Business/Farm Supplement

calmom
Tue, 08 Feb 2011 19:27:06 +0000

It varies and depends on individual school policy. Be aware that even if they do not ask for the business/farm supplement, they still may want full tax returns and they may make their own adjustments based on the schedule C – including adding back in deductions. The new business with the legal expenses but no income could be a problem for financial aid --they may simply add whatever those expenses were back into the mix, since it looks kind of iffy from a financial aid standpoint. If the expenses are relatively small, then it might not make much of a difference in your award – but if it’s a big expense you could end up with financial aid awards that are all over the map.

If there was a compelling and sympathetic reason for your husband to start a new business and incur major start-up costs in November the year before a kid is heading off to college, you might want to be proactive and write a “special circumstances” letter to the college financial aid offices ahead of time.