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hi i have a question...i have just started looking into the financial aid part of admissions...and i was wondering... how will colleges calculate my families income and thus determine need when awarding need-based aid?
this is our situation...mom is U.S. citizen, dad is Korean citizen. dad lives in korea, while the rest of us live in the U.S.(but parents are still married). mom earns maybe 1000$ a year from piano accompaniment, but main stuff that floats us is sent from dad...but hte thing is Korea's economy is really bad right now, so the value of Korean money is plummeting all the time.
*will my dad's income be counted as our family income as well, even tho we don't live together and he is not a citizen?
*will they convert my dad's income to dollars when calculating? but since the value of Korean money (or the ration of dollars to Wons)is changing all the time, what ratio will they use?

thanks so much!

By Almostdone (Almostdone) on Monday, July 21, 2003 - 11:19 pm: Edit

bump!

By Almostdone (Almostdone) on Tuesday, July 22, 2003 - 01:33 pm: Edit

bump again!

By Nhfrenchie (Nhfrenchie) on Tuesday, July 22, 2003 - 02:06 pm: Edit

Are you a US Citizen or on a green card/student VISA/????

By Almostdone (Almostdone) on Tuesday, July 22, 2003 - 06:55 pm: Edit

i myself am a US citizen.

By Nhfrenchie (Nhfrenchie) on Wednesday, July 23, 2003 - 05:01 pm: Edit

If your mom is a US Citizen, shouldn't she have filled an Income Tax return. Whatever income is reported there should be reported for your financial aid application(s) as there is a lot of cross-reference...

By Almostdone (Almostdone) on Wednesday, July 23, 2003 - 08:31 pm: Edit

oh...thank you! yeah she filled one out...and with just her income, as most of the money my dad's makes is korea's and is not taxed by the U.S. whew! this makes things much easier...