Financial aid and change in circumstance?

Paying for College
1

<p>I have a part time job in addition to my full time job. My part time job is as a contract employee. Our current contract expires in June, and it appears we will be underbid and lose the contract, ending my position. This year is the year my EFC will be calculated. </p>

<p>My question: will colleges base my EFC on my income this year irregardless of the fact I'm no longer working two jobs, or will they understand I'm only working one job and base my EFC on the income from that job?</p>

<p>Thanks in advance for any advice.</p>

2

<p>You will have to submit FAFSA with the information from 2006 earnings. Then contact the financial aid officer at your school(s) and explain the situation. They may make a professional judgement adjustment and take into account the loss of earnings.</p>

3

<p>Most likely, though, your loss of income will be reflected only on next years package.</p>

4

<p>I was afraid of that.</p>