<p>My parents make 425,000 a year combined. I am applying to multiple Ivy League schools. They told me today they want to fill out the CSS Profile and I told them I am 99.9% sure we will not qualify for any aid from the school or government.</p>
<p>Just need a quick confirmation if we will qualify for nothing.</p>
<p>If you had 9 or 10 siblings all going to private universities at the same time, then maybe. Otherwise, consider yourself full pay.</p>
<p>If your parent income really IS over $400,000 a year, you would not qualify for need based aid unless you have 4 or more siblings attending college at the same time as noted above.</p>
<p>BUT if you fill out the FAFSA, you will be able to take out an unsubsidized Stafford loan in your name.</p>
<p>Do you think you need financial aid?</p>
<p>Hah, I am an only child. Thank you for the response.</p>
<p>Fill out the Fafsa Forecaster- that gives an estimated EFC. If it’s zero, you save the effort of doing the official version. And, it gives you something to show your parents. Btw, it’s not just income, it’s also assets.</p>
<p>The EFC is the expected family contribution. With a $400k income it will not be 0. The FAFSA will probably spit out an EFC of 99,999. Only because it cannot produce a higher one.</p>
<p>Yes, their income, taxable and non-taxable together, is 425,000. We do not NEED financial aid, but if it was available my parents would want it. College tuition is a big chunk of income even if you make a lot, which leads to an inevitable impact on lifestyle…</p>
<p>And we filled out EFC just now, it said like 200,000 over 9 months. I think my parents understand now. Thanks everyone.</p>
<p>Unless you have an extraordinarily compelling special circumstance - like $300,000 in medical expenses - you will not qualify for any financial aid, other than loans.</p>
<p>Apply for outside scholarships that don’t consider need and take an unsubsidized Stafford loan. Schools will give you zero.</p>
<p>Ham…if you are really a competitive admit for the Ivies and similar schools, you are also a competitive admit for some schools where you may garner some merit aid that would reduce your costs to your parents. Did you apply only to schools like the Ivies, or did you apply anywhere where you might garner some merit aid?</p>
<p>Besides the Ivies, I applied to multiple UCs, where the cost is significantly less since we are in state. We can assess the situation when I receive decisions though… got the information we were looking for. Thanks again everyone, rapid responses.</p>
<p>(…sorry for the mistaken ref to zero EFC- meant if you appear to qualify for 0 aid.)</p>
<p>If the family wants to spread out the cost by taking out some unsubsidized loans that they will pay off with future income, would they need to complete FAFSA and/or CSS profile? (Even if they were well aware that no need-based aid would be available?)</p>
<p>Deskpotato…ALL students can receive a Stafford loan regardless of financial need. They would need to complete the FAFSA. The Profile has nothing to do with the awarding of federally funded aid.</p>
<p>Thanks…so this family doesn’t need to do CSS at all. Unless applying to one of those institutions that insist on it to be considered for Merit Aid (Brandeis does this).</p>
<p>But they might wish to do FAFSA?</p>
<p>(Just asking for clarification both for the OP and for myself…we know that need-based aid isn’t an option for us and are wondering if there is any point in filling out these forms at all.)</p>
<p>My understanding is that the Stafford loan is given based on the completion of the FAFSA only. However, I once heard that there are some schools who will not process your financial aid until ALL of their application criteria are met…meaning that if the school requires the Profile, you application would be deemed incomplete unless you fill it out for that school.</p>
<p>My suggestion is to contact the school directly for an answer to this…unless someone else has a definitive answer to this question.</p>
<p>Thanks everyone, I posted almost the exact same question today, seems like the conclusion is that to qualify to federal loan you must fill out the FAFSA, but in terms of school loans or school sponsored work study program, better check with the school to see if the CCS is also needed.</p>
<p>^Yes, FAFSA is the only filing required for federal student aid.</p>
<p>You’re an only child and your parents are earning almost half a mil a year. If they’re going to experience any “discomfort” from paying for your education out of current income, then something nutty must be going on. </p>
<p>Your parents are earning more than $8k PER WEEK. That’s a LOT more than many families earn in a MONTH!!!</p>
<p>Your parents could easily pay for your education by contribution 1/2 of a week’s pay each month. you can’t convince anyone that that would be an inconvenience to a family with only one child.</p>
<p>“you can’t convince anyone that that would be an inconvenience to a family with only one child.”</p>
<p>You can convince me. C’mon; Not even inconvenient?</p>
<p>BTW, at least one of my D 's schools required the CSS for merit.</p>