We are working on our financial aid application for next school year. We’ve worked SO hard this year to bring in extra money to cover our portion of tuition. I’m concerned that the extra work that we’ve done is going to backfire and we’ll be required to pay even more next year. Just wondering if anyone has had a similar experience. Does working extra actually work against you in terms of financial aid awards?
Many schools reevaluate FA annually. If you have more, odds are they will want more. And vive versa.
There is indeed a part of this that feels unfair, but I suspect that overall, the schools will recognize the commitment you have to the process. And at most schools, there is a cap on the amount of FA they can give, so needing a little less can work to your favor. So no, you have probably done the right thing. When you get the award, definitely ask what happens in future years as you are really stretching now.
The financial aid formula that most schools use is more of movie than a snapshot. They are likely to treat it as a “good year” rather than an indication your family has enhanced ability to pay.
YMMV. I would definitely call the school and talk to them.