Financial Aid based on Current Income

<p>I have a bit of a dilemna when it comes to financial aid. My family is not very rich and we don't have many assets. Our previous income was around the higher side, but we live in California and you know how ridiculous both taxes and housing is over there. Anyway, we were told that we could get financial aid for some colleges. However, in the last 2 years, my dad found a new job, and though I hesitate to put the new income on a public website, lets just say that if my family had this income from the beginning, we wouldn't have any financial troubles, let alone need financial aid.</p>

<p>Problem is that isn't the case. So my question is ... do they consider previous income or just this years, and how much do they take assets into consideration.</p>

<p>Need based financial aid is based on the previous year’s income…so for the 2012-2013 school year, your income from 2011 is used. </p>

<p>For need based aid, it is highly unlikely that years prior to 2011 will be considered when you apply for need based aid.</p>