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Yearly income changes

TheDogeTheDoge 0 replies1 postsRegistered User New Member
I am in sales and commissions make up a large part of my gross pay. My yearly income can vary by $70,000 I happened to have a good year in 2018 which are the numbers that I am going to have to use on the FAFSA forms as our son will be entering college in 2020. Is there any recourse to utilize an average of a few years rather than just a single year for reporting purposes?
Thanks
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Replies to: Yearly income changes

  • BelknapPointBelknapPoint 4375 replies16 postsRegistered User Senior Member
    No recourse on the FAFSA itself, but you can talk to individual financial aid offices about applying "professional judgment" based on your circumstances. I don't think your situation is particularly unique. If you had a good year in 2018, one would think that means more money to make up part of the EFC, right? Save more in the good years to tide you over in the not-so-good years.
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  • mom2collegekidsmom2collegekids 83956 replies1008 postsForum Champion Financial Aid, Forum Champion Alabama Forum Champion
    How is 2019 going?

    I would think you might be able to make a case if 2019 income is much lower?

    The year is half over....how is it going?

    Also, do you take business deductions? If so, CSS profile schools may use a calculation that is harsh.
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  • thumper1thumper1 73718 replies3213 postsRegistered User Senior Member
    In the years when your income is lower, your EFC will be lower. You would need to show that the higher number is a one time, not likely to reoccur event for a school to consider a change. That doesn’t sound like it’s the case.

    The colleges do not average over a number of years.

    Also, if the colleges don’t meet full need guaranteed for all, this might not matter in bit.
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  • lookingforwardlookingforward 33093 replies358 postsRegistered User Senior Member
    Ask if they reevaluate your basis, if you have a lower year. Just in case one of your targets sets expectations in first year.
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  • cptofthehousecptofthehouse 28720 replies56 postsRegistered User Senior Member
    You can ask. Especially if you have the last several years back that support the situation and with 2019 lower as well.

    I have a friend whose husband got a one time retirement//Severence payout and requested consideration for s number of reasons. She was roundly denied.
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