Parent's Credit Card Debt Affecting Chances at Financial Aid?

Paying for College
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<p>Hi everyone. I'm going to be a senior this year in high school and the pressure of college applications are upon me. One of my most pressing worries is my family's financial status: we are a low-income family with an annual income of less than $20,000. On top of that, however, my father has a very heavy credit card debt.</p>

<p>My question is, will my parent's debt hurt my chances of receiving financial aid? Will it hurt my chances of getting into top universities? Will universities be able to see my family's debt problem? </p>

<p>I have done research to find that families with incomes below $60,000 are generally not expected to contribute anything towards college tuition, but will this debt change this? Is it like this for all colleges in the nation?</p>

<p>I am an ambitious student with top grades, a 2240 SAT score, and plenty of honors, interests, and extracurriculars. I plan on applying for as many scholarships as I can, and I will be working a part-time job soon to save up money. My parents will most likely not be able to support me much financially, so I must depend on myself and on generous financial aid.</p>

<p>I appreciate any advice on this matter.</p>

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<p>Consumer debt is NOT noted on any forms, either application forms or financial aid forms. SO the schools will not have any knowledge about your family’s debt. </p>

<p>This will not have any impact on your acceptance or need based financial aid prospects. </p>

<p>The only thing your family’s consumer debt WILL have an impact on is THEIR ability to get additional loans in their names. If your parents were to apply for a personal loan, for example, they would have to list other debtors. It is not likely that they would be able to get an additional loan in their names.</p>

<p>You, however, would be able to take out the Stafford loans as those are in the name of the student.</p>