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Message |
Martin Lynch
Guest
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| Posted: Sat Jan 17, 2004 10:59 am
Post subject: Parent's earnings effect on my loan eligibility |
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Say hypothetically my father is 60 years old and has only $50K saved
up, far from enough for retirement.
Let's say also that he earns about $100K per year; a lot of money, but
considering his small amount of savings, still keeping him far from
retirement.
When factoring my father's earnings into my loan eligibility
calculation, do they consider the fact that my Dad logically cannot
contribute much of his earnings to my tuition, otherwise he would be
working until the day he is about 100 years old and never be able to
retire?
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Steve Blank
Guest
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| Posted: Sun Jan 18, 2004 10:22 am
Post subject: Re: Parent's earnings effect on my loan eligibility |
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Martin Lynch wrote:
| Quote: | Say hypothetically my father is 60 years old and has only $50K saved
up, far from enough for retirement.
Let's say also that he earns about $100K per year; a lot of money, but
considering his small amount of savings, still keeping him far from
retirement.
When factoring my father's earnings into my loan eligibility
calculation, do they consider the fact that my Dad logically cannot
contribute much of his earnings to my tuition, otherwise he would be
working until the day he is about 100 years old and never be able to
retire?
|
They calculate the family contribution based on income and assets. An
income of $100,000 could require a contribution of up to about $20,000
depending on other factors (family size, number of college students,
etc.) and the assets that exceed his Asset Protection Allowance ($28,100
for a single parent, $63,000 for a married parent) will add up to
another 5.64% of the assets over the allowance.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761 |
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Martin Lynch
Guest
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| Posted: Tue Feb 10, 2004 12:39 pm
Post subject: Re: Parent's earnings effect on my loan eligibility |
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I forgot to mention that I'm 26, and dependent, and will be attending
a graduate program.
In this case, do they still consider my father's income and savings
when determining my aid?
Steve Blank <steve@randallblank.com> wrote in message news:<_ZmOb.25645$f16.1782@newssvr33.news.prodigy.com>...
| Quote: | Martin Lynch wrote:
Say hypothetically my father is 60 years old and has only $50K saved
up, far from enough for retirement.
Let's say also that he earns about $100K per year; a lot of money, but
considering his small amount of savings, still keeping him far from
retirement.
When factoring my father's earnings into my loan eligibility
calculation, do they consider the fact that my Dad logically cannot
contribute much of his earnings to my tuition, otherwise he would be
working until the day he is about 100 years old and never be able to
retire?
They calculate the family contribution based on income and assets. An
income of $100,000 could require a contribution of up to about $20,000
depending on other factors (family size, number of college students,
etc.) and the assets that exceed his Asset Protection Allowance ($28,100
for a single parent, $63,000 for a married parent) will add up to
another 5.64% of the assets over the allowance. |
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| Back to top |
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Steve Blank
Guest
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| Posted: Tue Feb 10, 2004 1:01 pm
Post subject: Re: Parent's earnings effect on my loan eligibility |
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Being over 24, or in a graduate program, makes you an independent student.
Parent information is not required on the FAFSA unless your particular
school requires it when determining aid from their own resources -
usually just some medical and law programs as previously posted.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
Martin Lynch wrote:
| Quote: | I forgot to mention that I'm 26, and dependent, and will be attending
a graduate program.
In this case, do they still consider my father's income and savings
when determining my aid?
Steve Blank <steve@randallblank.com> wrote in message news:<_ZmOb.25645$f16.1782@newssvr33.news.prodigy.com>...
Martin Lynch wrote:
Say hypothetically my father is 60 years old and has only $50K saved
up, far from enough for retirement.
Let's say also that he earns about $100K per year; a lot of money, but
considering his small amount of savings, still keeping him far from
retirement.
When factoring my father's earnings into my loan eligibility
calculation, do they consider the fact that my Dad logically cannot
contribute much of his earnings to my tuition, otherwise he would be
working until the day he is about 100 years old and never be able to
retire?
They calculate the family contribution based on income and assets. An
income of $100,000 could require a contribution of up to about $20,000
depending on other factors (family size, number of college students,
etc.) and the assets that exceed his Asset Protection Allowance ($28,100
for a single parent, $63,000 for a married parent) will add up to
another 5.64% of the assets over the allowance. |
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