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« Re-evaluate Every Previous Assumption | Main | The Middle Class College Trap »

January 25, 2010

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Anthony DErasmo

Hello Joel

I heard you speak at Pelham HS 2 years ago. Just curious with FAFSA. With an income of $90K a year...no other investments or income what are the chances to receive aid in the form of Grants not loans?

Joel Peck, CPA

Hi Anthony.

There are three parts to the answer.

The first part has to do with whether or not you will qualify for financial aid at all. The quick answer is that it appears that you are right on the edge. This may give you the ability to increase the amount of financial aid you are entitled to.

The second part has to do with how much of the financial aid is in the form of grants rather than loans. The answer depends somewhat on the schools your child applies to and somewhat on how you make an appeal to increase the amount of grant money.

The third part focuses on how to get grants in excess of the amounts produced by the simple financial aid formula. This involves making a very specific appeal to the top schools your child is accepted to with details of why your child should be given grant money that exceeds your financial need.

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