Recently, I was accepted to the University of Chicago, and I have no idea if I’m going to be able to afford it.
I live in a relatively wealthy area, and up until last year, my family was relatively well off. Last year, my dad lost his job and our income dropped significantly, to the point we’re struggling to live where we do. My problem is that Chicago asks for tax returns from both 2014 and 2015. I haven’t received any information on financial aid yet (granted we submitted the 2014 tax return about 2-3 weeks ago). What are the odds that my families previous economic status could prevent me from receiving financial aid?
Chicago,should,be basing your need based aid primarily on your 2015 tax return, and incime. You need to verify that with the college directly. I believe Chicago early acceptances are early action. So you don’t have to make a matriculation decision soon.
The University of Chicago financial aid form, and your taxes, were due November 21 for EA applicants. Did you meet that deadline? The 2016-2017’fafsa is due February 1. Make sure you don’t miss that deadline!!
Just get the 2016-2017 FAFSA done ASAP after January 1. You will do this using your best possible estimates for the 2015 tax year. You will use a “will file” status. Then get your taxes done ASAP…and amend the FAFSA to reflect the actual completed 2015 tax return.
What was your family income in 2015? Does your dad now have another job? Does your mom work?
Will unemployment benefits be included in dad’s 2015 income? If so, and if he does not find a new job after the benefit payments end, 2016 could be an even leaner year. Unfortunately, the 2017/2018 FAFSA is going to use the 2015 income, apparently. This is a change.
If for some reason your 2015 income is much higher than 2016, you can always asks for profession judgment and if granted you could get more aid for 2016. They made the change to help students and the FA offices process things faster, not to hamper students from getting aid they need. Most people, I’d image, have fairly steady incomes, increasing slightly each year with a raise. For those who don’t have an increase, ask for the professional judgment.