@NikkuWadde Have that sibling also take the SAT…he might do better with that.
In another thread, the topic was how parents of twins would manage college graduations at different colleges on the same day. A mom of twins wrote this:
[QUOTE=""]
My friend with triplets who just graduated HS is having to move them to colleges in Maine, NOLA and SoCal all in 1 week!
<<<<
[/QUOTE]
You quads have likely been attending either the same schools or nearby schools your whole lives. Your parents have never faced the dilemma of getting you all to 2-4 campuses in different states, maybe at the same time. They’ve never faced paying high seasonal airfares to get you home for Winter holidays or other times.
Your parents are already concerned about how much your college costs will affect the family. Adding pricey airfares and logistics of managing 4 kids’ move in/move out schedules and college graduations would be a nightmare.
If you all could find one great fit school that would accept you all and is affordable, your parents might be able to afford to pay more per child.
A few observations, first and foremost, Southwest Ohio DOES NOT have a high cost of living.
As an estimate, if your parents dont own a business, and just have w-2 income, they can expect their EFC to be around 40-50 total, so divide that by four. As others have suggested run the NPC calculators on the schools websites.
If you are not opposed to remaining instate, you could all get great merit scholarships at Ohio State, and Miami University.
^^^
[QUOTE=""]
they can expect their EFC to be about 40-50 total, so divide by four.
[/QUOTE]
I don’t think those numbers are right.
A $200k income would likely have a FAFSA EFC of about $65k. And CSS schools would not divide by 4.
If other money numbers are simple, then CSS schools would calculate about 30% of that for each quad. That would be about $20k per student…or $80k per year for all 4.
We also don’t know if that $200k income is AFTER retirement contributions. That income may really be $230k+ once annual 401k contributions are added back in.
@mom2collegekids I shouldve clarified for FAFSA schools. Everytime we filed a fafsa, our EFC has been around 25% of our income. Again, assuming not a lot of savings, and strictly w-2 income, which is why I said to run the NPC for each school.
The higher the income, the higher the %. The calculation is closer to 33% when income exceeds about $150k.
Yeah, I get that what I thought about the cost of living was wrong lol, and I just looked my parents w-2’s of my parents (they let me) and they don’t make as much as I thought especially, after taxes. It’s closer to $180,000
$180000 still means that your parents should expect to pay a LOT, UNLESS many of you enroll in U’s that offer full ride/ full tuition scholarships.
$180,000 before or after taxes?
Those may not be the numbers that are relevant.
It’s not “after tax” income that is used.
Also you may not be looking at how much was put into retirement accts. That is added back in.
What is their GROSS income, including whatever they put into retirement accts.
You also need to consider assets that are not in protected retirement accounts. Since many of the school listed are Profile schools, they may also consider the equity in your house.
What is the W-2 Box 1 amount?
What are the Box 12 codes/amounts?
For parent 1, it’s $67,037. For parent 2, it’s 126,949
No, actually that means they make more than the 200k that you thought. FA does not care about “after tax.” All of their income counts, including the 401k contributions.
If your parents truly have only 10k in savings on 200k income(no stocks, bonds, mutual funds, 529 plans) they are practically living pay check to pay check. If they haven’t saved a dime for college knowing the impact of having 4 kids to put through school at the same time I would suggest you take them at their word-they have never had any intention of helping you pay for school. Not only that, with a meager 10k in savings they don’t seem to have a dime to spare out of current income. Even schools with a 20k price tag (times 4!) are completely unrealistic.
As everyone has suggested you need to have a family meeting. It seems that they mean what they have said, and you need to hear it in a direct manner so that you can move on and find feasible options.
W-2 Box 12 amounts and codes for each parent?
I’m not sure what you’re talking about. On the that 1040’s that I’m viewing, box 12 is Business income @Madison85
I think you should all apply to Yale. I was reading on this forum that Yale can be extremely generous with financial aid even for students with relatively high EFCs.
I was referring to the W-2 form, not the 1040.
mm okay, I don’t have that document with me right, now, but I’ll ask to look at it later @Madison85