Was planning on QuestBridge, but now not sure?

Paying for College
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<p>A while back, I started a thread about my financial situation; basically, my EFC was guaranteed $0 because my mom and step-dad (who I live with) make less than $20,000, we receive foodstamps, etc. My biological (but non-custodial) dad's income was nothing special, as he's out-of-work and had to take a meager hourly job. So QuestBridge was heavily recommended to me by people on this forum and it was something I was going to definitely do and seemed like it'd work out fine.</p>

<p>However, there's a huge change in the whole situation that has me wondering what to do from here, and I'm not sure what to think. My grandmother passed away in March and apparently had some pretty steep stacks saved up and my dad (non-custodial, biological) inherited quite a bit of dough. I know a good amount was made immediately available, but there is still a lot that has to mature before it can be acquired (not sure how it works, so I don't know if I'm making any sense). He is currently out of work though (doesn't even have an hourly job anymore). So, to put it bluntly, he has money. He bought me a car (used), finally got my braces that I've needed for so long now, took me on a vacation out-of-state (I had never been out of the state), makes sure I have whatever I need, etc. </p>

<p>I'm sure that this is obviously going to have a major hit on financial aid opportunities at the institutions where they ask for non-custodial parents' financial info, so I'm not sure where to go from here. </p>

<p>What it does mean, however, is that he if fully capable of paying for an education (he's even considering going back himself... he signed up for an LSAT course and exam in October), so I'm not sure how to approach this. This change is both relieving and boggling at the same time.</p>

<p>Because I've been dealing with this financial panic for so long now, my college selections have had to be based solely on chances of aid, need-blind admissions, etc. I sent him my list of colleges and with each one mentioned why it's viable (e.g. "claims to meet full need" , or " has scholarship for my 35 ACT," etc.). He made it a point to mention to me NOT to select my colleges based only on aid, so that sorta signals to me that he's willing to foot the bill because to him, top-notch education is of utmost importance, no matter what -- it's always been that way, all my life. But only if necessary, I presume.</p>

<p>So should I totally forget about QuestBridge and apply as any normal applicant would based on just the quality of school, its desirability, what it offers, etc. without limiting my options and going way out of the way based on aid?</p>

<p>Also, if anybody knows, just how much will his monetary assets affect the whole financial aid and need-determination process?</p>

<p>Any direction in this situation would be awesome.</p>

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<p>You need a lot more information about your father’s new financial situation before you drop the QB plan. Often people who come into a large inheritance mismanage the money, and are as broke as ever within very short time. Sit down with your dad, and go through the numbers, and find out what your possible college budget could be. If your mom and dad get along well, have her sit in on this conversation too.</p>

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<p>I don’t think he’ll mismanage it at all. It’s a lot, so even if he did, it wouldn’t be within the next year (i.e. before I’m in college). He’s already got some of it reinvested I believe. He’s really clammed up about it, he doesn’t talk to me about it, I don’t even know how much it is (beyond “it’s a lot”) so it’s REALLY tough for me to figure any thing out. What kind of things do I need to figure out, and what exactly will colleges, the FAFSA, CSS, and whatever other forms used ask for?</p>

<p>And regardless of what he has in his head and the hints he’s dropped, it almost seems like he’s doing his best to avoid admitting that he can (or would) pay for college if it came down to that. I don’t know if he fears that I’d stop trying to find financial aid like I have been or what, but he just won’t admit it. I can imagine how protective and odd he feels, having never had any money since the divorce (when I was 4 I think) and now having enough money to live without needing a job. </p>

<p>My parents get along but he doesn’t want her knowing diddly squat about the money. She doesn’t even have a clue that he’s come into a lot of money. She also is hardly partaking in my college selection/application/search process. She’s not involved whatsoever, it’d actually be safe to say. I live with her, but this is basically all up to my dad and I. =/</p>

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<p>Why don’t you ask the Questbridge folks for advice?</p>

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<p>you need to ask him point blank if he has enough and WILL set aside $$ for your college education. if he will not commit to fulling paying for 4 YEARS + room and board,[ 200K+] then you need to ask how much will he commit to. Nothing would be worse that for you to start at some expensive college somewhere, based on vague assurances from him or hopeful assumptions on your part, and then have to withdraw a year or 2 from now because the money ran out, or you mom found out and is now suing for unpaid child support, or somehow the money that was once promised is tied up and no longer available to you. So be smart and ask the hard questions now. You need to know very soon, because the clock is ticking and if you can’t qualify for Questbridge because of your Dad’s new $$, then you probably need to rethink about which colleges to apply to.</p>

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<p>I agree with Menloparkmom, you need to find out where he stands as far a s paying for college. You stated that he has signed up for a LSAT course and the exam. This means that Law School is on the horizion. Unless he is in a position to get crazy merit money (I doubt it, because if he had I am sure that he would have struck while the iron was hot), he is going to have to come up with 200k or major loans for his own education. </p>

<p>So the real question is does he have $400k in disposable income to but the both of you through school?</p>

<p>Don’t give up looking at schools where you could get merit money. Also make sure that you have a safety. It is one thing to have to say that you would pay the 200k if you had the money, it is another thing to actually have the money and write the checks to pay out 200K, 50k on a shot.</p>

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<p>His inheritance is an asset. Anything not in specific, qualified retirement funds can be up for grabs, at a certain percentage. Time to go read finaid.org.<br>
If you apply to a school that does not look at “non-custodial parent’s” assets, you may be ok. I’m not sure how many do this- some Fafsa-only schools, maybe.</p>

<p>Problem is, does Dad realize the price tag is 200k? I believe parent assets are dinged at 5-6%-? If he inherited 500k (?) that could be roughly a 30k EFC per year. Or, is he thinking college costs 10k/year? </p>

<p>Does he realize the cost of his own possible law school (and could he suddenly prioritize that, instead of you?) Will he get a financial advisor who might steer him to investments where the funds you need are locked up for X years? </p>

<p>For the Fafsa and CSS- you can go look at these forms. Both ask about assets. Colleges are also expected to verify a % of their aid applications- so, if questioned, you/he would have to provide bank and investment statements, tax forms and whatever else. </p>

<p>You need to have the clear conversation with him. We don’t mean to sound like we’re dissing him- but, this puts you in a bit of a pickle. You might want to have a conv with a sr finaid person. Maybe anonymously, until you get your info bearings. Good luck.</p>

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<p>Yeah, I’m definitely going to have to sit down and just talk it all out straight up I guess. Although I can just picture now, him coming back with the “just don’t worry about it, son” response that he’s been known to use. I am worrying about it, and him telling me not to worry about it isn’t enough to make me stop. I need facts, hard numbers, but I’m not sure how to get it out of him.</p>

<p>He’s taking the LSAT because he knows he’ll regret it if he doesn’t at least TRY it. It’s been a dream of his since… well, forever. Depending on how it turns out, who knows where he’ll go from there. He made the comment at dinner today, “who knows what they’ll do with a 47 year old law school applicant.” And no, merit money is not even thought of.</p>

<p>I have safeties (USF and FSU), and I wouldn’t doubt he’d pay for me to go to UF (one of my top 3 schools, definite match) beyond whatever Bright Futures doesn’t cover. It’s just Georgetown, U Miami (possible matches; the other two that make up my top 3), and Yale (reach) that I wouldn’t be so certain of if I got into them. He’s paying my app fees for me to apply to what is currently a list of 15 schools (yikes… very weird seeing that in writing)… I’m not sure if he realizes how much that’s going to be and how pointless it is if he’s not willing to pay for any of those colleges. We really do have a lot of talking to do I guess.</p>

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<p>This is worth a look. Search for “non-custodial.” [Georgetown</a> University Undergraduate Bulletin 2011-2012: Expenses – III. Student Financial Services](<a href=“http://bulletin.georgetown.edu/expenses3.html]Georgetown”>http://bulletin.georgetown.edu/expenses3.html)</p>

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<p>^ Thanks.

So I guess this means they pick the combination of two parents that produces the greatest ability to contribute? This is definitely something I could show my dad to help illustrate how this is going to work.</p>

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This part is interesting. The divorce was over 11 years ago, and child support hasn’t been paid in over 8 or 9 years. That’s because I moved to live with my dad for middle school, and then moved back with my mom for high school. In exchange for letting me move back with my mom, they came to the agreement that she wouldn’t seek child support… I think it’s in the legal agreement they have, but I’m not sure if that validates this caveat?</p>

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<p>Agree, it’s odd wording and I don’t now how common that idea is. We also don’t know how complicated it is to get approval to excuse the NCP.</p>

<p>See if you can find the same info for the other schools. (I don’t think Fafsa asks about the NCP.) What we’re afraid of, for you, is that the $ will affect aid and then Dad may not be able to fulfill. Your situation is different from families where parents just don’t want to pay their part- you have a windfall on top of long-time strapped circumstances. I’m going to pm you.</p>

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<p>The responsibility for paying for your college education first falls with your parents. They will most likely look at your stepfather’s income to the extent to which your mom is financially benefitting from the marriage. They are not going to turn a bilind eye to the fact that your father has a few thousand dollars in assets (from his inheritance).</p>