<p>I've been hearing from alot of my friends that if one of your parents make over 200,000 in income, you will not receive a significant amount of need-based aid. </p>
<p>My father makes about that amount but he is the only worker in the household. I also have four younger siblings. We are defintely not in good finacial standing and the schools that I am looking at range from 18 (instate) to 35!</p>
<p>I know little about this process. Can someone please help me in understanding?</p>
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<blockquote> <p>We are defintely not in good finacial standing and the schools that I am looking at range from 18 (instate) to 35!>></p> </blockquote>
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<p>One of your parents earns FOUR TIMES the national average for a family and you are not in good financial standing? Why would this be?</p>
<p>$200,000 is a huge annual income. You say one of your parents earns this. The income of your second parent will also count so add that into the equation. In addition....any assets (bank accounts, CDs, etc) also need to be added in.</p>
<p>I suppose it's not "impossible" for you to get need based aid, but it seems unlikely. Need based aid is designed for families with much less income who cannot pay for college any other way...not for families with large incomes that spend their money elsewhere.</p>
<p>I suggest you run your family's numbers through one of the financial aid calculator to get an estimate of your family's expected family contribution (EFC). However, I'd be willing to guess that if your father is making 200K, then you most likely will not be eligible for any federal aid. I didn't qualify for any federal aid with my parents combined income being much less (and we are not overflowing in the assets arena either)</p>
<p>Oops! I was actually incorrect. My parent earns 125,000 a year. Sorry! I guess that changes this whole topic. This will allow me to be in consideration for need-based aid?</p>
<p>jstyles I agree with others. Use one of the online calculators and enter your family's information. You continue to mention ONE parent. The income and assets of BOTH parents need to be entered if you live with both.</p>
<p>You will be able to borrow an unsubsidized Stafford loan at the very least. That will give you $5500 in aid for freshman year. It's not free, but it's aid just the same.</p>
<p>With 4 siblings, it is possible that you may be eligible for a subsidized Stafford loan, college work study, and perhaps institutional aid. I would definitely fill out the FAFSA & see what happens.</p>
<p>FinAid</a> | Calculators | Expected Family Contribution (EFC) and Financial Aid</p>
<p>$125,000 earned income gives you a FAFSA EFC of $25,000+. So for schools using FAFSA only you would likely only qualify for aid if the school costs more than $25K. If more than one of you is in college at the same time the EFC is divided between you so that would make you eligible for more aid.</p>