The second half of this is key “before IRS deductions for depreciation, vehicle expenses, meals, and business use of your home”. These items can really add up. It’s nice to see that Columbia states up front that those deductions just aren’t counted as deductions for financial aid purposes.
But you can see why this can be a shocker to business owners or self employed who take these deductions…and have no idea they will be added back in as income.