<p>For example, financial aid for the 2011-2012 year is calculated from my family earnings in 2010, correct? I'm asking because our financial situation may be improving in 2011-- but my first year aid should remain the same?</p>
<p>Sorry, but every year is a separate deal (or can be). Very often a college will make some assurances that if, say $15K in aid is offered the freshman year, then the student can expect a similar aid package in following years providing income remains SIMILAR. Some colleges have a nasty rep for luring freshmen in and then jacking the costs each year after. (It’s always wise to ask an upperclassman if that has happened). </p>
<p>So, the aid you will receive in fall 2011 will be based on 2010 tax returns. If 2011 is a better year, please use an EFC estimator so your family knows how much more “bite” is likely the following year. </p>
<p>Sometimes it can seem that all the new money coming in just goes out the door in tuition. That may be true – but you won’t be in college forever and the pay raise, hopefully, will be permanent. </p>
<p>Keep in mind that just because you get “aid” you are not out of the woods. It may all be loans. Take as few loans as you can (just because it is offered, you don’t have to take it). Good luck</p>
<p>If you are applying to a school that uses the Profile, I believe there is a question on there that asks you to estimate your income for 2011 as well (I haven’t completed one in a LONG time…so someone with recent Profile experience will have to verify this). </p>
<p>But do be cautious as you need to apply for need based aid every year. If your income rises, your financial aid will be reduced at many schools. Keep this in mind as college is four years…not just the upcoming year.</p>
<p>Right, I understand my aid will be lessened if my income rises. I was just wondering if my income were to increase in 2011, would my FIRST YEAR aid (which I understand to be based off of 2010 income) stay the same.</p>