Parents income drastically increased?

Paying for College
1

<p>My plan for college thus far has been to apply to private schools that have a large sticker price (40-60000) and because my family's income is quite low (40-50000), financial aid would allow me to attend these schools without paying much at all.
(un)Fortunately, my dad just got a new job, and our income will rise to 120k+, in which case, i would not recieve a decent amount of financial aid, and a state school would make much more sense.</p>

<p>What I want to know is whether every college reevaluates your aid every year, and if they could possible change the aid so drastically such as from 45k in aid to 5k in aid. If that is the case, I have to now cancel all my applications, to schools such as Rice, John Hopkins, Stanford, etc.</p>

2

<p>Sounds like a rough position to be in, and as a high school senior, I am certainly not an authority on the subject. However, I believe that current family income is only a piece of the financial need evaluation. If your family had low income before, and was unable to accumulate assets for college, then that will likely be evident to the schools. They will in turn provide you with a more generous package.</p>

3

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<p>This is NOT TRUE. Schools provide need based aid based on the previous year’s income and your assets the day of the filing of the FAFSA/Profile. If your family happened to NOT have income in the past, it won’t matter a lick to the colleges. They look at need based aid ONE year at a time.</p>

<p>The only time aid is not “reevaluated” is in the case of renewable MERIT aid (based on your stats). You would need to read your award if you got one, but most merit awards are renewable based on keeping a certain GPA, and are not income dependent. They are usually renewable for four years.</p>

<p>ALL schools reevaluate need based aid annually. You and your family will be required to submit the financial aid application forms each year and the school will recalculate your need based aid. And yes…if your family income goes up, your aid will likely decrease.</p>

4

<p>*Sounds like a rough position to be in, and as a high school senior, I am certainly not an authority on the subject. However, I believe that current family income is only a piece of the financial need evaluation. If your family had low income before, and was unable to accumulate assets for college, then that will likely be evident to the schools. They will in turn provide you with a more generous package. *</p>

<p>**
??? This is NOT true. ** Time and time again, families have lost their aid when the following year has a large increase. </p>

<p>Nihility…you need to be VERY careful when you post stuff like that. What if this student had believed you and had proceeded with this school only to have his aid cut for his soph year???</p>

<p>*What I want to know is whether every college reevaluates your aid every year, and if they could possible change the aid so drastically such as from 45k in aid to 5k in aid. If that is the case, I have to now cancel all my applications, to schools such as Rice, John Hopkins, Stanford, etc. *</p>

<p>Yes, absolutely your aid will be re-evaluated every year. And, certainly such a dramatic increase will totally change your aid. For one thing, with a low income, you may not be expected to contribute much at all since you might be under a school’s low income threshold. But with such a substantial increase, you might lose your entire aid package for the following year. </p>

<p>As bad as this seems, thankfully you learned this before the app season was over and before scholarship deadlines have passed.
If your parents will not be willing/able to pay for most of your college costs (even after the raise), You will need to identify some schools that will give you large merit scholarships for your stats.</p>

<p>What are your stats? What is your likely major?</p>

<p>*I live in Texas, and have for, for my entire life. However, my dad just got a job in California, and my famiily is moving there in a month. *</p>

<p>Yes, you do need to apply to some schools that will give you large merit. You won’t be in Calif long enough to have residency for next year.</p>

5

<p>I have quite solid stats, 2240 Sat. rank 4/500 rank, basically stats good enough to get into a top 20 school. Any schools you would recommend to look for merit aid? The plan as of now is to go to UT, as I would pay instate tuition, and its rather affordable.</p>

6

<p>I believe you would get a very favorable merit package from U of Alabama…I’ll let Mom2collegekids give the details because she knows them. This is guaranteed merit aid.</p>

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<p>*I have quite solid stats, 2240 Sat. rank 4/500 rank, basically stats good enough to get into a top 20 school. Any schools you would recommend to look for merit aid? The plan as of now is to go to UT, as I would pay instate tuition, and its rather affordable. *</p>

<p>Since you and your parents are moving to Calif next month, I’m not sure that you will get instate tuition for next year or for all 4 years. Are you sure you would get instate tuition if you move and don’t graduate from a Texas school? </p>

<p>very favorable merit package from U of Alabama</p>

<p>Yes, you would get the Presidential Scholarship of FREE TUITION if you apply before Dec 1st (app is quick). What is your major? If you major in engineering or comp sci, then you get an additional 2500 per year.</p>

<p>this would be a good financial safety for you. Your remaining costs would be low. </p>

<p>Are you a National Merit Semi-finalist?</p>

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<p>I plan on staying behind, and living with a friend, and graduating from a Texas high school. I’m fairly confident that I will be getting instate for all 4 years.
I plan on majoring in biology, for premed.
I’m not a semi-finalist, only commended unfortunately.</p>