I am an international student from Korea applying to US colleges. 2 years ago, due to my grandfather’s health complications, my family has been given grandfather’s real estate property prematurely. Korea doesn’t allow real estate to be sold for 5 years after its owner changed. So my family can’t sell the property we have. We have limited budget without the property due to increased expenses with property taxes. The property makes us rich ON PAPER, but we can’t actually spend any of the money that the property generates for five years. My parents are more than willing to pay tuition with the real estate, but it’s just impossible legally.
Also, our family is actually supporting two other families – both maternal and paternal side grandparents. Also, my maternal side grandparents are living with us. Lastly, my brother is about to enter private high school in upcoming school year. With all these reasons, we need financial aid in US colleges. What should I do to get need-based aid? Will colleges consider these special circumstances for need-based financial aid?
You will not give you need based aid need based so that your family can hold on to real estate or fund lifestyle choices like taking care of other family members or expensive private schools. You need to look for schools where you can get merit aid or find an affordable option in Korea.
In many college websites, they mention that siblings’ private school tuition as well as expenses for caring elderlies count as special circumstances that will be considered for less EFC.
- It’s very nice that your family is supporting two other families...but colleges will view that as a choice. You won’t get additional need based aid for making this choice.
- It’s also a choice to send a student to a private high school. Again...you very likely won’t get additional need based aid because of this choice.
- The real estate is your family’s. Can they borrow using this property as collateral? Schools are very unlikely to give you need based aid to help your family maintain ownership of a significant asset they can cash in at some point. The equity is an asset.
Does your family live in this home?
You would need to apply, and get accepted, and request a special circumstances consideration in terms of the above. But really…don’t hold your breath. Your family has the resources to fund two additional families, and pay private school tuition for your sibling. They have a real estate property with some value. All of these choices in terms of spending could be used to pay for your college. Even the house…because you could wait five years to attend college.
What colleges are you considering?
What is your SAT or ACT score…and GPA?
How much can your parents pay annually?
What is their annual income because all of this fretting might not matter at all if it exceeds a certain amount?
And lastly…remember that some colleges have very limited financial aid of any kind for international students.
Included above in @thumper1 's thorough post is the question whether you can strip (borrow against) some or all of the equity out of the inherited real estate to pay for your education.
How much is the equity in this real estate??
Not many schools will consider your situation as special or unique. They will view your family’s income as income (whether it is used to pay for private schools or grandparents’ living expenses) and they will consider property as an asset. If your family lives in the property, it may be exempt on the financial aid forms.
You can search for merit aid or you can go to school in Korea.
This is an international student. The property might be exempt IF it is a primary residence…AND the college doesn’t consider equity in primary residences in the financial aid calculation. There are some colleges that don’t consider primary home equity…but they are amongst the most competitive for admissions…which is why I asked what colleges this student is considering…and the stats he has.
What can your family afford to pay for your education?
I agree with other posts that getting need based aid in the US appears to be unlikely.
We don’t know if getting need based aid is likely…or not…because we don’t know the family income. Parent income is THE most important driver for need based aid calculations. Assets, like home equity, are not tapped at the same rate.
So…it’s possible this student could get some need based aid…at some colleges.
But will it be enough for him to attend? Maybe…maybe not.
The items listed in his post…supporting other family members, private HS for a sibling…and even the home ownership issue will likely not be omitted when need based aid is calculated.
To the OP…how much aid did you hope to get?
What is your parent annual income?
Your family inherited the property two years ago. That means only three years remain until they can sell it. If you are male, do your required military service now. When you finish your service time, it will be very close to the time when your family can sell the property, and you will have the money for your education. Lots of Korean students come to study in the US after finishing their military service, so you don’t have to worry about being “too old” for college.
http://talk.collegeconfidential.com/what-my-chances/1907380-what-are-my-chances-at-harvard-yale-and-northwestern.html#latest
In July 2016, you posted what you had completed for junior year of HS, and what you were doing for senior year…which would have had you graduating in June 2017.
So…what’s the story? Did you choose not to apply to colleges for THIS year…2017 or 2018?? If so…why?
But then here…in July 2016, you were trying to find a HS.
http://talk.collegeconfidential.com/high-school-life/1908289-choosing-high-schools.html#latest
Please explain the discrepancies in your story.
Or are you sharing this account with a sibling?
A large number of international students have a lot LESS than you do, and when the schools compare your “need” to a similar student, whom do you think will be funded?
US colleges and universities have limited funds to dispense. This is why the competition is so fierce. Each school is different and each school has different ways of determining need.
Apply to those schools whose websites you indicate will look at your “unique circumstance” or, try the “merit” awards.
Ok…actually this student would have graduated from HS in June 2017. According to the above linked posts.
So…to the OP…
What have you been doing since June 2017?
Yes, I don’t get it. I’m confused about your “history” from previous posts.
In June 2016, you wrote,
I’m not familiar with Korean high schools, so I’m assuming you have a 5th year of high school or that you graduated in 2016?
What’s been going on since then? Did you already apply and get a bunch of rejections? Admissions with no financial aid?
This is a public forum, so you can exaggerate, but when you apply to the colleges, they don’t look kindly on people who “stretch” the truth. In fact, the colleges become punitive. Your application is signed online and with that, you imply that your answers are truthful, honest and correct. Not fun when they find out that something wasn’t honorable.
Okay adding this, so I am even more confused:
“I have been in JV basketball team in my freshman year, and Varsity since sophomore year, and have become the captain in my senior year. Named MVP of the entire league in my senior year.”
This was posted in JULY of 2016.
http://talk.collegeconfidential.com/what-my-chances/1907380-what-are-my-chances-at-harvard-yale-and-northwestern.html#latest
Are you a TRANSFER student?
MODERATOR’S NOTE:
Not to the point where is causes confusion when users are trying to help. Per Terms of Service:
https://www.collegeconfidential.com/policies/terms-of-service/
Closing pending an explanation from the OP.