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Financial Aid Assessment, College Recommendations Needed

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Replies to: Financial Aid Assessment, College Recommendations Needed

  • KelseyMKelseyM 157 replies7 threadsRegistered User Junior Member
    I will investigate those schools, MYOS. I'm pretty positive that they're a pretty good fit if you say so. I'll be doing my NPCs tonight and will make another post with some numbers. They will include both safeties and QB partners.
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  • KelseyMKelseyM 157 replies7 threadsRegistered User Junior Member
    Here are some NPC calculations ran using 2018 tax information. These are all AFTER the student employment income is deducted (from me working while also being a college student and paying for it) and are per academic year. Some are ones you guys recommended:
    UChicago: $3,993 (was on a 2017 calculator, may not be accurate)
    Vanderbilt: $856
    Rice: $0
    Hamilton: $4,550
    Haverford: $2,000
    Grinnell: $6,000
    Davidson: $2,025
    Emory: no found accurate NPC
    Tufts: $0
    UTK: $3,560
    Berea: $0
    Rhodes: $24,000
    UT Dallas: $5,245
    Do you think these are accurate based on what info you see that I have given? I can't tell if these prices are necessarily good in return for the education I'll get. Grinnell's, UTK's, Hamilton's, UT Dallas's, and especially Rhodes' shocked me. Then again, some NPCs said the estimate would be off because of separated parents... Is there anything I can do to get a more accurate estimate, or is this the real deal?
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  • cptofthehousecptofthehouse 29423 replies58 threadsRegistered User Senior Member
    edited July 17
    The difference between a school that guarantees to meet full need and one that does not, is what you are seeing with Rhodes. Most schools do not guarantee to meet full need. You picked schools that pretty much do, other than Rhodes and UTDallas. A good NPC will only include what the school guarantees to meet. It is very possible for any one of these schools to give MORE money upon assessing your application due to merit within need grants and pure merit money. This is just what they automatically give out based on the numbers you give on the NPC.

    Which leads to the downer part of all of this. The NPC cannot go into the detail that the CSS PROFILE app will. That’s where the issue of your father’s business is going to be assessed. Right now, those quick estimators are assessing your finances as though your father was earning a straight up income. As you and your father have both learned from his issues with the IRS, business deductions are not an easy go, especially without back up documents. The PROFILE schools will look at what the IRS is claiming was income if those questioned years are in the mix. In any case, some deduction will be likely added back and s value given to the business as an asset. None of that mess is in those estimators.

    As for the zero EFC, I don’t know a single person who got the match and the QB scholarship without a zero EFC. That’s why it’s important. With free lunch, you get an auto zero EFC under the Simplified Needs Test:

    https://www.google.com/amp/s/www.edvisors.com/fafsa/eligibility/simplified-needs-test/?google=amp
    edited July 17
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  • merc81merc81 10347 replies157 threadsRegistered User Senior Member
    You might want to see if the figures available through this site are comparable to those you've indicated: https://myintuition.org/.
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  • cptofthehousecptofthehouse 29423 replies58 threadsRegistered User Senior Member
    I would use the NPCs that each college has on its own website over a one size fits all estimator.

    Also, if there is an issue with the NPC that the college itself has put out there, it’s a legitimate bone to pick with them. Using an outside calculator means nothing to them. It’s not what the college is estimating.
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  • merc81merc81 10347 replies157 threadsRegistered User Senior Member
    edited July 17
    @cptofthehouse: You might not be familiar with MyinTuition, but the 55 listed colleges are participants in the organization. The site's validity for these schools would appear to be equivalent to that of the Net Price Calculators.
    edited July 17
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  • Mwfan1921Mwfan1921 2288 replies30 threadsRegistered User Senior Member
    edited July 17
    These NPCs are a good start, and running them is a good educational exercise.

    But, as cpt says, they may not be accurate because of your father's business whether FAFSA only or CSS Profile school. The schools on that list that use Profile (most of them I think) will also consider your NCP mom's financial info....so those estimates may be off for BOTH the business valuation/deductions AND your mom's info (unless they asked for it in the NPC calculation).

    For example, just to be clear, a school could disallow any or all of your dad's business expenses and deductions, in effect saying his income is the entire $46K. That is an extreme example, but typically at least some portion of business/expense deductions are added back for financial aid purposes.

    Lastly, the meet full need vs don't meet full need is an important distinction. Many schools that do not meet full need will not get close to one's FAFSA EFC...what a family is expected to pay can be much higher.

    Eventually, you will have to speak with financial aid reps at the schools on your list regarding how they will consider your dad's business.....some may even do financial aid pre-reads. Make sure you have a very clear understanding of how much you will be expected to pay at any school where will apply ED (could be 12 if you are a QB finalist).

    Edited to add: many schools that meet full need, even with EFC 0, will expect students to contribute by working and earning money during the summers and school year. Some schools will also expect students to take out the $27K in undergraduate loans.
    edited July 17
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  • thumper1thumper1 74811 replies3279 threadsRegistered User Senior Member
    These are all AFTER the student employment income is deducted (from me working while also being a college student and paying for it) and are per academic year.

    Was your student employment income a work study job? If not, it can’t be deducted.

    In your case, the net price calculators have great potential to NOT be accurate. Your parents are divorced, and one parent owns a business. Both of these criteria can affect net costs in a way that can’t be reflected on the NPC.

    For businesses...there are deductions allowed by the IRS for tax purposes that are added back in as income for financial aid purposes.

    Many net price calculators do not ask for marital status...but these same schools use BOTH parents incomes and assets because they use the Profile or some other form.

    You can have a $0 EFC per FAFSA, but have a much higher net cost per CSS Profile.

    I think you have gotten some good suggestions on this thread...apply to some of these colleges...and see. As I said earlier, all of the University of Alabama schools would give you guaranteed merit aid...guaranteed. Add to that the Pell, and Direct Loan, and a summer job, and you very well could cover these costs. You would know very soon...if you apply today.

    Absolutely, apply to some of the colleges on your list. Do Questbridge. See where the money is forthcoming.

    Re: the net price calculators, I would suggest running them again in August...some are still set for 2019-2020 starters.
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  • cptofthehousecptofthehouse 29423 replies58 threadsRegistered User Senior Member
    The mother’s income as reported by the OP from 2018 1040 is not enough to make a big difference, if any. If accurate, that’s not going to be a stumbling block

    The business could be. So a sure thing, affordable Admissions is important because it is very possible to not get accepted to any of these selective schools, and if accepted, not get a doable aid package or merit money. It’s all up to the schools.

    You can apply ED and still apply to state schools on a rolling of EA option under any ED program Ive seen. Still, double check the rules.

    I’d apply ED through QB match. If you get it and the award, you are done with a full ride at your first choice school. Yes, it’s a lottery ticket, but you have an excellent credentials and with a zero EFC, you are definitely in the running. The prize is certainly worth the effort of applying.

    If allowed by QB rules, apply early as possible to some state schools. Like your own, UTDallas, Alabama st Huntsville , Pitt. You can then get done early answers with good merit packages on board as you go into your RD phase

    You then go through QB for your 10 allowed picks, and you will get preference and some help through QB. This maximizes your chances of getting accepted to those schools

    Then apply to anything else you want, if any, to complete your process. Maybe Lee University Bear you that guarantees some money.

    See what happens. You have your sure things in pocket, hopefully. And hopefully, a preferred school come through. Good luck in the process!
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  • GTAustinGTAustin 1180 replies9 threadsRegistered User Senior Member
    For UT Dallas, if you received the highest AES merit scholarship, that would leave about $5000/yr. This could be covered by need based financial aid, work or loans. I don't think when you run the NPC for UTD, it factors in receiving the scholarship. If you apply in the fall, you will know within 3 to 4 weeks what scholarship level you would receive.
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  • KelseyMKelseyM 157 replies7 threadsRegistered User Junior Member
    Alright, wonderful suggestions. I will apply to all of those safeties you listed once I get home and read QB rules. Thank you!
    All of the tax numbers are straight from each parent's and my 1040.
    I deducted work costs because I was thinking about being employed while in college and paying for as much as I can? So to pay for it, it has to be work-study related?
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  • thumper1thumper1 74811 replies3279 threadsRegistered User Senior Member
    edited July 17
    The only student earnings that don’t count on the FAFSA form are work study earnings. If you worked a regular job, you MUST include the income from your job...regardless of what you used it for.

    You aren’t even a college student yet...so it’s not possible for you to have had work study in 2018.
    edited July 17
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  • MYOS1634MYOS1634 41885 replies451 threadsRegistered User Senior Member
    Note: "work study" is a federal program which helps colleges hire college students part time. It gives students with a "work study award" priority for some positions. You don't get the money upfront, you have to find a job yourself and then receive a pay check twice a month for the hours you actually did. It helps with miscellaneous expenses - toothpaste, pizza, this kind of thing.
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  • cptofthehousecptofthehouse 29423 replies58 threadsRegistered User Senior Member
    Your income as a student is well under the $6660 that counts for FAFSA. So no worries about that. If you have savings or other assets, it’s best to reimburse you father for expenses and let it sit in his accounts because studebtvasets get no allowance before being hot 20%. Maybe more under PROFILE. Of course , with an auto zero EFC with FAFSA, that is not a concern there but you have a lot of PROFILE schools on your list , and QB is PROFILE driven as well.
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  • KelseyMKelseyM 157 replies7 threadsRegistered User Junior Member
    edited July 17
    cpt, what do you mean by that? Does that mean before I file my FAFSA, I should drain my account and spend? Give some money to my dad as a repayment for his favors, something like that?
    I remember MYOS said something a while back in another thread of mine about spending money on the right things, too. No stuff like Michael Kors handbags or Gucci glasses, but stuff like necessities or things to provide for the family. Do they get down close to you that far?
    edited July 17
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  • cptofthehousecptofthehouse 29423 replies58 threadsRegistered User Senior Member
    Unless you get the auto zero for EFC, FAFSA assesses student assets at 20%. PROFILE even more. Parents only 6% after an allowance. So it is much better for parents to be holding those assets than the students. Most kids can reimburse parents for any number of expenses legitimately.
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  • thumper1thumper1 74811 replies3279 threadsRegistered User Senior Member
    The money actually needs to be given to the parents if this student is honest. If the money is in parent accounts but is still HER money...She needs to count this as her money and it is assessed at the student rate for FAFSA purposes.

    But this student can buy needed things or pay parents for things as well. This can reduce the amount that belongs to the student.

    @BelknapPoint anything to add?
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  • cptofthehousecptofthehouse 29423 replies58 threadsRegistered User Senior Member
    @thumper1 brings home an important point here. Hiding money under the bed, in a shoebox, given to a friend to hold is lying to the Federal government. FAFSA is a federal form, and the warnings and penalties that are there regarding false information are serious. Bear that in mind
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  • collegemom9collegemom9 795 replies30 threadsRegistered User Member
    You need to look at full needs schools. I know the non-custodial parent thing complicates things but this will be your best bet at a full ride for FA. Emory is very generous to low income students. With your stats it's a school I would look at seriously.
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  • collegemom9collegemom9 795 replies30 threadsRegistered User Member
    Just noticed that you said your couldn't find Emory's NPC. Not sure why but it's on their FA page.
    https://www.emory.edu/home/admission/financial-aid/index.html
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