Fin Aid Q's regarding spouses income

[litlmisa]

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Hi all-
Does anyone know the effect marriage has on financial aid rates? What if the spouse makes around 50K/year, yet doesn't have funds left over to help with d-school tuition/fees?

Will the available funds be significantly reduced?

Long story short, we are talking about marrige, but may wait until after school is done.

Any input would be helpful.
Thanks

 

[eric275]

Hi all-
Does anyone know the effect marriage has on financial aid rates? What if the spouse makes around 50K/year, yet doesn't have funds left over to help with d-school tuition/fees?

Will the available funds be significantly reduced?

Long story short, we are talking about marrige, but may wait until after school is done.

Any input would be helpful.
Thanks

Upon entering D-school I had to account for my wife's income that was also around the 50k range. In my situation it didn't mean that I got less money to pay for school but rather it reduced the amount of "subsidized" student loans that I received. Hope that helps.

 

[TeethVader]

Hi all-
Does anyone know the effect marriage has on financial aid rates? What if the spouse makes around 50K/year, yet doesn't have funds left over to help with d-school tuition/fees?

Will the available funds be significantly reduced?

Long story short, we are talking about marrige, but may wait until after school is done.

Any input would be helpful.
Thanks

In my case, it made more room for subsidized loans and a very decent scholarship. All in all, I don't have to worry about money, my school has taken care of that due to the fact that my wife makes no money and neither do I (0.00$$ income).

 

[litlmisa]

Thanks for your feedback 🙂

 

[TeethVader]

Thanks for your feedback 🙂

I don't know if it could be possible to omit your wife's income. I've seen some of my classmates that have indeed struggle because their wives make good money and they themselves made too much prior to entering d-school; hence their subsidized loans are reduced dramatically. In my case, I made around 25K prior to matriculating and my wife did not work. Due to this situation, the financial aid and scholarship committee rushed to the rescue and helped me out; they extended the amount I could get subsidized and like I said, gave me a scholarship.

 

[Hot pickle baby]

I don't know if it could be possible to omit your wife's income. I've seen some of my classmates that have indeed struggle because their wives make good money and they themselves made too much prior to entering d-school; hence their subsidized loans are reduced dramatically. In my case, I made around 25K prior to matriculating and my wife did not work. Due to this situation, the financial aid and scholarship committee rushed to the rescue and helped me out; they extended the amount I could get subsidized and like I said, gave me a scholarship.

how did you do the pre-reqs and make anything?

 

[Hot pickle baby]

how did you do the pre-reqs and make anything?

I have a question, If I file my financial aid application in January of next year, then I only have a tax form for 2004 completed.

What happens with my 2005 information?

 

[Hot pickle baby]

I have a question, If I file my financial aid application in January of next year, then I only have a tax form for 2004 completed.

What happens with my 2005 information?

also, do you include the savings that you have in the bank and your home mortgage, etc?