ivy/self-employed ?s

bonard48
Fri, 12 Apr 2013 18:07:42 +0000

Background. son is a junior (2014) and is being recruited by Harvard, Penn, Princeton and Brown for sports. I am self-employed with a few different businesses. Plugging numbers into the NPCs indicated we MAY get a small FA award for son’s first two years while we have 2 in college. FA will depend on certain issues, so I am hoping for input from people who have had specific experience with these schools:

Income Questions. Will the following be added to AGI:
depreciation on rental properties
health insurance premiums paid through business

Asset Questions. Will the following be counted as assets:
home equity
life insurance cash value
consulting business for a one person, one customer, non-saleable business (I am concerned that FA could take net income from the consulting biz and apply a multiple to give it a value, even though the sole customer would not continue with someone else)

Also, will FA departments answer such specific questions before a formal pre-read?

Thank you.