What does @PhysicsIsNotPhun hope to gain by being poor for college admissions?
If truly lower income, he could qualify for the Excelsior award which is free tuition at a SUNY. If he lives within commuting distance of a SUNY, this could be a great bargain,
Colleges don’t look at what’s left after you paid loans/mortgage. Thy look at the total and want parents to use some of that amount which may be used to pay loansborbsave for retirement…and use it for College.
This doesn’t sound right. Income isn’t affected by the desire to pay off loans quickly. I person earns what they earn. They can then decide to put some towards debt, but that doesn’t reduce their income.
I think what they mean is that they’re not taking much as a “salary draw” from the business because they’re putting the money towards the business debt. Sounds like you need to avoid schools that use CSS Profile.
“The value of that new business will be considered by Profile Schools”
I think that this is likely to be the biggest problem. At least from what I have heard, small business owners can hardly ever take money out of their small business other than whatever profits they might get. Profits are often inconsistent and hard to predict. However, financial aid seems to think that small business owners can both draw a profit from their business, and also draw on the value of the business. Taking on loans against the value of a small business can be very risky, and very likely catastrophic for the business.
Another issue is that NPCs might not be accurate in your situation.
My guess is that funding university may be a challenge for you and your parents. You might need to consider the least expensive in-state options. In NY state you do have some really good in-state options.
This.
But the OP really needs to talk to his/her parents and get the “how much will you be able to pay every year for me to go to college?” question answered. For all we know, the parents set up a 529 with some of the money the earned over the years.
As I mentioned upstream, IF the family income is really low, the OP might be eligible for the Excelsior scholarship. If not, the STEM one could be an option. Tuition possibly could be covered at a SUNY school.
@sybbie719 do the Excelsior, STEM and TAP consider assets…or business value?
STEM will no because it is merit money. Excelsior and TAP will ask for Financials because OP does not have a straight forward situation. The business and the house will also make OP ineligible for EOP/HEOP