I am a Dad whose Son will be going to College in 2014. My first time applying for any type of AID in my whole life. I paid mine College expenses 28 years ago by Working and Studying at same time, I guess those good Days are gone since the Tuition fees has increased at least 100 times what I paid then. So Son going to College in 2014 and Daughter will follow him in 2018..
I want to see how my income and assets play into the Financial Aid pkg.
1) I have a single family home with 2 mortgages and can safely say its under water or barely above water in today's housing mkt.
2) I am the only bread earner and my income is $105k per year before any Taxes.
3) Wife is a homemaker and has no income.
4) lot of debt from CC and 2 Car payments which will go for next 3 years.
5) No saving and and living paycheck to paycheck after paying the mortgages, CC bills and Property Taxes...
6) Son not working either but very good in Studies and expecting to score very high in ACT and 12 APs. GPA 4.0/5.89UW and 1/698 in current standing at HS..So definitely can pull some good Grants and Scholarship Money. Like to join OS schools if In state colleges dont offer him good $$$.. So basically will go whoever pay him the most $$ towards the Full ride. He is going for pre-med so after 4 yr of pre-med he be planning to join Med School. Thats the Plan..hope it works..
I try my EFC with Tier 1 Universities and they were coming around 15K to 20K.
So my question is how I can lower the EFC amount, and does the Debt and House being under water counts or Not. How I can convince the FAFSA and College that Parent cant pay for at least 3 years. I have a good income but my Bills will be killing me for at least 3-4 years. I wont be able to pay anything for first 3 years at least towards my Son education and expecting him to paid by College Aids, Grants and if possible Loans and Work Study programs.
Just looking for some help how to manage the Financial issues when talking to the Financial advisors and the FAFSA folks.