Financial Aid Predicament

bennis
Fri, 04 Jan 2008 18:00:45 +0000

Hello,
Fall 2008 will be the first time that any of my siblings will have attended college. Both me and my twin brother will be freshman in Fall of '08. Financial aid will definitely influence my decision as to where I will attend. My dad is the only one that works, and my mom has stayed at home. Over this last year, he made more money than ever he has before, but recently decided to chance jobs. $10,000 of this was a bonus that was applied directly to the debt from our new house. He took a significant pay cut to change jobs. My question is, what will this do to our financial aid situation? We realize that the EFC for this year will be higher, but what about subsequent years? It is our impression that schools base subsequent financial aid packages on the freshman year. Would there be any way to guarantee that we wouldn’t be screwed when it comes to financial aid for sophomore year and beyond? As of now, our EFC should be around $10,000 per student this year. This should go down by at least a few thousand per student for next year. Right now, my number one school is The University of Michigan. Is there any way that they would work with us? Any helpful input would be greatly appreciated.