<p>Hypothetically speaking:</p>
<p>Accepted into NEU with 18k/yr scholarship</p>
<p>Family makes about 120k a year</p>
<p>Have 100k college fund, one other sibling with another 100k college fund.</p>
<p>Would you get any need-based aid or grants? Any chance at all? Considering there is almost 70k leftover.</p>
<p>I think schools combine the college funds in their calculations.</p>
<p>What about your parents’ savings/assets/investments?</p>
<p>Anyway, I doubt you’d get any need-based aid.</p>
<p>
Have you try NEU’s NPC? See <a href=“Financing Options | Student Financial Services”>Financing Options | Student Financial Services;
<p>already did, but I’ve heard that they’re not entirely accurate, I’d like to get human input.</p>
<p>
Your are not human?</p>
<p>NEU’s NPC will provide you the best estimate of NEU financial aid, better than anyone else. Still
</p>
<p>
See <a href=“How accurate are net price calculators? - Financial Aid and Scholarships - College Confidential Forums”>http://talk.collegeconfidential.com/financial-aid-scholarships/1724502-how-accurate-are-net-price-calculators-p1.html</a></p>
<p>@4kidsdad </p>
<p>Unless the NPC includes that large merit award, the NPC will not be accurate. </p>
<p>If any grant is awarded, but the merit isn’t taken into account, the student can’t just add the merit to the grant. </p>
<p>Very likely with that income and over $200k in college savings (plus whatever the parents have saved), this student isn’t going to get a dime of any free money other than that merit award.</p>
<p>Your family contribution on income alone will be about $30,000 plus. You have an $18,000 scholarship. You have $100,000 in scholarship funds for you…which could be used at $25,000 a year. If they are a parent asset, they would be assessed at 5.6% of their value…so add $5600. 30k plus $18k plus $5k is $53k. Add to that the $5500 Direct Loan.</p>
<p>You were deferred EA from Northeastern. Why do you think you will get that scholarship?</p>
<p>I don’t think you will be seeing need based aid from NEU. My opinion. What did the NPC say?</p>
<p>Wouldn’t both college funds be treated as a parent asset, @thumper? I thought that since the parent owns the funds, even though they are earmarked for two separate children they would both be included as assets on the FAFSA.</p>
<p>Could be dmitri, but I don’t think this student will see need based aid anyway! </p>
<p>NEU awards merit aid to only it’s very top admitted students. I’m not sure that merit aid is a slam dunk either.</p>
<p>That’s a good point. I was just thinking – even colleges with the most generous need-based policies (such as the Ivys) would expect a family with $200,000 earmarked for college and a $120,000 annual income to do without much in need-based grants. </p>
<p>Honestly, what I think that for anyone in this scenario they really need to consider having at least one or two schools for each student that they know they can pay for without need-based aid. $100,000 is more than enough to pay for four years at many (if not most) colleges; for the ones that cost more, they can seek merit aid opportunities. I wouldn’t assume merit aid from colleges that I was deferred on though, just treat it as a bonus if it does come through.</p>
<p>NEU is now guaranteeing to meet full need. So the NPC, if so updated, would be fairly close if the family does not own a business, have a divorce situation with NCP, unusual asset, would be close. Also run a NPC for a school like Haverford or other school that guarantees to meet full need, any of the 568 group and compare. Any merit award you get will reduce your financial aid reward. Don’t know if NEU starts with work study and loans first or does a direct grant replacement, but there will be a reduction. </p>
<p>There is no guarantee that the OP will get a merit award, and if the merit award is less than the fin aid award, there will be an offset. Unless OP gets a large enough merit award that it covers the financial aid and some, it will likely be absorbed by the offset, depending on how NEU does the offset. Maybe the Direct Loans will remain intact on an unsub basis, maybe the workstudy rescinded so the student can find a job and use the money earned towards EFC instead of working for the aid. </p>
<p>As for the college funds, the way it works with most PROFILE schools, is that if the funds are 529s owned by the parents or siblings, the asset are assessed at the parental rate. If the 529 is owned by the student, it is often assessed at the higher student rate. It’s the ownership, not the designated beneficiary that makes that differentiation. For FAFSA purposes, all 529s are assessed at the parental 5.6% after the protection allowance. If the funds are not 529s, other assessment may be used. If it’s just a flat out bank account designated for college in the student’s name, it will be assessed at the min of 20% that is the FAFSA hit on student assets. </p>
<p>Student owned 529s are assessed at the parent asset rate for FAFSA purposes.</p>
<p>There really is no way to know for sure what Profile schools do!</p>
<p>Where do you get that 30k contribution. </p>
<p>18k scholarship, plus 25k a year.</p>
<p>With an Income of $120,000 a year…the parent contribution based on income alone would be in the $30,000 a year range. So start with the EFC for income only That would be about $30,000 a year.</p>
<p>Add the other things to that.</p>
<p>$30,000 parent EFC portion, plus at least $5600 from the 529, plus your supposed $18,000 scholarship…plus the $5500 Direct Loan…more than equals the cost of attendance. </p>
<p>I don’t think that that contribution will happen, it’s just the 100k and the scholarship</p>
<p>it doesn’t matter whether your parents PLAN to contribute $30,000 or not. That will likely be their calculated family contribution. The school will not fund the family contribution with need based aid. Sorry, won’t happen. And if you get a merit award…it will reduce any need you might have by that amount.</p>
<p>Your parent income is $120,000. On that alone, the school will likely expect a $30,000 a year family contribution.</p>
<p>I know, what I’m saying is that even though they’re expected to pay 30k, that’s not what will happen. It’s that 100k in savings plus the scholarship. Where does the 5600 come from?</p>
<p>The $100,000 529 plan is assessed as a parent asset…5.6% of value. That is $5600. $5600 will be included in your parent family contribution. Yes, you HAVE $25,000 a year…but the family contribution for that amount will be $5600.</p>
<p>So actually, your family contribution will be about $35,600. The college will expect your family to lay that amount.</p>
<p>Are you saying they will only pay $25,000? If so…I think you are going to be short some money at NEU…but I’m estimating…and I’m not a financial aid officer.</p>
<p>What did the NEU Net Price Calculator say? Am I very far off? </p>
<p>And like I said…do not count on getting a merit scholarship. It is not a sure thing.</p>