are going to have to pay your way through school. NYU, from what others have said, looks like it is out of reach financially.</p>
<p>I would only add that you have an opportunity here to consider the idea of debt and to make a choice that is very out of the box for most Americans - not to get involved in debt, especially credit card debt. You have a chance to change your own legacy, and handle money in an entirely different way. Sure, some people are hit with unexpected circumstances - loss of jobs or loss of health - but far more just squander their money in the moment. You can be one of those wise young people who chooses to pursue opportunities that won’t enslave you to debt, and even if you cannot go to NYU, if you choose a school you can afford, then you can come out at the end of four years with more freedom and choices than many of your peers who will go ahead, along with their parents, and sign on for tens of thousands of dollars of debt.</p>
<p>Not the point of your post, but if your parents have not already considered going to a non-profit debt counseling company, like CCCS, they might be able to get some help with getting a handle on their financial situation, if only so that they can get some relief and be more present for you as you are about to leave the nest.</p>
<p>Best wishes.</p>
<p>You have some very significant financial restrictions. In January, you posted that you planned to apply ED to NYU. I would STRONGLY urge you NOT to apply ED to NYU or anywhere else. NYU does not guarantee to meet the full need of all accepted students. It is highly likely you will not get sufficient aid to attend. Apply regular decision so that you will have the opportunity to compare financial aid offers amongst schools. </p>
<p>An acceptance ED to NYU without sufficient aid to attend is really not worth the risk.</p>
<p>I very strongly suggest you run the net price calculator on the NYU website to get an idea of what your net cost will be there. Then keep in mind…that is a best estimate on,y.</p>
<p>You need to look for full tuition/full ride schools. Did you ask your family if they can guarantee to pay anything toward your college each year?</p>
<p>It seems you are going to have to take responsibility for the financial side of your search. Start with the thread pinned to the top of the forum called Financial Aid FAQ. Learn how it works so you are in the best position to figure out what your options might be. It looks like you will be full pay at many of the expensive schools like NYU. So look what you can get into instate that you might be able to swing.</p>
<p>Thank you all so much for the support and advice. Unfortunately, many of the state schools nearby me do not offer Arabic as a major and do not have the best political science/international relations programs, so that is why I was interested in schools such as NYU. Currently, there is $0 for me to go to college. I do have a wealthy family member who has expressed some interest in helping out with college costs, but I do not want to solely rely on them and act as though help from them is guaranteed… it also would make me feel guilty if I borrowed money from them for college. I will not apply ED to NYU based upon what I have read so thank you very much for advising me not do so. I will talk to my guidance counselor about schools that may provide me with aid or have a much lower tuition.</p>
<p>Go to the Financial Aid forum and look at the sticky threads for some potential full tuition scholarships that are available.</p>
<p>All CSS profile schools will consider your equity as well as debt in determining financial aid, however, the weight may be different from school to school. What you can do is to try their NPC to calculate the estimated cost for you.</p>
<p>If you are limited to choices by family finance, then it’s time to think outside the box on major. Even if your college doesn’t have to “best” or highest ranked political science/international relations program, you can still get a good foundation. If this is your passion, it is then up to you to make connections with professors, pursue summer programs and internships, get involved or start clubs/organizations that follow your interests. Look at schools that let you design own major or do significant senior project that you can tailor to your interests. Finally, look at schools with cross registration at nearby institutions. D has friend who basically has minor in Arabic and the school doesn’t even teach it, he takes it “next door” at another college.</p>
<p>Same with the Arabic. If Arabic is important then you do need a school that offers it as a language option but don’t get hung up on not having an actual major. In the end, employers and grad schools will look at what you took, not what you call it. My D basically has a minor in psych from her school, but they don’t offer a minor…doesn’t matter…if she applied to grad school for counseling, etc they will look at her 18 course hours regardless of what you call it.</p>
<p>If you can’t afford the program you want, then you need to shine in the programs you have access to…10 years down the road it won’t matter where you started!</p>
<p>Billcsho, what are you talking about. NONE of the financial aid application forms consider any sort of family debt. In fact, consumer debt is not mentioned at all on these financial aid application forms.</p>
<p>The amount the family owes on their mortgage is used to compute the equity in the real estate. But no one gives two hoots if there is a high mortgage payment vs a lower one.</p>
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<p>Hmmm… I thought that CSS/Profile didn’t take debt into consideration, as going into debt is a personal financial decision. If what you are saying is correct, that would appear to penalize those who choose to live within their means.</p>
<p>Consumer debt is not considered in the financial,aid formula. This includes credit cards, car payments, department store credit cards, actually, any consumer debt. It’s just not considered in the financial aid formulas.</p>
<p>Like I said upstream, the amount owed on the mortgage is used to compute the equity you have in your home, or any other real estate. But that’s it. The amount you are actually paying for your mortgage isn’t considered at all.</p>
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<p>Isn’t it reported on PE-150A? Also, education loan payment is reported too.</p>
<p>You are right on the debt. It was asked in one of the school supplement question not in the body of css profile.</p>
<p>Middkid, it is taken into consideration, as said, in that home equity, which most PROFILE schools take into account as assets, is offset by loans against it. The same goes for any REPORTABLE asset. You have a brokerage or savings account with a lien on it or a loan against it specifically, then it’s current market value is so reflected. You have a vacation home but it’s mortgaged to the hilt then it’s value is so diminished. The market value of anything used as an asset is reduced by loans used specifically on it But general debt, like credit card debt, nope. Sometimes, as a professional judgement, assets equal to unreimbursed medical bills can be given a pass. Like if you had a horrible year with medical bills raining down on you and finally this year you are looking at them, all say, $30K of them, and you had $30K in money, assets in account that you reported on the fin aid forms, you can request that they be offset, especially if you can show that those bills were not covered by insurance and that you are truly using those assets to pay them off. Heck, take a check ledger, write the amounts all in to show where they are going. A lot of schools might make such a one time professional judgement but that is not guaranteed at all. Against income,even more difficult to get such a consideration. But it is possible.</p>
<p>^^^
Right. I was primarily talking about consumer debt. Credit card charges, car and boat loans, etc.</p>
<p>Just check the supplemental questions of each school. Consumer debt may be considered.</p>
<p>SUNY Binghamton has majors in Arabic as well as Middle Eastern and North African Studies: </p>
<p>The Middle East and North African (MENA) program at Binghamton University coordinates study of the Middle East, North and Sudanic Africa, and European countries that have extensive Islamic contact. The program develops and integrates research and graduate and undergraduate instruction about the MENA area. Courses related to this area are offered in:
•history,
•geography,
•political science,
•anthropology,
•sociology,
•economics,
•music,
•Arabic,
•Ottoman and modern Turkish
•Hebrew, and
•Persian.</p>
<p>Undergraduate Studies <a href=“http://www.binghamton.edu/about/undergraduate-programs.html”>http://www.binghamton.edu/about/undergraduate-programs.html</a> </p>
<p>Undergraduate students with majors in the humanities and social sciences may enroll in the Middle East and North African program and, upon successful completion of the program, receive a MENA certificate. To receive the certificate, students must meet all college and departmental major requirements and complete the MENA requirements, including a total of 8 MENA courses. Independent studies and honors work may be credited as MENA courses when approved by the appropriate department and the MENA committee. The program does not supplant the normal disciplinary specialization or undergraduate major, but permits certain selections that constitute a coherent course of study about this area within the framework of requirements for graduation.</p>
<p>Opportunities are available for travel and study in the MENA region under SUNY sponsorship (for example, in Binghamton’s Arabic studies program in Morocco).</p>
<p>Also, Binghamton stats are nice for someone interested in international studies:
Freshmen returning for their sophomore year
90.8%</p>
<p>Students of color
28.9%</p>
<p>International students
15.9%</p>
<p>Students come from
53 states and territories
116 countries</p>
<p>Apply to NYU but understand it’s not the only excellent school in the state. Also, depending on your inclination, you may want to check the Naval Academy and West Point, both of which have programs in this area.</p>
<p>Bill…the mortgage balance is only used to compute the equity in your real estate holdings. </p>