FA recipients at an expensive private with a question
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
|
We received a very generous FA package for DD from a school we are very excited about. At the time we applied we were a single income family. I've since decided to go back to work (it was unplanned but I got a great offer to go back to my old org) and our HHI has now more than doubled. Here is my dilemma: we need that extra income to get out of debt and pay off some of my MILs medical.
None of it is "fun money" probably for at least a year, however, I realize there may be an ethical issue in not notifying the school our income changed. If we do notify them and they ask for more tuition we wont be able to attend--but we are under contract. How does that all work? |
Anonymous
| They will adjust your aid for the next academic year. You have been awarded the aid for this year, so no adjustment will be made for an unforeseen job offer. |
Anonymous
| As PP pointed out, it has been awarded based on information you provided that was an accurate representation at that time. It is doubtful that the FA will be withdrawn. On the other hand, not saying anything, you may be worried all year that your 'secret' will be exposed. That is a big burden. Much better to be up front. Explain the situation as you've explained it here and go from there. I am sure that this is not the first time something like this has occurred at your school. The school will appreciate your honesty and integrity. |
Anonymous
|
You're not breaking any laws, OP. Next year, when you disclose the info on the forms, your aid will be smaller, that's all. |
Anonymous
|
The fact that this is of concern to you suggests you are scrupulous, which is great. However, the award has already been made, based on what your family's situation was at the time. You do not need to report changes in income until you reapply for aid.
|
Anonymous
|
Congrats, OP!
I have pondered what to do when I get a new job, which I hope will be soon. People are technically correct that you need not say a word until you reapply for next year. However, I will be more comfortable (and it sounds like you, too) alerting the FA person at school. You might call or just send an email: Dear Larlo/a, I am very excited to inform you that I will be returning to work on date X at an annual salary of $Y. Although FA awards for this year have already been made, I just want to check on whether this affects us now. We are thrilled that little Peanut is so happy at your school! My guess is they would not immediately adjust your award, but I bet you would get major points for being upfront and honest. You might also - if the FA director says there will be no change for this year - let him/her know you will make a larger donation to the annual fund because you have that opportunity now. HTH! |
Anonymous
I wouldn't do this. There are no gold stars given for unnecessary disclosures. You'll tell them when you reapply. |
Anonymous
| The aid is based on your financial situation during a certain time period. Think of the opposite situation - most schools aren't going to give more aid if you suddenly lose a job - you will have to apply for the next FA year with the new situation that includes a lost job. |
Anonymous
|
I asked the previous FA director at Sidwell about this, and he said that no one had ever come back to him to ask to have their own aid reduced after a change in financial situation. If you apply for aid next year, then it'll be reflected then. If you feel guilty about accepting the aid and find you don't need it, you can make a donation.
|
Anonymous
Just to be clear, I asked about this years ago, not recently. |
Anonymous
| I'd call the FA director. They deal with parents trying to game the system to get more aid than they need on occasion, and the last thing you want to do is to end up looking like one of those people (your original post indicates that you are not like that). f you are doing to need aid at all in future years, you want to start out with a good relationship with the FA office and they will appreciate and remember your honesty and integrity. |
Anonymous
|
Our FA contract asked that we agree to disclose any income change of $30K or more. You should go back and read your contract, as it may address this issue. Doubling of your income is pretty substantial so I would think there might be some concern from their part that you accepted money you did not need. Personally I would disclose and explain why with an increase in your HHI you still need the amount awarded.
I daydream (as I'm sure most do of hitting the powerball), and I imagine if I did my DCs school wouldn't be happy to know I took the windfall and forgot about their graciousness. LOL. Certainly an extreme idea, but I think it's best to be honest and maintain a great relationship with the school. BTW: Congrats on your new job!!! |
Anonymous
|
OP here--thanks to all and really great input all around! I will probably go through the steps of informing them...I would feel (like a couple of pp's noted) like I was carrying a secret and I suck at that feeling.
That said, it is great to know it is unlikely to result in bad feelings and a change in the aid package--which we are SOOOOO grateful for and unlikely to need next year once we get clear of debt...assuming I don't lose my marbles in a transition from SAHM to the working world again! Thanks all! |
Anonymous
| Maybe start the school year first and receive your first paycheck, then inform them? |
Anonymous
| I think I remember reading on certain schools' websites that if your family income changes more than $3K, you need to let them know. |