My parents income would be substantially less if thats not included to calculate yearly salary.
what costs?
If they are paid by your Dad’s employer[ deducted from his paycheck] , and not paid by your Dad and then reimbursed, then his paycheck income is what FAFSA will be based on.
We definitely need more info on these costs in order to answer your question.
If the IRS requires them to be included, they are income.
Are you talking a housing allowance or a country club membership?
@menloparkmom @kelsmom @twoinanddone Its costs like housing, and high school. Those costs will stop this year I think, so idk if that can maybe be used for a financial aid appeal?
You should ask the school. It is possible they might allow you to file an appeal to have a special circumstances review.
High school supplement might end, but why would the housing supplement end?
It sounds like you live outside of the country so your parents employer is paying for your schooling and providing a housing supplement
Are your parents moving back to the United States
@mom2collegekids yea its outside the us. No they are not planning on moving to the us. My parents are looking for a job though.
So…your income will be less…but HOW much less? If your income is above a certain amount, you won’t qualify for need based aid anyway.
@thumper1 It will be a lot less, not sure how much.
Family member here had housing and private school covered overseas for his kids by his employer.
BUT his annual income even without those extras far exceeded that which would qualify him for need based aid.
You need to look at your parent U.S. tax return. If this is listed on it as compensation, then you can’t ignore it. In any event…it saved your family a lot of money.
That money could have been put into college savings…which is what our relative did.
<<<
its outside the us. No they are not planning on moving to the us. My parents are looking for a job though.
<<<
Please clarify. Your parents receive a housing supplement from their current employer. If your parent found a new job, wouldn’t either the salary be much higher or also include a housing supplement? If not, why change jobs?
Either way, when you file FAFSA, you’ll be using 2016 income which INCLUDES that housing supplement. It may also include the tuition supplement.
Yep, we receive a clergy housing allowance. It is included in the FAFSA as untaxed income.
@mom2collegekids well they got released from their current jobs. The thing is, I really wanna go to USC (California) but they gave me no aid so Im trying to appeal… Would I also maybe get more aid if my sibling goes to college next year? I already turned down BU and Northeastern because of no aid and don’t wanna turn down USC. I would be w/ 120k in debt with no aid for USC since my parents can only pay like half the tuition. I feel like I worked hard for nothing…
120k of debt would be an enormous mistake. No school is worth that.
Is your current school in the US?
@Pheebers yea, it is 30k less per year, but USC is a better school. Im just hoping I get more aid to make it possible to go with little debt.
Better school- how much better? And realistically, how much extra aid do you think you are getting?
Are you saying your parents have NO jobs right now? Then WHO is going to take out $60,000 in loans so you can attend USC this coming academic year? Sure…they probably could get a PLUS Loan, but here is the reality…SHOULD a family with no jobs do this? My opinion…no.
NONE of the colleges you mentioned gave you need based aid. None of them.
It looks to me like you applied to and got accepted to a bunch of unaffordable schools…unless your PARENTS are willing to pay the full cost of attendance at these pricey schools.
Here are my suggestions:
- Take a gap year...and then this fall apply to AFFORDABLE colleges. This means...schools that your family can afford to fund and that might include merit or need based aid. Keep in mind...your 2016 income will be used for that 2018-2019 financial aid filing.
- Look for colleges where you would be guaranteed merit aid as an incoming freshman (again...emphasizing...do not enroll anywhere this fall as then you would be a transfer). If your SAT or ACT scores and GPA are sufficiently high, you might garner sufficient merit aid to ease the financial blow for your parents.
- Even if you get some more aid from USC, it's not going to go from $0 a year to $60,000 a year...it's just not.
- See if you can defer your enrollment to USC for a year while you try to work out the finances. Again...take no courses elsewhere. Perhaps this all will settle down sooner than later. If not...you can apply to other colleges for admission in fall 2018...ones that are affordable.
- Start looking for less costly colleges if you plan to reply for 2018-2019. There are PLENTY of good colleges that don't cost $60,000 a year...or more.
You say your parents can “pay half the tuition” at USC. What about the other half of the tuition, room, board and fees…and books and personal expenses? Those aren’t free.
Your parents are both unemployed right now…and it sounds like they will also be relocating. I know this puts a monkey wrench into your plans…but families work together to get through these things. Please consider all of your family finances…not just your own.
And lastly…you say all of your hard work was for nothing. Your hard work should have been to get a good education, and gain knowledge…not in anticipation of being rewarded with attending a $60,000 a year college.
You will be sophomore transfer. Where are you going to college now, and why can’t you continue to go there?
Are you in college NOW? Are you trying to transfer to USC?
Your parents will not qualify to cosign those big loans since they are unemployed, so that path will not work. You can’t borrow that much w/o a qualified EMPLOYED cosigner.
If your parents recently lost their jobs, then schools won’t give aid because schools believe that your parents will soon find NEW jobs.
Where are you going to college NOW? What is your major and career goal?