<p>Hey guys. I'm a senior in highschool this year and will be attending college this fall. It's almost time that I make my final decision and choose which one to go to and I'm really leaning towards DePaul University. I applied for financial aid about a month ago and got a letter in the mail only offering me loans. I was kinda worried this would happen becasue my dad's AGI is $310,000. But, my dad is a partner at a contracting firm and most of the money he makes, he doesnt get to keep. It goes in to the company for future investments. So of that $310,000 he gets to keep $120,000. I wrote an appeal letter, with the help of my dad, to the financial aid department at the office proving this by enclosing tax documents. </p>
<p>DePaul is $40,000/yr with room, board, and tuition
My parents have 6 dependents including me
I also have a brother who will be attending college in the fall</p>
<p>So do you think that it will change anything and that I will get any different kind of aid/grants?</p>
<p>I do think it will change. Not sure why the AGI included money that really isn’t his… I would CALL the school and put yourself on their radar screen NOW.</p>
<p>“Not sure why the AGI included money that really isn’t his”</p>
<p>In partnership situations, a partner is taxed on his share of the earnings whether removed from the business or not. Its still “his” money…his share…but its re-invested in to the business and represents his share of retained earnings.</p>
<p>If DePaul is within driving distance from your home, I suggest that your father makes an appointment with the chief Financial Aid officer and explains your family’s case. Often establishing the student’s strong commitment and the family’s support to make the enrollment possible, is powerful. A personal visit where the documents are provided again is advatageous. If other schools are more generous with merit funding, this should be disclosed.Time is running short.</p>
<p>This is really an interesting situation. I would think most schools would be inclined to look at it like they look at money you put into a retirement account during college years, it’s money that flows through your hands and you have a choice to divert it to pay for college. I won’t be surprised if they tell they family they will just need to reinvest $40K/yr less for the college years.</p>
<p>I’d certainly ask, and let us know what happens.</p>