Can you get financial aid after the first year?

[Anonymous]

So, we will not qualify for financial aid during the initial year. But, I as the mom, will be leaving my job soon. This will change our status. How much money is available for second year students? Or, is it all claimed by the incoming class that will then keep receiving it all 4 years? I'm trying to figure out what we can afford.

[Anonymous]

Each year is independent. But it lags. My financial aid is based is based in 2018 tax returns mainly.

Plus have to be out of work full year

[Anonymous]

Yes, if you qualify. need to complete FAFSA every year

[Anonymous]

Run the Net Price Calculator on the school’s website. Be sure to calculate the income/assets for the year specified (see above post for lag time). In you or your spouse own your own business, calculators can be inaccurate. Don’t be surprised if you only qualify for loans.

[Anonymous]

Your income won't really drop until 2021. You'll file 2021 taxes in 2022. Your 2021 tax return will be used for financial aid applications in 2023, so the financial aid package would change for 2023-24. If your child is entering as a freshman I 2021, it would be their junior year before you'll see an increase in aid.