My parents are divorced, and both of them make above the average income, and they also both live in very expensive areas. I have incorrectly stated on another thread that their income is low, but that is not the case— it is actually their savings that are nonexistent. The areas they both live in are so expensive that there is almost no money left from their incomes after they pay their living expenses.
Will their high incomes disqualify me from receiving need based aid?? They just have no savings and it will be impossible for them to pay for my college because of the expensive living costs. I really will need a lot of aid, so will the cost of living in their areas be taken into account by the financial aid offices??
If it matters, one parent has a new spouse with a higher income (but the new spouse wont contribute to my tuition, and things are still sort of tight for them in the area they live) and i live with my custodial parent who makes even less. Neither have any assets, except the house.
No, it won’t.
@BobWallace so i wont receive a lot of aid?
Income matters most. They don’t care if your family has savings or not, nor if they have chosen to live In an expensive area. Also, at almost all top/meets needs schools, the spouse income & assets of parents who have remarried is also considered, whether they plan to contribute or not.
It is very likely that financial constraints will become the decision driver for your college search.
You will need to look for schools which will offer you merit aid.
Generally speaking, the higher the income the lower the aid.
It does not matter that your parents live in an expensive area. If they have no savings, that will not make the colleges say, “hey, these people have no money saved, let’s give their child aid.”
There are people out there that don’t make enough money to afford homes, clothing and food. Who do you think will be the recipient of need-based aid? Just because you NEED aid doesn’t mean you will get need-based aid.
Your only way to afford a college education is to apply to schools who will give you enough merit aid to fund your education. This doesn’t necessarily mean HYPS only.
Need based financial aid is largely based on your parents’ incomes. If they both have high incomes, it is very possible that you won’t be eligible for need based aid at all.
That your parents live in expensive areas really won’t matter to the colleges in terms of need based aid calculations.
"This doesn’t necessarily mean HYPS only. "
HYPS dont offer merit aid.
well im not saying that the incomes are crazy high, since theyre still under 200k. but i guess with the step parent, it would be above 200k.
and does it help that its the non custodial parent who has remarried, and the custodial parent has less income than the non custodial?
You can apply to FAFSA only schools with just your CP income and assets. But it sounds like you will still have a high EFC.
If your parents combined income is $200,000, you won’t qualify for financial aid. It might be best to pursue merit scholarships.
Solely for FAFSA only schools, which don’t offer much aid. CSS Profile schools (the ones that meet need) will look at ALL that income.
About $200,000 in earnings is more than 90% of the US. You think you should get need-based aid?