Reporting Student Income

[jc1409]

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I currently have a job making over $200k, but that doesn't mean I have the money to pay out of pocket for school. If I quit my job the year before I attend, will my income from the prior year affect my financial aid award? If so, how much time has to pass before my income will not affect my financial aid? Also, do retirement accounts get factored in (401k/IRAs)? Thanks

 

[sunnyjohn]

Subsribing out of interest.

 

[KUMoose]

From the two aid people I've talked to, it will be for the first year. Subsequent years will take into account only money earned that year (including scholarships, fellowships and other taxable financial aid).

It is also my understanding that they do not count retirement savings, but do count home equity over a certain percentage.

Because the government is want to change the law on a whim, it's best to talk with a finacial aid person that the school you are attending or likely to attend. This is especially important, because the government has recently passed a bill to change college funding.