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Ok, I will be a junior this coming year and I had a few questions about financial aid. My parents together make about $40,000. i have 2 younger sisters. My dad wants to quit his job next year and start his own company which means he is going to have to borrow money and go into pretty good size debt... Is this going to help or hurt my chances of getting good financial aid and what will it do to my EFC? some of the colleges I am looking at cost up to about 30,000 a year.
thanks,
zach

By Emeraldkity4 (Emeraldkity4) on Friday, July 25, 2003 - 03:27 pm: Edit

With three kids & an income of $40,000 you will qualify for a good need based financial aid package. However that package will consist of a combination of grants, loans and workstudy, and some schools do not meet 100% of need.

I don't know what your families changed income will do- although I can tell you that the FAFSA does not seem to consider debt in evaluating what money is available for education.