Think I'll get any financial aid?

Paying for College
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<p>Hey guys.
I'm applying to mostly private schools, and that costs big $$$.
My dad makes 150k-200k a year. (I think in 2004 was 150, and 2005 will be estimated at 200?)
However, my dad's salary has only been like this for maybe five years. It's been rising for the past twenty years but passed the 100k mark maybe five or so years ago. It sucks that there's no way to show this (I think).
My mom doesn't work.
No siblings; parents are together; paying for the apartment right now; own cars.</p>

<p>We live in NYC, and we spend well over 10-12k/mo for food, mortgage, bills, insurance, etc etc.</p>

<p>I think my dad has about 50k~ saved up in a college savings account.</p>

<p>Is there any possibility at all that I'll get any financial aid?
Should I even bother with the paperwork?
Thanks for your input.</p>

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<p>With a salary of 150-200K a year, you won't have any "need" at universities. That's well above the average salary, nearly double. And if you have money saved, that's another thing against you.</p>

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<p>average salary is actually more around $40K so yeah- don't expect a lot but usually worth filling out anyway
OFten merit aid requires FAFSA, just incase your circumstances change halfway through the year- you are going to want to have that info in and only have to update it rahter than starting from scratch</p>

4

<p>Also note that your disappointment at not being able to show that the income was less five years ago really does not mean anything. Need calculations for next fall's entering class will be based on what parents make in 2005, not any year before.</p>

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<p>Your family spends $10,000 plus per month on basic living expenses? How?? Your finaid (and everyone else's for that matter) is based on income from the previous year....not prior years. Your family's income for a family of three is VERY solvent. As noted above...do the FAFSA anyway. Some schools require this even for merit aid. Plus if your family has unfortunate family financial circumstances during the school year, you will be glad to have that filed.</p>

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<p>Alright, thanks for all your help guys.
I used a FinAid Calculator (<a href="http://finaid.org/calculators/scripts/estimate.cgi%5B/url%5D"&gt;http://finaid.org/calculators/scripts/estimate.cgi&lt;/a&gt;) and I filled in my dad's estimated 2005 income (200k) and Federal Tax Paid (I think it's 33% now? My dad's on a business trip so I can't ask right now). </p>

<p>Okay so this calculator estimated that EFC should be $38764.
That means (hopefully) I'll get 4000-8000~ in Aid maybe?</p>

<p>Thanks again.
Sorry for my ignorance on all this. :&lt;/p>

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<p>EFC calculators are kind of optimistics. Most colleges don't give you what the EFC calculators say you should get. Also, try the calculator on CollegeConfidential--it might be more accurate</p>

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<p>Edieee - you won't be getting any aid.</p>

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<p>What about the fact that we're paying mortgage right now?
And it's ridiculously high.</p>

<p>Does the whole "income thing" negate that as well? :(</p>

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<p>Your EFC is how much your family is supposed to contribute towards college. And it's over the price of almost every institution in the U.S. So you won't be getting any aid.</p>

<p>You have an extrordinary high income. You are a wealthy person. Everyone in the U.S. pays mortgage. Everyone has a high mortgage. But you have a 200K income to pay for it.</p>

<p>You won't be getting aid. It's not an issue. There are people who can't even afford to pay for applications, and have income of 25K per year. These are the people who are on school lunch programs. They need aid. You don't. It's not even a question. You are also an only child. So they only have one college to pay for.</p>

<p>You're not going to get aid, it's not worth researching.</p>

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<p>EDDIEEE........You said: Does the whole "income thing" negate that as well? </p>

<p>sorry, but I would be quite surprised if you receive any financial aid- maybe a $1,500 loan per year?- how about merit awards? Otherwise by the government's or FAFSA's definition your family is considered wealthy.If you live in either the east coast or west coast, and in a city of over one million in population, you are basically middle class or lower......read some past posts in the financial aid threads, you will discover that many of your fellow CC posters feel the same also. They consider income over $50,000 a year to be wealthy or rich- at least that has been my experience... This is the middle class college dilemma IMHO ........</p>

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<p>For a lot of schools, even if you DO get financial aid, it might be a lot of loans anyway, at that's considered meeting your EFC (expected family contribution). Only some schools have a limit on how much they will award in loans.
The sad truth is that the cost of 4 years college at many schools greatly exceeds many families abilities to pay ($40-50,000/year for 4-5+ years is easily $200,000+. This makes for a lot of tough decisions & choices.</p>

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<p>Apply to some Lac's that give merit aid such as Lafayette's Marquis scholarship.</p>

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<p>Some schools require need, even for merit aid, so check your schools carefully. Some don't give merit aid at all, just need based, such as Reed & the official position of all Ivies.</p>

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<p>Hey guys!
My dad returned from Utah yesterday.
I'm glad I had a talk with him today so I learned more about our financial circumstances.</p>

<p>2004's earning was $195,000. (Sorry, the 150k was wrong).
This year, to date, he has made $150,000, but by December, he estimates something around ~$200,000 (for 2005).</p>

<p>I was looking at the FAFSA sheet so I asked my dad a few questions.
I found out his initial income may be 200k, but his exemptions (office and company deductions? I don't know...), his are 80k-100k.
I guess after that, he gets taxed -- only for 25% I learned.</p>

<p>So a few calculations:
(the EFC calc from CC)</p>

<p>Parent 1
Taxable Income: 195k
Untaxed Income and Benefits: 0
Income Exclusions: 80k
2004 Income Tax (I estimated this): 29k</p>

<p>and the EFC comes out to be 18k -- Wow! That's less than half of what I was expecting.</p>

<p>But the bad news :(.
I found out my dad's office neighbor -- same occupation, same company, but a salary smaller by 20-50k~, got NO FIN AID! She has two children, and the daughter received no aid whatsoever. Btw, her husband does not work so she is the only source of income. Her exemptions are relatively similar to my dad's.</p>

<p>Well, my dad's tax records are in his office, and these were only rough estimates. I'm going over there first thing Monday after school to check out the numbers. </p>

<p>Does this new info change...anything?
Thanks for your help in advance!</p>

<p>Oh yeah, if I'm WAY OFF with certain terms, and figures, or I calculated incorrectly, please don't punish me -- I know nothing about this stuff.</p>

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<p>Best bet; find a school with a lower sticker price! Most FA you get will be loans, unless you are a stellar scholar. Are you interested in state U's? LACs? More info would help plan a FA strategy.</p>

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<p>I do not think the calculations you did are correct. There is something that isn't quite right about this. Is your parent self employed? I'm not sure that the "exemptions" you noted are really subtracted from the gross income. Something isn't right about what you did, but without additional info (and to be honest, it should not be posted here) it is hard to say what. The bottom line is a family of three (one child) with an income of $200,000 will be unlikely to qualify for need based finaid. Need based financial aid is for families who do not have sufficient income. It is not for families with substantial income (and $200,000 is substantial) who spend their income on other things...and that includes housing and living expenses. Sorry...but the rule of thumb is that you can expect your EFC to be 1/4-1/3 of your family's GROSS income. So yours would be upward of $50,000 (1/4 of $200,000). I can't imagine how you would get an EFC of $18,000.</p>

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<p>Your 2004 Income Tax alone is enough to support a family of 3 comfortably</p>

<p>I see don't any reason why you would have trouble paying for college</p>

<p>Remember, low income students who receive aid also has to pay off loans after they graduate. Your family is financially able to pay off your full tution and leave you with as little loan as possible</p>

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<p>I agree that FAFSA looks at your GROSS income (which is before deductions & expenses). Assets also increase income, so if dad has any of those, that would also increase the portion he & your family are expected to pay.</p>

<p>Like everyone else said, perhaps you'd qualify for loans (that need to be repaid), but otherwise, no need-based financial aid. That said, you can still compete for merit-based financial aid, for schools that really do not consider need.</p>

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<p>Okay I'm back haha.
This time I have solid figures.</p>

<p>2004's Gross Income was in fact 195k.
However, Adjusted Gross Income was only 78k.
On the FAFSA sheet, there isn't a place to put the Gross Income.
Is 78k still too high for a family of three?
Btw, do colleges consider location?
Say, a family makes 80k in NYC, but another family of farmers make 80k in Montana. Will the first family receive more because the cost of living is so much higher here than in Montana?</p>

<p>Well, in the EFC calculator from CC, it says the EFC should be 12k.
I know, I know -- it's only an estimate and could be completely off..</p>