<p>So I applied to Northwestern University for early decision, and they are a need blind school. They use both the CSS profile and fafsa, which is important because CSS uses predicted income for 2010 while Fafsa uses 2009 income. This is important because my dad's income in 2009 was $90k while his income in 2010 is going to be a little over $200K. Just hoping someone can shed some light on this because my parents and I are clueless.</p>
<p>I’m afraid you are mistaken in thinking FAFSA will use 2009 income. The current FAFSA, the 2010-2011 one, uses 2009 income. But the 2010-2011 FAFSA is for the current 2010-2011 school year and will not count for the next school year. The FAFSA for the next school year is the 2011-2012 FAFSA which will be available January 1st and will require 2010 income. That is the FAFSA you will have to submit for final aid consideration.</p>
<p>So your final aid package for 2011-2012 will be based on 2010 income. You will have to reapply for aid every year using the latest income figures each time.</p>
<p>200K will probably put you out of the ballpark for need-based aid.
Does Northwestern give merit aid?</p>
<p>If you are applying for aid for the 2011-2012 school year, your family income from 2010 will be used.</p>
<p>An income of $200K per year will not get you any need based aid at Northwestern.</p>
<p>Thanks guys I was misinformed</p>
<p>Thumper or others…can you give some more insight…</p>
<p>Since the OP applied ED using 2009 numbers, isn’t it possible that he will get a very inaccurate FA package in Dec if he gets accepted?</p>
<p>My concern is that the student and his family may get a great FA package with his ED acceptance…BUT…then that FA money will be taken away once the real numbers (the 2010 numbers) are submitted. Is that right? Or will the school wonder why the numbers from his CSS and FAFSA are so different?</p>
<p>If the student accepts the ED package (thinking he’s getting aid), withdraws his other applications, THEN loses all his FA and can’t afford to go there.</p>
<p>Is this a concern???</p>
<p>It sounds like the anticipated 2010 income was required on CSS. The aid package should presumably be based on that. Of course if the info provided was inaccurate, then the preliminary aid offered *will *be inaccurate. 2011-2012 FAFSA can’t be filed yet so I imagine the aid offer is all based on what is put on the CSS forms.</p>
<p>Actually even ED applicants are expected to update their Profile when the taxes are filed. AND they are also required to file the FAFSA when it becomes available in January. If the numbers on the FAFSA are $200K income and the Profile $90K, someone in finaid IS going to have a question.</p>
<p>And if the school requires that the 2010 tax return be submitted (I believe NU does), this will certainly show an income status that would NOT support need based aid. NU will reduce the need based award if one was based on inaccurate info for the 2010 tax year.</p>
<p>ANY financial aid award you get using estimates…is an estimate until you update your info. This is true even for ED applicants. That is why using VERY good estimates is important. I hope this student’s Profile reflects an accurate income for 2010. Otherwise they could be in for a huge reduction in aid once the provide the update info from the 2010 tax return on their Profile.</p>
<p>Actually even ED applicants are expected to update their Profile when the taxes are filed.</p>
<p>True…but…acceptance of an ED aid offer would likely occur before that time, so a person could accept an ED aid offer that is grossly inaccurate (because of wrong income info), then get a huge adjustment and have no other schools to go to because all other apps had been canceled (because of the ED thing).</p>
<p>However, I’m not sure what income or incomes this student gave to the school. If he used $200k, then there won’t be a problem (and he won’t likely get any aid either). If he used the $90k figure somewhere, then that will be a problem.</p>
<p>Either way…in the end…this student needs to understand that the school will use that $200k figure for figuring “need” for his freshman year of college., and therefore will not get aid.</p>
<p>The Profile asks expected income for the current year, not just 2009 information. If the filer is truthful the package should be in the ballpark of what would be awarded based on 2010 information.</p>
<p>I agree with electron. The individual is responsible for the data. If it’s reasonably accurate the FA should be as well.</p>
<p>Agreed with the two previous posts. It is extremely important to have accurate estimated financial info on the Profile. This is NOT hard to do in most cases. If the Profile is due in November, you have info for the first 11 months of 2010 and it’s a matter of adding in the final month or six weeks. If the person underestimates or under reports…that is THEIR problem, not the school’s.</p>
<p>Agree with the above statements, and want to add that it is VERY important to provide an accurate TAXES PAID estimate. One of the biggest reasons for increased EFC after verification is overreported taxes paid. It is LINE 55 of 1040/line 35 of 1040A/line 11 of 1040EZ. If you are estimating something, go to [Internal</a> Revenue Service](<a href=“http://www.irs.gov%5DInternal”>http://www.irs.gov) and pull up last year’s tax info. Plug in your estimated income from work, AGI, etc & get a good estimate for taxes paid.</p>
<p>One of the biggest reasons for increased EFC after verification is overreported taxes paid.</p>
<p>Very interesting. I wonder if people just guestimate an certain %…such as 40%, when in many cases people really don’t pay that much in taxes.</p>
<p>I really don’t know where the heck people get the numbers they put there! Some put the taxes that they pay during the year (from the last pay stub or from the W2) - but when they do their taxes, they get a refund, so this is NOT what they actually pay (plus it’s income tax only). Another thing some people do is include the self-employment tax paid, which (yes, I know it’s not fair) is not allowed. But others - well, I think they pull the numbers out of the air!! </p>
<p>I have also seen a number of rejected FAFSA’s due to people reporting taxes=AGI. The processor won’t even compute an EFC for those. And then the students ignore the fact that they receive notification of a rejected FAFSA. Many months later they come in & complain that they don’t have any financial aid - when I tell them they received notification from the processor that their FAFSA rejected, they all say, “I didn’t know.” The moral of this story: READ what you receive!!!</p>
<p>:)</p>
<p>I really keep on top of my daughter’s and my own FA - understanding a bit about how it all works helps a lot (thanks CC!!). I always remember my son’s ex being upset because her refund was less than she was hoping for and I asked her what she was missing and she had no idea because “she never checked because she liked getting a surprise” !!! I knew the school had messed up my loans so told her to get check if hers were messed up as well. They were. </p>
<p>Personally I don’t like surprises when it comes to money. Well, some of the you won the lottery variety would be very nice, but in most cases they tend to be the other variety.</p>
<p>Actually, I always use the IRS 1040-ES form so I can estimate with some kind of a ballpark figure! It has always helped me with doing a CSS Profile in November.</p>