Here is my financial aid situation: I live in a family of 4 that earned $21,000 last year. My mom just got a?

promotion of about $4,000.

So now we will have to claim $25,000.

I am a Freshman in college and this year I have $1,500 in loans. With our income, I really should not have that many loans. But i am wondering about the $4,000. Will this make a significant difference or not?

Thank you

Top 4 Answers

A few days ago

Anonymous

Favorite Answer

The formula is based on earned yearly income, not anticipated. For example, if she just got a promotion of $4000 a year, then her income for ’07 wouldn’t change by $4000, but by only 3 of the 12 months left in the year – which would actually be $1000.00. In ’08 her income would increase by the full 4 grand to be $25,000.

Also, remember the formula is based on household income. So it would also depend on if your dad/step dad’s income also went up as well. The formula changes every year and is adjusted for inflation if that is any consolation for you.

Regarding the loans, it all depends on the cost of the school you are attending. You never mentioned it, but you probably are receiving grant money based on your household income. If taking out a loan bothers you, consider going to a less expensive school. Sometimes grants will cover the entire cost at a community college with no loans required.

Good Luck!

A few days ago

hilton hottie

I don’t think it should. You need to talk with your financial aid advisor though. Make an appointment with them. Good luck with it. I had a hell of a time when I was going into my second year and my Dad got a raise, it screwed me all up. I ended up having to quit and work a year to save money. I ended up with only enough for one more semester. I don’t think now I will ever finish. Life came along and now I am married with a kid.

A few days ago

Ravin

family of 4 on a 25,000 a year income should entitle you to PELL GRANTS. They should seriously help with your college education. Check the link below and APPLY. It saved my Brother and Sister each about $20,000 in total tuition over their years in school

A few days ago

Anonymous

Doesn’t matter, next year you’ll have to claim it. hey, your loans are better than mine, I have no income and 7500 worth…it’s a complicated formula they use to determine that stuff. It depends on you tuition and stuff too.

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Here is my financial aid situation: I live in a family of 4 that earned $21,000 last year. My mom just got a?

Here is my financial aid situation: I live in a family of 4 that earned $21,000 last year. My mom just got a?

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