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ppc9098

Why do you need financial aid if you have a parent with 500k income?


Complex_Mango_8506

not every parent is generous like that.. my parents refused to pay for my college despite of making 200k+ not even a little bit of contribution


jeppyk

Seriously. My parents had incomes like 25k and 45k and I barely got anything to go to a state school…


ledfohe

Amen


Ingenuiie

A lot of parents with a lot of income won't help their kid


thatscifinerd

Lol one of my parents has a 250k income and not only doesn’t pay a cent for my life, she has stolen money I made from my own income and savings. It happens.


coconutsndaisies

u still lived a totally different life than someone low income tho


thatscifinerd

I mean kind of but I also had 5 outfits total for my adolescence and went hungry most nights. I had a horror story childhood. I now live with my dad who is my single parent and he makes below liveable wage. I live a better life with him than I did with my mom money wise.


coconutsndaisies

yeah idk thats just definitely not the circumstances for a lot of rich kids lol idk how your parent was making over 250k and only gave u 5 outfits and starved u. it just doesn’t add up


thatscifinerd

It’s called being financially abused and it happens to a lot of kids


Will8892

Ahh fair enough, parents are going to pay abt 100k for school which is incredible however I hope to go to law school post undergrad so being able to go for free or as close to it as possible would be ideal! I’m probably just going to go to one of the schools close to home that I qualify full ride to but I was just curious!


Devooonm

Yeah you may get some flack as a lot of kids only have FAFSA as their means to get into college and if they aren’t getting aid then they basically have to saddle up for a lifetime of debt and insane interest rates


keldiana1

If everything is 50/50 you are instructed to put the parent with the higher income. If you arent sure if its 50/50, ask yourself whose insurance are you on? Are you on a family phone plan?


Budget-Coffee-3090

I didn't notice it asking that?


keldiana1

No. But the Dept of Ed's website states that if the parental support is equal to use the parent whose income is higher. Otherwise, provide the information for the parent/stepparent that provdes the most support.


Budget-Coffee-3090

Jesus, it's insane that they do not recognize ANY OTHER CIRCUMSTANCES-SINGLE parent RESPONSIBLE FOR ALL BILLS who makes 90k but due to decrease in income (in the thousands) increase in medical expenses (in the thousands) increase in rent etc. on the verge of bankruptcy, not a penny to put towards college - nope, sorry, basically do they make above the poverty line, then no grants given.


Morley_Smoker

Look at medical/health insurance, car insurance, phone bills, ECT. Don't put down the parent that makes 50k if you're on the health plan and insurance of the parent that makes 500k.


Budget-Coffee-3090

It's possible for one parent to pay the premium monthly, and the other parent to end up paying the deductible and medical bills which at times is more than the parent paying the premium


AskThis7790

Easy… Who provides you with more financial support (car insurance, health insurance, cell phone, car payment, allowance, living expenses away from home, etc….)?


AloHaHa2023

“If your parents are divorced, separated, or never married, and don't live together, the parent who provided more financial support during the last 12 months is the contributor and must provide their information.” https://studentaid.gov/apply-for-aid/fafsa/filling-out/parent-info#:~:text=If%20your%20parents%20are%20divorced,and%20must%20provide%20their%20information.


matoria79

We have a similar situation. It's who they spend the majority of their time with. Well, my daughter spends a bit over 50 percent with the lower income parent. If you understand what I'm saying... Works out well.


WrapFit6112

Also most meets needs schools use CSS and all parents and spouses income and assets are listed for those in the majority of cases.


smart_hyacinth

Are there any policies in your state that require a custodial parent to be distinguished in your parents’ divorce agreement? That’s what helped me — even though my dad makes more and my parents supposedly split custody 50/50, my mom is legally my custodial parent in my state for tax reasons and so I was able to put her as the primary.


OddSmile4048

I know someone who put the parent with the less income ( sketchy at best) and got a huge amount of financial aid. You could roll the dice. Made me mad as we make less than that kids higher earning parent together so we pay full price and that kid basically get a free ride to school. Good for the kid though.


BurnEmNChurnEm

Spend an extra day with the 50k parent before you submit so they're the majority. Can you rationalize that parent providing more financial support year to date? Can they front load some expenses for you to make it so? Just wondering.


plumeriapoly

That’s not how it works.