Law School Discussion

Substantial income this year, no foreseable income next year.

Substantial income this year, no foreseable income next year.
« on: October 19, 2006, 03:09:52 PM »
Right now I'm a 4th year undergrad, every year I have been eligble for financial aid grants because I come from a single parent household and have been a dependent. But this year I made about $80k from online poker, which has recently been outlawed. So next year I will not have any income. Will my financial aid package be based on my income from this year or my projected income next year? I also will not be receiving any help from my family next year if that makes a difference.

Re: Substantial income this year, no foreseable income next year.
« Reply #1 on: October 19, 2006, 03:11:44 PM »
$80k from online poker...law school might be worth reconsidering.

Re: Substantial income this year, no foreseable income next year.
« Reply #2 on: October 19, 2006, 03:20:25 PM »
But seriously, i had substantial financial aid as an undergrad and for the past 2 years I've been working in ibanking and i had the same concern. after doing some research i was pretty much able to conclude that fafsa will use your previous years income, but if you don't plan on working for the upcoming school year and you can let your grad school's financial office know that your last year's earnings is not representative of your earnings and they'll use their discretion and take your expected earnings for the upcoming year into consideration instead of last year's earnings. 

Reesespbcup

  • ****
  • 601
  • Yay summer!
    • View Profile
Re: Substantial income this year, no foreseable income next year.
« Reply #3 on: October 25, 2006, 07:45:04 AM »
Tag. This is a big prob for me too...

zoom

  • ****
  • 723
    • View Profile
Re: Substantial income this year, no foreseable income next year.
« Reply #4 on: October 25, 2006, 07:48:35 AM »
tag

flyaway

  • ****
  • 2343
    • View Profile
Re: Substantial income this year, no foreseable income next year.
« Reply #5 on: October 25, 2006, 08:07:49 AM »
Yeah, same here.  Right now we're dual-income, but I'll be quitting my job and we'll be living on just his salary (he can telecommute).  I'll need some help, even if it's just loans, but I'm afraid I won't get them.

SanchoPanzo

  • ****
  • 2022
  • My avatar is hotter than your avatar
    • View Profile
Re: Substantial income this year, no foreseable income next year.
« Reply #6 on: October 25, 2006, 09:40:21 PM »
But seriously, i had substantial financial aid as an undergrad and for the past 2 years I've been working in ibanking and i had the same concern. after doing some research i was pretty much able to conclude that fafsa will use your previous years income, but if you don't plan on working for the upcoming school year and you can let your grad school's financial office know that your last year's earnings is not representative of your earnings and they'll use their discretion and take your expected earnings for the upcoming year into consideration instead of last year's earnings. 

Spot on.

This is correct. At some schools, the ones that do Fin Aid on a yearly basis, you file a form. At others, they "automatically" account for it. But in general, there should be some mechanism to compensate as they *know* that your income will be 0 or close to it next year.

zephyr

  • ****
  • 633
    • View Profile
Re: Substantial income this year, no foreseable income next year.
« Reply #7 on: December 30, 2006, 08:01:49 AM »
I was looking at the Need Access form this morning. They have a section to provide additional information. I'm in this same boat -- I made a good chunk of change in a six-month internship, but I won't be making anywhere near that next year. Further, I had to spend it all to cover my final semester of UG tuition. I hope they take this into consideration.