Low Income, High Assets (Questbridge)

Paying for College
1

Our family are immigrants from East Asia to America for almost ten years. We saved quite a lot to be able to buy a condo in NYC (600K+, no mortgage due to lack of permanent residency). But due to language barrier and such, we have a low income of about >20K in a 4 household family.

Will this affect greatly my chances of getting in Bridge Quest?

2

How did your family save $600k in ten years on a $20k a year salary?

3

Saved as in back in their native country… they work on business. House was brought about 4 years ago and value increased around 50K because it’s NYC

4

I just realized I misspelled the program, it’s “Quest Bridge.” I just heard about this today and did a little research so I want to make sure if I’m wasting my time or not…

5

It might make sense for you to ask about how property and owning a business affects QB eligibility in the QB forum. http://talk.qa.collegeconfidential.com/questbridge-programs/

6

Are you, the student, a US citizen??

7

What sort of business do your parents have now?

I don’t think QB or schools are going to believe that your parents are only earning $20k per year in the US for the past 4 years as the property taxes, HOA monthly fees, and electric bills would far exceed $20k per year.

8

My parents had long left go of the business when they came to America but however expensive property taxes, bills and etc. cost, we were still able to get by fine.

9

Come on…your taxes, utilities and living expenses would exceed $20,000 a year.

This story makes no sense. Is this $20,000 a net income, or is this the gross before all deductions are taken.

Even if money is earned under the table, it is required that you include it on the financial aid forms.

10

?

What do they do for a living ($20k per year) in the US?

something isn’t right. Either your parents still have a LOT of savings which is subsidizing their low-income, or they have some other source of income.

Taxes, HOA dues, and utilities would be taking up all or almost all of their income.

11

your concern about QB and your assets are real. Likely the assets will be a problem.

You haven’t mentioned parents savings. Perhaps your parents havent’ shared with you how much they have saved?

Are you an int’l or green card holder? Earlier you wrote something that sounded like your parents aren’t permanent residents.