Here’s some background info so you can understand my situation:
I’m currently a rising senior, looking to apply to selective colleges (and possibly Questbridge) in the upcoming months. My dad worked in the past at a decent job, making ~60,000 a year (by my best estimates). However, at the end of last year he was placed into forced (early) retirement, as a health issue prevented him from doing his job. So, last year he made a decent percentage of his normal income (I’d guess around 50-53,000), but this year he will be making almost nothing, as he is on retirement and Unemployment incomes only (I’d guess less than 25,000). I’d also like to mention that as a family we have lots of credit card debt, and likely medical bills, as both my sister and father have significant health issues. So, even when my dad was making $60,000, he was burdened by medical bills and the like…
I have a few questions:
Will his “old” income be considered for the FAFSA, and colleges’ aid programs? Will his last year’s pay? Or will his “new”, this year’s pay be considered? Is there any way that I can apply to colleges without them expecting my family to contribute much (if any) money?
Thanks!
This may not be the answer you’re looking for, but:
You’re welcome to present info on all three states of income- past, present, and what you expect in the future, to the college itself (depending on the institution), regardless of what the FAFSA asks for. It really depends on which colleges you are applying to and their respective financial aid offices.
In my experience, financial aid offices want to know the full picture of someone’s situation, even if it’s not specifically on his or her FAFSA. Keep in mind that some colleges require the much more detailed CSS/Financial Aid PROFILE on the College Board site before the FAFSA, so that would also have an effect upon the scope that the FAFSA gives on your current financial situation.
There are plenty of opportunities to explain your current state in an application.
I may be wrong, but I believe you’d be asked for parents’ information during 2014 and 2015 for most financial aid (PROFILE, FAFSA, colleges themselves) during the 2015-2016 school year.
Hope this helps!
What about your mom’s income?
Your 2015 income is what’s going to count…not the 2014 income.
However, most schools don’t meet need so run the NPCs based on the current situation.
@mom2collegekids None. She is currently unemployed. Pretty much any school I apply to will meet need, otherwise I won’t have much of a chance of attending. Are you sure it’s the 2015 income, vs the 2014 one? @Evanian15 is saying differently, unless I’m misunderstanding.
You’re a rising senior. You’ll be applying for aid after Jan 1 2016. So, you need to use 2015 info.
@evanian15 is talking about kids going to college for the 2015-16 school year…that’s not you.
@mom2coIIegekids
In my experience with applying to private schools (specifically Questbridge schools, maybe that’s why it’s different) during the fall term of this most recent school year, I was asked to present financial information from 2013. Logically, applicants for this next year would need to produce information from 2014, right?
Sorry for causing confusion… Not my intention.
I think that we’re kind of saying the same thing. When you receive your actual award, based off of the FAFSA, it will use info from 2015. However, when applying to certain private colleges (you mentioned QB) and perhaps public schools it’s possible (or likely, in my view) you’ll be asked for information from 2014. You also have the freedom to talk about different stages of your financial situation in the applications you’ll be filling out.
I don’t know what QB asks for.
But when regular applicants for aid for the 2016-17 school year provide info, they provide income info for 2015.
I’m guessing that when you apply for QB, it’s done before 2015 is over, so in that case, you would use 2014 info but certainly if there’s been a major change in income, that would need to be mentioned.
@mom2collegekids and @evanian15 , thank you both. I have a better idea of what financial aid calculations (and QB) are based on. Wish me luck this fall/winter!
The CSS profile asks for three years of data. I just looked at the one I submitted in Feb 2015, and it asked for income, etc. from 2014, 2013, and projected 2015.
On any financial forms you fill out, make a note of any unreimbursed medical expenses for the year. They don’t count anticipated expenses or consumer debt.
If you matched to a school where you will have to apply Early (ED/EA) your initial package will be based on your CSS profile which you will submit in October when it becomes available. Your family will file the fafsa on or after January 1,2016 using your 2015 income/assets. Your fafsa will only determine your eligibility for federal aid. Since most of the institutional aid will be based on the profile or the school’s own financial aid form, there will be a space to talk about your u reimbursed medical expenses.
@hs2015mom That depends on the school. When I filled out the Profile a number of years ago it was just the most recent year. I believe the school tells the CSS Profile what info it wants.
OP what state are you in and what schools are you looking at? What do you plan to study? How strong are your stats?
@SOSConcern My first SAT was 2170 and my GPA is around 3.99. Extracurriculars aren’t anything too amazing though. I’m planning on retaking the SAT and taking two subject tests. I think I can score 2250+ on my next SAT. I’m in Pennsylvania, looking at a ton of different schools. I have to narrow down what major I’m looking for. Maybe something premed. Not entirely sure.
@averagefail are you better in SAT? Have you taken ACT?
Look at what your family contribution will be; student loan can help apply to room/board. See how you can work over summers and maybe PT job to bring in some spending $$ during the school year - on campus job or off.
Look at where you can get a lot of merit for your stats, including schools out of your area. You can always cross them off later, but how bad would it be to leave yourself with un-affordable options?
@Sosconcern Thanks for the advice! I’m mainly looking at schools that meet 100% of my need though, as I know even schools like my state flagship won’t be able to give me that good of a deal.