<p>I filled out CSS Profile and FAFSA using actual 2009 numbers and estimated 2010 numbers. My actual 2009 adjusted gross income was < $90K so I thought I would qualify for aid, but when my 2010 returns were done (I am self-employed -- business can be much better or much worse from year to year), AGI was much higher (mid$100s) so now I do not qualify for aid. </p>
<p>2011 so far looks like it will be as low as 2009 (or even lower) so I am ok going ahead and using savings and loans to fund 2011-2012 school year on the idea that I would qualify for aid for 2012-2013. I have no idea what the final 2 years of college will look like, income and aid-wise.</p>
<p>Does anyone have any experience with qualifying for aid when your income swings wildly from one year to the next? I guess what I'm asking is: is aid based on your numbers for a specific year or does fin aid have a "look back" period (i.e., which takes into account my "good" year) whereby 2010 could hurt me? Or does it depend on the school?</p>
<p>I called the fin aid office at D's school and all they basically said was "make sure you fill out profile and FAFSA every year."</p>
<p>Each year will be looked at differently. However, some here insist that the first year seems to make a difference.</p>
<p>That said, is this a school that promises to meet need? Is it one of those super-generous schools like HYPS that use a super-generous formula?</p>
<p>Be aware that the FA process often doesn’t work out well for the self-employed. Schools are known to “add back in” deductions. A Realtor recently PM’d me that Columbia wouldn’t accept many of her deductions even after an appeal…Columbia added them back in. Other self-employed have reported similar situations.</p>
<p>Do you have your D’s aid package for this next school year?</p>
<p>Unfortunately, other than for medical or other life affecting situations, look backs are often used for the purpose of justifying giving you LESS money. The financial aid office of a university is not there to give out generously, but to conserve as much of the college’s funds. If they can up that family contribution, they will. If they can reduce the EFC to get more federal or state monies, that is a whole other story. Or if admssions is working with them to try to snag some highly desireable student.</p>
<p>In the cases where appeals have been done by kids with high stats and clearly a “Catch” for the school, the admissions office was involved in the fin aid re dos.</p>
<p>For those with varied incomes at a “meets full need” school, aid can be counter cyclical. It is based on last year’s numbers. This can make it hard to pay when the current year’s income is low, but the previous year’s income was not.</p>
<p>Thanks all for the advice – I did get D’s award pkg – $5500 in loans for her plus $2500 federal work study, which I realize is pretty bare bones. School does agree to meet full need (it’s Emory) and they have this new aid program for families with income < $100K. Depending on how they look at my income, I may/may not be in that category for the 2012-2013 aid year. So while 2010 hurt me for 2011-2012 I’m hoping 2011 (being low – def below $100K) will help me for 2012-2013. We try to save in the good years, so we are on the cusp of needing aid – it would really really help but if I had to, I’ll take out loans that we’ll pay back over time.</p>
<p>Hi, Classof2015, I am the mother of an Emory graduate (2010). Emory definitely looks at the FAFSA and Profile each year, independently of previous years. Also, if you apply to do study abroad in the summer, they will add the summer costs and recalculate your need based on the entire school year including summer.</p>
<p>^Excellent! That is very helpful – thank you.</p>
<p>OP, I wouldn’t expect most schools to give much aid to a self-employed person with an AGI of $90K but I don’t know enough about Emory’s financial aid or how much you need. Since you are looking at a specific promise/program from them to help families with under $100K income, why don’t you call a financial aid officer-- you don’t need to say who you are-- explain you are self-employed, ask if they add anything back in and ask if there are asset limits (whether in the business or not). You may get some concrete information.</p>
<p>Thanks 2college – that’s a good idea. I feel like I tried to ask that and was told “fill out profile and FAFSA” but maybe if I’m more specific with my question, I’ll get a more specific answer.</p>