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Low Income, High Assets (Questbridge)

FleetingYouthFleetingYouth 7 replies2 threadsRegistered User New Member
Our family are immigrants from East Asia to America for almost ten years. We saved quite a lot to be able to buy a condo in NYC (600K+, no mortgage due to lack of permanent residency). But due to language barrier and such, we have a low income of about >20K in a 4 household family.

Will this affect greatly my chances of getting in Bridge Quest?
edited September 18
10 replies
Post edited by mom2collegekids on
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Replies to: Low Income, High Assets (Questbridge)

  • milgymfammilgymfam 819 replies14 threadsRegistered User Member
    How did your family save $600k in ten years on a $20k a year salary?
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  • FleetingYouthFleetingYouth 7 replies2 threadsRegistered User New Member
    Saved as in back in their native country... they work on business. House was brought about 4 years ago and value increased around 50K because it’s NYC

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  • FleetingYouthFleetingYouth 7 replies2 threadsRegistered User New Member
    I just realized I misspelled the program, it’s “Quest Bridge.” I just heard about this today and did a little research so I want to make sure if I’m wasting my time or not...
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  • happymomof1happymomof1 29649 replies174 threadsRegistered User Senior Member
    It might make sense for you to ask about how property and owning a business affects QB eligibility in the QB forum. https://talk.collegeconfidential.com/questbridge-programs/
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  • SybyllaSybylla 3812 replies48 threadsRegistered User Senior Member
    Are you, the student, a US citizen??
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  • mom2collegekidsmom2collegekids 84090 replies1024 threadsForum Champion Financial Aid, Forum Champion Alabama Forum Champion
    edited September 18

    Our family are immigrants from East Asia to America for almost ten years. We saved quite a lot to be able to buy a condo in NYC (600K+, no mortgage due to lack of permanent residency). But due to language barrier and such, we have a low income of about >20K in a 4 household family.

    Will this affect greatly my chances of getting in Bridge Quest?



    Saved as in back in their native country... they work on business. House was brought about 4 years ago and value increased around 50K because it’s NYC


    What sort of business do your parents have now?

    I don’t think QB or schools are going to believe that your parents are only earning $20k per year in the US for the past 4 years as the property taxes, HOA monthly fees, and electric bills would far exceed $20k per year.
    edited September 18
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  • FleetingYouthFleetingYouth 7 replies2 threadsRegistered User New Member
    My parents had long left go of the business when they came to America but however expensive property taxes, bills and etc. cost, we were still able to get by fine.
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  • thumper1thumper1 74733 replies3274 threadsRegistered User Senior Member
    edited September 18
    Come on...your taxes, utilities and living expenses would exceed $20,000 a year.

    This story makes no sense. Is this $20,000 a net income, or is this the gross before all deductions are taken.

    Even if money is earned under the table, it is required that you include it on the financial aid forms.

    edited September 18
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  • mom2collegekidsmom2collegekids 84090 replies1024 threadsForum Champion Financial Aid, Forum Champion Alabama Forum Champion
    edited September 18
    My parents had long left go of the business when they came to America but however expensive property taxes, bills and etc. cost, we were still able to get by fine.


    ?
    What do they do for a living ($20k per year) in the US?


    something isn’t right. Either your parents still have a LOT of savings which is subsidizing their low-income, or they have some other source of income.

    Taxes, HOA dues, and utilities would be taking up all or almost all of their income.

    edited September 18
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  • mom2collegekidsmom2collegekids 84090 replies1024 threadsForum Champion Financial Aid, Forum Champion Alabama Forum Champion
    your concern about QB and your assets are real. Likely the assets will be a problem.

    You haven’t mentioned parents savings. Perhaps your parents havent’ shared with you how much they have saved?

    Are you an int’l or green card holder? Earlier you wrote something that sounded like your parents aren’t permanent residents.
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