TripTrip wrote:MissouriMisery wrote:Hello! I have a couple of questions about realistic expectations for my need-based aid.
I have been working for 6 years since undergrad making about 30k per year, almost done paying off UG debt and my cheap car. I have about 5K in the bank. My parents both make decent money (combined just over 6 figures). They won't be contributing any money. I have no other assets Approximately how much need-based aid should I be expecting?
Also, are need-based grants reassessed each year or all at once? I am getting married in the middle of 1L year and am concerned that might throw things off. My spouse will have considerably more assets than I.
Thanks in advance for your responses
To answer your qualitative questions: actual parental contribution is irrelevant, it's potential that counts. Need based grants are reassessed each year (that way those of us with firm aspirations aren't living on $40k and still getting the same grants as the public interest fellows living on $4k).
Also, if you've been out of school for that long, your parent contributions are going to be reduced according to some percentage (probably a large percentage). See here for details, but if you're 28 when you start, parent contribution is dropped by 75% for the first year (and eliminated thereafter), and if you're 29 or older when you start, there's no parent contribution at all.
If I had to guess, I'd guess that, by yourself, you'd be looking at pretty near max aid. That still means a lot in loans, because the base loans are high (over 40K), but you're not paying sticker. That's just a guess from what you describe, though. And I have no idea how getting married is involved, but HLS's SFS pages (like the one linked above) will tell you more.
EDIT: Also see acrossthelake's suggestion below.