<p>My parents make a combined $300k a year, and I am their only child who will be in college next year. What is the probability that I will receive any need-based aid?</p>
<p>The probability is ZERO. (exception is a **small **student loan)</p>
<p>Your parents should be able to afford to pay for you to attend any school in the US.</p>
<p>Financial aid is for families without such incomes.</p>
<p>I’m not being harsh; our family also doesn’t qualify for any aid. </p>
<p>How much have your parents said that they can pay for your education? If you don’t know, ask. From their answer, you’ll have to strategize as to what schools will work.</p>
<p>Are you a senior? (I’m not sure what you mean when you say that you’ll be in college “next year”. Do you mean next Fall? or 2011?</p>
<p>What schools are you considering?</p>
<p>After you find out how much they will pay each year, come back.</p>
<p>:)</p>
<p>If you are completely positive your parents REALLY have an income in the $300K range, it is very unlikely that amount would net you any need based aid. I have to ask…with an income that high…did you think you would be eligible for NEED based aid? That income is at least five times the national average for family incomes. </p>
<p>However, if you fill out a FAFSA, you will be eligible for an unsubsidized Stafford loan that is in the student name…no cosigner needed. </p>
<p>Have your parents indicated to you that paying for college is a problem and they need financial aid for you to attend?</p>
<p>I see that you’ve applied to Ivies and elites. </p>
<p>None of them will give an only child with a family of that income any aid. </p>
<p>There would have to be some unusual exception, such as extensive medical bills, but not likely house debt, car debt, credit card debt, etc.</p>
<p>If your parents are saying that they can’t/won’t pay the $55k per year for you to attend an elite school, then I hope you applied to some financial safety schools.</p>
<p>There are some quick calculators online that let you get an estimate of your expected family contribution. You can see there that a family with one child would have an EFC approximating the cost of attendance of the most expensive private colleges (~50K) at an income of 200K/year with no assets whatsoever.</p>
<p>As I understand it, if your EFC>COA, you do not qualify for federal need-based aid. However, schools have their own institutional formulas that could take into account extraordinary circumstances. </p>
<p>They would have to be pretty extraordinary, though, for you to qualify.</p>
<p>Regarding post #5. If the student had “special circumstances” to be considered, this goes directly to the colleges for their consideration. These cases are taken on a case by case basis and it is up to the COLLEGE whether they will even consider the request…or make an adjustment.</p>
<p>The OP didn’t mention any extenuating circumstances. As noted…consumer debt is not considered at all in the financial aid equation. </p>
<p>Unless there is something truly extenuating…a family with a $300K income would NOT be eligible for need based aid.</p>
<p>^^^^</p>
<p>Absolutely right. </p>
<p>I just mentioned the possible caveat of high medical bills (and not high consumer debt) to demonstrate how difficult it would be to have a “special circumstance” at that level of income.</p>
<p>I wanted the OP to understand that schools won’t care if they have 3 big car payments or some other such expense.</p>