Help - 1st child in college-Need based Scholarship vs grant - 2018 $$ not at all like future yrs

Situation: divorced parents, - ex husband not employed 2018 - he is custodial parent - collected minimal unemployment. 2019 his income was around $52K and 2020 will be around $75K Myself: remarried completed the non-custodial CSS etc… no other kids in college and will not have any kids in college her upcoming 4 years

NYU: Need based scholarship $52K after that and federal pell grant - net cost is $19K - I called FA office - they confirmed its solely based on 2018 income, was a need based scholarship, he stated it’s the base amount she could count on for future years and each year she’d need to reapply. I explained income differentials, and he said the only thing that will change is the federal pell grant amount. I asked so that’s the minimum she’ll get each year and he said yes for the scholarship. However the website states you’ll typically continue to receive it for subsequent years if you have approximately the same amount of financial need that you had in prior years… which is not aligned with what he stated.

USC: Will get half tuition scholarship $28K, and they explained the $30K grant will decrease if there is a decrease in financial need based on income in future years and the scholarship will not change. Net cost her loans: $24K
University of South Florida- never visited, told her to apply as she is a National Merit Finalist, my parents live near Tampa and she can get a completely full ride bc of NMF. Have visited the other 2 schools. She loves CA and NY but this is no loans in anyones name.
Does anyone know how much of an impact these income changes from my ex can have on future years to come? Of course the FA office told me theres no way to estimate and said the NPC are not accurate to calculate future years… has anyone had any experience with dramatic changes such as this and how would you handle? or anyway to estimate future years aid?

To make matters even more complicated - I had accepted a new job offer with a $30K pay cut, it got rescinded and now I the NCP who was the breadwinner is now unemployed as of March 13th - do I even report this, this late in the game? Ughhhhhhh could be awhile before I find a good job at what I was making or close to it (almost 6 figures or a bit over)

There is no way to answer your question. Your kid applies for need based aid annually. It’s based on prior prior year tax year info. PLUS, financial aid calculations and formulas can change from year to year.

Frankly, that full ride sounds very good! And it’s merit so not income dependent.

There will be tens of thousands of families this year with reduced income, or loss of income. I just can’t see how colleges will be able to meet the financial reconsiderations for all these students.

My opinion.

It’s tough to estimate how much, if any, need based aid colleges will be able to offer in the next few years. Those that are refunding partial room and board now are losing money, and the bleeding may continue throughout the fall. I wouldn’t count on need based aid at all. If you have a merit offer on the table, I’d take that.

I want to add…if your NMF got the Benequisto Scholarship…that is a great award.

I know I didn’t spell that correctly, but it’s really a very fine honor to receive this and quite a gift to your family if finances are a consideration.

@twoinanddone perhaps you can add the details.

It’s Benacquisto, and a very good deal. I like USF a lot. It is know for medical fields.

I don’t think your not having a job helps or hurts the FAFSA only schools since you are the NCP. Father’s income may take her out of the Pell awards and she could lost that.

I’d stay away from NYU. They are not known for good financial aid.

At USC, the merit scholarship will remain. I don’t know if a $25k income increase will changed the need based aid much. Since you also had an income decrease.

I’d take the sure money.

I agree with the full ride.

If she’s not happy with USF, she can STILL apply to UAlabama and get THEIR huge NMF award
It is NOT too late to apply. she would just need to apply NOW, send scores and transcripts, (and name UA as first choice to NMCorp by May 1st.)

What is her major and career goal?

Alabama’s NMF

National Merit Finalist Package 2020-2021

Value of tuition for up to five years or 10 semesters for degree-seeking undergraduate and graduate (or law) studies

Four years of on-campus housing at regular room rate* (based on assignment by Housing and Residential Communities)

$3,500 per year Merit Scholarship stipend for four years.**

One-time allowance of $2,000 for use in summer research or international study (after completing one year of study at UA)

$2,000 book scholarship ($500 per year for four years)

the housing offer INCLUDES the private room super suites.