My DS17 is in with a good package including $8000 loans and a large ($10+) family contribution. DH is currently unemployed, so need to have a special circumstance appeal. But if anyone has tips or ideas to swing this in his favor it is appreciated.
A freshman student can only take out $5,500 in loans. Did they package him with Perkins loans? Those will be going away after this year I believe. So the family contribution could go up to $13k next year, in addition to any tuition or other rate increases.
Does he have options that are affordable for you?
You can contact them and find out if his aid can be increased based on your financial situation. How long has your H been unemployed?
Contact HC financial,aid ASAP. They will tell you the procedure for filing that special circumstances consideration. But do it NOW.
Your kiddo will need to make a decision about whether to matriculate to this school by May 1. You need to know your financial situation before that date.
Things to know:
- These requests are granted on a case by case basis.
- Schools do not have to consider these requests...at all. Some do, and some don't.
- Some schools have a "wait" period before they will consider a special circumstances consideration related to job loss. Where my older kid went to college, it was three months.
- Any severance or unemployment your husband receives will be considered in the mix too. So if he received or receives either...that will be added in.
- Each school has its own special circumstances consideration process. You will need to provide documentation of the job loss, unemployment compensation received , severance received...and when. And anything else the school asks for.
- If work study was part of your kiddo's award...you need to consider that in the mix. He won't GET that money until he earns it.
Agree with @mommdc if the Perkins Loan is included in your kiddo’s package, it probably won’t be in future years…as that is going away.
The school will want to know how long has your husband been unemployed, if he has received any severance and how long will he receive severance.
If your husband is recently unemployed or currently getting severance there is probably not going to be anything they will do as far as increasing your package other than offering you a PLUS loan. It will be their hope and expection that your husband will return to the work force soon Is he a dislocated worker meaning that he may never be able to go back to work in his field
The school will want to know how long has your husband been unemployed, if he has received any severance and how long will he receive severance.
If your husband is recently unemployed or currently getting severance there is probably not going to be anything they will do as far as increasing your package other than offering you a PLUS loan. It will be their hope and expection that your husband will return to the work force soon Is he a dislocated worker meaning that he may never be able to go back to work in his field
I am planning on calling the school before the end of the week, I just want to ha e my ducks lined up.
I have gotten great advice on this forum for what documents - separation papers, unemployment docs, and other details, so this last bit of help is really just to make me feel better and grit my teeth for what may be a difficult decision.
DH has been unemployed Since January, one month severance, and now on unemployment. (SNAP and Unemployment hardly make the boat float) Both of us have been looking for work, and so far no bites in 3 months- Older IT workers are not in demand these days i guess.
HC makes a big point of meeting 100% of need, so I am going to take the case to them and hope that they will have some available funds to make an adjustment. The other schools I have talked to have let me know that they can not open an appeal until mid April, so that is sort of late to make any decisions… or make a back up plan.
Yes DS has some other affordable options, and is seeking some outside scholarships. A few schools haven’t release their decisions/FA packages, so I don’t have all the info yet to see where I should put my energy in.
Thanks for the advice- one step at a time.
Yes…the one issue is that many schools will not look at a special circumstances consideration until a certain time after the layoff occurred.
Some schools don’t do these until April because they are Delong with just getting packages out to students.
Hoping your conversation goes well. You may not get an answer as to what they will do when y. All… up youmwill get the process.
I would suggest you contact ANY other colleges your kiddo is interested in, and get the Ducks lined up for those schools as well. Each school will tell you what they want.
It HC won’t adjust aid, ask if your son can delay enrollment for a year. Even though 2016 info would then be used, if your H is still unemployed, they may be more amenable to adjust aid.