Financial Aid for Upper-Middle Class

noname87
Wed, 28 Nov 2012 20:38:54 +0000

“Rules of thumb” are difficult when it comes to FA.

If the school is a Profile school, it is hard to determine how they treat the equity in your house. You can ask but you might not get a firm answer. Some schools will limit the amount of equity included as an asset to a multiplier of your income.

While income is the main driver for most, assets can have a heavy impact the EFC for the profile schools. After a small amount allowed for asset protection (based on the age of the oldest parent), they will want roughly 5.6% of all assets that are not in retirement accounts. If your retirement assets are not in IRA/401K/403b or similar retirements accounts then those assets are consider fair game.