<p>I am a junior in hopes of going to the Ivyies. Last year my parents had a net income, I don't know exactly, but at least $200,000. THIS YEAR, let's just say my family's situation has changed drastically and will make approximately $40k. Will this qualify me for financial aid at those Ivyies that give out, oh so generous, packages?</p>
<p>wouldn't that create some suspicion about how their income dropped so significantly?</p>
<p>Colleges not only look at income, they look at your assets also (money in the bank, investments, home equity, etc). amismartenough does raise a point as some schools do ask for 2 years of tax forms do they will want to know about the big drop in income.</p>
<p>Is a $200K family income too much to qualify for aid from the Ivies? (No other financial issues, one child in family)</p>
<p>thanks guys.</p>
<p>i would call the financial aid office of the school your applying to and talk about your situtation</p>
<p>Yes, 200k is way too much to qualify for aid. However, if it dropped significantly and you can prove it, you may get aid. Definitely talk to the fin aid people at the schools to which you're applying.</p>
<p>Oh haha.....so what's the cut off around?</p>
<p>Depends on the school. It's not a single cutoff -- it depends on a number of factors, as other posters have said, including your total assets (if you're only making 50k/yr but your family has millions in the bank and owns millions of dollars worth of property, stock, bonds, etc, then it wouldn't make sense for you to get aid, right?).</p>