<p>Hello,</p>
<p>Just had a quick question, my parents had been planning on paying straight out for my college tuition but due to most of our money being tied up in property (which they do not want to sell) they were wondering if I would qualify for financial aid?</p>
<p>I know its a long shot & i no you cant give me an exact estimate but i just wanted to know if it was worth it to apply.</p>
<p>Income: around 200,000 per year, two kids
Cash in bank: very little</p>
<p>College tuition $50,000 per year.</p>
<p>Thanks</p>
<p>financial aid is based on assets as well as income. If your parents own property other than the primary home that is considered an asset for financial aid.</p>
<p>Two kids only makes much difference if both are in school at the same time.</p>
<p>With $200k income you will not qualify for federal aid. Schools that cost $50k usually ask for CSS/profile in addition to FAFSA to award institutional aid. But it is also unlikely you will qualify for much institutional aid.</p>
<p>The conventional wisdom is that one should always apply as circumstances may change in the future so it is good to be in the system.</p>
<p>The wildcard for financial aid is the net value of the other properties. At $200000 you would still get some financial aid at the Ivies and other wealthy schools, but not if you had a lot of other assets.</p>
<p>It is possible to qualify for some financial aid depending on what that $200K figure actually includes, the value of your family assets, and the age of your parents. I have known families at that income level get aid, and others with less than that get turned down. Regardless, filing FAFSA will make you eligible for unsubsidized Stafford loans and sometimes colleges have merit money that also require a fin aid filing. On border line situations, if a student is particularly sought, the fin aid office may be able to look at the asset picture in a way that makes the family eligible for aid. </p>
<p>I am, in fact, wondering with the tight credit market and slow, non existent real estate transactions, how propertie can even be valued. Someone with property willing to borrow against it or sell it to pay for college may not get any takers.</p>