Bother applying for fin aid?

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Discus: Financial Aid and Scholarships: May 2004 - Archive: Bother applying for fin aid?
By Ubercollegeman (Ubercollegeman) on Monday, August 30, 2004 - 05:29 am: Edit

I'm wondering if I should bother applying for financial aid anywhere, or if it'd just be a waste of effort.

Any way that I look at it, our family is pretty well off. I live with both parents and I have two sisters, one younger and one older. The older one attends Berkeley, and the younger one won't be in college for awhile.

I guess my parents' "net worth" is something like 2.5-3 million. Don't kidnap me =O. Given this, I don't think my parents would have trouble paying for college (undergrad and grad) at all for all three of us, but, hey, we're Asian, and it's always nice to save a buck, or two, or fifty thousand.

Thanks =O.

BTW, I don't need anyone to tell me how spoiled or lucky I am; I already know. My parents grew up in poverty that makes inner city kids here look privileged beyond belief, especially my mother. They came to America on educational scholarships to build a better future for themselves, and I'm thankful every day for what we have.

By Jenniferpa (Jenniferpa) on Monday, August 30, 2004 - 06:28 am: Edit

The only thing that might be an issue is the "guess" part. Not all children have an accurate idea of their parent's net worth, particularly if a business and/or house is involved. Much of the financial aid calculations are based on income, so if you were not accurate about the assets, you still might be eligible for financial aid. Another thing to consider is that even if your EFC is exceptionally high, some schools need that financial aid application before they will consider you for merit based aid. This is something you need to talk to your parents about!

By Thumper1 (Thumper1) on Monday, August 30, 2004 - 08:36 am: Edit

We knew we would not qualify for need based aid. And we also knew we could pay the full cost of attendance if necessary. BUT we did the FAFSA for two reasons...first, as noted above, some schools do not process merit aid without it. Second, we wanted DS to have some financial responsibility beyone his merit aid and summer job. By filling out the FAFSA you will qualify for an unsubsidized Stafford Loan. This is in the student's name. That is part of our son's contribution to his college payment.

By Ubercollegeman (Ubercollegeman) on Monday, August 30, 2004 - 02:09 pm: Edit

Thanks for the help :).

The way my parents do business is a little weird, so I'm not sure how it looks on paper. Our actual annual income is something like 300,000 a year combined, but since my dad's business is not based in America and my mom buys and sells stock (and is good at it, too, especially since my uncle is a professional stock broker), I don't know about annual income on paper. I'm guessing it's substantially less.

But our assets are pretty clear. Our house is worth 1.5 million, and it is completely paid off. Combined with my dad's business as well as my grandfather's recent bequest and all the money we have in stock and the bank, my initial guess was probably less than what we have. It's probably closer to 3-3.5 million.

By H0peful (H0peful) on Tuesday, August 31, 2004 - 11:07 am: Edit

This post is pretty funny - I can't tell if the point is to simply brag about how much money you have in a rather subtle and seemingly "friendly" way or if you are actually trying to get any useful information. Obviously, you will not get financial aid that's needbased and obviously you are not ineligible for merit-based financial aid. *Sigh*

By Ubercollegeman (Ubercollegeman) on Thursday, September 02, 2004 - 01:43 pm: Edit

I'm not trying to brag. What would I brag about, anyway? That my PARENTS eventually became successful? That doesn't even have anything to do with me. If anything, any alleged bragging could only make me look worse, since my money got handed to me.

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