background - my elder kid (us citizen) is applying for fall 2026 UG. currently we are in south east asia.
we are trying to calculate affordability and other financial questions, hence the question here for other experienced parents.
family income : 150K (file US taxes regularly)
saving : 250K
other investments : 250K
real estate (primary) : 100K (no mortgage)
given this, our budget is around 20K/year (rest is either loans or aid) - though our income is high, we do have other business related expenses etc, so we can’t afford more.
in this case, when filling the college application, so i indicate this as 20K/year (or 80K/4 years) or should i disclose our saving+investment (which is 250K+250K=500K)
You ask as though you have a choice — you don’t. You have to disclose.
so i indicate this as 20K/year
This is immaterial. The college will tell you what they expect you to pay. They don’t care what you want to pay. And what you want to pay will be less than what they expect you to pay
You need to honestly answer all the FAFSA and CSS questions, which will require you to disclose income, savings and investments.
I’d recommend that you complete the Net Price Calculator for some of the schools on your child’s list. Each school will have their own NPC and that’s the best estimate for what they will offer in terms of aid.
Unfortunately what you think you can afford may not be what the college determines, especially now when many schools are losing federal funds.
As others have said, you disclose your income, not what you want to pay. Unless it’s changed since my older kid went to college, as a US tax filer you link to the IRS and the info comes from there.
In this case, you can run an NPC for colleges of interest. I’d surmise most will be more than $20k but not all.
But to assure your student has a chance at college, post the stats - GPA and test (and major if you know it). You may or may not like the schools, but some can get you to $20k full pay ( a handful) and some based on automerit.
In other words, you can see who can get you to $20k. But more importantly is who will assuredly, whether you like the school name or not.
Might I suggest you look at colleges where your student will receive some merit aid? You own a business, and your income is high (you stated). If that is the case, you might not qualify for significant need based aid.
As noted, you are required to report all income and assets on the financial aid forms. This isn’t optional. The colleges will calculate your financial need.
Please keep in mind that there are deductions allowed by the IRS for tax purposes for business owners but these can be added back in as income by some colleges.
So…I would suggest you do a chance me/match me thread. This will give more complete information about your student…GPA, SAT or ACT scores, extracurricular activities, etc. Perhaps your student has sufficient stats to garner significant merit aid at some college(s). Merit aid will not consider your finances. This might be a better idea for you.
I will say, unless he has pretty decent stats, getting the net cost down to $20,000 could be challenging…but I’m guessing..because I don’t know what your student’s application “stuff” is like.
If you are living in a foreign country temporarily, it’s possible that your child may have in state tuition based on your previous state of residence. In that case, finding a public school in that state with automatic merit based on his stats could be an option.
Since none of us knows in what state you previously resided, you should contact the Registrar’s Office at that state’s flagship. Be aware that not all states have this option.
Please do a chance me match/me thread. It will provide more complete information. Perhaps the folks here can help you find a school that will meet your student criteria and at least come close to your price point.