<p>My mom recently quit her job, and our family's AGI went from 170K a year to 75K. I am going to be applying to college in the fall of this year [senior year], so will I put 75k as the annual income or 170k or some other value? Also, how good is it to be in the 75k bracket? I'm sure it's a lot better than the 170k bracket, but exactly how much better would you say it is in terms of financial aid offers?</p>
<p>Your aid will be based on your family 2009 income, as reported on the 2009 taxes that should be completed by April 2010. You’ll file FAFSA (and perhaps PRofile) before that, using estimates, in order to meet college deadlines. 75K family income should make you eligible for some aid at most schools-- just don’t expect a free ride or anything near it.</p>
<p>(You’re starting college in the Fall of 2010, right?)</p>
<p>Yeah, I will be matriculating at a college in Fall 2010. MIT says that they expect 0% contribution from a family making < 75K for tuition. I will still be accountable for room and board, however, right? Also, if the total AGI is around 75, 500 or 75,900, will this put us out of the < 75K range or will that be acceptable?</p>
<p>If your family had a $170K income and can comfortably switch over to a $75K income, my assumption would be that your family has a lot in assets which may ding you in efc.</p>
<p>around 70K in stocks/bonds, and 100k home equity [but we aren’t selling our house]. How bad would that be for efc?</p>
<p>Not too bad (assets affecting EFC).</p>
<p>MIT and some other top schools do have programs where they provide full tuition or full COA for students from families making below a certain threshold (regardless of the calculated EFC).</p>
<p>Check the MIT website to see if you qualify.</p>