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Help! I Make Too Much to Qualify for Financial Aid Mobile AL
Help! I Make Too Much to Qualify for Financial Aid
Help! I Make Too Much to Qualify for Financial Aid
By Carl Buck
Parents who rank high on the income scale often rush up to me after my financial aid seminars wondering if they have any chance of getting help in financing their sons’ and daughters’ college education. All too frequently, parents believe that they have no choice but to pay every cent of tuition and fees, room and board, books, and all other college-related expenses, without any financial assistance from other sources. While the search for financial aid for parents who “make too much” may be challenging, don’t despair! There are various aid opportunities that are not based on financial need and are available to families regardless of their household income level and assets.
Getting the myths out of the way
First, let's dispel a few myths that often stand in the way of families seeking out the best options for financing college for their children. Most affluent families still think that the value of their home is a key factor in determining federal aid eligibility. This is not true. Home equity is no longer reported on a federal aid application. While home equity information is still required by some several hundred private colleges, there are over 3,000 colleges that don't ask for it at all.
Another myth is that there are no college tuition tax breaks for parents. If you are paying college bills for your kids, don't overlook them. Parents can deduct up to $4,000 of tuition expenses if the...
Author: Amy Ambler
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