My husband is in sales and his income varies drastically from year to year. I know that my D’s merit scholarships are guaranteed if she meets the minimum GPA requirements, but what about college Grants? Are they likely to change if his income varies by a large amount from year to year?
Yes, need-based aid will change if your income fluctuates.
- What college?
- Did the school meet your son’s full need this year?
- Financial aid is based on prior prior year...so if your husband’s income was different in 2018, you would already know this and it will be used on the 2020-2021 financial aid forms.
- If you are talking about future income increases, is there any chance some of that money can be saved towards college costs?
- It works both ways....if your income goes down substantially, there is the possibility your need based aid could increase (depending on the financial aid awarding policy of the college).
Northeastern is the school. This years grant was based on 2017 tax returns. His income was up in 2018, which was an anomoly. However, 2019 income will most likely be lower than 2017. ?.
However, I just read the “Northeastern guarantee” clause that states grants and aid will not change during my daughters 4 years. In fact they’ll be adjusted to meet tuition increases. I assume this is very unusual.