<p>Location: Southern California (Suburb of Los Angeles)</p>
<ul>
<li>Household income: $150,000-$200,000 (net; gross is $300,000-$400,000)</li>
<li>Father only works, mother does not</li>
<li>We own 3 cars ($35K, $20K, last one we're going to sell it for approx. $7K-$10K because the first one was a recently bought car)</li>
<li>Bought new house ($600,000-$700,000) - mortgage paid off</li>
<li>We're planning on selling off our old house, I don't know if we'll have it sold off by then. But if it is, it is approx $600,000 (bought over 10 years ago at $200,000, not accounting for inflation)</li>
<li>I have two jobs, one pays $7K a year (I have had it for 5 years now), the other pays $180-$200 a month (I have had it for almost a year now)</li>
<li>1 sibling: My brother will graduate high school 2 years after me (I am Class of 2013, he is 2015)</li>
<li>Household of 4 people</li>
<li>We have a good credit rating (Excellent, 800+)</li>
<li>No crime in our family</li>
<li>My parents have saved probably $10,000-$15,000 so far for my college tuition through an IRA</li>
</ul>
<p>These are colleges that I will be applying to:
- Harvard University
- Princeton University
- Columbia University
- Stanford University
- University of Pennsylvania - Wharton or Jerome Fisher (probably Wharton)
- Cornell University
- MIT
- UC Berkeley
- UCLA
- USC
- UC Santa Barbara
- UC Irvine</p>
<p>I'm wondering because if I'm not going to get any aid, I'd probably just not apply for FAFSA....not applying for FA will help in terms of admissions right? Like I know schools say they're need-blind...but look at the UCs and international students. They definitely aren't as need-blind as they claim to be...</p>
<p>No, you won’t get a cent of need based aid from any school given income alone. It’s about double of where aid consideration ends at the most generous schools. Might get a Regents or Chancellors from a UC which would be a couple of thousand if you have very high stats.USC does also offer merit a. File FAFSA if you want an unsubsidized loan.</p>
<p>No, you won’t qualify for any aid. Your income and assets are too high. </p>
<p>You need to ask your parents how much they’ll spend each year on college. If they won’t pay full freight (about $60k per year), then you need to apply to schools that give large merit.</p>
<p>Don’t assume that your parents will pay if you don’t qualify for aid. ASK THEM. They may have NO intention of paying $60k or even $30k per year.</p>
<p>What do you think? Take a look at what some of the top schools income guidelines are for qualifying for their aid, and you will see that you are way over. You will be eligible for pure merit awards, however. You will also be eligible for Stafford loans in the amount of $5500 freshman year, and your parents can apply for parent loans through PLUS and are likely to be approved.</p>
<p>Some colleges have full-ride merit scholarships for the truly gifted - UVA, Duke, Davidson, etc. </p>
<p>Your parents can borrow the full cost of your tuition, room and board if you are an American citizen. The question is, will they? So far, they have saved very little for your education, but they may be thinking of using other assets to pay the $220,000 cost of four years at some schools.</p>
<p>Need based aid? NO, you will not qualify for need based aid. Your family income is too high. Even at the MOST generous schools you would not qualify for need based aid with that income level. It does not matter how many parents are earning the money.</p>
<p>The colleges will consider your second home (the one that is not sold yet) as an asset…either as money in the bank or home value…same amount…doesn’t matter if it’s sold or you have $600,000 in the bank (assuming that house is paid for as well).</p>
<p>You need to discuss college costs with your parents. It is highly likely that you will be paying the FULL costs of attending any college to which you get accepted UNLESS you apply to places that award merit aid (the Ivies do not, and my understanding is that the UCs offer mostly need based aid…not merit).</p>
<p>If you really are a competitive admission candidate for those Ivies, and you need or want to lessen the costs for your family, you need to look for schools that offer merit aid to students with your SAT/ACT scores and GPA.</p>