<p>OK, if they’re not really living on $10K income, I really don’t understand this thread very well. Yes, I do know folks can use accounting magic to hid a lot of assets, but I defer to those of you have have much more insight into the FAid/Merit Aid & scholar/athlete areas.</p>
<p>^^^What mom2collegekids said.</p>
<p>I think the opening post was most revealing at this juncture: “Our son is a top student, a recruited athlete and will end up at either Middlebury, Tufts, Bowdoin, or Macalaster”…</p>
<p>This was a declaration of fact, not a plea for help to find an affordable option. The OP did not write “and would like to attend” or “has applied to” - the operative phrase was “will end up at”. I understand that the OP is shocked by this economy (who isn’t) but they are not in the same situation as truly needy families - and probably haven’t been for many years past.</p>
<p>Well said, Pea. This was our first FAFSA and we were pretty shocked at our EFC too, but having had time to consider it, we can and should pay our D’s way to wherever we choose together.</p>
<p>andioleary, I hope you’re able to find something that works for you and your son. </p>
<p>everyone, I hope home prices and sales come back and the stock market goes through the roof, but . . . I ain’t holdin’ my breath!</p>
<p>I’m sure they will find a way to make this all work. They will find an option I’m guessing. Having assets that are not easily tapped can be very frustrating…been there done that…but the benefit is that they do have assets which some people do not.</p>
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<p>I completely agree with this comment. This family can afford to liquidate or take loans against some asset and still be in a fine place for retirement. However, it’s clear from the OP that they do not WANT to. They are looking to have their family contribution reduced by these Profile schools so that it will be closer to the FAFSA EFC of not very much.</p>
<p>I hope they find a school that will meet their son’s needs and their finances.</p>
<p>The family could liquidate assets. It’s just a matter of what they are truly worth in this economy. When listing the assets the value should be the true market value, and they may far less than what the OP wants to think they are. And then, yes, they would have to liquidate them to pay, or take a loan out against them. If none of those things are possible, they have to take a PLUS and hope that the real estate appreciates enough in the next 4 years as they borrow and have to repay that loan. </p>
<p>We had friends in this situation. It was a difficult one. The family had put all of their money in real estate and the rental income was a big chunk of current income while the properties were their retirement assets, is the way they planned it out. But they were not in a qualified pension plan so are not protected from FAFSA or other calculators for financial need. It does put the family in a terrible predicament. If they sell off the properties, it not only decreases their retirement, it also cuts down their current income, Also, now is a lousy time to sell real estate. If your getting decent rental revenue, it isn’t smart to sell right now. But if you want financial aid, none of this makes a difference.</p>