<p>It pretty much seems like my EFC will be 0--Our household income for a family of 4 is 160kish, but this past year it was more like 300k because my parents sold some stock. However, we do have a sizeable mortgage since housing in the bay area is insane. While my parents are willing/able to pay $47,000 a year for privates, it would by no means be an "easy" thing for them to do. </p>
<p>Is there any advantage for me to apply for financial aid anyways? Like, is there a small chance I would be able to get some grants from schools with huge endowments, or very low interest loans, work-study, etc. (things I would not be able to get if I did not apply for financial aid)?</p>
<p>My parents do NOT want me to apply for aid, at least for freshman year because they are convinced that, despite what schools claim, admissions are not actually need-blind. However, I would feel really bad because tuition is extremely expensive. Any advice, esp from people in similar situations? Does anyone know what financial aid packages are like sophomore year for those who did not apply for it as freshmen? Thankks =]</p>
<p>I have a similar situation: dad earns 200k mom earns 50k. Dad gets taxed 45% (THAT'S RIGHT) by our dear republicans. Additionally dad has a poor family in pakistan which he supports, I think like 5 full families, and makes sure girls there get schooling. Additionally he pays for my mother's nephew, an orphan, his car bills, his rent, his tuition, his cell phones. He pays full tuition for my older brother and sister as well as me. When it comes down to it I can't afford a nano ipod or receive money during my holidays, and what gets me more is colleges can't give me a single penny. I would suggest then to use any skills you can to get a job, really, say you earn 25k, pocked 7k for yourself (that's A LOT FOR ME as I am a thrifty man) and put the rest into your tuition; basically subsidize your parents on tuition payments.Well that's me, I can't take out loans (i'm muslim, interest makes poor people poorer, so we can't do that).</p>
<p>Apply for aid, because it cannot hurt you. At some schools you will have to file the FAFSA in order to get merit money. You may be able to get an unsubsidized loan at a lower rate. At other schools if you do not apply for aid (even if they turn you down) freshman year, you will be able to apply for aid in subsequent years). The worse that can happen is that you are a full paying student.</p>
<p>Barnabas, your father does not get taxed at 45% by the IRS. The top tax rate is, I think 38% and it is a MARGINAL rate; that is, once someone reaches the income level for that rate, each additional dollar is taxed at that rate - NOT the money earned BEFORE that. Your father may be including not just federal tax, but social security, state tax, etc. I have higher income than your father, and own my own business so I pay social security, and I pay nowhere near 45%.
Yes, I pay the top rate, but my OVERALL rate is more like 24%.</p>
<p>Besides, Americans USED to pay 70% as a top rate!</p>
<p>Your father has made a decision as to what he wants to do with his money. It is commendable that he has chosen to support his relatives; however, of course you cannot expect American taxpayers to give you financial aid (through alumni donations to the school; subsidized loans, etc) since he has made this choice. He CAN afford to pay for you; he CHOOSES not to.</p>
<p>Barnabas, you should not be complaining about high tax rates. My family gets double taxed, both in the top bracket in Germany and the US. The top in Germany being close to 45% (gov't wanting to raise it above 50%).</p>
<p>cryst4lx3 - I think at your parent's income level of 160K or more, you can only qualify for loans. If anyone knows otherwise please let us know.</p>