<p>I am currently in a situation where my parents will not be able to pay for my college expenses, so i was hoping that fin aid would be able to help me out. But, it turns out that my dad's gross (he is self-employed by the way) is very high, and I basically do not qualify for any aid. Our net income is not very high, and most of it goes into unexpected business expenses. </p>
<p>so what am I supposed to do? take in a large amount of loans and try to pay the entire accumulated amount back? I am currently looking forward to going to a UC, but i am not sure if they will be giving me any loans, so I will probably have to take high-interest private loans.</p>
<p>Is there nothing I can do? Is there no bracket for aid for high gross but no-net income families? At this point I am confused as to how a family with a lot of gross but no net can pay? do they somehow expect you to drop expenses in some way?</p>
<p>Don't take this personally, but business expenses=salaries, rent, SUV, gas, telephone, expensive dinners, Broadway shows,.....you get my drift.</p>
<p>If I have a high gross income (from wages), but I send most of it back to my native country to support ageing parents, whatnot, no-one cares, nor should they.</p>
<p>The FAFSA is what the UCs use, they use the AGI, adjusted gross income- if your dad is self-employed, the AGI is after business expenses, so what is the high gross low net income affecting? If he has a low net, that would be reflected on his schedule C and his AGI.</p>
<p>AGI = adjusted gross income= line 36 on a 1040 form
Slef-employemnt income and expenses occur on a schedule C usually and are brought to page 1 in line 12 business income</p>
<p>This means your business rent, salaries, cost of goods sold, etc are deducted from total sales, as it should be. Some private schools will add back in discretionary items like depreciation, etc.</p>
<p>Your dad may have a net income on a balance sheet or some other books, but the FAFSA cares about your tax return AGI, these could be different numbers.</p>
<p>SO, look at last years 1040 AGI, then, if it's been done, or as soon as it is done, update with this years tax return info. </p>
<p>The key about the UCs is that the FAFSA needed to be filed by March 1st tro reserve your place in line. You can correct it later, but if you ahve not filed already, you are going to be at the end of the line for aid. Have you filed a FAFSA?</p>