<p>I might be making a bigger deal out of this than it should be, but here goes:</p>
<p>I lost my job in the spring, right when my daughter committed to a school. She did qualify for some scholarships and she was working too, but there was still a difference I had to pay. So per the school's financial aid office, we filed a special circumstances appeal and the result was an unsubsidized Stafford Loan (wasn't eligible for a PLUS Loan) and a small grant. It was enough to help her.</p>
<p>While this is great and all, a thought crawled into my head:</p>
<p>What if I happen to find a job in the coming months?</p>
<p>Right now some leads seem promising. My worry is that because I will be employed again, the school will take away the additional aid my daughter got, and she'll be left immediately owing money again. It would also be bad if I got a job with lower pay than what I had before.</p>
<p>Looking back, we should asked a financial aid counselor about what would happen should I be employed again.</p>
<p>In no way do I want to commit fraud, so I will notify the school next week. Should I be prepared to be questioned as to why I even filed a special circumstances appeal? I should also be prepared to pay back any money daughter got because of the appeal.</p>
<p>The school has already packaged and awarded her for this year, including the extra grants. They granted the appeal based on the length of time that you had been unemployed when you filed the appeal. I don’t think you’re obligated to notify them that you’re working again as they won’t modify her FA (loans) that have already been taken. Your FAFSA for next year (12-13) will be based on this year’s income so you should have a bit of time to recover. Best wishes for landing a new job that will be better than the last!</p>
You were eligible for the unsubsidized Stafford loan regardless of your financial situation. Schools figure you will eventually get a new job. I do not think you will have to go back to substantiate this year’s FA.</p>
<p>Put yourself in the fin aid officer’s shoes. If you get a job that is a Mega Job ($100K and up) then, sure, you should let them know that your circumstances have dramatically improved and you are ready to pay some more THIS year. </p>
<p>Chances are, however, that you get a Job – if not a McJob – and the income flow for the next couple of months is not a “significant” change in your ability to pay. </p>
<p>D has several more years of college ahead of her. In EVERY scenario it is better for her and you if you are employed. Go ahead and find a job. Don’t let D’s financial aid package be an excuse to hide in bed with the box of chocolates. WHEN you get a job, THEN look at the numbers and see if they are so huge and fabulous that you really should notify financial aid. </p>
<p>It won’t be long before you submit the FAFSA again (January) but it is NEVER over. Say you postpone job hunting until January (rotten Christmas break for family) and your D gets good support from the college promised in April for fall 2012. The college is going to want additional information (tax forms) and has the option of asking for things like pay stubs at anytime. </p>
<p>You can’t live like that. Get a job – and be proud of yourself and your D. Don’t overgame the system. They are pros and you will shoot yourself in the foot.</p>