The EOP program has been mentioned to me several times. I am wondering what it is and if I qualify. 
My specs:
Ny Resident
parents make 120,000 a year after taxes
Interested in music BA degrees
Schools of interest:
Ithaca
SUNY Potsdam
Geneva University
Houghton University
Short answer no and you are unlikely to get significant need aid, if any at most schools. $120k after taxes is likely $160, 180k b4 and as I noted on the other thread, AGI is b4 tax, but includes some uncommon deductions. In other words, you keep saying 120k but that’s not the right # Your parents AGI will be much higher. See image for EOP, which is also pre tax.
As to whether academically you qualify for a top school that might offer, say free tuition for families under $200k, etc, we’d need to know more about your coursework and you’d need an SAT - likely 1500+ - in addition to your talent.
You are u fortunately like many families - substantial earnings but the parents refuse to pay (it sounds like). Others simply do not want to pay In full. I’m full pay but gave my kids a budget.anything over came right off and if no merit was offered by a school, they didn’t bother to apply.
Hence the CC and full ride suggestions.
You’re in a tough spot and I empathize. But it’s a spot you have to embrace You mentioned $44k earlier and it will be more with inflation. After loans (which have fees and need to be paid back), where will the rest come from ? It’s not insignificant. Maybe you work or are an RA Maybe take a gap year and work - and keep working at a place that offers tuition assistance ….
During the admissions process, would they estimate taxes taken out? This money is money my parents can’t pay for college, so why wouldn’t colleges use income after taxes, as the money taken for taxes can’t be used anywhere else?
Because the FAFSA and CSS at schools that use a baseline that is the same for all. But the CSS using privates then can adjust.
Most will count stocks and bonds but many will count home equity. Maybe a family lives paycheck to paycheck but has a home worth a million $ with no mortgage. Most schools will want you to monetize that home and use the $$ to pay for school - meaning sell the home to raise $$.
The other thing is - every family is different. Two may make $175k. One has a mortgage and can write off $40k in interest and property tax. Another lives in an apartment and has no write off. He will pay more in taxes. Is it fair that person who has a mortgage gets a break ? Others can write off medical bills or business expenses to lower a tax burden.
So to look after taxes would be unfair because people make choices that impact their taxes paid and other things in life. So that would be unfair to include although some colleges do exclude home equity.
The other thing is - if they looked after tax, they’d just adjust their aid tables downward.
Through high school, education is a given by law.
College, on the other hand is not. It’s a consumable that has a cost and not everyone, sadly, can consume it or all parts of it - like living at school.
Now some may say - my family seems as if they have money but it’s not liquid. In other words, they can’t turn the asset into funds overnight. But that is not the college’s concern nor should it be.
Remember, colleges are businesses. They need to bring in more $$ than they are spending. Many today don’t so they are both raiding their endowments plus cutting programs.
There is a path for you but you mentioned your parents not wanting to participate. Whether they can truly help or not, at their income most every college will assume they can and significantly. They will see their lack of contribution as a choice vs they can’t.
So I like what you said - live with a friend. But maybe it’s an RA (resident assistant in later years for cheap rent but those are hard to get and can’t be counted on in advance). Maybe it’s applying for a few full rides at less selective schools like E Carolina or UNCC or Alabama A&M and perhaps others know some more.
I actually looked at Starbucks and Target because if you work there, you can get your degree paid for on line. They have hundreds of offerings but sadly music doesn’t appear to be one which makes sense.
As others said - try - but that going to a CC near where you have a place to stay for free might be the sure thing you need to have as a just in case.
Sorry - these are grown up problems. But kids, as they become grown ups, start with a harsh lesson very early.
The earlier you start working - like now - to make $12 or $15 an hour - it likely won’t make a huge difference but every bit helps.
But why would the FAFSA and CSS do that, if they can’t add that to the EFC?
Is $120k their gross income or their AGI? If you don’t understand the difference please google it (AGI is the amount you pay taxes on, after certain deductions). I don’t understand the explanation given above by another poster as AGI should be substantially lower than gross income. At some schools you will get financial aid regardless of whether that number is AGI or gross, but if it’s gross and AGI is more like 85 or 90k you should get substantial aid at meets need schools unless your parents have a lot of investments or a second home or something.
120K is the amount they made in general, I believe. I am not quite sure. At first I thought it was after taxes, but they said that it was the amount they made, which I am now beginning to realize that the 120,000 is before taxes, not after.
@tsbna44 , You should see this to
I posted the official IRS guideline on the other thread. The student is assuming AGI is post tax. It’s not. When I get home I will look at my tax form.
But AGI is before taxes are taken out. If your parents net income is $120k, their AGI in NY will be $160, $180k, maybe even higher.
" To be eligible for EOP, applicants must be ineligible for admission under traditional standards, but demonstrate potential for completing a college-level program. You may wish to view EOP information for each campus on the Admissions Information Summary Sheet . Applicants must also qualify as economically disadvantaged ."
Your grades/application package may also be to good based on your other posting?
I updated my view above. They said “I made 120K,” which means before taxes.
But it still looks like I am ineligible. Is that a correct assumptions, if we ignore the saying about assumptions
It still won’t work there. It may at some high priced privates but you have to get in. And schools that list a $ amount also disclaim that with based on average assets. I have an income that should have qualified mine for $ but didn’t. When I questioned, it was the answer.
Honestly regardless of $120 or $180k, your situation is the same.
I like how you are explorIng community colleges. Do you have a person in mind that might house you ? Will they house you for free ?
You can still apply where you want but that for sure - not just admission wise but affordability wise - is more important than any school in your list.
Also and not being a music parent, I don’t know if this is a thing - but could you reach out/set up a zoom with Ithaca. Explain your situation. Maybe they can give you pointers both on affordability but maybe even offer a free trial lesson or observation on your talents so you’ll know where you stand vs a hs choir teacher.
Just a thought - not sure if it’s a good one but given you live close.
Maybe. I will ask my teacher, who is an Ithaca alum.
I am just concerned about the cost of IC in the first place: over 90,000 before aid per year. I also see that 120K won’t make a difference, especially considering the inheritance they are about to receive from my grandma’s estate. I also will receive a considerable amount of money, but won’t be able to use it till I’m 25. With that money I may be able to borrow some and then pay it off using my inheritance money once I’m twenty-five or get an associate’s degree then wait until I’m twenty five, then apply for a school and use the money to pay for it.
Please make sure to study for the SAT. Do you have courses in all key areas - English, Science, Math, Social Science, Foreign Language - preferably four years in all but at least four in English, 3 in math and social science and two years lab science and foreign language ?
Yes, I do. I plan on getting the advanced placement diploma. I will have taken five yrs of foreign language and four of everything else, and five science credits, with four being lab science. I will make sure to study for the SAT, which I will take in the fall.
Yeah I don’t think Ithaca will work (it’s likely not worth an app) but this is why they invented net price calculators. Your dad/mom if able and not you needs to fill it out because they ask a lot of things they are not sharing with you. Ithaca does not claim to meet need.
Few are paying full to Ithaca. Ithaca knows this and heavily discounts most. It’s not Cornell where people will pay. They appear to offer a few full tuition scholarships but I don’t see full rides. You can look - I may be wrong.
Ithaca is less than you say but look at just tuition, room and board in the high 70s today. The other fees are variable by kid - like you wouldn’t have transport but know costs go up each year.
You could likely get into the 30s or 40s with merit but you need under 10k. Ask dad to help you help him move you out (you said he wants you out) by filling in the NPC (linked below).
Yesterday someone mentioned Oberlin. They meet need.
Others like Case Western, Dickinson and Cc favorite St Olaf do too.
It doesn’t mean you will go for dirt cheap. Your dad would need to fill out each NPC - they could take 10-15 minutes to see.
But many schools are need aware. That means if you need what they deem as too much, they can decline to admit you. They might want to spread their budget amongst more.
But dad will need to participate by doing the NPCs. Or maybe he can do one with you so you have the info so you can do the rest. Don’t assume one school’s # will equal another. We see some families reporting two like schools showing $50k apart.
Should you get into a school with a big need grant, they will ask for documentation to confirm so truth is important.
But given it sounds like you are a strong student, you might move up scale where aid is more plentiful, even for higher incomes. Bit a strong SAT (like 1500) maybe the difference there.
Here’s a third party list so you need to validate but if schools that meet need.
There’s 3 lists in there so scroll down.
Here is a tax form. You can see none of the deductions and taxes owed are there. It’s basically income, unearned income etc.
Anyway, I think you have a plan now - the low cost with free place to live CC, and then four year schools with likely low cost. But if NPCs show a favorable amount, you might go for some reach type too. And I’d add a few schools that offer full rides.
I know a lot is going on with your mom’s health and while it will be a stressful time (looking for a college), just know it’s the beginning of a very long journey and it’s not how you start but how you finish - so you will have many years and opportunities to knock it out of the park.
As a NYS resident, if your family really makes 120k, you can be eligible for free tuition at SUNYs; there’s also a scholarship if you’re top 10% or plan to major in STEM.
There’s a scholarship for specific private colleges
For private colleges, the program is HEOP but you’re above the financial eligibility threshold.
