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My parents combined income last year was $79k. What kind of aid should I expect if by some miracle I got in? (Also note that we own most of our home - about $200k and have about $25k in stocks). My first choice is Stanford (yeah right) and schools of its caliber. Also, what is the purpose of schools collecting "all forms and schedules" of tax returns? Are they just for proof? How closely are they evaluated and if closely, how? Any other info?

By Thumper1 (Thumper1) on Friday, October 01, 2004 - 09:26 pm: Edit

You can figure out your expected family contribution (EFC) by using the finaid calculator at the FAFSA website. Many estimate that their EFC will be about 1/4 to 1/3 of your gross income. The purpose of sending all the forms and schedules of tax returns is to verify that the income information you put on your FAFSA and/or Profile (or school finaid application) is accurate. The schedules give information regarding deductions, interest and dividend income, assets, other income, etc. I would work under the assumption that this information WILL be evaluated closely....some finaid applications are selected for review annually.