Very quick, simple question, any answers greatly appreciated!

Paying for College
1

<p>My parents aren't sure if they should bother applying for Financial Aid. Their combined income is roughly $125,000 a year, with no other kids in college. They do not have much in terms of liquid assets, but own quite a bit in 401K's, etc. Should they? Will they get anything? We live in a high-cost of living area in New Jersey.</p>

2

<p>it is always worth it.
your income may change
$125,000 especially in some parts of country is not much money
Aid can be difficult to get for future years if not applied for as freshman at some schools
Some merit awards require FAFSA
Cost effectiveness of time spent is pretty good when you do it online, it isn't that much worse than 1040( taxes)</p>

3

<p>I think our case is pretty similiar to yours. For Princeton (deferred), we get about 6K off, IIRC. I haven't really looked at the FA in any other colleges tho.</p>

4

<p>"$125,000 especially in some parts of country is not much money."</p>

<p>Whoa, what parts of the country are these? Because that looks like a lot of money to me.</p>

5

<p>We might be sinking against the euro, but the American dollar is always golden in Canada!</p>

6

<p>$125,000 is a hell lot. Where do u live?</p>

7

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<p>The FAFSA doesn't really take serious consideration into where you reside. A $125,000 income goes a LOT further in some areas of the country than in others. The FAFSA really doesn't care much if you live in an expensive area of the country (CA, CT for example) or an inexpensive one (parts of Mississippi, Alabama, etc). Regardless...you should fill out the FAFSA. Many schools require this even for merit aid. If your financial cirumstances change (e.g. parent loses job or catastrophic medical costs are expended), you will not get reconsideration for finaid without a FAFSA on file. And as mentioned, some colleges require that you apply for finaid (I know I know....they can't deny fed finaid in subsequent years...but there is other aid too as you all know) as a freshman to be eligible in subsequent years (the federal finaid is not enough to pay for most colleges anyway).</p>

8

<p>my sister is having her 5th kid, and her two oldest children recieve a great deal of aid from their college, even covering room and board for one of them.
I suggest that you tell your parents to get busy!</p>