Shocker Pre-read from Ivy

[notrichenough]

<p>

I believe that to be incorrect for both fafsa and for Profile.

</p>

<p>Well, FAFSA line 93.i says</p>

<p>

Other untaxed income not reported in items 93a through 93h, such as workers’ compensation, disability, etc. Don’t include student aid, earned income credit, additional child tax credit, welfare payments, untaxed Social Security benefits, Supplemental Security Income, Workforce Investment Act educational benefits, on-base military housing or a military housing allowance, combat pay, benefits from flexible spending arrangements (e.g., cafeteria plans), foreign income exclusion or credit for special tax on federal fuels

I would interpret this as having to add back in any other pre-tax benefits like health insurance, unless the employee’s pre-tax insurance deductions somehow fall within a flexible spending arrangement. My FSA is separate from my health insurance deductions.</p>

<p>Maybe I am missing something. I didn’t look up CSS Profile.</p>

<p>

I’ve been told by a finnaid officer at a private school that just the opposite is true.

Maybe both are true - you get a break if you have little or nothing saved for retirement, but are penalized if you have too much. I find in hard to believe that a private school would give you a lot of aid if you had no assets but had millions in a retirement account.</p>

[fogfog]

<p>5200+ views.
Passing the popcorn!? hahahahahahahahhaha
Glad its been helpful for some and thanks to those who sent PMs about your situation. Glad I could help.
Its all good! </p>

[beenthere2]

<p>Princeton, for instance, is generous in the sense that any kind of equity in your home is not counted as an asset; so if you think ahead, you put your money into a big new house and then sell the house or refinance after your kid graduates.
Also, if you get a better financial pre-read from another ivy (in the case of HPY), they will match it.</p>

[chocolatecricket]

<p>Wow this is annoying. Of course your family will have to go through a bit of financial hardship if your child goes to HYP. Every family who has a kid at a private has to go through this.
and of COURSE your kid will have to work during college. Dont complain about this. What did you expect, a free ride+ them paying for the kid to party?
Simple enough: if you dont like what you’re getting, dont go there. Im sure your D got into many other very good schools</p>

[SlitheyTove]

<p>

Of course your family will have to go through a bit of financial hardship if your child goes to HYP. Every family who has a kid at a private has to go through this.

</p>

<p>Not exactly. The gist of this thread is that even though HYP advertise that families with income under a very generous cap (in the range of $180k-$200k) will pay no more than 10% of their household income towards COA, the devil is in the details. This is especially true for families that are small business owners.</p>

<p>Of course fogfog’s child will get into other wonderful schools that will be affordable. The annoying thing is when a school tells you that there will be no financial issues, that you will certainly be eligible for a significant grant package…and then tells you that whoops, sorry, you’ll actually be paying 30% of your family income, not 10%. </p>

<p>I’m thinking of one of D1’s classmates who has been working like a maniac starting in kindergarten. The student has a wonderful academic record and tremendous ECs. The family is not well off, and is gunning for big aid. They also own a small home-based business. Even if the classmate gets in to one of those tippy-tops, I fear that they will then find out too late that the school is not going to be affordable. fogfog was lucky in being able to get an athletic recruitment pre-read in time to recalibrate applications and expectations. Not all applicants will be so fortunate.</p>