Children from higher income homes already have a score of advantages (including better opportunities in secondary education, providing SAT prep, etc) over those from poorer income brackets. The entire POINT of financial aid was to provide assistance for those students whose families would not otherwise be able to even consider college- to ensure that higher education was not simply something reserved for the upper classes of American society.
Why on EARTH should a family that makes six figures a year get the same assistance for college that a family making 40K a year gets? The former has a far better likelihood of being able to subsidize that child's education (and qualify for/repay better loans to boot) than the latter.
A great deal of the "no" answers here seem to be from upper middle class kids whining that they didn't get more financial aid. Grow up, work hard enough to qualify for merit-based scholarships, and get a part time job then, kids.
Clearly, parental income should be a major factor, as unlike the 'no' side, including this factor makes the process more equal, and not only that, but it's really hard to get a job while in college, as your schedule conflicts with work schedules.
That being said, the FAFSA form needs to ask for the parents' CURRENT income, and not the year before, because if the parent was making a six figure income last year, and was fired this year, when their son/daughter applies for college, that child gets zero financial aid, even though their parents are unemployed.
The fact that currently it is not being taken into consideration is ironic, the whole concept of college financial aid should be built on parental income, in case of countries developing countries - ethnic background, social status may also be integral. However, it is still debatable, whether solely income or assets too, will be taken note of.
Students from poorer families are subsidized by grants and/or larger loans. This provides equal opportunities for higher education for all not just those who parents are able to afford to pay for it. Just because someone's parents are wealthy or not should not be any kind of governing factor in the rights of the child.
Yes, parental income should factor into college financial aid, because most children depend on their parents to support them through school. But it is unfair to penalize parents who have been responsible and have saved a great deal of money for their children's education. Income is a valid consideration, but savings is an unfair consideration.
Parents always say they want their child to go far in life. Well if the don't help them with it they would not be able to go to college without money. Yes you can get a scholarship but you some way to live. They say get a job well sometimes getting a job does not solve all the problems.
I'd just like to know how the kids of wealthy celebrities are scoring scholarships. It is wrong. Such aid should be reserved for students who truly need it. Instead, we are seeing a growing number of wealthy celebs abusing the system. How exactly is it even possible? When P. Diddy's kid was given a scholarship, it kept a needy child from having the opportunity of a college education. Why ask the poor to even do the FAFSA paperwork/online? Why ask the Middle Class? If the wealthy can obtain these scholarships for their kids, the average American family should be considered automatic recipients. The concept of factoring in parental income is good. The idea of clearly discriminating & catering to these celebs is not!
There is no legitimate reason that a child from a middle class family shouldn't get the same loan or scholarship as someone from a lower or higher class family. Parental income has nothing to do with the matter. Neither does any other factor. All that matters is that a student needs aid to get through college, if they had a parent who way paying for it, why would they need financial aid?
First off, people have this mislead belief that higher income families can afford college for their children, whether their be 1 or 8. They believe that higher income families always have a generous amount of money, no debt, and are always willing to supplement for their kids college. This is completely false and utter bull****. For example, the slight bitter tone I have is because I currently reside in a "fairly wealthy" family (in the 80-110k range) and that because of this, I fit very little financial aid (or at least the system and universities do) yet I try hard and get good grades and test great. While someone in a lesser income family can go to college for free or very little, I am set in a family to their head in debt and bills and I cannot get any aid for college, yet colleges assume they can. Some request that my parents pay up to half of the cost with no aid and that I cannot completely cover the costs in loans. How is this at all fair? I grew up in a hardworking family which have never gone to college, so how am I any better set for college and future, then a lesser income? Income does not necessarily mean that the child can be seen as wealthy as well, especially in families which may to refuse to pay for their child. Why should a child of a wealthy, TAX PAYING family, be set back in life? Isnt that wait... Reverse income discrimination?
If your old enough for college, a person should be able to provide their own means of going to college. Parents income should not play a role in how loans are figured. Some kids come from backgrounds were even if the parents made a good living they are unable to help their children.
I happen to pay for my own college, and I do not believe that a parents income should factor into my financial aid package equation, because they are not paying for it. I have always felt that way, and can never side on it any differently. I'm an independent young woman, who does not want my parents income to be factored into my college finances.