This student needs to take the time to run NPCs for all of his or her colleges of interest. And the student needs to be very clear on the amount the family can or cannot contribute annually. This seems to be a floating number on this thread.
My understanding is that your SS checks should be going into your own account, not your dad’s, and can be saved (for college) or used to support you, not your entire family.
Actually it’s money the government gives him to support me, so I have no control over it. Though I hope my dad has some of it accumulated to use for college. I have ran Penn’s NPC but I am unclear how accurately it factors in home equity.
It is Penn’s own calculator so not sure how it would be inaccurate?
Also, you should ask your dad if there is any of that money saved for you. You’ve previously stated that it is for your dad to use later, so it can’t be two places at once. You really need a clear picture of all of your resources so that Penn (or any other school) will best be able to help you.
@Madison, the SS money is for the benefit of the child, but can be used by parents for the household, food, clothing. The parent has no obligation to save it for college, and of course many families suddenly without a parent need that money.
I would like to post, in the chance of it benefiting people like me, that after calling Penn, As of 7/20/2016, University of Pennsylvania caps Home Equity at 1.5-2.5 times the income. Meaning that someone who made 20,000 a year but had a house worth 150,000 would be treated equally as someone who made 20,000 a year with a house worth 40,000. This is good news for those who are house rich but cash poor.