<p>My parent makes $200,000 a year but we are not in a good financial situation. We lost a crap load of money in the stock market over the last decade. Also we just relocated and purchased a house and two cars that will take a while to pay off. I have one sibling who will be going to college soon.</p>
<p>Do you think I can get any financial aid from fafsa/css because I don't want to be stuck in debt. My parents say they can't afford to pay for my full tuition. Thanks!</p>
<p>If there are 2 in college, it’s possible you can get need-based aid at a private college that comes close to meeting need. With only one in college, or with both at public schools, it’s unlikely.</p>
<p>FAFSA/CSS doesn’t give aid. Colleges give aid and they determine what your need is, if any. </p>
<p>Look for schools with generous merit aid and schools that are affordable for your family.</p>
<p>It is doubtful that you will qualify for FA. </p>
<p>Schools do not take into acct expenses like cars, new home purchases, and such. They also don’t take into acct money lost in the stock market.</p>
<p>Since it appears that you won’t qualify for FA, I hope you’ve applied to some schools that your family can pay for and/or schools that will give you big merit scholarships for your stats. </p>
<p>Have you asked your parents how MUCH they CAN contribute each year?</p>
<p>Are you a senior in high school? If not, then you will need a good strategy when you apply.</p>
<p>BTW…having a sibling that will go to college later won’t really help your family overall since the “combined” amount that they will be expected to pay out for 2 going at the same time will be more than what it sounds like they can pay. </p>
<p>For instance, if a school were to expect your family to pay $55k for YOU to go to school, then when your sibling goes, you may get some aid, BUT…the total contribution that your parents will be expected to pay out could be over $65k per year…which doesn’t sound do-able.</p>
<p>It sounds like the problem is that your family can’t pay its likely total “family contribution” no matter how many are in school.</p>
<p>From the federal government - you’ll be able to take out loans as will probably your parents. From the schools you might be eligble for scholarships that are not financially based…if your grades/test scores/‘resume’ fit the school need. If you’re shooting for the ivies etc. it will depend on your family income and assets where you fall in their “need” assessment although $200,000 is a significantly high income earning family. Make sure you know how much your parents can actually afford and make sure you’ll applied places that fit their response.</p>
<p>How much ARE your parents able to pay for you to attend college annually? </p>
<p>Re: the above, consumer debt (including your mortgage…everyone has housing costs) is not taken into consideration when computing need based aid. Ditto the purchase of two cars.</p>
<p>You say you have a sibling going to college “soon”…does that mean that this sibling is younger than you and both of you will be in college at the same time? When BOTH of you are in school at the same time, you MIGHT get some aid at some colleges. MIGHT. However if you are the only one who will be in college next year, and possibly the year after, this won’t help you at all NOW. Colleges don’t consider future enrollment of siblings in college…just the ones who are in college with you for the school year for which you are applying for aid. </p>
<p>So…short answer…with an income of $200,000 a year and no other siblings in college at the same time for the upcoming school year, NO you will not probably receive need based aid. You would be eligible for a Stafford loan of $5500 as a freshman.</p>
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<p>These schools give NEED BASED aid only…no merit aid. Your family income with ONE in college exceeds the amount for getting need based aid at ALL of these schools.</p>
<p>If you truly have a competitive application for Ivy type schools, and you can’t afford to be a full pay there…you might want to look at some schools that wouod guarantee you some good merit aid. The Ivies and the like don’t AWARD merit aid at all…not to anyone.</p>
<p>The answer is that it depends on the school. Some Ivies (read: Harvard) do provide aid for families at that level, depending on what the AGI of the family is, debt/income levels, etc.</p>
<p>Thanks for all your responses. Looks like im pretty screwed haha. I mean being in lower income bracket like 60-90k offers good aid but anything above 150s seems to offer little. But, I know some people who make way more than us but evade tax (restaurant owners/shop owners) and are very successful at stocks. </p>
<p>One friend’s son whos family are millionaires got to go to harvard for free because of this. It just isnt fair in my opinion.</p>
<p>I could be wrong but I don’t think DEBT is ever considered. Please site where you heard that debt related to income level is used. The maximum income I’ve read for the awarding of need based aid at these well endowed schools is $180,000 a year with “typical assets”…whatever that mans.</p>
<p>I’m sorry but you are NOT screwed. If you have great Ivy type stats, there are a LOT of schools that would offer you merit aid. AND your family income far exceeds that of MOST Americans…again…not screwed. You own a home and two cars…again not screwed. You just need to look at other options…and discuss college locations and costs with your family. You need to know what they are willing to contribute.</p>
<p>Well, I did receive merit scholarships from schools like Northeastern but it just isn’t the same as going to an Ivy League if you know what I mean. For future career options in business I really need the title of a brand name college. It gives an edge in employment.</p>
<p>Lots of discussion on this over in the Parents Forum. </p>
<p>There are PLENTY of schools out there where your career options will be just fine. a school “title of a brand name” doesn’t guarantee you a successful career. It might open some doors for you but YOUR performance will determine your success.</p>
<p>All that aside, even WITH a successful career (if that really were to happen JUST because of the school name…which is doubtful), funding the FULL COST of attending a “brand name” school is going to be well over $200,000 and that is a staggering debt for any new bachelors grad. STAGGERING.</p>
<p>You are fortunate to have gotten some merit aid at a good school. Hopefully you will have some choices come end of April that are affordable to your family and will work for you.</p>
<p>I think the only time debt is considered is if it’s the result of medical expenses that aren’t covered by insurance. </p>
<p>*One friend’s son whos family are millionaires got to go to harvard for free because of this. It just isnt fair in my opinion. *</p>
<p>If they had millions in assets and didn’t declare that, then they committed fraud. If they did declare their assets, then they wouldn’t have gotten aid.</p>
<p>*But, I know some people who make way more than us but evade tax (restaurant owners/shop owners) *</p>
<p>Yes, I know that a few small business owners do “play games,” but I hope most don’t. It is fraud. Certain types of businesses (those that deal with a lot of cash) are more likely to engage in these kind of “games”.</p>
<p>*For future career options in business I really need the title of a brand name college. It gives an edge in employment. *</p>
<p>then ask your parents to borrow the money to send you there. It’s not really the a college’s responsibilty…your parents have the income to pay. If THEY think a brand name is important, let them pay for it. </p>
<p>And Northeastern is a “generic” school, lol? Unless you’re talking about Wharton or a very few other schools, it would be a very good idea to attend a school like Northeastern which offers plenty of co-op opportunities and potentially far less debt. Save for the “name brand” at the master’s level.</p>
<p>According to other posts by this OP, he/she was not admitted to Penn ED. The stats posted there are very good (2300 SAT, 4.0 GPA). </p>
<p>OP, with these types of stats I hope you did apply to some good schools that DO give merit aid. Unfortunately if you didn’t, it’s probably too late to be considered for very significant merit awards. There are plenty of wonderful schools where a student with the above stats could receive an EXCELLENT merit award. Not the Ivies…but there are plenty of outstanding schools that are not Ivies.</p>
<p>People make all kinds of choices on how to spend and invest their money. Some invest in restaurants, some are great stock pickers, some have a house and cars as their priority. Rather than placing a value judgment on others’ choices, look at ways that you as a family can save enough money to pay for the college you want to attend.</p>
<p>My parents are really down to earth and want me to experience the hardships they gone through before coming to America. Thus, they will do the bare minimum to support me. Although they probably could squeeze out the support, they won’t. I have to pay for college myself mainly. How can I polish my css profile to seem like I need the money, because i really do lol.</p>
<p>You can’t. Your parents’ income and assets MUST be reported on the CSS Profile and the FAFSA. There is no way around it. NONE. </p>
<p>What you need to do is consider colleges that are affordable options for you and your family. Northeastern is not inexpensive but with one of the good merit awards, and the coop program, you might be able to make this work.</p>
<p>Did you apply to any other schools besides NEU where you might garner some merit aid to help you with these college costs? With your family income, your family contribution will likely be MORE than the cost of attendance at most schools…and you would NOT receive need based aid. But you could receive merit aid…and some good merit aid with your stats…at schools that award merit aid…like Northeastern.</p>
<p>Look at your instate PUBLIC universities. They are usually competitively priced. </p>
<p>Will your parents be helping you at all? If so, what is their dollar contribution.</p>
<p>*My parents are really down to earth and want me to experience the hardships they gone through before coming to America. Thus, they will do the bare minimum to support me. Although they probably could squeeze out the support, they won’t. I have to pay for college myself mainly. **How can I polish my css profile to seem like I need the money, because i really do lol. **<br>
*</p>
<p>**CSS Profile deals with FACTS…not “smoke and mirrors”…**so there’s no way to “spin” your family’s situation in order to fool a school into thinking that you need aid.</p>
<p>Many families will not spend $50k per year for each child…most simply cannot. </p>
<p>you need to deal with the fact that your parents aren’t likely going to contribute much, and therefore you need to have some affordable backup plans. </p>
<p>YOU need to get a FIRM number from your parents of how much they will contribute? Will they give you $5k? $10k? How much??? Zero???</p>
<p>Did you apply to any REAL financial safety schools? It sounds like even Northeastern won’t be affordable if the scholarship isn’t going to cover nearly all your costs.</p>
<p>Right now, you are heading towards a dead end. You’re thinking that you’re going to go to an elite school, but you have no means to pay for it. You need to quickly find some affordable alternatives. You need to set a new goal of going to an elite school for grad school.</p>
<p>How long have you known that your parents weren’t going to pay $50k per year for you???</p>