Realistic Financial Aid

[SZ_0626]

<p>Hi, I'm currently working on filling in my CSS profile, and I am just wondering how much a student like me would realistically get. My dad makes 104,000 and my mom makes 32,000.
I recently got accepted to BC, but the most my parents would be able to contribute a year to my college tuition is around 12,000. I have another sister attending UMass Lowell which is about 10,000 a year so that might help my case a little. If I were to attend BC, with that situation I would have to take a loan out of around 36,000 dollars a year which would just be wayyyy too much.
What I really want to know is, what are my chances of getting good financial aid with parents who have this kind of salary, and around how much can I expect to receive?</p>

[hazmat]

<p>

**I would have to take a loan out of around 36,000 dollars a year which would just be wayyyy too much.

**
Says you or says your folks? You must have discussed this prior to your making application to BC…what did you conclude?</p>

[Muffy333]

<p>BC didn’t give you any idea when they accepted you?</p>

<p>Did you use estimated online calculators- like on [FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“Your Guide for College Financial Aid - Finaid”>http://www.finaid.org?) Use “institutional methodology” approach. That’s your best way to get a realistic picture.</p>

<p>From my own limited experience, it looks like you, like many other students, fall into that happy income bracket where your family makes too much for need based financial aid but paying half your after-tax income is crazy…</p>

[hazmat]

<p>According to BC Financial Aid

**siblings in undergraduate college
For families with multiple children in undergraduate college at
the same time,the parent contribution is adjusted to account for
the number of siblings enrolled and the cost of the sibling(s)’
institution(s).Graduate students are independent by federal defini-
tion,and therefore,are not considered in the institutional analysis.
NOTE:If you have reported siblings enrolled in college,that informa-
tion will be verified during the fall semester.Any changes to informa-
tion previously indicated could result in a change in your award.
parent income
For federal aid,income is the amount of the adjusted gross income,
plus any nontaxable income.For institutional aid,income is a
reflection of a family ’s cash flow.How a family spends its money is
not a consideration,only the amount available for spending.Certain
IRS allowances,such as depreciation,and some losses and busi-
ness deductions,are not allowed in this calculation.Once income is
established,certain nondiscretionary expenses are deducted,such as
tax liabilities,etc.
parent assets
Because assets contribute to a family ’s financial strength,they,along
with income,play a part in determining the parent contribution.As-
sets considered in the analysis include:real estate equity including
the home,savings,investments,business/farm net value,trusts,etc.
Consumer debt (e.g.,credit card debt)is not considered.A compari-
son of assets reported versus dividend and interest income received
will be made and figures adjusted if necessary.
study eligibility may be available.

**</p>