<p>My daughter has been accepted to Princeton and is also considering merit scholarship offers at other schools. Although we will receive some financial aid from Princeton based on last year's income, my husband's income will likely increase substantially for the next few years, so that we will have a very high EFC.</p>
<p>I do not remember the exact EFC, but with 2 kids in college, I think our 2005 income was around $110,000 and our EFC was about $12,000 per child. Next year and the following years, our income will increase significantly, possibly to around $250,000 per year. My husband is self-employed, and we have had many years of lower income as he has developed his business.</p>
<p>Here is my question. Princeton has offered us essentially all grants except for our EFC. Next year, when our income increases, and we have a much greater EFC, will Princeton take into account the aid we received this year, or will the aid be based exclusively on next year's EFC?</p>
<p>I am not interested in being preached to, being told that with an income of $250,000 we should gladly pay the full cost of education for both of our kids without grumbling. I am only trying to figure out if the amount of need-based aid for a school such as Princeton is based on current EFC or if it also substantially takes into account previous need-based financial aid. Now that our income is increasing (who knows for how long) we are trying to save for law school, med school, and for our other kids' college expenses. We have essentially no savings now.</p>
<p>I don't know the answer but I would assume that next year's aid is based on next year's EFC and that you could run one of the calculators to figure it out. Seems to me it's implied by having parents file every year - they recognize that incomes and circumstances change and figure that you set aside the money for next year's tuition from this year's income. I'm not quite sure I understand your question - are you asking if they will see your family as 'needier' than the numbers will show next year because you were awarded aid this year? I would run the scenario by Princeton's financial aid office.</p>
<p>You reapply for aid each year and your package is going to be representative of what your income/assets look like that year . If you have a really bad year, your EFC is going to be lower, if you have a more prosperous year, you will have a higher EFC. TOur EFC will still be based on income/ assets the fact that you have 2 kids in college, the age of the older parents so a portion is protected for retirement purposes. </p>
<p>I would suggest running your "future" numbers through Princeton's FA calculator (which many parents say is pretty accurate) in order to get an idea of where you stand next year.</p>
<p>I may have heard of schools that don't require families to reapply for aid every year, and instead go by the income and aid that was offered freshman year, but Princeton isnt one of them.
also while it is understandable perhaps that you would want to help your children with their education plans after they graduate from college, they likely will be considered independent students and may be eligible for other sources of funding as well.</p>