The effect of property ownership on need based aid (UCLA vs USC)

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pineappleman
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The effect of property ownership on need based aid (UCLA vs USC)

Postby pineappleman » Sat May 23, 2015 12:44 am

USC offered 40k a year (out of a total cost of 57k), for a total of 120k plus 2000 extra. So I got into UCLA off the waitlist, and apparently I qualified for quite a bit of need based aid, around $20k worth, and I think that's why they decided to only offer $30k total scholarship ($10k a year). So for the first year I would get around 30k (out of 45k total cost), but the thing is, my parents are going to buy a house that's around 600k, because my relatives are going to pay the down payment of 200k. How much will that affect the aid I can get need based going forward? Is USC the better option? Or is UCLA still a good option for me? Any sort of insight is appreciated.

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leslieknope
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Re: The effect of property ownership on need based aid (UCLA vs USC)

Postby leslieknope » Sat May 23, 2015 1:03 am

It will have an effect. So will the mortgage. How much depends on UCLA's particular financial aid formula. I personally had really different results with different schools as far as need-based aid (I got the minimum amount at one school and the maximum at another with the same forms), so any advice we give you won't be of much use. Talk to UCLA's financial aid office.

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LawsRUs
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Re: The effect of property ownership on need based aid (UCLA vs USC)

Postby LawsRUs » Sat May 23, 2015 3:50 pm

PAman, it'll have an effect; how much, as LKN said, depends.

I don't see why your merit aid is being contingent on your need-based aid. I would write to UCLA about your concerns regarding your parents' situation, and ask for more merit-based aid.

GL




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