So my son is a rising junior at Stanford, and his financial aid letter for the upcoming year has us parents paying quite a bit more than last year. Now I understand that our income has gone up slightly, but I’m really confused because of the big announcement back in April regarding full tuition for anyone whose parents make less than $125K.
Now granted we do make a bit more than that, but not a whole lot, and I guess I don’t understand why our contribution would actually increase when most everyone else’s decreased.
Anyone else notice anything similar happen to them? Anyone have an explanation? I did e-mail the Financial Aid office, and all they said was that our contribution increased because our income increased. They didn’t address the discrepancy with the big news of “more financial aid” at all.
What other changes have there been? Any increases in savings? Any increases in investments? Asset values increase?
Any outside scholarships disappear?
Any contributions towards retirement?
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parents paying quite a bit more than last year. Now I understand that our income has gone up slightly, but I’m really confused because of the big announcement back in April regarding full tuition for anyone whose parents make less than $125K.
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Did a sibling leave college?
Since you don’t meet the $125k threshold, that info doesn’t affect you.
how much more did income go up (including any retirement contributions)?
How much more does S expect you to pay from last year?
How much do you have to pay total?
Do you or your spouse have any “business deductions”?
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the big news of "more financial aid" at all.
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That news was for a lower income. Why did you expect S to address that
Perhaps the new generosity for those making under $125k is going to be paid off the backs of those who make more than $125k?
No idea why you are being asked to pay “quite a bit more” if the only thing that slightly changed was your income.
How much did AGI increase and how much more do you have to pay over last year?
Still same number in college?
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Perhaps the new generosity for those making under $125k is going to be paid off the backs of those who make more than $125k?
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Perhaps S is learning from the UC system?
Hmm if they say it’s the income, that must be it, as odd as it seems. They make no promises on how to determine your aid after you pass the $125k threshold…Although the change in aid after that point is gradual/not black and white, they can use whatever percentage of your income above that value as they see fit, since there are no published values.
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I did e-mail the Financial Aid office, and all they said was that our contribution increased because our income increased
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Was your income frosh and soph years at or below the $125k mark?
review the numbers you put in; maybe you made a small mistake that makes your income seem larger than it is.
Is ANY of the income “unearned,” like from an investment? Unearned income has a harsher calculation because it doesn’t have the wage-associated deductions, like FICA.
Wow! This forum is seriously active! I wasn’t expecting that many replies so fast!
Just to respond to everyone’s questions:
- My income actually did go up, so I don’t think I made any mistakes.
- My family contribution didn’t go up all that much. It was just the opposite of what I expected to happen. (Maybe “quite a bit more” was a slight exxageration.)
Thanks for the input everyone. I guess now I go find some more money to help him finish school…
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Just to respond to everyone’s questions:
- My income actually did go up, so I don’t think I made any mistakes.
- My family contribution didn’t go up all that much. It was just the opposite of what I expected to happen. (Maybe “quite a bit more” was a slight exxageration.)
Thanks for the input everyone. I guess now I go find some more money to help him finish school…
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Well, your income did go up. Likely the increase is less than the amount it did go up. You can ask to be on a monthly payment plan and then use your new, higher income to pay the higher contribution.
It sounds like you were expecting everyone’s cost to go down. But, S didn’t say that. They were targeting those who earn $125k or less. It may not seem fair, but they get to make the rules.
S is super generous, so even if you’re earning, say, $150k per year, S wouldn’t ask for a huge contribution would they?
Are HYPS getting to be so generous that people now expect to pay extremely little to go there?