I understand that the average income is around $65K for a family of four. Would a family that makes above that in an expensive city (i.e. New York City or San Francisco) have a chance?
For context, we are a family of three, single mom, make over $100K, but live in an expensive city with very high housing costs. Oldest child is special needs and has significant yearly medical expenses.
What is your SAI? Run it at the link below (using 2023 income/tax return even though it says 2022):
https://www.collegemoneymethod.com/2024-25-student-aid-index-sai-calculator/#sai-calculator
Generally speaking, QB finalists have EFC/SAI of zero or close to it.
Also, the QB app is a lot of work, so…if a family isn’t Pell eligible (which is my guess for you, but run the SAI calculator to be sure), I would not encourage your student to apply.
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I’ve always heard that finalists generally come from zero EFC families, and that always kept my kids from applying, given how much work the application is. They have all been pell-eligible so far, but partial pell, with a small but non-zero EFC. FWIW, they’ve all done well in RD and gotten great aid packages from schools that give good need based aid, so Questbridge is great, but not doing it certainly doesn’t mean you can’t get into a school that meets need and get good aid.
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I’m not sure Questbridge will consider this…but many colleges will view this as a special circumstance. You will need documentation of unreimbursed essential services the sibling receives…this could help in terms of need based aid awards at many colleges.
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I don’t know about how flexible they are with income in very high cost-of-living cities, but I did read that 3/4 of successful applicants are first-generation college students.
I would expect that odds go down if your family is both above the $65,000 threshold and not first-generation.