Financial Aid + ED

Zester
Tue, 07 Oct 2008 00:16:48 +0000

I think it’s before tax, but I’m not sure, mostly because not everyone has to pay tax (for instance if you lost your house to foreclosure).

I don’t think they decide if you can decline it, but it will be within reason. If your FAFSA and CSS predicts your parents need to pay 5k a year, and they earn like 100k a year, you will be expected to go, otherwise the school would send out a message to your counselor, and other schools, informing them of your breaking of the binding agreement, at which time Penn , like any ED school, will just rescind you and as would all your other schools.

That is why if you’re applying ED, you sure as hell better know you’re going to attend no matter what.
I most likely won’t have any financial aid during my first year should I be accepted, so I’ll take out a giant loan and deal with it.