I will be applying for aid for my transfer schools. Family income was relatively high during beginning of college, but my dad has since then left his job and my brother has moved out (my parents are paying for his rent).
So will applying for aid hurt my chances since transfer admissions are need-aware? Income will most likely be around $200k for the next cycle, but my parents spend most of what they make, so hopefully I can still get some aid.
You can apply for aid but if you family income is $200K, you won’t get aid. You may get in but it probably will be on your own dime.
Sorry, but that’s the truth.
The schools will not subsidize your family’s spending habits by giving you their limited funds.
You may be eligible for loans.
You need to talk with your parents, and find out what they can afford. Then you need to look at places that fit in your family’s budget.
I would say you have zero chance of FA. But you are facing financial issues at your current school also? What is your local commutable 4 yr that would take you?
@“aunt bea” @happymomof1 @Sybylla
Thanks for the responses.
I actually do have some aid at my current school, and that was given to me when my family had a higher income. We have no big assets, so that may be the reason we got something.
My bigger concern, however, is this: will applying for FA alone lower my chances of admittance?
I expect that your chances of transferring will be based MOSTLY on your GPA at your current school. If you have good letters of recommendation, it shouldn’t be a problem.
Financial aid probably won’t be the reason if you are rejected.
bump and question:
Does admissions only look for whether or not you applied for FA to factor that into their decision? Or do they actually know how much they will be giving you before making that decision? Example: if two theoretical applicants with identical applications both applied for FA, but one only needed 10k in aid while the other needed a full ride, would admissions admit the former since he/she will “cost less?”
In another thread you said your family’s income puts you in the top 1%. I think it’s going to be difficult for you to get aid, especially if your dad is voluntarily retiring.
Are your parents still paying $30k/month for your brother’s rehab? You may be able to ask for consideration for medical expenses, but with such a high income I’m not sure it will help much.
@austinmshauri my family’s income put us around that before my dad getting fired. Not sure where we’ll stand financially now, especially considering that my brother is moving out but will still be supported by my family. He will also be going to college soon, which will affect FA.
Your dad will have had a severance package, if he is a top earner that would be likely to be around 1 yrs salary. Establish though, if he was fired vs left his job vs retired. Your brother’s moving out vs being a medical cost is a postive for your family financial scenario, no? I wouldn’t imagine his living costs are near the costs of rehab, and frankly won’t be a big part of the math. If that medical cost math got you FA in your present school despite your dad’s big paycheck, expect a complete do over. 200k with one kid in school wouldn’t garner FA anywhere in normal circumstances, are you sure it isn’t merit?
There is no guaranteed severance package, nothing universal. I’ve never worked anywhere where they gave a year’s salary. Government gave nothing. Major US corporation I worked for gave 1 week for every year you worked there IF you were fired (nobody got 52 weeks, no one)
@Sybylla the school I currently attend does not give merit aid to its students.