Some more answers to your questions...
More answers to some of your questions:
Carlos asks "Also, besides the College Board form we (international [prospective] students) need to fill, what other information is required (I know about the Tax Form [my country has one so I am sending that translated to English], but is there anything else besides that?)".
For the financial aid process at MIT, nothing more is required. We will act upon your application using the information gathered from either the Tax Return you provide (translated into English) or the letters from your parents' employers (translated into English) and the Financial Aid Application for International Students. For the Visa process, there are many other forms and pieces that are required, but that will come after you have been accepted and decided to attend MIT. Some information on the process for the Visa can be found here.
While we are on the subject of international students, Shahab asked that I "please also point out tips/suggestions on the financial aid procedures for internationals."
I would first draw your attention to an earlier post which identified the application procedures for international students. I also should mention that we use the same Institutional Methodology for international students as for domestics, so the information I have been providing here is the same for both, unless I have specifically indicated it is applicable to U.S. Citizens or Permanent Residents.
Eujin wrote the following: "I need help with question #22 in Intl Student Fin Aid App. It asks about the year and the price our apartment was purchased. The problem is in the following fact: the apartment wasn't purchased by my mother, it was given to her by her employer without any cost (basically it was a present, because she worked there for 27 years and did a lot of good things )."
My advice in this situation (or in any situation where you have been given an asset and do not know the value of the purchase price) is to leave the information about purchase price and year blank, inform us why, but be sure to provide a current estimate of the property's value and debt. I would be careful, Eujin, only to include assets over which she has control, so if she sells the property, would she retain the proceeds? If it is not her asset, do not include it.
Yi-Hsin asked "My parents are divorced, and my noncustodial parent is filling out the noncustodial form as required. My custodial parent is paying for my entire high school education. What does my noncustodial parent write for "Parents' Contribution" on the noncustodial form? 0 or the amount my custodial parent pays? What about the scholarships blank?"
If your non-custodial parent has a particular contribution they plan on providing for you during the coming year, you could list it here, but we will only consider it as a "reality check" against what we determine to be a reasonable contribution from the parent. If s/he has never paid before, and likely will not be willing to pay this year, do put 0, but keep in mind that we may (and in fact probably will) come up with a different assessment. Remember that our assessment is about ability to pay, not necessarily willingness to pay. I'm not sure about the reference to a "scholarships blank." Can you provide some more information on the question itself?
Ann had some detailed questions about home equity, business equity and inheritance. I will be tackling the home value issue in a post soon, so let me focus on the other two issues. She asked "Is business income considered the same as wages earned working for someone else? Are the assets owned by the business taken into account like home equity? 3. If an inheritance received while my child is in college is used for college expenses in place of college aid, I feel that I've lost out on the inheritance my relative wanted me to have."
As to business income, it is in fact considered as just another source of income, like wages or interest income or lottery winnings (we should all be so lucky). Assets owned by the business, however, are not considered at a 100% straight shot. Net worth of a business (value minus debt) is discounted by a formula (usually in the 50% or so range) and then added in to other assets.
If the inheritance you received is held as an asset, then it will be included as a part of the family's assets (unless it is in a retirement specific account), but remember that assets are included at a MUCH smaller level than income in the formula (some estimates are from 3 to 6% after some built-in asset protections). Remember, though, that while we may consider the asset in the formula, we say nothing about how you actually finance your contribution -- if you wish to leave the asset alone to protect it, then by all means do so. Realize you may need to find another source for some of your parental contribution.
If the inheritance was received in a year in which you are applying for aid (thereby showing up twice - once on your tax return as income, once in your assets), you will need to attach an explanation of this to your financial aid application and ask us to consider that this is a one-time source of income and will not be repeated.
Some there are some answers. More to come (I am sure) when your questions are posted. In the meantime, look for part two of the post on our formula and process.
Happy New Year to all.
How are your financial aid applications coming?