Possibly declining need, layers of aid, etc.

Paying for College
1

<p>Okay, so DD is probably going to go to RPI. </p>

<p>We have an EFC somewhere north of what total instate tuition at a state U around here would be. </p>

<p>The (considerable) need that left, was met via - A. Work Study B. Federal loans C. Rensellear Merit award D Rensellear grant (need based)</p>

<p>We may or may not take PLUS loans to make up EFC, at least for the first year, we need to examine that. </p>

<p>Lets say our income increases (my wife may go from limited part time to full time, I may get an increase beyond COLA) faster than the tuition+costs increases. </p>

<p>My understanding is that the REn Award is locked in. As our need decreased, the first layer to go would be the work study, then the federal loans. </p>

<p>My understanding from playing with calculators, is that our need would go down by 25 to 30% of our increase in gross income. Which of course, is a much higher % of net income. So basically, any increase in our family income, will translate into next to no increase in the standard of living of me and my wife, but WOULD decrease my DD's work study and debt. </p>

<p>Others in this position?</p>

2

<p>Are you sure the work study is the first to go? I’ve heard that they’ll cut down the need-based grant first, not work-study.</p>

3

<p>I THINK they said work study first, if I understood right. I don’t want to call them again right away, so I am asking here.</p>

4

<p>How RPI awards institiutional aid can only be answered by them, or another student who has been through it! But federal aid is a different story…increased income may not disqualify her for work study if they have sufficient federal funds available. Her federal loan eligibility would still be in play up to full COA…the subsidized to unsubsidized amounts may change with an increase in EFC. If you pose your question on the RPI forum you may get a better response.</p>