<p>All I know is that on the CSS form, my parents stated they can pay up to $40k a year for tuition.</p>
<p>So I got $3k in "work/study" and 63k worth of loans.</p>
<p>Will the FAFSA add more grant/scholarship money to my package? I used the NYU Net price calculator and it stated my total grant money awarded would be around $27,000 as my parents' annual income is $50k - $60k.</p>
<p>Jarjar…NYU does NOY guarantee to meet full need for all accepted students…and they don’t. </p>
<p>Your family income is too high to qualify for a Pell grant. You will get a $5500 Direct Loan for sure. That is IT for federally funded aid…which is what the FAFSA is used to determine.</p>
<p>NYU uses the CSS Profile to determine awarding of institutional need based aid. If you didn’t receive any need based aid based on your submitted Profile, I can’t imagine that the FAFSA will make much difference.</p>
<p>You can call financial aid at NYU to be sure that your need based aid was included in your package. </p>
<p>But getting more after you submit the FAFSA? I would wager…no.</p>
<p>Your parents must have decent assets if they can afford to spend $40k/year for your tuition on an annual income of $50k - $60k.</p>
<p>???</p>
<p>If your parents’ income is $50k, then how can they pay $40k per year for college??</p>
<p>No, you’re not going to get federal grants. </p>
<p>The Net Price Calculator may be factoring in some merit aid that you might be eligible for based on your grades, SAT scores, or other attributes. Did it actually say where the grants were coming from? As other posters have mentioned, it’s highly unlikely that you will get any federal grants; if your family makes $60K a year that puts you out of eligibility for Pell grants. Now, depending on your state you might have some state aid coming but I doubt it will apply to NYU or help you especially since your family probably has large assets in order to be able to afford $40,000 (which is close to 80% of their income).</p>
<p>For the 2013-14 academic year, only students with an EFC between $0 and $4,995 will be Pell Grant eligible. Pell Grants do not require repayment. Students with a family income of up to $60,000 can be eligible for a Pell Grant, however, most recipients of Pell Grants have an income less than $30,000.</p>
<p>Here is more info:</p>
<p><a href=“https://www.ifap.ed.gov/efcformulaguide/attachments/091312EFCFormulaGuide1314.pdf”>https://www.ifap.ed.gov/efcformulaguide/attachments/091312EFCFormulaGuide1314.pdf</a></p>
<p>This student just got accepted ED at NYU…with a financial aid package of work study, and a Parent Plus Loan. </p>
<p>I am guessing he is hoping that when his FAFSA is submitted, it will increase his NYU aid.</p>
<p>But the reality is…FAFSA can’t be filed until January 1. And the fsmily won’t have their taxes done, so this will be with a “will file” status. Presumably, the numbers will be very close to what was on the Profile. </p>
<p>That being the case, I can’t see that the FAFSA will make much difference…no federally funded grant money would be available (see other threads for family income). </p>
<p>NYU uses the financial info on the Profile to determine eligibility for their institutional aid. The school does not guarantee need based aid to meet need. In this student’s case, the school awarded him work study and that’s it. He is also able to take a $5500 Direct Loan in his name. </p>
<p>Very likely, the school has already kind of figured what the fed aid might be in that estimate. If the family is a certain low income with low assets, then the school has likely figured that in…just like an NPC would. </p>
<p>Parent annual income of $50,000 to $60,000 will not yield eligibility for the Pell Grant…unless there are two kids in college at the same time.</p>
<p>OP does need to explain how they can pay 40k. On that income, we’d ordinarily expect the parents to state much, much less.</p>
<p>I know this is NYU, which isn’t reliably generous. But I think OP should go over the CSS and check for mistakes. </p>
<p>If they are planning to pay with money stashed in non-retirement accounts (or set aside for retirement but not in a qualified plan,) that’s that (more or less.) But, any monies now in a qualified retirement plan are treated differently (even if the parents thought they’d tap into that.)</p>
<p>There’s either a mistake on the profile or there are assets - business assets, rental assets, money in mutual funds, Income doesn’t mean as much if you have assets (that aren’t in a 401k or IRA etc.) </p>
<p>NYU does NOT guarantee to meet full need. This very well could be a simple admit/deny situation. The school may have made the decision NOT to offer their institutional aid to this student.</p>
<p>But yes…he should check his Profile. But like I,said…presumably it is accurate…and if it is…the FAFSA will reflect the same info.</p>
<p>Just posting a reply that will help others understand this posters finances. Family owns a business…</p>
<h1>27</h1>
<p>Jarjarbinks23
Jarjarbinks23
Posts: 710
Registered User
Member
Today at 9:49 am
@thumper1 they have their own business… and its annual revenue(not income) is anywhere from $150,000 - $170,000
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<p><<<<
Will the FAFSA add more grant/scholarship money to my package? I used the NYU Net price calculator and it stated my total grant money awarded would be around $27,000 as my parents’ annual income is $50k - $60k.</p>
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<p>@Jarjarbinks23 </p>
<p>Your story is not uncommon. We see this a lot on CC. Your family claims that it can pay $40k per year and they have an “income” of $50k-$60k…but, the dirty little secret is that they have their own business. Well, that screams that their income is not really $50k-60k…and after filling out CSS Profile NYU concluded the same.</p>
<p>I don’t know your family’s actual situation, but we’ve seen many, many somewhat similar cases…often these $50k per year business owning parents have “paid off” homes, large amounts of savings/investments, etc…and all accumulated while claiming to have only been earning very modest incomes. </p>
<p>Business owners are allowed to write off all kinds of things that families that live on wage income cannot do. Cars, social memberships, depreciation, insurance, home offices are just the tip of the iceberg. Unfortunately many private schools add those things back to the income to get to a parity situation with students who apply on wage income only. </p>
<p>The FAFSA is not going to boost your aid significantly. Even IF the FAFSA showed very low income, it would only make you eligible for federally funded aid…max $5730 Pell…but your income would need to be VERY low for that. </p>
<p>And you could get a $5500 Dorect Loan.</p>
<p>That’s it.</p>
<p>The aid you really need is institutional need based aid, and NYU uses the Profile to determine eligibility for their institutional need based aid. </p>
<p>@momofthreeboys,
i would use the word Fortunately…</p>