<p>Our daughter was admitted to RPI and based on our 2012 tax info (about 85k a year) she was given 15k a year need-based grant in addition to 20k a year merit-based one. Two weeks ago we finally submitted our taxes for 2013 and adjusted FAFSA and CSS. Our income was about 110k in 2013, however one of us lost the job in February so the actual income based on one breadwinner would be about 75k a year. We filled out a Family Circumstances Change form and got a reply that despite higher 2013 income the fin aid package remains the same. Yesterday my husband got an offer, so we have two jobs again and the total income for 2014 will be most likely around 140-150. Should we report it to RPI immediately? If we do they will probably take away the need-based aid. If we do not and they see our income next year will we get in trouble?
Thanks</p>
<p>You should be fine for this year. They have seen your actual 2013 data and that is what the aid package is based on. But don’t be surprised if your aid goes down significantly next year when it is based on your actual 2014 data. $30-40k difference is pretty big and may have a large impact.</p>
<p>What runwithscissors said. Know going in that you will very likely be paying more next year. Merit awards are renewable with no dependency. Financial aid/grants can change each year.</p>