How exactly do colleges a family's low income status?

Paying for College
1

<p>Lets say in the 2003 tax returns your parents combined income is around 80 thousand while the 2005 shows 20-25 thousand. Will colleges say “oh he wont qualify for any of the low income programs because his past income was high”, or will they take the latest into account. Keep in mind that they requested both.</p>

2

<p>So your school is asking for 3 years; 2003, 2004 and 2005?</p>

<p>the college makes a decison based on where you are now but they also look at the assets, savings etc.</p>

3

<p>Only '05 income, and current assets (parent and student) is counted in calculating your EFC for the '06/'07 school year. Schools can adjust their aid package, though, in special circumstances.</p>

4

<p>Well im applying for HEOP at Cornell and NYU. Cornell requested the 2003-2005 tax returns. The economic qualifications state that in order to qualify for this program, you have to have an income below 27,400 for a family of 4. I qualify only starting from 2005, not from 2003. Will I still qualify?</p>

5

<p>anyone?!!?!? :(</p>

6

<p>Where their special circumstances that lead to the decline of the income? ( A parent’s death ? Divorce ? Loss of jobs ?) .</p>

7

<p>HEOP is a whole different thing than FAFSA.</p>

<p>New York’s HEOP only looks at previous year’s income, I believe. Academic and economic eligibility requirements are here, look in particular at section 2D:</p>

<p><a href=“http://www.highered.nysed.gov/kiap/COLLEGIATE/HEOP/heopguide0607.doc[/url]”>http://www.highered.nysed.gov/kiap/COLLEGIATE/HEOP/heopguide0607.doc&lt;/a&gt;&lt;/p&gt;

8

<p>oh wow sblake7 thanks for the document. So basically they just want the 2003 and 2004 documents on file, while their main concern is with the 2005?</p>

<p>easydoesitmom: yes there were special circumstances that lead to the decline of income (loss of job and dad having kidney failure 6 months later. These events all occurred during my junior and senior yr in high school)</p>

9

<p>Yeah-- looks like the HEOP eligibility is based only on the '05 data. The schools want more so they can take a longer view when offering the aid package that uses their funds.</p>

10

<p>I really appreciate the help sblake7. So the 2003 data wont disqualify me from heop consideration as my 2005 income falls in their range? Im really concerned about my eligibity. Thanks</p>

11

<p>That’s how I understand it from a quick read of their eligibility requirements. I’ve not applied to HEOP before, so I’m not as familiar with it as I am with FAFSA.</p>

12

<p>I’m also applying as H/EOP, I think you and I are in a similar situation, except my parent’s incomes were consistently below the guideline, I have 1350 sat and just made top 10%tile, and I’m korean… what’s your stats like?</p>

13

<p>hey tenaciousp I just sent u a pm.</p>

14

<p>bumppppppp</p>