institutional financial aid application

<p>The Cornell and U. of Penn application packet both have the institutional financial aid part, which asks for estimated resources. My parents are diveroced and I live with my mom, who has refused to pay for my college tuition for many reasons... but I have a bad feeling about putting $0 for the contribution from parents income/assets? My EFC is probably around $20,000. What should I put down?? (When I fill out the PROFILE later, I would also have to fill out a similar deal.) My dad lives in Singapore, and he - might - help me out with $200 a month.</p>

<p>You have to have the CSS profile in addition to the non-custodial parent information filled out if you are looking to get FA from either Penn or Cornell.</p>

<p>FA is not based on how much yor mother wants to pay. FA is based on how much your parents (both of them) can afford to pay becasue they are the first step in funding your education.</p>

<p>If your aid information is incomplete or you miss the deadlines you risk not getting aid from either school.</p>

<p>IF your parents have guidelines regarding how much they are willing to pay; especially when you state that your mom has refused to pay for my college tuition for many reasons, then you may have to rethink the possiblity of attending a school that cost $40,000 per year. You will ultimately be stuck between a rock and a hard place because the schools will not increase the amount of aid, and you will not be able to obtain loans without your parents.</p>

<p>Put down $0 if you mother is not willing to pay, and get that profile filed asap.</p>

<p>Why do you think your EFC will be $20k?</p>

<p>I did the financial calculators on several websites and the EFC all came out to be around $20K. The combined income of my mom and stepdad is around $80k (about $65K take home.)</p>

<p>Are there ways to obtain loans under my name to cover EFC? I just turned 18. My dad in singapore might be able to co-sign a loan.</p>

<p>Lets see,</p>

<p>You just turned 18
You probably have a very limited if any credit history
The most the school is going to lend you in your name is $2650 (an additional $4000 if your parents are deemed to be not credit worthy.</p>

<p>Your chances of getting a $20,000 loan in your own name, slim. You would probably need a co-signer (most likely your parents as others may be a bit unwilling to take on some one else's debt)</p>

<p>Yes, I am acutely aware of the limitations of my situation because of the decisions my parents have made. However, I simply want to explore all options before making a final decision. After all, Cornell or U. Penn would be hard to pass up. The Sallie Mae Signature Student Loan would allow an undergrad student to take up to $100,000 in loans in four years without a co-signer. (Yes, I realize how silly it would be for me to take up $100K for undergrad, again I just want to explore all options) Does anybody know if a person like me can get the loan?</p>

<p>With a credit-worthy cosigner, you can get the loans.</p>

<p>Scottaa, do you know if they would take a co-signer in singapore? What are the responsiblities of a co-signer?</p>

<p>That's a good question. Is your father an expatriate working in Singapore, or a Singapore citizen?</p>

<p>Most of the decision of co-signing is based upon their credit-score (normally generated by activity here in the states).</p>

<p>The resonsibility of the co-signer is nothing unless you don't pay. If you don't pay the loan, the lender will require the cosigner to pay the loan.</p>

<p>My father has never lived in the US. He is a singapore citizen who has moved there from china. I wonder if he can be a co-signer?</p>

<p>I think the first thing your father needs to do is first submit his financial information a your non-custodial parent in order for the school to give you an accurate EFC. You could come out better if the school uses the combined incomes of both your natural parents to determine FA.</p>

<p>If you state that your father is only going to be able to contribute $200, how would he be able to make the loan payments? </p>

<p>His, not having "any money" is going to be a factor in determining whether or not he is credit worthy because the lender will operatre from a worse case scenario (if you cant or don't pay will he be able to).</p>

<p>Yes I will have my mother, stepfather, father, and stepmother get started on the CSS profile as soon as possible. </p>

<p>Sybbie719, you said that "You could come out better if the school uses the combined incomes of both your natural parents to determine FA." I live with my stepfather and mother (they are married and they do claim me on their income taxes). Is there any chance that the CSS will only use the income of my natural parents? (That is not taking in consideration my stepfather's income.) </p>

<p>Or will the CSS take into account the income of my mother, stepfather PLUS my father in singapore?</p>

<p>Some schools only use the income of your stepparents to the extent which your natural parents have benefitted from the marriage. For example if your mom is a stay at home mom then yes, they will probably use your stepfather's income. </p>

<p>Other schools may not expect your stepparents to contribute to your education especially in the case of blended families and they are paying tuition for their own children. Your best bet would be to *** carefully read the FA policies**[i/] at the schools which you are interested in applying to because policies vary from school to school.</p>

<p>sybbie719 and scottaa, thank you both so much for answering my inquiries. I will contact the colleges to which I'm applying to find out their policies regarding famliy contribution</p>