<p>Well, my parents have around 500k of assets (real estate) on their name, bought on the money that they brought from Russia, but their income is under 20k a year. I personally neither have assets, nor file any taxes. What do you think I can expect the aid package to be from schools like Chicago and Amherst?</p>
<p>with 500K of assets, you probably won't qualify for any aid from schools that use the profile to assess need. Assets like that are expected to be used to pay for your schooling.</p>
<p>If you consider applying to a school that uses the FAFSA and does the simplified means test, your aid would be significantly better.</p>
<p>do they expect my parents to sell the realestate to pay for college?</p>
<p>yes -- either sell the property or borrow against the equity.</p>
<p>and you base your conclusions on...</p>
<p>Fill out the estimated financial contribution calculator at finaid.org or another college information website. You can see for yourself how the formula treats family assets.</p>
<p>I believe hsmomstef is right. Assets are pretty much like money in the bank to the FAFSA.</p>
<p>This is one of the major flaws in the FA system. While those who need money and don't have it get it, those who have saved up their entire lives and invested their money are asked to spend it. In the end, a family without money and a family that has worked hard for many many years is supposed to end up with the same finances. </p>
<p>Sometimes, I feel that it's better for a working, money saving family to simply blow off all of their money just so they don't get screwed in the FA process.</p>
<p>my conclusion is based many, many, many websites and college financial aid sites that say "college financial aid is based on ASSETS and income of parents and students". </p>
<p>Your parents have half a million dollars in assets and they can certainly use those assets to pay for college. I am not saying they want to or that they will -- just that colleges will expect them to.</p>
<p>Who does everyone think should pay for their education? It's out of control on CC--people feel an education isn't worth paying for. I've been interested to read what Admission Officer has written on the subject. Getting a great education will cost most people.</p>
<p>
[quote]
Who does everyone think should pay for their education? It's out of control on CC--people feel an education isn't worth paying for. I've been interested to read what Admission Officer has written on the subject. Getting a great education will cost most people.
[/quote]
</p>
<p>I don't feel that a college education isn't worth paying for. On the contrary, I believe that a college education is the most important asset in anyone's life. However, I feel that a family that has been planning for this investment for years in advanced should not be penalized over a family that hasn't even considered organizing the finances.</p>
<p>Ok, thanks for replies,</p>
<p>but what if all those assets (500k) belong to the non-custodial parent, and my custodia parent's estimated fafsa contribution is 0?</p>
<p>Sorry I hijacked your thread ;)</p>
<p>it wasn't you it was suze</p>
<p>This has me thinking on something off topic, really. But, when I have children...I am going to just plainly save cash money for them for their University schooling over at the bank. Every month of their life, I will do that. Maybe even invest a bit along the way solely for the child's educational future.</p>
<p>Idealistic? </p>
<p>Most definitely.</p>
<p>But, I read some of these threads over on this area of this site and I think that it would be easier to plan for things the old fashioned way and then just write a check to the school. </p>
<p>With OP, I have no idea what to tell you. Maybe you should ask your guidance counselor and then just sit your parents down and speak with them. Or even explain things to the guidance counselor and then arrange a meeting with you, your parents, and the guidance counselor.</p>
<p>OK, sorry I didn't make this clear before, i didn't think it would be an issue, but IM NOT IN HS anymore, i am an undergrad at univeristy of chicago, admitted transfer to amherst, who didn't apply for finaid last year, but applied this year and waiting to hear from schools. I really appreciate responses, but I am looking for a response from someone who has already been thru this and have received/not received finaid with simlar circumstances. I have used the calculator, but they do not take into accoun non-custodial parent stuff....</p>
<p>btw, calculator said school contribution around 25k which is sort-of unbelievable</p>
<p>Mildred, - yeah, this country IS IN DEBTTTTT</p>
<p>
[quote]
Mildred, - yeah, this country IS IN DEBTTTTT
[/quote]
</p>
<p>Man, it sure is. </p>
<p>I am sorry for thinking that you were in High School. I am sure someone could help you. There is someone who goes on this area of the site who is an actual fin aid advisor, so do not give up on that.</p>
<p>Oh, look at what Amherst uses...</p>
<p>
[quote]
First Year and Transfer Applicants</p>
<pre><code>* College Scholarship Service (CSS) PROFILE Form
o Non-Custodial Parent PROFILE
o Business / Farm Supplement (2007-2008)
o Non-Custodial Parent Waiver Petition
o Section Q Questions
- Free Application for Federal Student Aid (FAFSA)
[/quote]
</code></pre>
<p>They also say this...</p>
<p>
[quote]
* Amherst meets the full demonstrated need of every admitted student. So if your family shows that it can pay only a small portion of tuition and costs—or maybe none at all—Amherst pays the rest.
* Amherst offers generous scholarships. Last year, Amherst provided more than $20 million in scholarship aid to about half of the student body. The average scholarship package was $26,326.
* Low-income students graduate from Amherst with no debt. About a quarter of the students who receive grants graduate with no student loans to repay.
* Middle-income students graduate from Amherst with significantly less debt than students from virtually all comparable colleges and universities.
[/quote]
</p>
<p>The only thing I know is that your family does seem to have a lot of assets. But, I do not know of the PROFILE because where I live only four schools use it. Therefore, I am thinking more folks will be able to help you better.</p>
<p>I think your situtation is going to be a little too unique for someone to guess at with any accuracy -- all I can say is that the contribution from the family is going to be significant.</p>