<p>Which will be used? I called the university and they say they will average them. </p>
<p>We can barely afford the school on the usual income in 2013. But in 2012, my husband had a "bonus" which raised the income as a one time thing. </p>
<p>My daughter is desperate to apply ED, but, if financial aid is figured based on 2012, we cannot afford the school at all. So, we told her she cannot apply ED.</p>
<p>Thats probably a good plan.
ED is for kids who don’t need aid, or whom are applying to a school that meets 100% of need.
It can be nice to have it all done before the winter break, but you give up being able to compare offers as well as the realization that from fall to spring senior year, a students perspective can change a lot.
For instance my oldest was looking at art schools in the fall of senior year, but then graduated with a biology degree.</p>
<p>That’s why I don’t like ED. You called and asked. Some people don’t. There are CSS PROFILE schools that do not average incomes like that. It is possible when aid packages are on the tables, some schools that will reconsider things like this if they want the student enough. With ED, you can’t compare. You’re likely sitting there with one figure in your hand.</p>
<p>A little off topic…but hopefully that bonus isn’t sitting in a regular savings as an asset!</p>
<p>Any chance some of the bonus could be used at the “meets full need” school for one year to make up the difference, knowing that next year, it won’t be considered?</p>
<p>I do agree that there are many schools that do NOT average these years. Maybe once the RD offers are in, this school will discuss this award with you if others from peer schools are higher.</p>
<p>Terribly so, even though it only ended up being an additional $80K, it was only an additional $40K after taxes. This is because of the loss of child tax credits and everything. Basically, financially, it messed with things. I will admit, my husband did not know these stock options (the “bonus”) were going to expire. It is my opinion that he should have known. I guess he didn’t pay attention. We could have been cashing them out over years, rather than all at once. Plus, the stocks had been 10% higher just a month before my husband told me they were about to expire. So, we lost money on that 10% and lost money on the tax deductions and credits because our income went too high. </p>
<p>Generally, I handle the taxes and all our finances. But with this, since it came from his work, he was handling it. </p>
<p>When we went through college, I stupidly accepted tons of student loans to pay for school. I didn’t know better. To top it off, I was a National Merit, but again, didn’t even know to compare packages from schools or anything. Then, after college, my son was in the NICU and with his high bills, we forbeared the loans for a few years. Well, it compounded interest during that time. Our loans are worth way more now than it was when we graduated college. So, I paid down debt with the money.</p>
<p>I think, also, I am going to call again and see if I can speak to someone else and clarify that they average or not on their estimates.</p>
<p>In your first post, you mention you can afford the school with your 2013 income.
But then you are concerned that they will average in a bonus year, so it sounds like being able to afford the school is really dependent on getting need based aid.
The school is unlikely to improve aid offers because of debt.</p>
<p>Your daughter needs other choices that are more affordable.
If she has the stats to be admitted into a need based only school, then she. may have the stats to receive merit aid at a school a little less competitive.</p>
<p>I’m thinking the OP can barely afford their estimated (based on the Net Price Calculator) family contribution with just the 2013 income. Averaging in the 2012 income makes it unaffordable.</p>
<p>I agree with the OP…apply RD. but the same questions are,going to be asked. If this school averages 2012 and 2013 incomes for ED accepted student aid, they will do the same for RD accepted students and aid…i believe the same aid formula is used for ED as for RD at most colleges.</p>
<p>And agree with others, if this one school is marginally affordable, just make sure you have some affordable ones on your list of applications. This can include lower priced schools, and/or schools where your student is guaranteed to garner good merit aid.</p>
<p>Look at the stickie above for guaranteed merit awards and see if any of these will work.</p>
<p>FYI for some, applications need to be completed within the next month.</p>
<p>Is she considering any schools besides Swarthmore, Rice, Yale & U- Austin?
With her personality disorder, if she isnt going to take a gap year and work on her issues, it may be advisable not to go more than a few hours away.
[Plan</a> II Honors Program](<a href=“Plan II Honors Program | Liberal Arts | UT - Austin”>Plan II Honors Program | Liberal Arts | UT - Austin)</p>
<p>Eightisgreat, the taxes you payed will be subtracted out of the income, I believe. Still, I wouldn’t fool around with ED because you do need to compare packages if you are right on the edge of affordablilty. Unfortunately, debt, other than a mortgage against your primary residence, and maybe your car if the school wants the value of it included, is not taken into consideration in the financial aid process. Medical and truly catastrophic issues can go into professional judgement, but I don’t think paying off previous school loans is going to get you anywhere.</p>