I got accepted to my dream school, and I can afford the first year. However, my dad made a lot of money last year (like $40,000 more). Will this greatly affect my financial aid for the next year I’m at the college? It’s Emory if that makes a difference. I’m just scared I’ll be able to afford the first year but not the second, and if that’s the case, I guess I need to start considering my state school.
Also, can I appeal financial aid the second year if it’s too expensive? (Just realized this is probably in the wrong section but I’m not sure how to move it to fin aid)
The short answer to both your questions is yes. Yes, a parent’s higher income in 2017 is going to affect your aid for 2019-20. It can generally be expected to increase your EFC, thus lowering your need and resulting in a reduction in need-based aid.
Now, it won’t be anywhere near a dollar-for-dollar effect. Conservatively, expect the school to calculate the family’s expected contribution for 2019-20 to go up by about a third of the increase in income. Plug 2017 numbers into Emory’s NPC now and see what you get.
And yes, you can always appeal the school’s sophomore year FA offer that you would be getting in (late) spring 2019. Of course appealing is not at all guaranteed to shake loose any more money. The best grounds for appeal are ones hopefully you won’t be able to make – that there was a job loss or other big setback in circumstances in 2018-19 that ate up that increase in 2017 income over 2016.
You are very right to try and realistically project out your 4-year cost and how it might change from year to year and not just assume everything stays the same.
Will your dad make a lot more money in 2018 too…and 2019?
Was any of that extra $40,000 saved to be put towards college costs?
I am honestly not sure because his job is so unpredictable. In 2015 he made $150,000, in 2016 he made $-30,000, and last year he made $60,000. He didn’t put any of the money away for college… instead he bought a house
Thank you so much for thorough your answer! Very helpful.
@itunes38, also consider outside scholarships that are available for 2nd, 3rd, and 4th year undergrads.