<p>When applying for scholarships, for those who "demonstrate unmet financial need and have a family income of up to $95,000", do they mean gross or taxable income? My family's gross income is $100,000 and taxable income is about $63,000. Adjusted Gross Income is around $105,000. Only my dad works to support a family of 5 (I'm going to college next year, my sister's attending college right now, and I have a younger sibling who's 12). Am I able to qualify for scholarships that indicate a requirement is "a family income of up to $95,000"? Or are there any financial need scholarships that I can qualify for? thanks</p>
<p>If you’re looking for scholarships so that you can afford college, then those scholarships that you’re looking at may not work out for you. Look at the details…are those only for ONE year (frosh year)…or would they award you X dollars for 4 straight years?</p>
<p>Most of those private scholarships are ONLY one-time and only for freshman year.</p>
<p>Since you have a sibling in college and it sounds like you’re looking for scholarships to afford college, then you need to apply to the COLLEGES that will award you FOUR year scholarships for your stats.</p>
<p>What are your stats?</p>
<p>What state are you in?</p>
<p>How much will your family pay each year?</p>
<p>What is your major?</p>
<p>Sleep…from other posts, it looks like you are interested in Stanford, Carnegie Mellon, Cornell? The best scholarships AND need based awards come from the colleges themselves. I interpreted your OP as meaning the criteria for school based awards. As Mom2 said, outside scholarships tend to be one year awards.</p>
<p>Stanford has a VERY low admissions rate…less than 10% of those who apply actually get admitted. However, if you do get admitted, they have very generous need based aid even for families with an AGI above $100k, but less than $180k. It is possible you would get some need based aid from Stanford. Stanford meets full need for all accepted students as they calculate your need to be.</p>
<p>Cornell is also a tough admit, but not quite as tough as Stanford…but still hovering around 10%. Cornell does not have quite as generous need based aid. Cornell awards no merit aid. I’m not sure how much need based aid you would get there. </p>
<p>Carnegie Mellon is the least generous of these schools. If I were a betting person, I would say with your family income, need based aid will be very limited.</p>
<p>ALL of these schools have Net Price Calculators on their websites. You should be running your family finances using each of those NPC…advice you have been given on at least two other threads you have started.</p>
<p>Is UI your safety school…in other words, can your family afford to send you there? </p>
<p>Also…again I suggest…check the stickie for guaranteed merit awards…you will likely find you are eligible for some of these…and some are very generous.</p>
<p>I will also repeat my advice about University of Alabama. I believe you would do well in terms of merit award money there given your ACT and GPA scores.</p>
<p>There may be a place on the scholarship where you can explain your family’s financial situation. If so do so. Also some of those break financial need down to only a certain percentage of the scoring. My family is in a similar position due to a bonus received which was unusual and due to a three year project. If you are talking about the elks I believe financial is 30%. We are also considering whether to apply or if its pointless but I was recently reminded there are several levels to the scholarship that may pay so we will probably apply and see. My d did coca cola scholars and now looking at elks. Honestly am not sure if its futile or not but by applying she has a chance. Good luck.</p>
<p>Momom…maybe I missed something, but I didn’t see anything that would require an explanation from this OP on the financial aid or scholarship application form. Many families have more than one kiddo in college, and younger siblings (questions usually posed on the applications…and they are certainly part of the FAFSA and Profile which the colleges use). </p>
<p>You situation with a one time, not likely to repeat bonus could be considered a situation warranting an explanation as your income was inflated for just that one year (keep in mind that some colleges will expect that some of that one year bonus could have been put aside for college costs).</p>
<p>Also, to the OP, IF you had some special circumstance (if so…what IS it?)…understand that schools consider these special circumstances on a case by case basis…and there is NO guarantee they will award you additional aid.</p>
<p>It depends upon the college and how your family income and assets are configured. Usually, it is the number on your family tax return called the AGI with certain things added back in, like tax deducted retirement plan contributions for that year and certain income taxes paid taken out. But bear in mind that if your family, say owns a business, or has a certain amount in assets, or has any number of things that make it look like there is a potential source of money, the deal can be off.</p>
<p>My friend had an income well under Harvard’s threshhold for not having to pay when his son was accepted there. But, not so fast. His family income came mostly from the rents he collected from some apartment houses that he had purchased, fixed up and was renting out. Most of them were valued much more than when he bought them as he put extensive work,much of it on his own and with friend and family helping. Harvard considered them as assets, and most all schools will, and as far as they were concerned, he could borrow against them or sell them and pay the college costs that way. That doing so would be like killiing the goose laying the golden eggs, did not concern H at all. Each building my friend sold, would amount to a decrease in annual income that he and the family needed to live. Also business expenses and deductions recognized by the IRS were not by Harvard, and most such schools’ accounting. The young man did not get any financial aid. Yes, my friend appealed, argued, sent in all the paper work, all to no avail.</p>
<p>So yes, when a school says “income up to $X” gets whatever. They do scrutinize what to include in income, and there is usually fine print on what other exclusions are in the picture.</p>
<p>I think the op is referring to an independent scholarship and on those there is usually a place for an explanation of unusual circumstances (like the elks scholarship). Some weight each section of the app and that was what I was referring to. You don’t submit a Fafsa with those obviously.</p>