Dad Losing Job

Paying for College
1

<p>I'm a junior in HS right now, and my dad was informed earlier this month that he was going to lose his job at the end of May this year. They'll be keeping him on as a consultant for another 8 months for one day a week, and no benefits. My mom isn't employed currently (she used to be a teacher and is applying for jobs), so I'll likely be without benefits or much income soon, and, if things don't turn out well, my family will be in an even worse situation come the end of the year when my dad is no longer employed if my mom has no job. As I will be applying to colleges in the midst of this, I'm really counting on financial aid of some sort. I'm unsure of how something like this is factored into financial aid applications, since my dad will still be employed at the time of submitting my applications, but my household income, even if both parents can find jobs) will drop significantly.</p>

<p>I'm really hoping to go out of state for college —although I realize that going in state may end up being the best option here— and I would love help figuring out if that could still be a possibility here.
Thanks,
M</p>

2

<p>FA is generally based on LAST YEAR’s income. Also, colleges will NOT automatically adjust FA awards because parents can frequently find replacement jobs. If this is truly a concern you can ask for a year delay in attending a school so you have a better idea of your income.</p>

3

<p>If things remain the same, you will be applying to colleges when your dad is a consultant only one day a week and your mom has a school job that doesn’t pay enough to support a family of four very well. If their circumstances remain the same on December 31, your FAFSA will reflect that. Therefore, you have a higher chance of more aid than you do now.</p>