Hi, first-time poster. Parent of a senior with straight A’s for all 12 years, huge AP load, valedictorian-in-waiting, National Merit Commendation, great extra-curriculars, etc. Applied to music programs at UCLA, USC, and NYU, just found out that he is through to the second round of auditions at USC but got rejected by UCLA, for reasons we can’t understand (his portfolio is extremely strong). In any case, UCLA was the option I was confident I can afford, now we are gonna find out whether we can afford USC or NYU, should he get in. Either is easily affordable (my ex-wife and I would split about $22k) if we factor in only my assets and income (I would be the custodial parent) but I know that both factor in the non-custodial parent’s income and assets, too. Her income isn’t that huge, but she has somewhere between $1.5 million and $2 million in assets. Plugging any of this into a calculator cuts the finaid to ZERO, because of the assets. USC at least says this: " * If your biological parents are divorced or not married, a noncustodial parent contribution may also be included in your estimated contribution." We have 50/50 joint custody, but I would declare our son on my taxes. Can’t find any info on exactly what “may also be included in your estimated contribution” means. Anyone know? Likely also applies to NYU…
Are there any other CA publics with a music program that might be appropriate? If a parent has assets, private schools do expect them to use it to pay for college.
Depending on the strength of his audition, he may be offered merit scholarship money. USC (in our experience and that of others we know) tends to prioritize funding for graduate students. I am not familiar with NYU at all.
This was my thought as well. For a music major in an auditioned program, if the audition is strong, perhaps at least some merit aid will be offered.
In your position with a non-custodial parent with significant assets, merit aid is really a good bet, not need based aid. For colleges requiring financials from both parents, these assets will not be ignored.
Has he applied to any other schools? The two left are reaches, same as UCLA was.
Are there other FAFSA only schools on the list? Note this year the custodial parent is the one who provides the most financial support…is that you or your ex? It is not who the student spends most nights with, or who claims him on their taxes…both those factors are irrelevant in determining the custodial parent.
I have no idea why they are saying ‘may’, AFAIK USC will use NCP financial info in their calculation of what the student can pay. Any of the Profile schools that include NCP info (again, assuming that’s your ex) are going to look at her assets.
Run the NPC on Uchicago and Vanderbilt, just in case. (They don’t treat ncp the same way as other css colleges so they might treat new spouses differently?)
Css colleges will typically factor income and assets for both custodial and non custodial parents AND their spouses.
Assets are supposed to be used to pay for college, even if they are the basis for your income or future retirement funds.
In that case, students turn toward public universities in their state (which are many and high quality in your state + all wue options) and merit scholarships. An issue is that CA public universities ’ deadlines and most merit deadlines were early December if not November.
Where else has your child applied?
Are these regular assets like bank accounts, CDs, etc…OR are they balances in 401K types of retirement accounts?
If they are liquid assets, they can be used to help pay for college.
Also, if the applicant is pursuing audition based music programs, to my knowledge most (if not all) applications and pre screening materials were due by early December. This is for all programs, not just CA public universities.
I would assume OP has other schools in play.
It is possible that UCLA already has so many students that focus on your son’s instrument that their studios are full and they aren’t taking freshman this year for that particular instrument.
Although you mention portfolio. Is your son applying as a composer or a performer or something else?
And…has he applied anywhere besides the three colleges you mentioned?