Paying for top tier schools

thumper1
Thu, 11 Feb 2016 14:00:29 +0000

Wait a minute. If the whole income including the rental rental properties, is under $49,999, this family might qualify for the simplified needs test for FAFSA purposes.

They would need the qualifying income plus ONE of the following…and if they have this their assets would not be considered.

1. Ability to file a 1040A or 1040 EZ form...doesn't sound likely with the rental properties.

OR

1. Qualifies for a means tested benefit like SNAP or free/reduced lunch. Do these means tested benefited look at assets...if so...unlikely the OP would qualify.

OR

1. One parent is a dislocated worker.

But really all that would net you is federally funded grant money possibly…and a Direct Loan.

AND there is NO simplified needs test for schools using the Profile. They will view those rental properties as an asset.

******It does not sound like the income is that low, however.

The meets full need schools with generous policies clearly state “with typical assets”. One million dollars plus in real estate exceeds typical…in my opinion.

We, in the Thumper family had both parents working while kids were in college. One income was totally dedicated to paying for college.

I agree with the above posters…you might want to be looking at merit aid for this student…but your yearly income…you will still have some costs to pay…so you need to figure put how that is going to happen.

Read this thread and all the links in it.

http://talk.collegeconfidential.com/financial-aid-scholarships/1678964-links-to-popular-threads-on-scholarships-and-lower-cost-colleges.html#latest