I am planning to ED to UPenn. However, I am facing a dilemma on how UPenn will determine FA package, in case I am lucky to get picked with an offer - will they use the previous year’s tax filing or the current year’s tax filing (which would not be filed before the college makes an offer).
Or will they update the FA package after the current year’s tax filing is done?
Any comments/suggestions would be greatly appreciated.
First, I believe that Penn uses CSS profile to determine institutional aid. Your CSS Profile form should estimate your 2015 data as accurately as possible to get the most accurate estimate. You will file that shortly after your ED app. Yes they will update with the FAFSA numbers. Are your numbers really changing between the two years? In any event, your actual final package will be sent after FAFSA is filed. How can we make any suggestion when we don’t understand what the issue is?
If you are applying to Penn for the 2016-2017 academic year, your income from 2015 will be used. The profile will like.y be due sometime in early November…and you will be expected to complete it with the best possible estimates for the full 2015 tax year. That is what will be used to provide your estimated financial,aid award for Penn should you get accepted ED.
What’s the issue? Is your income going to change dramatically?
If the finances might not work, perhaps ED isn’t the best choice.
Yes. My finances will actually change quite significantly because my spouse isn’t working in 2015.
If I can estimate my income (based on 2015) that will make a significant difference, as I can see in the net price calculator.
Are you the student or the parent?
Student. But, I mistyped the line above while speaking with my Dad:-).
I meant to say that my mom won’t make a salary in 2015.
Understand that finaid is year by year so if your mom goes back to work or there are other income and asset changes, then the amount of aid will change in subsequent years.
There are some schools that will also ask for 2014 income and some even an estimate for 2016. Check the UPenn finaid web pages.
http://www.sfs.upenn.edu/finaid-checklists/checklists-pro-us.htm
It doesn’t look like that page has been updated for fall 2016 admission yet, but for fall 2015 admission it does mention submitting 2013 tax returns, W-2s etc.
Wait until the start of September. Hopefully, by that time, the net price calculators will be up for the 2016-2017 applicants. You should run the Penn net price calculator then…see what it says.
If your parents are divorced, own a business, are self employed, or own real estate other than your primary residence…the NPC might not be accurate.
The CSS profile would use estimates (which may be based on last years income or your best estimate if you expect it to be different from last year) when you submit ED/EA this year. At the end, the school may use your FAFSA or tax transcript to verify your data before giving you a final FA package next summer. It is up to you to give the best estimate or you are likely just fooling yourself.