My mom makes a very large income ~250k a year, but we are still in debt millions after the 08 crash, can I still apply for a college app waiver?
Waivers are granted to low INCOME families. Yours is not a low income family.
Please explain how you are MILLIONS of dollars in debt? Is this real debt…like you owe money? Or is this a paper loss?
If your family has a 250K income/year, paying the application fees is not really the problem - the bigger problem is how you will afford your schools unless you are applying to automatic merit schools.
According to the thread I linked…you applied to,colleges for admissionfor this fall.
Please clarify.
Are you being literal about being millions in debt? Do you just mean your family has millions in loans or are you claiming your family’s net worth is negative in the millions? If the latter, I am genuinely curious how that is even possible?
Could you please clarify your HS year? In some of your threads you say you applied to,schools in the fall 2016. In others you say you are a junior in HS.
And yes…this does make aidifference for financial aid purposes.
- If you are applying for 2018-2019, your 2016 tax return information will be used...and assets as of the date of filing.
- If you already applied to colleges...your applications for financial aid would be done..and for 2017-3018 would have used 2015 info.
Assets are reported as of the day you file your FAFSA.
You cannot have a negative number for your assets. So the lowest they would be would be $0.
And I agree with post 4 above. WhT younare wrotong makes NO sense.
For example…if your family owns real estate…sure…the values could have dropped. BUT that real estate STILL has a value.
Same with most other investments.
This needs its own post. With a $250,000 a year family income…you aren’t going to receive a nickel of need based aid. So for a school like NYU which costs $72,000 a year…how would you pay to attend?
There are high income people with high debt. If your family is still recovering from the 2008 crash, I think it is time to admit you are never going to recover and this is your new reality.
You are not going to get free apps based on income. there are some schools that have free applications but you’re going to have to search for them. Also search for schools that are going to give you merit because with that income you aren’t going to be seeing a lot of need based aid.
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we are still in debt millions after the 08 crash,
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What? What does that mean?
does that mean that your family’s investments lost VALUE? If so, that’s not debt.
Are you saying that your family has mortgages on properties?
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Income is over 200k a year, but we are in alot of debt, and it can be seen on our tax forms.
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What debt do you have listed on tax forms?
Some schools offered my son free applications just for visiting. You could contact the local admissions rep and ask.
Maybe rent property? Family could be underwater on those.
@BelknapPoint what other investment losses would a family be blue to put on their taxes…every year…since clearly this has been going on since 2008?
@jack1212 you mention your mom’s income. What about your dad?
Being underwater on rental property, I don’t think, gets put on tax forms. Losses occur when properties are sold, not while they’re still being held…because values can come back.
You posted this in March @Jack1212
How did or will your brother pay for BAbson without any financial,aid…or,did he get HUGE merit aid?
Do you have a brother who will be attending Babson fall 2017, while you will be starting college in fall 2018?
Investment losses can be used to offset gains, and an additional $3,000 of loss each year can be used to offset regular income. A large loss that’s taken in any one year can thus be slowly chipped away each year thereafter by claiming a $3,000 loss every year until it has all been claimed.
Thank you @BelknapPoint
So…a $3000 max loss a year…with a $250,000 a year income…from one parent (what about the other parent).
I can’t see where this is going to get this kiddo a fee waiver for applications…OR need based aid.
And he says his brother got accepted to Babson and didn’t ask for financial aid. Did the brother get waivers?
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Investment losses can be used to offset gains, and an additional $3,000 of loss each year can be used to offset regular income. A large loss that’s taken in any one year can thus be slowly chipped away each year thereafter by claiming a $3,000 loss every year until it has all been claimed.
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Sure, but the OP is talking about “being millions in debt” since the 08 crash and that it shows on their tax filings. How would that be?
And…Even if they were “underwater” on some properties, that wouldn’t be shown on tax filings as they’re still owning the properies and not really a loss yet.