meets 100% need schools

one_two
Thu, 25 Apr 2019 01:12:05 +0000

Now that my S is going to attend a “meets 100% need” school and I’ve been thinking about it, I have some curiosity questions about how they determine need initially and for subsequent years. I’m assuming that each schools has its individual methods, but can you generalize? What about if in one family, married parents, one spouse earns $70,000 and the other spouse does not have income because of choice not to work. And in another married parents one spouse earns $45,000 and the other earns $25,000. All other factors the same, would the aid be the same? Is there ever the idea that the other spouse could get a job and contribute?

And from the other side, what if after the freshman year, for example, one of the parents takes a voluntary buyout or voluntary retirement (for example, teacher with years needed for state retirement). Do they figure that person could keep working and continue earning his previous salary or do they just look at the new income and base the need on that?

And last, what is the connection between additional income and reduced aid. If one of the working parents took a second part-time job during the student’s freshman year and earned an additional $10,000 per year. How much would the aid be reduced for the next year or two? By the full $10,000?