<p>I have a rising junior at a top 15. We have never qualified for need based aid. H dismissed today. We have applied for FA (FAFSA AND profile school) each year. Have taken the unsubsidized Stafford each year.(First year, initially received subsidized Stafford but it was altered to unsubsidized after receiving NMS and other local scholarships.) We used college savings during the first year. Stock market had taken quite a hit. And used current income. And HELOC. We have outstanding credit. and equity in house. Our plans were to use HELOC and current income. Then pay down the HELOC and use it to repair house. Then put house on market.</p>
<p>We have let our cushion get a bit low during the college years. And put off repairs needed for it to go on market. Our housing market doesn't seem to be moving either.</p>
<p>We have call and email into Financial aid officer about this change of circumstance. We haven't received our notification for this year yet. We had special circumstance letter in re out of pocket medical expenses which have been substantial and unusual the last three years. Which may mean it's not unusual. H is 61 and worried about finding employment. I am unemployed too. in field that is laying off. not hiring. Any advice? Our student is doing well. Has received 2 fellowships for research and study.</p>
<p>Since your H just lost his job today, it may take awhile for the school to do anything. Schools seem to adopt a “wait and see” approach when these things happen. They like to wait and see if the person finds another job within a couple of months or so. </p>
<p>I guess they don’t want to go thru all the financial gymnastics right away, only to have someone find another job in the rather near future.</p>
<p>Did your H receive a severance package? If so, that will also likely be taken into consideration.</p>
<p>You will have to file a request for special circumstance consideration. You did the correct thing to contact the school to find out what to do. Did your husband receive any severance pay? If so, you need to know that this does count as income.</p>
<p>Some schools will consider a job layoff as a special circumstance immediately. Others will not as the person COULD land a job. You need to find out YOUR school’s policies.</p>
<p>I’m sorry this happened to you. We had this happen to us when DS was a college freshman. We had ALL of the paperwork ready…pink slip, documentation of lost income, documentation of lack of severance, etc. Luckily, DH was only out of work until his severance ran out…so we never filed the paperwork.</p>
<p>I hope your husband (or you) is able to find work. And I hope the college will work with you. You are (sadly) not the only family in this situation.</p>
<p>I hope your spouse finds something in the near future.
It happened to us when we had two children in college & no severance pay!
Somehow we made it through & the children were able to continue in their schools.</p>
<p>This also happened to us, two years ago this month, just after my older daughter had accepted at a college and about a month before her high school graduation. It has been difficult but I, at least, have emerged stronger (though not unscarred).</p>
<p>It happened to us also. Single income earner with retired H and a year and a few months unemployment. 2 FAFSA cycles. One with 2 in college. Yes, do know that severance counts as income so will be considered for next year’s FAFSA which is a real blow as most likely severance is what pieces unemployment payments and expenses together. My S1’s college did not consider the situation until the second FAFSA cycle and subsidized some Stafford and added a Perkins to the package. Make sure your S is aware of all scholarships and do keep in contact with the college. Clearly we tapped savings earmarked for retirement an amount which will take years to recover from. If you don’t have one already might be a good idea to meet with a financial planner and spend some time thinking about perhaps piecing two part-time jobs together until your planned retirement which might be easier. The economy is better than it was 2 years ago so hopefully you can batten down the hatches and weather the storm. Best of luck.</p>
<p>Thanks so much for taking the time to reply. We are still in a bit of shock here. FA officer didn’t return call or email as of yet. Receptionist said she was in meeting all day. Now to find a good financial planner.</p>
<p>Shock is totally understandable. It took me a long time to be able to think about the day my husband was fired without having an anxiety attack.<br>
A few practical steps: your husband should apply for unemployment benefits immediately; if he’s still unemployed in the fall and you have younger kids (i.e., in grade school or high school), find out if they’re eligible for free or reduced-price lunches; check out your health insurance situation.</p>