I’m a current junior planning on applying to Princeton after talking to some friends that are currently there and how much they liked it. However, as is likely the case for a large number of applicants, the cost of attendance is an issue. Both parents have explicitly stated they each cannot pay more than 1/8 of the tuition alone.
Legally, there is equal custody although there tends to be slightly more time with my mother. Finances are as follows (all pre-tax)
Mom:
~$105,000 annually, job is only source.
One house/property, most recent refinanced at $390,000. Only $25000 equity (pre-divorce house, but have lived for 12 years)
~$10,000 in savings
Dad:
~$100,000 from job.
~$3000 a year from rental income
Two houses: live in $350,000, $15000 equity (purchased 3 years ago)
Rental house: $240,000, $80,000 equity (purchased 6 years ago, rental for 3 years)
~$40,000 in savings
~$8000 a year from investments (though these funds/stocks/whatever were purchased with home equity loan from rental house)
Questions are as follows:
For a ballpark: what would my non-loan financial aid be (if any)?
Due to personal/logistical issues (prior to considering financial situation in depth for college), mother and I had discussed attempting to move more time to her but a) we live in AZ, and custody other than 50/50 when both parents want their kids full-time is virtually impossible and b) father was quite opposed to it. However, if time spent with father decreased, would this change the FA amount?
Thanks