I have a question regarding financial packages estimated by college.
Will college take into account my parents’ credits? What if my parents’ income isn’t very low, but they have many credits for next 20 years and most their monthly income is covering the credits’ installment?
I am really worried that they will only look at my parents’ income.
I will be thankful for any information
You mean debts, not credits. The fact that your parents are heavily indebted does not lessen what will be expected in your EFC. Do they own a business? Can they speak with their financial adviser or bank officer?
You’re an international student, correct? Then you need to know that’s handled completely differently than if you were a domestic US applicant. Very few schools are very generous for int’l students.
Thank you a lot.
Yes, I am an international student.
My parents don’t owe any business.
Why colleges do not take into account the debts? I mean, even though my parents have pretty average income, but then, they are in debt (the flat is bought on a loan etc), it cuts their actual income. The real money after taxes, debts and expenses are Iittle. I know that there is ‘debts’ part at the CSS profile, but not all colleges use it.
Also, do colleges look at my parents’ income before taxes? If I am an international student, will they first look how much are taxes in my country? (They are high).
I am sorry for so many questions.
Your country’s housing finance structure and high taxes may be different than the US – this is a discussion to be had with the fin aid office of each of your target schools.
But in the US, people borrow money to buy homes too. Roughly 25% of income goes to paying down that debt as well.
You are an international student and are asking a US university to fund you because your parents have debts. Whom do you expect to pay for YOUR expenses. Your parents have to participate in funding your education. Are they not supposed to be responsible for you? Where do you think the money comes from to fund college educations?
US parents also pay high taxes, have debt, try to save for college educations and take out loans to help their kids. Our taxes are high.
Why should someone fund you because your family has debt?
Welcome to the real world.
An average american family also has debts such as car payments, mortgages, credit cards etc. Those debts are a choice and are not considered in financial packages. In some instances the home may even be considered an asset so it’s value may increase the expected contribution.
The best thing to do would be discuss your situation with the finacial aid offices of the schools you will be applying to. They would be able to gave an idea of how the structure of your country is handled.
FYI - most American Unis do not provide FA to international students.