<p>I've just been accepted to Emory EDII, yaaay!
I have a question about the estimated aid offer versus the actual aid amount given. The estimate is obviously based on 2010 income, since the CSS/ 2010 tax forms are all they really have to go on right now. I'm assuming the actual award will be more based on 2011, though I don't know if there's an averaging or whatever?</p>
<p>In 2010, my mom made 20k. My dad and stepmom made 143k. My dad is a DOD worker and has a base salary of 50k (as does my stepmom), but he made the rest in overtime and danger pay in Afghanistan. My estimated offer leaves me with 17k to pay each year, based on this information (including the Pell Grant, dunno about FSEOG).
In 2011, my mom made 12k. My dad and stepmom made 123k (Dad went to Kuwait instead, so no danger pay).
Generally, how would a ~30k drop in income affect my financial aid offer? I figure it'll be about the same at all top institutions, so if anyone has any experience with this, please post.</p>
<p>Also, my stepmom had to quit due to serious stress-related illness in October, but I don't know if this will matter for this year's aid? She is filing for disability this week, and we will send in proof.</p>
<p>Do you have siblings in college? The $17K looks closer to what an EFC for a combined salary of $70K would be. Since the numbers don’t look right I can’t figure out what the impact of no danger pay would be. Since aid is mostly based on last year’s income your stepmom’s change in job situation won’t really affect this year’s aid but will in future years.</p>
<p>No, no siblings in college. I have no idea, either, since his income is so varied and weird.</p>
<p>when you submitted the estimate based on 2010 earnings, did you include a note that the income was unusually high because of hazard pay? If so, Emory may have already calculated that way? </p>
<p>If not, then your family contribution seems unusually low for the family income (without a sibling in school). </p>
<p>Does your dad have to pay your mom spousal support and/or child support? If so, maybe that’s being considered since your mom’s income is so low.</p>
<p>Are you sure that you’re reading your aid pkg correctly? Anyway, I really doubt you’ll see a drop since it’s already low based on family income.</p>
<p>Can you list what your aid pkg includes?</p>
<p>Danger pay would have been untaxed. I wonder if it was excluded for some reason.</p>
<p>Yes, we did state that on the CSS, and we noted that my stepmom was about to quit her job due to the illness stuff. and yes, my dad does pay 6k in child support for me and my sister (who is 15). My mom was (is) unemployed for almost all of 2011, so she made 6k from my dad and 6k from unemployment.
Yes, I am reading it correctly. $31,337 in estimated grants, $2,500 in work study, and $5,550 from the Pell Grant (they put “estimated loans” on the award statement but since Pell is exactly the same amount, I’m just substituting it). Emory is 56.5k a year, so that leaves us with right around 17k to pay.</p>
<p>Does anyone have ANY experience with a negative income change affecting their financial aid package?
My financial aid adviser emailed me back and said that she doesn’t know how it will change, I’ll just have to make the decision based on the estimated award. Ugh.</p>
<p>Yes, I am reading it correctly. $31,337 in estimated grants, $2,500 in work study, and $5,550 from the Pell Grant (they put “estimated loans” on the award statement but since Pell is exactly the same amount, I’m just substituting it). Emory is 56.5k a year, so that leaves us with right around 17k to pay.</p>
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<p>Are you saying that Pell was not in the initial estimate? If so, you may not just be able to substitue Pell for the loan. The school may reduce the $31k in grants by the Pell amount. So, you could have $22k to pay. Schools often do that once they know that a Pell Grant will be awarded by the fed govt.</p>
<p>Since you already told the school that the income would change and your SM would be quitting working, it looks like their estimate included those facts. And, the child support payments were also likely taken into acct.</p>
<p>Again, do not be surprised if the school reduces its own grant by 5500 and then adds in the 5500 Pell award.</p>
<p>I don’t think you were correct in “substituting” Pell Grant for “estimated loans”. That estimated loan amount would be the Stafford sub and unsubsidized combined. You do have to pay back loans someday. The Pell would be a grant that did not have to be paid back. I would be very surprised, in your income bracket, if you qualified for a Pell grant. That is usually for very, very low income students who have an EFC under 5 thousand and something.</p>
<p>My custodial parent, which is what the FAFSA sees and the EFC is based on, made $12,000 in 2011, as explained above. I have an EFC of 0000 = 5.55k from Pell.</p>
<p>I’m NOT saying that the Stafford loan is the same thing as the Pell Grant. It just happens to be almost the same amount (5.5k and 5.55k). My parents refuse to take loans on my schooling, so I’m just substituting Pell Grant IN MY HEAD when I read estimated loans, since - again - it’d be about the same amount.
Though I’ve emailed Emory about the reducing the grant when adding in the Pell Grant - I have no clue about that. But no, the Pell wasn’t technically considered. According to my financial aid adviser, Emory hadn’t even uploaded the FAFSAs from 12-13 when they came up with the estimates.</p>
<p>^^^</p>
<p>So, FAFSA EFC wasn’t considered…that’s what I thought.</p>
<p>That means that you can just compute that you’ll use Pell money instead of taking out that 5500 loan. Your school could reduce your institutional grant by 5500 because you’re getting the 5500 Pell. The way you have it figured, your aid has a loan in it, and you’re going to use Pell instead. You won’t be able to do that if Emory only gives you $31k in grants AND that is INCLUDING the Pell Grant.</p>
<p>Do you now understand what I’m saying? Now that Emory knows that you qualify for a 5500 Pell Grant, it now knows that instead of giving you $31k in Emory money, it only has to give you about 26k in Emory money because you’re also the 5500 in Pell money.</p>
<p>So…if your parents won’t let you take out loans, then you’ll have to come up with the diference in addition to that 17k.</p>
<p>I’m confused. Couldn’t this student get an Emory University grant AND the Pell grant?</p>
<p>She will get an Emory grant and Pell…however now the Emory grant will likely be less. The estimate was done without knowing how much Pell would be so Emory just assumed all grant money would be from them. They figured their aid without Pell. Now they have learned that she gets Pell, so now they know that some of her grant money will be Pell money so Emory can give 5500 less of their own money. </p>
<p>Getting Pell doesn’t mean that Emory will now give more in grants. It just means that Emory can use less of its own funds yet still give the same total in grants to meet the same need.</p>
<p>Lizzie, do you know if you are eligible for Emory Advantage or the Loan Replacement Grant?</p>
<p>P.S. I will see you at Emory in August!! I was accepted EDII as well!</p>