<p>I am just finishing my junior year of high school, and am starting to think seriously about what colleges I am going to apply to. Until a few weeks ago, financial aid hadn't been a major issue. Although my family's income and assets had been in that awkward place where they are probably too high for me to recieve need-based aid (none of my top choice schools grant merit aid), but too low to be able to comfortably afford any of my top choices, my parents had excpected we would be able to make it work, especially if I were able to get a few scholarships.</p>
<p>Unfortunately, my father, the source of most of my family's income, was just laid-off. It is somewhat unclear how easy it will be for him to find a new job, or how much that new job will pay. </p>
<p>How will this figure into financial aid decisions? Is it possible that I am now eligible for financial aid, even though my parents have (I think) a significant amount of money saved? Should I start looking into schools that grant merit-based aid? I got a 229 on the PSAT, and have a high GPA, and strong community service and extra-curriculars, particularly science-related ones, so I think I would have a decent chance at recieving merit based aid at a school that granted it. Should I try for outside scholarships to enable me to attend one of my top choice schools (assumiong I get in)?</p>
<p>Thank you so much for taking the time to read this.</p>
<p>First..I'm so sorry to hear about your father's layoff and I do hope that he is able to find a new job....soon. </p>
<p>There are many variables that come into play with jobs and job losses. First, will your dad receive a severance package (pay) when his job ends? If so, that is viewed as income. At the same time, however, your financial picture for the upcoming year would be tentative and this would be something to explain to colleges. However, if he gets a severance package with pay for a period of time, it's almost the same as having a job, but the money all comes at once. </p>
<p>You sound like you have some excellent credentials to bring to the college application process. YES you should look for schools with merit aid options for students in your range. You will find a number of merit scholarships for student in the stat range you posted. They (more than likely) will not cover the full cost of attendance, but every penny counts. </p>
<p>You mention savings. Do your parents have monies put aside specifically in a college savings plan (529 or the like) that really can't be used for much else than college expenses? </p>
<p>There are a number of threads on this forum dealing with good merit aid schools. I'm sure someone else can post a link to these threads (for all the posting I do here...I have yet to figure that out).</p>
<p>And lastly, yes...apply for local or other outside scholarships too. As I said...every penny helps!!</p>
<p>Thank you so much!</p>
<p>He did get a severance package, equivalent to three more months of work. My parents and grandparents both have set aside money for my college education, but nowhere near enough with the price of college these days.</p>
<p>You need to meet with your financial aid office and have them adjust your aid package to reflect your current circumstances (I was also laid off...I am independent so...). They will have you fill out a lot of paperwork outlining how much you have at your disposal, but they can adjust your aid package once they see that a drastic change has occurred in the family's finances.</p>
<p>I was laid off my D's senior year in HS. It was in Feb. right after I had filled out the FAFSA and Profile. A day or two after she had been accepted to Vandy I called the fin aid office and informed them. They went back and revised the offer based on the current information. Hopefully you will have the same luck.</p>
<p>PhoenixStar: You should apply to a financial safety just in case. There are many posts from students who had disappointing financial aid packages and couldn't afford to go to any of the colleges that accepted them. You can also throw in a few colleges known for merit aid. There are threads on CC about which colleges are known for merit aid.</p>