Do I qualify for a financial aid appeal?

thumper1
Wed, 06 May 2020 02:27:55 +0000

My parents make around 230k a year working 15 hours a day, everyday managing a buffet. They own around 10 real estate properties where they make very little income as they use the rent to pay off mortgage. As a result, my fafsa EFC was around 400,000 which didn’t make much sense to me

1. How much equity is there in each of the 10 rental properties you own?

2. How much rent is collected on those properties (that’s income)

3. Do your parents own the buffet they “manage”?

It sounds like you think Yale should be giving you need based aid so that your parents can use the rents they collect to pay for rental properties. Is that right?

I agree with @happymomof1 . The equity in 10 rental properties is likely what is driving up your EFC.

Oh…and by the way…Yale uses the CSS Profile. The FAFSA EFC is meaningless. Some of the deductions your parents take for their rental “business” are likely added back in as income for financial aid purposes.

Even if Yale decided your family contribution was half of what you are saying ($200,000 instead of $400,000), you still wouldn’t get a nickel if need based aid.

You certainly can appeal your aid…but if your family can’t pay the full cost for you to attend Yale, why did you commit to that college.