<p>So here is the deal. Dad owned a fairly large business and sold it for $100M. After taxes, etc… we got only $20M. This was 10 years ago, and all things included our total assets are $30M. But the thing is, my dad is unemployed and so we have no main source of income (we make like $400k per/year on investments though). However my family (mainly mom) spends about $500k, netting a 100k loss per year. Question is, is it possible to qualify for any aid since our income is negative, even if assets are really large?</p>
<p>I will be applying to colleges with good aid.</p>
<p>Spending more than you bring in does not make your income negative. The exception would be for a business, where if expenses exceed income the business make a loss. But for people, your income is what you bring in. You can’t net your income and expenditure and say your net income is negative.</p>
<p>Schools look at your gross income less certain unavoidable expenditure such as taxes. With an income of $400k, whatever the source, you will not be eligible for need based aid anywhere. Even the generous schools have income cut offs at around the $180,000 mark - with normal assets. So both your assets and your income will make you ineligible for need bases aid.</p>
<p>None of the Ives offer merit aid, as you probably know. </p>
<p>It is obviously very hard to get merit aid at top schools because all their accepted students are top students. Some of them may have a limited number of competitive merit scholarships. You would need to research the schools you are interested in and see if they offer any. </p>
<p>Generous merit aid is usually offered by lower tier schools who are trying to attract students with higher stats. If your stats are high enough to get into top schools, you might be eligible for merit money at lower tier schools.</p>
<p>Thanks so much for your prompt advice. I really appreciate people like you spending the time to help out strangers. I think Duke offers merit scholarships, but I imagine those are really competitive…</p>
<p>Based on what you wrote, your chances of getting need based financial aid are nil. I agree with Erin’s dad your chances of being able to get substantial merit money is very slim because the school only offers about 41 merit scholarships a year (one is reserved for the child of an alumni) and they are extremely competitive.</p>
<p>This has to be a joke. Family has investment income of $400K, assets of $30M and she’s looking or aid? They could probably fire a maid, eat in a little more often and stop taking as many vacations and afford any school in the country.</p>
<p>4 years college costs $250K the most, that is a drop in the bucket in $20M, why are you bust everyone’s chops to get FA? go enjoy in any school you can get into.</p>
<p>This was 10 years ago, and all things included our total assets are $30M. But the thing is, my dad is unemployed and so we have no main source of income (we make like $400k per/year on investments though). However my family (mainly mom) spends about $500k, netting a 100k loss per year.</p>
<p>Ok…you need to understand something…</p>
<p>Your dad is not “unemployed” as in the typical low income sense. Your dad is essentially retired because your assets are so high that they bring in a high income all by themselves. That’s what it means to be very affluent …when you no longer have to work because your MONEY WORKS FOR YOU.</p>
<p>To say that you have “no main source of income” is ridiculous. Your family’s main source of income is its investments. </p>
<p>The fact that your mom CHOOSES to spend $500k per year (which is over $1k per day!) is a luxurious choice. If your family chooses to do so instead of paying for college, then that’s their choice and your beef should be with them. BTW…if your mom is spending $500k per year (which I doubt) that would mean that either she is spending a few hundred thousand more than the net income (after taxes) OR your family’s NET income is $400k…which means that you’re really grossing a lot more. </p>
<p>You need to ask your parents exactly how much they will spend each year. That is your budget pluse any merit you can get.</p>
<p>SAT 2210</p>
<p>A 2210 is usually not high enough for large merit from schools like Duke that give some merit. For you to get significant merit (like free tuition), you’d need to look below the Top 60 or so.</p>
<p>Just apply. When acceptances roll in it’s likely your parents will pay. I’ve seen a lot of wealthy parents tell their kids to get scholarships. When they see where the scholarships are to, they most often write the check if the child was accepted at a prestigious college.</p>
<p>You can’t possibly serious.
But in case you are, the good news is that your parents only need to come up with ~20-30K extra per year because they won’t be paying your high school tuition any longer. </p>
<p>And 30M-120K=29.88 million, so your family will be o.k. for a little while.</p>
<p>This has got to be a joke post. If the OP is serious I’ll also chime in and say you are not going to get financial aid…anywhere…anytime soon. So if you want to reduce your college costs drop down the selectivity you have under your name and use your talent finding an assured merit scholarship…and take a basic finance class, read some census data along the way…99% of the people in this country don’t have the money your family has.</p>
<p>Not sure why everyone is shocked. In my experience, wealthy kids often don’t have financial knowledge or perspective. Money has never been an issue in his home. If his patents are telling him they can’t afford college because of expenses, he’s likely to believe them.</p>
I think Duke offers merit scholarships, but I imagine those are really competitive…</p>