If I have a parent that has just recently lost their job, drastically changing our level of income, is there a place to put that? Because the previous years tax stuff is not gonna be accurate of our current income.
Actually 2015 income tax return information is going to be used on the 2017/18 FAFSA and CSS profile available this October.
If the unemployment persists for several months you can see if the FA office of the college you decide to attend would use professional judgment for your case, but there are no guarantees.
I would call and ask for a professional judgement review. They may tell you that first your package will be created using information from 2015, and then they will take a second look.
Are you in high school or college?
I would contact you college and find out the process for a social circumstances evaluation due to the job loss. Schools do not have to do these, and if they do, they are handled on a case by case basis. There IS a process. You will definitely need to provide documentation of when the job ended, as well as any documentation of severance,M vacation or other pay your parent receives.
Since it is September 2016 already, your family would have 3/4 of the 2016 income, and it could be more if severance or vacation pay is added in.
Some schools will not cow idea these for a time after the job loss, because the assumption is that the person could get a new job. So you may find your college has a waiting period.
If you are a HS senior, you will need to inquire about what the colleges on your application list do in these types of circumstances.
If you are talking about the FAFSA, there really isn’t a place to enter additional information. I believe there is on the CSS. For the FAFSA, you have to answer the questions asked, which will be for the 2015 income, current assets, etc. You can then apply for a change in circumstances directly with each school, and the forms are usually on the FA page of the school website. Each school will require different information, but common ones are for a letter about the termination of employment, any current income from unemployment or a job (that may be at a much lower rate), severance amounts, W2, Tax Transcripts, how you are paying the bills now, etc. If job loss was because of a medical condition, there are forms for that too.
Make sure you use the forms for the correct school year. If it is for now, 2016-17, you may want to contact the school immediately. If for 2017-18, you’ll probably have to file the FAFSA, wait for it to be processed, and then contact the school to see if they can help you before the initial FA awards are made.
If your parent has just lost their job, then the school is going to WAIT and see if another job is found. Is your parent looking for another job? If so, best wishes and hopefully one will be found soon, and income won’t change much.
Did your parent receive a severance? Any paid vacation?
@mommdc @twogirls @Madison85 @thumper1 @twoinanddone @mom2collegekids Thank you for the feedback! Yes, I’m still in high school, and there is a good likely hood that they’ll have a job soon, I just wanted to know if there were options so to speak. I appreciate the help!