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

pamelamkpamelamk Registered User Posts: 16 New Member
My daughter is a senior, and she's applying to high selective schools, the combination of incomes from my husband and mine is less than 45K, but I had and inheritance in 2010 and have rental properties and some brokerage acc, totaling 450K, could that hurt my daughter, we wouldn't be able to afford high sticker price for HS Universities. The 450K is all we have and we are in our mid 50's, I son upset thinking that I will crush my daughters dream..I appreciate any answers thank you
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Replies to: Can My Daughter get Financial Aid if parents have lo income and high assets?

  • mommdcmommdc Registered User Posts: 9,148 Senior Member
    Run the net price calculator on each college website to see aid estimates,

    Also, make sure she has some admission and financial safeties, so she has options.
  • PheebersPheebers Registered User Posts: 580 Member
    They do look at parental assets, but assets have less of an impact than income. The best thing to do is pick a few of the schools your daughter is looking at and run the net price calculator on that college's website.
  • PheebersPheebers Registered User Posts: 580 Member
    edited October 5
    Also -- if she's good enough to be applying to highly selective schools, she's good enough to get merit scholarships at schools where she'd be in the top 25% of the freshman class. Make sure she's applying somewhere you can afford.
  • mom2collegekidsmom2collegekids Registered User Posts: 82,623 Senior Member
    <<<
    high selective schools, the combination of incomes from my husband and mine is less than 45K, but I had and inheritance in 2010 and have rental properties and some brokerage acc, totaling 450K,
    >>>

    Highly selective schools usually use CSS Profile and they will consider everything.

    Your and H's incomes total $45k....but what about the rental income? And the brokerage income? That will all count as well. What is the total income?

    Is the $45k from two working incomes? Is any of that from a business? Or does either of you take business deductions?

    Do you also own the home you live in? How much equity is there?

    Be upfront with your DD about the situation and how the assets can't be spent on college because (I'm assuming here) those funds will be for your retirement.

    If your DD has the stats for selective schools, then she has the stats to get some merit scholarships.

    What is your home state?


  • collegemom3717collegemom3717 Registered User Posts: 4,304 Senior Member
    This is a too-familiar problem on CC, but at least you are looking at it now, and not next spring!

    Check out the high award universities (university of alabama, for example). If she is a super star (applying to tippy top schools), check out the super selective scholarships at places such as UVa and UNC-CH.

    As the others have said, be prepared for NPC to be wrong & be prepared for the top schools to decide that you can afford to pay more than you think you can based on income. Most will think it perfectly reasonable for you to spend a good amount of that $450K on them.

    It may be hard for her to get her head around less impressive names, so the sooner that starts the better: those are the names that will want her enough to incentivize her into coming. Her focus needs to shift from 'where can I get in' to 'who wants me enough to make it affordable'. It can be done, but it will be a lot happier journey if she buys into the idea that she can take real pride in having the payoff from all her hard work be that she will get a good college education with little or no debt.
  • TomSrOfBostonTomSrOfBoston Registered User Posts: 11,620 Senior Member
    You may have to look at colleges that offer merit aid, depending on her stats. Also there is your state flagship.
  • aunt beaaunt bea Registered User Posts: 8,378 Senior Member
    It is very difficult to have to tell your children that you can't afford to send them to their "Dream" college, but if you have spoken to them about finances and have involved them in their own banking, they do understand.
    It helps if they have summer jobs. The first time they earn $1000, they realistically "LEARN" how hard it is to earn money; then they apply that to large costs of college.

    Your child does not want you in extreme debt.

    If she's smart, she'll figure out how to find merit dollars.
  • aunt beaaunt bea Registered User Posts: 8,378 Senior Member
    edited October 5
    see above^
  • BelknapPointBelknapPoint Registered User Posts: 2,960 Senior Member
    Each year, try to move the maximum amount that you can into IRAs.

    Agreed. Lower income parents saving for retirement outside of qualified retirement accounts is a need-based aid problem and can put a comfortable retirement in danger when there's a much greater tension between paying for college and affording retirement.
  • pamelamkpamelamk Registered User Posts: 16 New Member
    Thank you everyone for taking the time to answer. 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), Im sure she will get some kind of merit scholarships, but I couldn't afford sticker price 70K per year, her choices are Columbia, Boston College, Boston University, Northeastern, University of Miami, Tulane. Fafsa opened October 1st, and we have to use 2016 Taxes, Im in the process of filling now. Thanks everyone again!!!!
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