<p>I'm a sophomore at my university. I wanted to know what would happen if both my parents retired next year, would I get more aid or even a full ride? </p>
<p>I got to university of michigan - ann arbor by the way, if that helps</p>
<p>No one can really know, but my guess is no you would not get a full ride as a junior. It’s also very possible that they would generate enough income that you still would not qualify for Pell etc. but your parents can probably give you the big picture and I’m guessing they have already investigated the ramifications of their potential decision.</p>
<p>Their being retired is not relevant to financial aid, except as far as any reduction it may cause in their income. </p>
<p>Your aid for 2011-2012 (your junior year) will be based on 2010 income. If they retire next year it will affect their 2011 income, which is the income that will be reported on the 2012-2013 FAFSA which would be for your senior year. Whether it would increase your aid will depend on how low their 2011 income is. Impossible to say without knowing what their 2011 income will be.</p>
<p>Your junior year aid is going to be based on 2010 earnings (this year’s earnings). So, no change in aid.</p>
<p>Your senior year aid is going to be based on 2011 earnings. So…if your parents retire sometime next year, what would their total earnings be? (you have to include their job earnings and their retirement earnings.</p>
<p>It’s very unlikely that your EFC for senior year would change that much if any.</p>
<p>Are you instate for UMich? If not, expect no more aid at all.</p>