Would you call the financial aid office and inquire -

[Anonymous]

Website states "most" families under a certain income threshold will qualify for free tuition. Our AGI is under that amount by about 25k iirc and we didn't get free tuition. We did get a discount, but it's not 0. And obviously we are billed full amount for dorm/food, fees, etc.

Should I call the financial aid office to inquire why? Or should I leave well enough alone?

My concern is that inquiring may trigger something that will makes matters worse. Or if they say, oh, it's because you have $X in savings and if we spend some of that down over the next year, it will look suspicious for next year. We will have to spend some of it as we are anticipating the need to replace HVAC and some appliances in the next year or so. We will definitely also use money in that account for tuition. So it will diminish regardless.

Other than this amount (which would cover COA for 4 years with very little if any left) all of our additional money is in retirement.

[Anonymous]

You can inquire. Next year’s assessment would be different so no need to worry.

[Anonymous]

Anonymous wrote:You can inquire. Next year’s assessment would be different so no need to worry.

Why should I expect next year to be different? AGI will be the same. Only difference is we will have less money in the savings account as we will use that money for tuition and any home maintenance that becomes absolutely necessary. (For example HVAC is 25 years old.)

[Anonymous]

Isn't based on income/savings from 2 years ago? so what you have right now won't be looked at until two years from now

[Anonymous]

as long as you are not hiding a pile of money- I would call. They do take into consideration if you have a 529 and expect you to spend that on education- even if you are under the salary threshold for free tuition

[Anonymous]

It's because of assets. Income is not the only factor. It's highly misleading for colleges to state families earning below x get free tuition. That is rarely the case, and that's why you had to provide more comprehensive financial data. Some (not all) college consider retirement. Our DC's did. Plus car and home equity value.

[Anonymous]

Seriously. How many earn 200-250K . . .but don't have any assets so can get the free tuition? Not many I would guess!

[Anonymous]

Anonymous wrote:Isn't based on income/savings from 2 years ago? so what you have right now won't be looked at until two years from now

It's income from 2 years ago. But when filling out FAFSA/CSS it's current savings.

[Anonymous]

Anonymous wrote:Seriously. How many earn 200-250K . . .but don't have any assets so can get the free tuition? Not many I would guess![/qu


Well, for this school it's not families making 200k or less that qualify for free tuition. It's lower than that. Again, they say "most" families. And I'm just curious why we weren't eligible.

[Anonymous]

Anonymous wrote:It's because of assets. Income is not the only factor. It's highly misleading for colleges to state families earning below x get free tuition. That is rarely the case, and that's why you had to provide more comprehensive financial data. Some (not all) college consider retirement. Our DC's did. Plus car and home equity value.

Don't think they asked for retirement.

I think this school also counts home equity. But we have a modest home (2br townhome) which we purchased about 5 years ago. So not a ton of equity but I "think" they consider 5% of home equity when determining financial aid.

I guess then it's the home equity + savings/fidelity account which made us ineligible for the free tuition.

We saved our college money in a brokerage account because we wanted to have access to it in case of emergencies (like the HVAC, etc.)

[Anonymous]

Most schools hit savings, 529, second homes, properties, us bonds/notes, checking valuations with approx 6% valuation in addition to income via w2.

So yeah if you are responsible and save for college they bend you over. The new loophole is put the 529 in grandparents name and not counted as parental income.

[Anonymous]

sorry, that is assets

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's because of assets. Income is not the only factor. It's highly misleading for colleges to state families earning below x get free tuition. That is rarely the case, and that's why you had to provide more comprehensive financial data. Some (not all) college consider retirement. Our DC's did. Plus car and home equity value.

Don't think they asked for retirement.

I think this school also counts home equity. But we have a modest home (2br townhome) which we purchased about 5 years ago. So not a ton of equity but I "think" they consider 5% of home equity when determining financial aid.

I guess then it's the home equity + savings/fidelity account which made us ineligible for the free tuition.

We saved our college money in a brokerage account because we wanted to have access to it in case of emergencies (like the HVAC, etc.)

Yes.

[Anonymous]

so say you qualify for "free" tuition with AGI under 200k.

But you have 25k in savings, 25k in checking, 100k in 529 and 150k in brokerage account = 300k x .06= 18k reduced from "free" tuition....roughly. It is still a better deal than what you will get any typical fafsa/css profiles of same income/assets.

[Anonymous]

^^So let's say then that we have 200k in the brokerage account. No 529. Modest amount in regular savings.

We spend 40k for tuition/fees etc. for the year, purchase HVAC at 20k, stock market doesn't do well this year (or it tanks, who knows) and when filling out fafsa/css we now have 130k.

Will our COA be the same as when we had 200k in the brokerage account, or lowered based on the current $130k we have.