<p>Hello, I am wondering whether I am wasting my time by doing all of these horrible forms to apply for aid, when I have enough money to pay for college. In other words, I don’t technically NEED aid. However, my family’s income is relatively low at 70,000 (compared to our savings levels), and i have a sibling in college.</p>
<p>Is it pointless to apply for aid?</p>
<p>How are your parents paying college costs for TWO college students with $70,000 income? Are you both going to colleges where you can commute from home? </p>
<p>Does your family have a college fund for you that will pay for all of your costs for four years?</p>
<p>If you are applying to four year residential colleges…where you will be paying tuition, room, board, fees, books, transportation, and personal expenses…and there are TWO of you in college at the same time,you actually MIGHT qualify for some need based aid.</p>
<p>Also, some schools require the financial aid forms even for merit aid consideration.</p>
<p>And lastly, by competing the FAFSA, you are eligible to take the direct Loan in your name.</p>
<p>The FAFSA is not a horrible form.</p>
<p>^Yes, it’s pointless to apply for financial aid if you don’t have financial need. However, you could try to get merit-based scholarships.</p>
<p>How does this student KNOW he doesn’t qualify for any aid? </p>
<p>Another thing to check…some schools do NOT allow you to apply for institutional need based aid if you don’t APPLY as an incoming freshman. NOTE…you don’t have to qualify or receive aid…you just have to apply. This could benefit you if something happens financially in your family and you NEED to apply in subsequent years. This policy is. OT at all schools…so you would need to check YOUR schools.</p>
<p>Now…if your parents have a 529 account or other savings that has enough money to fully fund college for you for all four years…then it is your decision whether to apply or not for aid.</p>
<p>“Need” is a relative word. It is possible that a family living on poverty level income does not “need” financial aid to get through college. I’ve seen it. Family lives in a house that 's paid for, the taxes are low, the family is frugal, extended family help out, and the kids go to local state schools, maybe get scholarships. So they don’t have “need”. But they would most likely qualify for financial aid. </p>
<p>A family might not have a dime left over, and be avoiding the bill collectors each month on a very high income and “need” money to send a kid to school,because they are that overextended. And in such cases, there may be no financial aid available.</p>
<p>You can run your family numbers through the EFC estimators and the NPCs for the schools you have in mind, making sure you indicate there will be two in college, and get some idea what these formulas say your parents are expected to pay. You can also ask your parents what they can afford to pay for you and your sibling for college. Bear in mind that being eligible for aid, having need, does not mean you get it. Other than PELL for EFCs below about $5K or so, and direct loans, nothing else is guaranteed. It’s up to the school and maybe the state where you live. </p>
<p>IMO, unless your parents have the assets, with that income, you and your sibling will have EFCs that will translate to need at sleep away schools and private colleges. Maybe not for local state schools. It all comes down to that expected contribution that the calculators will come up wtih.</p>
<p>However, my family’s income is relatively low at 70,000 (compared to our savings levels), and i have a sibling in college.</p>
<p>Have you ran any of the NPC’s on schools’ websites? Are your parents’ assets so high that even with two in college you don’t qualify for aid? That would be a lot of assets.</p>
<p>It is worthwhile because at that income level you may well qualify. That is then money in the bank or retirement for your parents. When in your life will you have a chance again at free money just for filling out a form? Of course if you just figure it is your parents money and you don’t care about saving them any…</p>
<p>EDIT: My siblings and I have around 400,000 in investments, and more in educational savings accounts, and my parents have savings of their own. So I can easily pay for 4 years at an expensive college, and still have at least 100k leftover (and that money wouldn’t even cut into my parents’ savings).</p>
<p>I’m simply asking if I have any real shot at financial aid. Is there anyone who has had enough money to pay for college, but has received aid anyway? (possibly because of a low-income)</p>
<p>The simple answer is yes, it sometimes happens. If your parents’ AGI is less than $50,000 AND they are eligible to file a 1040A or 1040 EZ (probably not the case, if there are significant assets), or if someone in your family has received federal means tested benefits in the last 24 months (again, not likely), or if one parent is a dislocated worker, the assets are ignored. In addition, if AGI is below a minimum ($24,000), all assets are ignored.</p>
<p>Do your parents have their own business?</p>
<p>“So I can easily pay for 4 years at an expensive college, and still have at least 100k leftover”</p>
<p>So the $400k is yours to use? Or is that split between 2+ siblings?</p>
<p>Um…I think they have to be eligible to file a 1040EZ or 1040A to be eligible for the simplified needs test. The regular 1040 long form, if required, would NOT make them eligible. </p>
<p>No business, and 400k each. My parents both do a 1040A, i think.</p>
<p>Do your parents own a home where they deduct mortgage interest?</p>
<p>Just curious, where did you kids get so much money? Inheritance? With your parents’ income it’s unlikely it was saved from that.</p>
<p>Even if I could somehow figure out a way to qualify for FA while having sufficient assets to more than cover college and grad school, my conscience wouldn’t allow me to take aid. It’d be like eating my lunch at the soup kitchen instead of using my expense account. YMMV.</p>
<p>Well good thing it’s not your thread, then.</p>
<p>My grandparents sold a very large bakery. We own our home (approx. 250,000), and 400k for each sibling. This money is mine, it’s in a joint account though obviously.</p>
<p>Since you personally have so much, you won’t qualify for aid so you don’t need to submit any FA info.</p>
<p>Since you and siblings have at least 1.2 million (in joint accts with parents’ names) and I’m guessing that your parents have a chunk of savings as well (does their savings create an additional income), You’re not going to qualify.</p>
<p>You fill out the paperwork and see if you qualify for financial aid. Highly unlikely unless your family qualifies for assets to not be counted as Kelsmom state. If that 's the case, then it is possible at FAFSA only schools For schools that use PROFILE, even less likely. But like the lottery, you gotta play to win. </p>
<p>Also if you file FAFSA, you will be eligible to borrow Direct loan amounts ($5500 first year) whether you need it or not at an interest rate that may be favorable to you. </p>
<p>And, no, I don’t understand why it is “obviously” in a joint account. </p>