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Parents have a combined income of over $200,000. Any chance for financial aid?

HopelessstanfordHopelessstanford Registered User Posts: 112 Junior Member
I'm wondering if it would be worth it to apply? My parents certaintly aren't rich and it costs alot to live in ca plus raising three kids so the cost of college is going to impact my family a lot. Is there any chance we would get any aid or should we not even bother? Also does it hurt you if you apply for fafsa with college admissions ( tipping factor between you and someone not applying for aid)?
Post edited by Hopelessstanford on

Replies to: Parents have a combined income of over $200,000. Any chance for financial aid?

  • wizkhalifa1wizkhalifa1 Registered User Posts: 307 Junior Member
    Of course there's a chance! My parents (i think) make more than that, but with a mortgage, two small businesses, and a five-person household, we still qualified for a theoretical 2/3rds discount at Vandy--in essence, you should be fine. It's always best to try!
  • notakidnotakid Registered User Posts: 688 Member
    Definitely apply. Income won't kill you if assets aren't too high. And private schools have their own formulas & fudge factors.
  • mom2collegekidsmom2collegekids Registered User Posts: 82,689 Senior Member

    I doubt your family has an income of more than $200k and then you got a 2/3 discount to Vandy unless you have other siblings in college and/or you got some merit.

    It's doubtful that the OP will get any aid unless he has a sibling in college. His family will likely be expected to pay near full freight or full freight.
  • SlitheyToveSlitheyTove Registered User Posts: 6,348 Senior Member
    Have you tried using the Net Price Calculators that each college now provides? Have your parents plug in their numbers to get an estimate of how much it will cost to attend each college on your list. Then compare those numbers with the amount that your parents can afford to pay.

    A quick and dirty estimate based on their income: your Expected Family Contribution is going to be between $50k-$70k. EFC generally runs about 25-33% of total household income, assuming typical assets and expenses. Are you the oldest, or will there be other siblings in college at the same time? That can make a difference.

    Though you probably won't be eligible for need-based aid, you can apply for merit aid based on your grades and test scores. Not all schools offer merit aid, and you'll need to have strong test scores and grades that put you in the top 25% (or higher) of the incoming class. Vanderbilt, for example, does offer some merit money.
  • wizkhalifa1wizkhalifa1 Registered User Posts: 307 Junior Member
    @mom, somehow it worked out. I honestly don't know how, but my dad only showed me after he plugged things in.
  • WaverlyWaverly Registered User Posts: 2,669 Senior Member
    It's unlikely you'll qualify for anything other than an unsubsidized loan should you want one. Lots of bad advice here, two- thirds non merit aid at Vandy with income above $200K? No way, there's much more to that story. And income is the driver of need determination, not assets. Parental assets are assessed at 5.6%.

    If you have a sibling in college at the same time, then aid may be possible. but remember, self help-loans, work study-comes before gift aid at most schools.
  • mom2collegekidsmom2collegekids Registered User Posts: 82,689 Senior Member
    @mom, somehow it worked out. I honestly don't know how, but my dad only showed me after he plugged things in.

    Are you talking about an NPC result? or are you talking about an actual FA pkg award that you've gotten from Vandy after they looked over your financial situation?
  • wizkhalifa1wizkhalifa1 Registered User Posts: 307 Junior Member
    NPC, which is why I added "theoretical" as a disclaimer
  • mom2collegekidsmom2collegekids Registered User Posts: 82,689 Senior Member
    Well....since your parents own 2 businesses, it's possible that your dad included a whole bunch of "business deductions" that decreased the family income to far below $200k.

    However, don't be surprised if a school adds some of those "business deductions" back in...and your aid may be much less.

    NPCs are not accurate for those who are self-employed and have business deductions.

    Again, unless you have siblings in college, then if you truly have an income of over $200k, it's highly unlikely that you're getting need-based aid of 2/3 the cost of Vandy.
  • MWestMomMWestMom Registered User Posts: 186 Junior Member
    Some schools will take into consideration your need (or lack of need) for financial aid when making admissions decisions.
  • kelsmomkelsmom Super Moderator Posts: 14,621 Super Moderator
    It completely depends on the school. It never hurts to try! I say this because if a school does take the fact that you applied for aid into consideration for admissions, and you wouldn't be able to go without some help ... what good is being accepted going to do you?
  • thumper1thumper1 Registered User Posts: 65,155 Senior Member
    It never hurts to try....but with an income in the $200,000 range, your family contribution will likely be well in excess of the cost of attending all colleges in the U.S. Still, by completing a FAFSA, you would be eligible for the unsubsidized Stafford loan which is in your name...if you want to take that loan.

    To the student applying to Vandy...either your income is NOT that high, or there is some error in how you filled out that net price calculator. Having a home mortgage does NOT reduce your family contribution...it just means there is less equity to tap for paying college costs. In addition, while your family has put some business expenses into that NPC, you may find that Vandy adds those expenses back into your income. I would suggest that you NOT count your chickens before they hatch on this one.

    And the only time it really matters if you have siblings is if they are in COLLEGE while you are.
  • momof3greatgirlsmomof3greatgirls Registered User Posts: 817 Member
    We are exactly the same as a family. Go ahead and fill it out. You will be able to get a small unsubsidized loan in your name. You be expected to pay way more than your parents can pay but do it anyway. You might need the loan anyway.

    You need some financial safeties when you are in this position. Make sure you find out how much your parents are going to be able to pay. That is way more important than any number the government says you can spend.

    Don't give up and work with what you got.
  • DeterminedJayDeterminedJay Registered User Posts: 44 Junior Member
    Your parents make over 200k and you still get aid wow. And your not rich? o_O
  • thumper1thumper1 Registered User Posts: 65,155 Senior Member
    Determined...the person HOPES to get need based aid with that $200K income (both posters)...stay tuned.
This discussion has been closed.