Needs-based Aid Available Off Of Wait List? Forum

[JC2017]

If I am accepted off of a wait list will I still be eligible for needs-based aid (talking grants, not loans) or will I automatically have to pay full sticker? I've heard of people being accepted the day before classes start, so I'm assuming they wouldn't get aid. Is there a typical needs aid deadline in the summer?

[cavalier1138]

If you qualify for need-based aid, you'll likely qualify regardless of when you're accepted. But you generally aren't going to qualify for need-based aid at most schools (just a rule of thumb), so it's kind of a moot point.

[JC2017]

If you qualify for need-based aid, you'll likely qualify regardless of when you're accepted. But you generally aren't going to qualify for need-based aid at most schools (just a rule of thumb), so it's kind of a moot point.

Oh? From what I've heard, some schools don't factor in parents' income if you're older than 29 (I'm 30), and I was unemployed for most of 2016 so I show very little income on my taxes for that year. What makes you say I generally won't qualify for needs-based aid?

[guynourmin]

If you qualify for need-based aid, you'll likely qualify regardless of when you're accepted. But you generally aren't going to qualify for need-based aid at most schools (just a rule of thumb), so it's kind of a moot point.

Oh? From what I've heard, some schools don't factor in parents' income if you're older than 29 (I'm 30), and I was unemployed for most of 2016 so I show very little income on my taxes for that year. What makes you say I generally won't qualify for needs-based aid?

not making money for one year isn't the type of thing that qualifies you for need based aid as far as I'm aware. Did you qualify for Pell grants in UG? do you have a lot of student loans?

[JC2017]

Aid for undergrad was determined 10+ years ago and factored in my parents, so no needs aid then. I also have paid off all my student loans. I'm really just trying to understand how they figure out needs aid. How can it be based on anything other than taxes and income? I imagine it has to be a standardized way of calculating, and what else is there to figure that out besides taxes? Maybe these are stupid questions, but the whole financial aid process remains a black box to me given that I'm older than the typical applicant and have a somewhat-unique income situation.

[cavalier1138]

I was in almost your exact situation last year: trust me, they don't consider income.

Don't get me wrong, the T14 schools that mysteriously lump together need/merit aid clearly do take your financial situation into account, but pure need-based aid is a very rare thing. You almost certainly won't get it, just based on what you've posted here.

[JC2017]

Thanks sir/madam Cavalier, that's more or less the response I was looking for (although I was hoping it was the opposite and the schools will give purely needs-based aid).

[gwillygecko]

I was in almost your exact situation last year: trust me, they don't consider income.

Don't get me wrong, the T14 schools that mysteriously lump together need/merit aid clearly do take your financial situation into account, but pure need-based aid is a very rare thing. You almost certainly won't get it, just based on what you've posted here.

what do they consider if you're 30+, besides income and assets?

[cavalier1138]

I was in almost your exact situation last year: trust me, they don't consider income.

Don't get me wrong, the T14 schools that mysteriously lump together need/merit aid clearly do take your financial situation into account, but pure need-based aid is a very rare thing. You almost certainly won't get it, just based on what you've posted here.

what do they consider if you're 30+, besides income and assets?

No idea, but as someone mentioned earlier, I'm betting outstanding debt from undergrad might help.