<p>Okay so my family has been through quite a bit in the last couple of years. Basically my father is in the mortgage business and when the market went way down he got out of it and started working at an appliance store, doing some financial stuff on the side. My mother is a teacher, she has a consistent income. For taxes last year, their combined income was about $105,000. This year is going to be a different story. My dad entered into the financial business again last december. He is now on track to make about $190,000, combine that with my mothers income we are looking at quite a large sum of money, much different than last year. Which year would we use when we fill out the FAFSA? Obviously the tax return from last year would be much more beneficial to me, but I am curious as to how they handle it. Thanks!</p>
<p>When are you planning to fill the FAFSA? Each year, you use the tax return from the previous year to fill the FAFSA. So if you’re filling it after January of 2010, you’ll use the tax return from 2009, and if you’re planning to use it in 2011 you will use the return from 2010.</p>
<p>Which school year? For the current upcoming school year 2010-2011, your income from 2009 would be used.</p>
<p>If you are doing the FAFSA for the 2011-2012 school year (you would be a high school senior now if that is the case) the income from 2010 will be used.</p>
<p>We will be filling out the FAFSA this upcoming january.</p>
<p>If you are filing the FAFSA in January 2011, you will use 2010 income…and the info from your 2010 tax return.</p>
<p>Congratulations to your dad on his great income year. Hopefully he’s putting some of that aside to help with college costs when the time comes for that. You are correct, with an income of $190K plus your mom’s, it’s unlikely you will qualify for need based aid for that FAFSA year.</p>
<p>Thumper is right. Don’t be too upset. Even with the lower income you may not have qualified for much. At least now your parents will have more money to pay. </p>
<p>Where are you applying?</p>
<p>Oh they definitely have college funds set up for my sister and I. They are big savers not big spenders. I am planning on applying to U Dayton, U Cincinnati, Vanderbilt, possibly Ohio State.</p>
<p>How much will your parents spend each year. If u don’t know then ask.</p>
<p>My parents haven’t told me this, however they have said that they will help me out as much as they can and then I am on my own. I am planning on getting as much merit scholarship as possible, and I want to attend med school in the long run which will cost even more. Basically my parents are going to try to pay my room and board and other living expenses (cell phone, car insurance, etc). I am prepared to pay off my debt in the future, but they are not planning on putting me through college completely.</p>
<p>As a student you can’t borrow much. </p>
<p>What are your stats</p>
<p>GPA: 3.97 unweighted (Weighted is around 4.2 i believe)
ACT: 33
SAT: 2035 (1380 CR and math)
AP classes JR year: USH - 4 Chem- 4 Lit - 5
AP classes SR year: Bio, Calc, Gov, Spanish</p>
<p>Katy, those are fine stats. It also sounds like you are instate for Ohio and you have a few schools on your list that are Ohio public universities. At U of Dayton, you may be eligible for merit aid…check their site.</p>
<p>Please share the schools AND the costs per year with your parents as soon as possible. Some families are quite shocked at the cost of attending college these days…it is much higher than when they attended college. Your parents should see these costs and then you should have a family discussion on your parents’ contribution to your education. They say they will help you “as much as they can” but the costs of the college won’t change if they can’t meet it. So…have that conversation.</p>
<p>Good luck to you. It sounds like you are really planning ahead…now just discuss it with your parents too!!</p>
<p>Thanks so much for the support and ideas!
I have discussed costs of each university with my parents, UD does give great merit scholarships. I’m not sure how my parents are thinking about handling the situation. My father’s parents paid for his entire education, while my mother paid for hers entirely on her own. Neither of them had their parents only pay part of it so I’m not sure if they know how to handle it.
Will i be able to take out loans? My family does have numerous expenses (as well as catching up on last year) , and another child who will be attending college eventually as well.</p>
<p>You will be eligible for a Stafford loan of $5500 as a freshman. That would be in your name only. Any other loan would need a cosigner, either your parents or someone else willing to cosign.</p>