Okay, I’m sorry that I might seem a bit ignorant, but my research has come up with really confusing results. I will be primarily paying for college myself, however my older brother (now 30) is basically going to try to pay for all of it and is also paying for my common app, which is kind of freaking me out. Added financial pressure I guess. I recently showed him a list of colleges but he basically advised me not to apply to a few, especially USC, due to financial reasons. They are all private (except for my own in-state), and he said that its a lie that if I’m from a poor income bracket that they will give bigger grants.
To give you guys an idea, my Mom is my only financial provider, and she earns at most 30,000 per year. So what’s in store for me? We do own two properties, but they’re both worth, price wise, shit tbh. Alot of my other peers who applied to college said not to worry as I am from a super low income bracket, and that I’m not caught in the weird “middle bracket” or whatever that means. Please help, or maybe provide a few good links? Thank you!
Go to each school’s web site and look for its net price calculator. Put your family finances in and see what it estimates for financial aid and net price. Note that if your father is alive, his household’s income and wealth should be included unless the college’s financial aid web page specifically states that only the custodial parent’s information is needed, or the school only requires the FAFSA form (not the CSS Profile form).
You may want to select your safety school where you qualify for an automatic large scholarship which leaves a small enough residual cost that you can cover it with a federal direct loan, work earnings, and/or Pell grant. See http://automaticfulltuition.yolasite.com/ .
You are likely to qualify for a large amount of grants at “colleges that meet 100% need” (assuming your family doesn’t own a great deal of property). Colleges that meet 100% need are typically your private, more prestigious schools. You can do an internet search to find a list of them. Look at that list and pick out some colleges that you think you can get into and run the NPC on them. You may get a lot more grant money from them than you would from a state school.
If your brother is paying, he will have a say in which college you end up at, but he’s probably not received the best information on USC. If you want to apply, do. The two rental properties will be assets at all the CSS (usually more selective) schools, but it will depend on how much they are worth. On FAFSA, your mother will probably qualify for a simplified assets test.
You should ask your guidance counselor for fee waivers for the applications and test scores to save some money. Some schools may also waive the fees.
If they are paying mortgages on one of both of the properties, they will not be eligible for simplified needs because they will have to file a long form (you have to be eligible to file a 1040 a as part of the simplified needs test)
The rental propety is an asset and the monies from the rental property is income and both and must be included on both the FAFSA and the CSS profile. In addition, they will be looking at the equity in your primary residence. the NCP may not end up giving you accurate information
When you say we own 2 properties, do you mean your mother or brother or both? If you brother is an owner, it makes a difference.
And most of the richer, private schools meet 100% of financial need. My kid has friends who are not paying anything to attend Stanford, Harvard, Princeton, Columbia, and MIT. Some have the minimum requirements of student work, but that is all they have to pay. Your brother is wrong, the rich private schools give only need based aid. Much more than you will get at a state school.
The family owns property other than their primary residence. The Net Price Calculators will NOT provide an accurate number.
Re: simplified needs…the long form 1040 is only ONE of the needed items in addition being below the income threshold. The family could be eligible for a means tested benefit, or have a dislocated worker.
I’m guessing that the 2nd property was either inherited or obtained when the father was living.
If the 2nd home is really the brother’s home, then it doesn’t count.
Is there a mortgage on the 2nd property?
USC is still a good option to at least try.
Have your mom and brother run the NPC (do NOT use your brother’s assets/income).
Include the equity in the homes and any rental income.
BTW…if you’re poor, you do NOT need your brother to pay for apps. Go to your GC and ask for fee waivers. Save your brother’s money for other things.
You can also get fee waivers for the SAT and ACT…and also for CSS profile, but I don’t think those come from the GC. Someone here will know and chime in.
@emeraldkity4 it’s a small house (that has some close family ties) that has pretty dismal property value. like if it was sold, it would only go fro 8,000. which in financial aid world is not much. this is because it went under massive flood damage also, so its kind of just lying in the middle of farmland lol. sorry if i was making anyone confused with that…
@mom2collegekids I did run the NPC for USC in the exact way you described, and it gave me a 52k grant without any loans described,(net price of 10k, but I can deal with that) but my brother is still adamant. is collegefactual a good site? They offered the average net price per income bracket offered on their site, but I don’t know where they get their information.
Just apply and see. In the past USC did give one of my daughter’s friend money, especially the first year because even though her mom is a lawyer,usually made decent money, but she had a bad year. The family owns a house estimated over $1 million when she applied.
With only one living parent, your college financial aid situation is simplified, so you need only consider your mother’s income and assets when doing financial aid paperwork and net price calculators.
USC does claim to meet need, though its definition of “need” is less generous than that of many other schools. Try its net price calculator at http://www.usc.edu/admission/fa/undergraduates/prospective/net-price-calculator.html to get an idea of what its financial aid offer may be like if you are admitted (you do need to have good estimates of the value and debt secured by any real estate owned by your mother). The result from its net price calculator will likely be a much better estimate than any assumptions that your brother has.