financial aid for family w/ income over 100k ?

ack27 · 06-24-2008, 02:22 PM

is there any chance I could get financial aid even if my parents' combined income is over 100k? My high school tuition totals about 60k and my sister's about 48k. we are by no means wealthy as my sister and I are both active in and out of school (sports), which costs a lot of money.

the schools I am looking at and that I consider reasonable to attend are all over 40K a year. there is a chance i might receive merit aid, but that's certainly not a definite. My dad thinks that there is absolutely no chance we get any financial aid, but I think we might be able to get "something" even if it's not much.

what do you guys think??

Iirokotree · 06-24-2008, 02:32 PM

most schools, particularly top tier schools are now realizing that college is not expensive for just the poor, but for EVERYONE, middle class and upper class included. While you may not get a full ride, some schools i know that are generous with the fin. aid include washington university in st. louis, harvard, columbia, and sometimes boston university etc. But other schools like NYU are known for their stinginess. Remember, financial aid is not just given out on an income bracket. They take into account the amount your family's assests, how many kids are in college, etc.

ack27 · 06-24-2008, 02:33 PM

^thanks I've tried explaining that to my dad, but he's all about our income being over 100k. so would you say that it's worth applying for financial aid then? I'm not expecting a lot, but just a little aid would definitely help.

singermom1 · 06-24-2008, 02:36 PM

Wash U did not give D any finaid and we are in the 180-200 range. Yale was by far the best deal for us!

ack27 · 06-24-2008, 03:05 PM

bump anyone else?

emeraldkity4 · 06-24-2008, 03:09 PM

what do you guys think

I think your best bet would be to look for merit aid that doesn't depend on financial need.

ack27 · 06-24-2008, 03:41 PM

yeah. I know i have better chances of getting merit aid than financial aid.

kelsmom · 06-24-2008, 03:41 PM

I would say it depends on how MUCH over $100k the income is. If your parents are paying for the current tuition out of savings, that is one thing. However, if they are able to pay your current tuition with their income, I would say that it's more than a little bit over $100k. Also, if they have a huge savings/investment account to draw from (that won't be sucked up by current tuition before year end), they will be expected to use that (rather than get need based aid).

There is no simple answer.

thumper1 · 06-24-2008, 03:54 PM

>>My high school tuition totals about 60k and my sister's about 48k. >>

Are you saying that your parents are paying $108,000 a year in school tuition right now? Seems to me that if that is the case, their income must be WAY above $100,000 per year. On an income of $100,000 per year, the take home would be in the $65,000 per year range...wouldn't even cover your current tuition.

If your high school currently is costing your parents $60K a year, they will breathe a sign of relief at your college bill which will likely be less than that no matter where you go.

ack27 · 06-24-2008, 04:01 PM

no 15k a year .. 12k a year for my sister.. i finish high school this year and my sister starts high school this year. so they'll be paying her tuiton while i'm in college. i think (estimate) that there combined income is 130k, not positive though.

happymomof1 · 06-24-2008, 04:17 PM

Your parents need to run some of the FAFSA calculators. Start with the one at FinAid! Financial Aid, College Scholarships and Student Loans
That will give them a sense of what the colleges/universities will expect them to pay.

kelsmom · 06-24-2008, 04:24 PM

There are some tippy-top schools where $130k might net some financial aid (that depends on your parents assets, though). Those schools are very few, very far between, and VERY competitive.

However, it certainly can't hurt your parents to TRY for aid. Just don't count on it ... and I think that's what they are trying to tell you. If you get your heart set on a school your parents cannot afford, you'll be heartbroken if you get in & they can't send you.

ack27 · 06-24-2008, 04:33 PM

yeah i guess i'll have to discuss this with them. i know i can go to all my schools, but I also know it will be a financial burden for my parents as well as myself if I have to pay full tuition. i really don't want that.

thumper1 · 06-24-2008, 05:09 PM

Ack...your parents have been paying private school tuition for four years (at least). The cost of an instate public university is probably in the same ball park as the cost of your private high school.

As mentioned...your family needs to run figures through a financial aid calculator. Some schools have ones for their schools on THEIR websites. This will give you a "ballpark" of the kind of need based aid you can expect to receive. But it will be a ballpark only.

You mention income but you don't mention assets (home equity, savings, etc). For some schools in the $40K range, the CSS Profile is also required. This will also include any home equity your family may have although how schools use this amount varies from school to school.

The FAFSA, which is used by almost all schools, requires both income AND assets (saving, CD's etc...anything that is NOT a retirement account) to be listed as well. These things also are considered when your financial aid is computed. Again...each school has its own formula for computing need based institutional aid. The federal need based aid for someone in your income bracket won't amount to much. Your income is too high to qualify for a Pell grant or likely a subsidized stafford loan (you will qualify for an unsubsidized stafford). Your federal aid will be very limited.

easonh89 · 06-24-2008, 06:17 PM

WashU gave me about 9,000 a year.

Georgetown gave me half.

MIT and Harvard gave me 3/4.

My income was slightly over 100k. Always apply for finaid. Even if they give you a few thousand, its still better than nothing!