<p>Ok, well here is my situation. I'm a junior in high-school and my father is thinking about retiring from his job this year or next. He is fairly successful and makes <200k a year so my shots at getting financial aid are slim when I go to college. However, if he retires or is layed off and does not begin another job, will I have a better shot at getting financial aid than if he was still working?</p>
<p>I know some elite colleges pay everything if your income is less than 90k a year or something. My father would still be bringing in about the same amount of money through his investments and such but he would not be officially working. Basically what I am asking is will colleges look at your present income, or the income that your parents had made in the past? I think you get what I'm trying to say. Thanks!</p>
<p>You'll be the class of 2010/2011, and your financial aid will be largely based on your parent's income in 2009 (also your income, and assets for both you and your parents). Profile will ask for income from '08, but the calculations are done with '09 income.</p>
<p>Passive income from investments counts as income.</p>
<p>Sounds like he has considerable investments, if he can net 90K per year from them. Likely with 90K income and assets in the range necessary to generate 90K in income, that you'd still have an Expected Family Contribution that would exceed most colleges' Cost of Attendance. So need-based aid would be unlikely.</p>
<p>I'd focus instead on merit aid and scholarships.</p>
<p>That is kind of what I thought...:(. Guess I'll have to work a little bit to get my free ride lol. Thanks anyways!</p>
<p>Ya know-- I just checked, and some of the top Ivy's do give breaks to those with incomes between 100K and about 150K. Not based on EFC, but on the school's own commitment to provide aid to upper-middle class students. So check out the webistes at Harvard and Yale and the other top Ivy's. Not sure if there's a thread here on this topic.</p>
<p>In addition to income, be sure to see how the schools count assets. Between equity in a house and investments (non-retirement), one can easily be over what is considered "typical" assets.</p>
<p>I'm sure you were joking but please understand that free rides are very few and far between. It is likely if you choose carefully you can get some merit money. I have one child at private school now who gets 16K of the 41K COA in merit aid. My youngest is going next year and will get 10K of the 31K COA in merit aid.</p>