Low income and modest asset parents for Fin. Aid?

Paying for College
1

<p>Hello everyone, international student here.</p>

<p>I've applied to Worcester Polytechnic Institute, and they were one of the fewest universities I could find that would offer financial aid to international students. I'm a top student but however I come from a family with a yearly income of just under $15,000. </p>

<p>However, my family has just about $70,000 in savings. We would like to save as much as possible obviously, just as everyone.</p>

<p>Taken from Worcester's website online: <a href="http://www.wpi.edu/offices/fa/international-students.html"&gt;http://www.wpi.edu/offices/fa/international-students.html&lt;/a&gt;&lt;/p>

<p>
[quote]
A minimum family contribution of $16,400 (plus travel expenses) must be applied to the cost of attendance at WPI for international students to be considered for financial assistance.

[/quote]
</p>

<p>And on the application for financial aid that they request you to complete, they have a box for all 4 years of the university and ask how much are parents willing to spend for each year, and whether the money will come from their savings or income. The money will obviously all come from the savings since the income is low, and that means for all years: 4x17,000=68000 (lucky eh?).</p>

<p>However, do you think $68,000 is too much in assets, which might disqualify me for aid? Just thought I'd check... Thank you very much!</p>

2

<p>55 views and no replies? C’mon please, I need to submit my application this week!!</p>

3

<p>If you are required to spend that amount in order to be eligible for financial aid, having that amount available could hardly disqualify you from receiving aid - that would make no sense!</p>

<p>But WPI does not claim to meet need, so even if you agree to pay that minimum family contribution, there’s no guarantee they’ll cover the balance. All you can do is file the application and see what they say . . .</p>

<p>Good luck!!!</p>

4

<p>You know what the minimum amount that WPI would expect your family to pay is. Now you and your parents need to decide whether or not an education at WPI is what you think your parents’ life savings should be spent on. If your parents want to spend their money this way, go ahead and file the paperwork. Who knows, maybe WPI will come up with enough aid so that you can attend.</p>

<p>However if your parents have other things they would rather spend their money on, then drop WPI from your list, and move on.</p>