Given the lack of transparency about how lenient colleges are with non-custodial parent waivers, you should consider getting such a waiver to be a “reach”. Results could vary between different colleges.
Your safeties need to be colleges that are affordable
(a) at list price, or
(b) with merit scholarships assured for your stats, or
(c) on need-based financial aid and the college does not require non-custodial parent information or a waiver.
@austinmshauri Your assertion is correct. The divorce was quite some time ago (I was 4) but there were ugly custody battles up until I started high school. And, yes, my intention is to “make tons of money”. Divorce court is expensive.
It’s not quite that I “don’t intend” to go to my in-states as much as I just don’t know. If I get $0 merit aid, I’d imagine Columbia would be better given the relatively-marginal cost difference.
I would rather go to my in-states if I knew for certain that my earnings would be unaffected. That’s part of my question- is Columbia going to let me earn the difference between it and my cheaper options ($28k or $128k depending on merit aid) and then some? Do I even have a reasonable chance to get a bunch of merit aid from NC State? And what are the consequences of asking to be released from an ED agreement due to financial reasons?
A lot of people have mentioned how I should keep in mind my parents’ debt, which is fair. However, that debt belongs entirely to my mother. My stepfather went to an OOS public school (albeit almost 30 years ago) and payed off his debt in 2 years. My mother, however, had upper-middle-class parents who ensured she got no need-based aid but also didn’t help her pay (again, it’s ugly). Moreover, she has 3 degrees and, frankly, didn’t do the best job ensuring that they provided ROI- only the last one will actually lead to a job.
My financial situation is more akin to my stepfather’s than my mother’s, so I don’t see why I wouldn’t pay off all my student debt in 2 years time. Yes, $130k is a lot- it’s money I could be investing in property in my early 20s- but it’s not exactly akin to my mother’s $100k in debt.
My father’s financial info was not included. He won’t be contributing anything and is very bad with money. He likely makes less than $10k a year, weaves in and out of sobriety and doesn’t own property. My stepfather’s financial info, however, was included in the NPC. We included everything it asked for insofar as it pertains to our household, just not my father’s.
Is applying for the CSS waiver done once, or do I have to do it for each school that I apply to? And can I know if the waiver was accepted before I ED to a school?
How would that help me? Wouldn’t it just add to my parents’ gross income by $10k? I don’t know exactly how much he makes, but it is certainly very low.
Your situation is nothing like your stepfather’s. You aren’t settled on a major and you have no idea what the job market will look like in 4 years.
Who’s going to co-sign for $130,000 of debt? That’s a lot to ask of someone. I wouldn’t plan on spending money you don’t have yet. Go to a college your parents can afford.
You don’t want to be back here in 25 years trying to figure out how to pay for your own kid’s college because you you’re still trying to pay off your loans.
You are not going to repay $130k in two years. You are lucky if your gross pay is that much. The real answer is that you will have a $1,300 monthly payment for 10 years.
30 years ago, college was a lot less expensive. So even if he had to borrow the full amount of an out-of-state public school back then, his debt may not have been anywhere close to the inflation-adjusted equivalent of $130k.
Also, even if you earn $100k in a job at graduation (probably around $70-75k after payroll and income taxes) and continue to live on student-level expenses ($20-25k per year living expenses for a year), putting all of the $50k left over to debt service will not pay off $130k in two years.
For colleges that require the non-custodial parent information, you need to include his information in the NPC to have any chance of it being accurate. Also, you need his cooperation on the CSS Noncustodial Profile unless it is waived. If he is non-cooperative, then no financial aid unless the college grants a waiver.
Furthermore, you may guess that his income is only $10k per year, but if it is actually significantly higher, and he is somehow cooperative with the CSS Noncustodial Profile, then you could see an unpleasant surprise when actual (smaller) financial aid offers using his actual higher income show up.
Why are you applying ED if you have significant financial concerns? My free advice…unless you are very low income and hope to get accepted to a college that guarantees to meet full need for all…don’t apply ED. You would be better off having multiple financial aid offers and net costs from a variety of colleges to compare.
ED…so you get ONE financial aid offer…and you accept it. What you will never know is if some other terrific college would have a lower out of pocket cost for your family…because you will be withdrawing all other applications and acceptances.
So…maybe that ED offer is the best net cost…but then…maybe it’s not.
@thumper1 Perhaps you’re right. The only reason I’m applying is because I think it will boost my admissions chances. If I’m being honest, I do not believe I am a particularly strong candidate otherwise. My grades are pretty mediocre.
A 3.9 UW GPA is “mediocre”? I don’t know how a 34 ACT stacks up, but a 3.9 GPA sounds great to me. I still wouldn’t ED to a school that requires so much debt.
Family income is ~$160k. Three kids (including myself) and two of them (us?) are applying to college this fall.
And yes, my GPA is 3.9 UW. It feels mediocre for the schools I’m applying to, and from my perspective it is a bad GPA because it’s not representative of my best effort. It’s not a GPA I’m proud of since it could have been a 4.0. My ACT score, though, I feel pretty good about.
The most selective schools have far more qualified students apply than they can accept. Early applications gives a tip to qualified applicants, but that doesn’t mean those with mediocre grades, or anything other than a sterling application are going to be accepted early. Do bear that in mind.
I disagree about not applying ED if one needs financial aid. Most everyone I know who has gone this route has gotten what I feel are stronger fin aid packages, and if not enough to make it work, the fin aid offices seem to me to try to make it work. They are not inundated with appeals at that time, not in such a time crunch, the coffers are still full and schools really want as close to a 100 % yield as possible in ED accepts. If you cannot afford paying that institutional family contribution, you can decline , and now you know what your likely aid package will be at other schools and you may want to change your strategy.
I believe ED schools be paired with affordable EA and state schools so that affordable options are also in hand. A student can then note h
[quote=“thumper1, post:50, topic:2100146”]
No’ no. I am sorry, I was so unclear to confuse things. Absolutely, the mortgage payment is not taken into account on PROFILE. However, a mortgage payment indicates a mortgage. And the mortgage or other lien specifically on an asset does reduce the asset market value.