<p>Is fin aid packages at top schools (uchicago) for the 2009-2010 year based off of 2007 incomes or 2008? My parents have seen a close to 15k drop in salary from 2007 to 2008. What things can I do to make sure that uchicago use our 2008 income? Thanks</p>
<p>the FAFSA you can fill out starting Jan 1, 2009 for the 2009-2010 school year is definitely based on 2008 income.</p>
<p>I am aware of that but will my school (uchicago) base their fin aid packages off of my parents 2007 income tax return or my parents 2008?</p>
<p>[Office</a> of College Aid](<a href=“http://collegeaid.uchicago.edu/prospective/index.shtml]Office”>http://collegeaid.uchicago.edu/prospective/index.shtml)</p>
<p>it took me 2 seconds to find this.</p>
<p>it looks like you send BOTH 2007 and 2008 tax forms in. Send a letter with the 2007 (since that needs to be sent first) explaining that 2008 will show a drop. The Profile is due Feb 2, so I don’t see why you can’t use 2008 data.</p>
<p>When you applied EA and submitted info for FA, Chicago wanted 2007 info to prepare estimates. However, after January 1, you will be supplying 2008 info for the school year beginning Fall 2009. Don’t worry – they will use 2008 info. (BTDT for Chicago FA last year)</p>
<p>They will look at 2008. Keep in mind income is just one of the things looked at. They will also look at assets and home equity. Depending on the full picture, a $15K drop might not matter much.</p>
<p>thanks for the info. My family has under 10k in assets and a negative home equity, and 15k drop is significantly important when odyssey scholarships start below 75k.</p>