<br>
<blockquote> <blockquote> <p>Colleges base your ability to pay this year's tuition on what you and your parents made THIS year--January-December, 2006.>>></p> </blockquote> </blockquote>
<br>
<p>The above may be a bit confusing. If students are starting college now (August or Sept 2006), their finaid award was based on their income from the 2005 tax year (January 2005-Dec 2005). If you are starting college in September 2007, your financial aid will be based on your family income from the 2006 tax year and your family assets the day of the filing of your FAFSA and, if needed, Profile (which WILL be needed for all those private schools). Really, the only "debt" that is considered is home mortgage debt, and that is on the Profile only. However, the Profile also takes home equity into consideration.</p>