Use your $15k in savings to open a student-owned 529 college savings account, and then that money will be assessed at the lower parent asset rate for FAFSA purposes.
Is there still time for this? The FAFSA deadline is coming up soon 
I think it’s too late to transfer assets. It’s one of the bullets FA folks can look for. They’re expecting about 20% annually from student assets- about 4k/year. Make sure you didn’t misstate your parents’ assets. Anything in qualified retirement isn’t counted. Do they own a business or have anything unusual?
$15,000 in student savings should add about $3000 to the family contribution…not $15,000.
If you can open a 529 account before Dec 31, then assets would not be in your name by the time FAFSA gets filed in January.
The FAFSA deadline is not 1/1. That’s the first day you can file. The OP can open a 529 and then file FAFSA, or transfer the money to the parents and have them pay the tuition.
I wasn’t suggesting that the parents would be denied Plus Loans. The student was talking about co-signed loans, that would be HIS (or her) responsibility.
Plus Loans are parent loans that the PARENTS are responsible for paying back. The student has no obligation at all to pay back Plus loans.
Open the 529 account. or give the money to your parents for them to pay your tuition with.
But…as to your question about how do middle class parents afford X schools…well, most can’t. Most American students commute to a local school because their families cannot afford to pay very much for college. Most students do not go away to college.
Transferring the $15k to his parents is a smart move.
The 13k might be manageable especially if you move off campus with roommates after your first year.
Hold it. Rutgers does NOT guarantee to meet full need. It is very possible that transferring this money will not net this student a penny more of need based aid.
Right now, I would suggest this student get all his or her other applications completed. Unless the Rutgers admissions offer is an early decision one, this student can wait,mand see his or her actual financial,aid offers, and net family costs.
Opening a 529 is a good idea.
Opening a student-owned 529 account is not transferring assets, even though the account would count on FAFSA as a parent asset.
In order for a transfer to a parent to count as a legitimate gift and therefore not run afoul of FAFSA rules, there could not be any strings attached - e.g. no understanding that the transferred assets would be used to pay for OP’s college expenses, etc.
Plenty of time; you just need to do it before you file FAFSA. Opening a 529 account is relatively easy, especially if the assets you want to fund the account with are already liquid (savings or checking account, money market account, etc.).
Consider going to Rutgers Camden for the first 2 years and commuting to save money. Maybe you an get merit at Rutgers Camden. A friend did this with automatic acceptance into Rutgers New Brunswick pharmacy for the last 4 years.
@thumper1 that’s even smarter!
http://pharmacy.rutgers.edu/content/pharmd_applications_deadlines
In above link: combined degree programs between several universities and Rutgers.
With this scenario you can get a BS and Pharm D in 7 years.
Going to Rutgers instate for pharmacy school is a good move because you will pay instate tuition rates. But you can do your prerequisites at a number of schools probably for less.
NEU meets need (as they define it) and has a 6 year Pharm program (including co-ops) with a guarantee of financial aid being the same each year, and the final year of Pharm are not as expensive as at many other schools - AND you get a BS after 5 years.
Did you get an FA package from them yet? D’s came soon after she was accepted EA.
The rental property worth $220,000 is going to be a problem with need-based aid even if income is 60 k.
Maybe your parents can set aside the rental income of $18,000 for your education costs? Together with a $5,000 student loan you should be able to pay instate costs for Rutgers.
Or go to a cheaper instate school for prepharmacy and then go to Rutgers pharm school. I posted links above for dual degree programs with Rutgers. And I think Stockton and St Peters have agreements with Rutgers for pharmacy.
Could they qualify to borrow against some/all of the paid-off rental property to pull out the equity and then use it to pay down their home before you submit FAFSA?
Madison, I suggest that but in reality, borrowing non-purchase money funds against a non-owner occupied property is very difficult and it takes some time. It is very unlikely it could be done before Feb 1 or whenever fafsa has to be filed.