You have $550,000 in assets at least (home equity and 529 accounts, and mutual funds). Right there you have $30,800 toward your family contribution. Your income of $160,000 would add about $40,000 additional (estimate 1/4 to 1/3 of your income…so $40,000 is on the low side). That would be over $70,000…so really, this financial aid award doesn’t sound that “off” to me.
You earn $160,000 a year and bring home $8000 a month? You are paying over $5000 a month in taxes? Even in NJ, that seems high to me.
A few questions…even though I think this award is pretty close given what you posted here.
- You mention home equity and mutual fund and a 529. Do you have any other savings or checking account monies?
- In 2018, did you do a rollover of a tax deferred retirement account?
- Are either parents self employed?
- Do you know what this college does in terms of home equity? Some schools tap all of it, some a %age of your income...the formulas vary. What does this college do?
- Are you absolutely sure your numbers are accurate?
- Does your income of $160,000 include your contributions to tax deferred retirement accounts made in 2018? Those contributions are added back in as income. With two parents, this could easily add $40,000 to your “income”.
- Are you sure you put parent info in the parent section and not the student section?
- Does this college meet full need for all accepted students? Was your financial aid application complete by the ED priority deadline date?
If it were me, I would print out the FAFSA and Profile (assuming this is a Profile school) and check every single entry…just to be sure it’s accurate.