<p>Both of my parents are in college, my dad is working full time while enrolled in Medical School and my mom is in college to become a Physician Assistant. They study once they reach home until 1 - 2 am.</p>
<p>Both of my parents are graduating from college at the same year I graduate from high school. Right now my family income is dangerously low, but once they finish school and find jobs there will be an obvious increase in income. </p>
<p>Firstly, how does this affect financial aid? And secondly (I probably sound like a jerk for asking this but I promise I'm just really curious) does that fact that they are both in school hurt or help my chances of being admitted to top institutions?</p>
<p>I am pretty sure that the sole fact that your parents are in college will do anything to your financial aid. You will likely have a low EFC if your income is so low. However, you say that your parents will finish their education when you graduate high school. If they find new jobs quickly, keep in mind your EFC may go up a lot if your family gets a high income.</p>
<p>It won’t help or hurt your chances. Many schools like to give special attention to kids whose parents have not even gone to college (the definition of this varies by institution: 2 year degree, 4 year degree, etc.), in order to end the cycle of poverty. However, just because you are not in this situation doesn’t mean it will hurt you.</p>
It depends upon the college. For colleges that are need-blind, your family’s ability to pay is NOT a factor in whether you are accepted or denied. For colleges that are need-aware, your family’s ability to pay IS considered.</p>
<p>Student’s on financial aid must re-apply every year. If you are applying for Admission in September of 2015, your family’s assets and their 2014 tax return will be used to calculate aid for your freshman year. In subsequent years, when your parents have graduated, have better jobs and are making more money, your aid will probably go down. Have you run the Net-Price calculator on all the school’s on your list. You should: <a href=“http://netpricecalculator.collegeboard.org/”>Net Price Calculator – Higher Ed | College Board;