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Can My Daughter get Financial Aid if parents have lo income and high assets?

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Replies to: Can My Daughter get Financial Aid if parents have lo income and high assets?

  • DadTwoGirlsDadTwoGirls Registered User Posts: 2,843 Senior Member
    @pamelamk What is your state?
  • Wilson98Wilson98 Registered User Posts: 248 Junior Member
    Just in case she isn't doing it, I would think she should also apply to your top state school, which probably costs around $25,000 (maybe less with some merit).

    I'd also think she should look for a couple of schools where merit is more of a sure thing, and more likely to cover most of tuition, if not all. Right now you have Columbia (no merit), BC (only 20 students get merit), BU and Northeastern (possible merit, but probably still at least $40K even with higher awards like $25K), and Miami and Tulane (maybe a good chance at merit, but also might still leave a large amount to pay).
  • pamelamkpamelamk Registered User Posts: 16 New Member
    We Live in Florida,
  • gearmomgearmom Registered User Posts: 2,775 Senior Member
    @pamelamk Do you have an affordable Florida option?
  • gearmomgearmom Registered User Posts: 2,775 Senior Member
    @pamelank Not only won't the Boston colleges be affordable (BC, BU, Northeastern). Even if you didn't have the 450k in assets, they would not be affordable since they do not meet need. She should replace those 3 for sure.
  • gearmomgearmom Registered User Posts: 2,775 Senior Member
    Also Miami does not meet need.

    Your inheritance only affects Columbia, which only has a 7% acceptance, and Tulane, which has a 25% acceptance. Both of those schools meet need but getting in is like winning the lottery.

    This was always largely an unaffordable list. Tons of kids work hard and tons of kids go to there state school because that is affordable. She can go to a HS for grad school. You need to rework this list fast because for merit opportunities you have to apply early at many places (Nov 1st). What is her major? What are her stats?
  • rosered55rosered55 Registered User Posts: 2,794 Senior Member
    Is it possible for either parent to increase earned income? That would help with paying for college and with saving for retirement.
  • mom2collegekidsmom2collegekids Registered User Posts: 82,627 Senior Member
    <<<
    Im sure she will get some kind of merit scholarships,
    <<<

    Some of those schools don't give merit. Don't expect merit from Columbia or Boston College. Depending on stats, she could get merit from Tulane, BU, NEU and UMiami....and too many of these don't give great aid.

    I think she needs a better list.

    Is she a NMSF?

    Is she applying to UFlorida?

    What about some LACs?

    What is her major and career goal?
  • thumper1thumper1 Registered User Posts: 63,967 Senior Member
    Do you qualify for SNAP, free or reduced lunch or any other means tested benefit? Is your income $45,000 before or after taxes?

  • mom2collegekidsmom2collegekids Registered User Posts: 82,627 Senior Member
    <<<
    The 45K is with the rental income, and the gain from the stocks (conservative brokerage acc) and yes this is for our retirement, which to me is really not that much, Im don't expect her to go full ride, I would be comfortable paying 25K a year, (help from my mother)
    <<<


    Is your home paid off as well?

    It sounds like either you or your husband doesnt' work. If true, is it possible for the nonworking parent to get a job to help pay for college? If not, then prepare your DD for the situation so that she has an appropriate list where she'll get enough merit so that the $25k per year can cover the rest. Do you know for sure how much your mom will contribute?
  • Mom2aphysicsgeekMom2aphysicsgeek Registered User Posts: 3,736 Senior Member
    With a $45,000 income, your dd should recognize that $$ is an issue and that the family needs to make a financially responsible college list. The vast majority of tippy top students do not attend expensive highly selective schools. There are stellar students on just about every campus in the country. Students who actively pursue opportunities on their UG campuses and graduate from those non-tippy top schools have great career options and are accepted to top grad programs across the country. Since FL has great schools, that is the obvious place to start.

    If she is qualified for admissions to very selective schools, then there are lower ranked schools where she would be competitive for large merit scholarships. She could attend a really good university for a fraction of a $100,000. Many competitive scholarships close Oct 15-Nov 1, so she would need to alter her list immediately in order to apply for those.
  • thumper1thumper1 Registered User Posts: 63,967 Senior Member
    If your income is $45,000 a year...how would you be able to pay $25,000 per year for college? Your take home pay is probably less than $40,000 a year.

    I know you said your parent would help put...but really...this does not sound financially sustainable.

    And what if something happens and your parent needs the money for,their own needs?

    Again I ask....do,you qualify for free or reduced lunch, SNAP or some other means tested benefit. And is your $45,000 income before or after taxes?
  • mrminskymrminsky Registered User Posts: 18 New Member
    You have yet to post any stats so in the context of this posting, we have no clue what the possibilities are. I can tell you that we are in a similar situation and the only schools we would consider are the High Merit Universities based on stats. Based on some of the schools on your list (all private), you are setting yourself for A BIG LETDOWN. Again we do not know her stats, but the majority of the schools are ranked in the 30 to 60 range. Why not move the list to schools in the 55 to 100 range. I think you will find an amazing set of schools that would offer decent merit or at least in your range. Both UF and FSU are very good schools and extremely affordable. South Carolina, Alabama, and others offer some decent Merit. Many of these schools have an Honors program which could make a difference to your daughter.

    We just got back from a Boston trip. We had a chance to walk around the city including the areas of BU. I can tell you that room and board alone can run you $20K. Boston IS VERY EXPENSIVE.... Compare that to Gainesville or Tallahassee and the savings is substantial. Is you are looking for a smaller school take a look at the College of Charleston or even Elon (got to research this). Both of our kids are aware of the financials and my daughter understands what the her options are. She has her financial safeties and she has her financial reaches. They are all good schools . She is applying to see what can happen. But she has to apply to Financial safeties.
  • SybyllaSybylla Registered User Posts: 1,562 Senior Member
    edited October 5
    >>>>>The 45K is with the rental income, and the gain from the stocks (conservative brokerage acc) <<<<<<<

    If your annual income from a job, (?1/2/none) rental income and brokerage is 45K, I can't think we are talking about significant value assets. You cite the value as 450K but income is so little? Maybe you should look at boglehads.org re your brokerage account. How much of the value is in the rentals and why is the rental income so low?
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