<p>My son has been accepted to several colleges and is awaiting his final financial aid packages. Our AGI this year was around $55k; previous years about $10k less or below. Our assets around $43k. Our EFC is roughly $10k, and he's been awarded between $7-10k merit money. However, since the colleges he's been accepted to are small LACs, we figure that he'll be offered mainly loans.</p>
<p>Now, we've learned from the company that my husband works for that the contract that my husband works under will be ending in early May and most likely not be renewed or extended. When my husband originally took the job, he was told it was a 5-year deal, which made us both happy because it would have gotten our son through college. I can't work (health).</p>
<p>My husband is in his 60s and is in a career path that takes quite a while to find like employment. We're panicking. The financial aid packages that we think will be awarded to our son that might have worked will not work if my husband is unemployed. What do we do now???? We can't wait until my husband is laid off, because that will be too late, and the finaid money will be all gone! Help!!!! Can we call the finaid office right away, explain the situation (and offer to back it up with a letter from someone at the company if they'll agree to do it), seek an additional "free" aid commitment (loans are pretty hard to pay back if you're too old and/or unemployed), and offer to release it back to the college if my husband either is continued or finds other work? We want our son to start school on schedule...and, of course, we encounter this monkey wrench.</p>
<p>You need to call each school and explain that your financial circumstances have changed. Some will work with you on the package, some won't. The only way to know is to call them directly and explain what is going on. And, do so as soon as possible.</p>
<p>Do we have to wait until the layoff actually has occurred or can we call now that we actually know the date the contract will end (barring an extension or a renewal...neither of which my husband has been told is likely to occur)??</p>
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Do we have to wait until the layoff actually has occurred or can we call now that we actually know the date the contract will end (barring an extension or a renewal...neither of which my husband has been told is likely to occur)??
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Orangeblossom~</p>
<p>We went through something similar last year as my dh received a pink slip in March--the whole company was being sold. I notified the colleges, sent documentation (the pink slip), etc, but the response was that they would have to wait until actual layoff to adjust anything. As it turned out, dh DID end up getting picked up by the new company for identical salary, so we dodged THAT bullet, but it WAS very stressful, as you well know.</p>
<p>I am so sorry to hear about this latest turn of events....how discouraging. I wish you and your family all the best. </p>
<p>OB, what a bummer. You have my empathy. Congrats to you on keeping your cool and working to address the revised circumstances right away.</p>
<p>First, I would try to line up some financial safety that will work regardless of fin aid -- an instate public, perhaps? Even if deadlines have passed, this may be a circumstance that will get you an accommodation.</p>
<p>Then I would communicate with the Fin Aid departments of your son's other schools about the changed circumstances. Fill them in that you are asking not only about his first year, but all four years, as the odds of your H getting another position in his field will be challenging. Give them whatever info you can about this news, including, if you can, a copy of whatever he was given in writing.</p>
<p>My H became unemployed our D's senior HS year, so I cam empathize.
I have to say that the colleges may ask you to remortgage your home, etc. to meet college expenses. I know, you wonder how you can be expected to increase your expenses, as well as deal with college costs. Colleges assume that the unemployment will be temporary. Fortunately for us, it was (Is 15 months temporary??) but we had to make a decision on four years without knowing how things would work out. Very tough situation. You can ask for an "early evaluation" for finaid for this year and each year in the future. At least that could give you more lead time for planning. </p>
<p>The only silver lining is it can be good to see how family members rise to the occasion. It was a good lesson for my kids that they should not take anything about their fortunate lives for granted. </p>
<p>You may have to have an adult talk with your son about his willingness to take on loans/jobs to help finance his education.</p>
<p>Best wishes, and please let us know what works out.</p>
<p>we had a similar situation
our daughter started school just a week or so before 9/11. My H industry was detrimentally impacted and he was laid off a few months after- ( he was able to stay at the company- but in order for to save money they had to hire him back doing the same work but at considerably less pay- only recently has the company begun to give workers back their former pay structure))
Obviously we didn't anticipate 9/11 but we did have several months pay saved up to supplement income.</p>
<p>You have an advantage in that you know now that work will need to be found and have several months before the current position expires-
Unemployment should also be available as will be finding temporary work or increasing your own pay-
but I probably don't have to give you job seeking tips:)</p>
<p>What D school did is- we sent them a copy of the layoff notice which altered them of the upcoming income change. They couldn't actually adjust anything until the income had actually changed.
( also we paid tuition through tuition management services- you may want to see if S school is enrolled. They manage payments over a longer period to the school to make them more manageable- for example we figured out about how much we would owe after finaid- divided it by 10 and started paying in the spring every month to TMS. Then they took care of payments to the school)
When his income did change, the school increased the grants ( I think schools have extra money allocated for students who don't come), they couldn't increase the loan because she was already recieving maximum subsidized stafford loan for freshmen.
TMS also adjusted the amount that we paid them as part of our payment schedule very quickly. I think that if his school doesn't use TMS, that there are other tuition management groups that they may work with.
Our circumstance is a little different in that she was already attending, but we found that the finaid office was very responsive- it can't hurt to alert the finaid offices before they make their offers and see which ones are more accomodating
good luck</p>
<p>While others can give you first hand experiences and I can't, I also concur to contact the financial aid office at the school, explain everything, document everything, put it in writing, and see what can be worked out. It may have to be readjusted after he is truly out of work. My brother was out of work for a long time like Jyber's husband, including when his D was a senior in HS and applying to colleges. Like you, his wife cannot work, as she has MS and cannot walk. I recall that he did some paperwork with the college about his circumstances that year. I don't know all the specifics but this definitely was something he dealt with the FA about.</p>
<p>Orangeblossom. I concur, contact the finaid offices immediately. They will give you all the advice you will need to make the best choice given the circumstances facing your family.</p>
<p>We had the same experience last Jan. 2005 & after submitting proper verification documentations after he received his last paycheck ( my D was already enrolled ) , they could not adjust so we borrowed money from relatives and used credit card for her college expenses . He was employed and we caught up but the FAFSA we just submitted for this prior year changed our EFC so she will probably get more help now.</p>
<p>A very similar situation for me just before my son went off to school. I was laid off from a company I worked with for 14 years. I was laid off at mid-year and my severance covered me through the end of the year. Even after I was laid off, but still in the severance period, the school could do nothing for me, since my income for the year would still be "normal." I got a six month consulting job in January, then just as that ended, got rehired by my old company. I am 59 now and finding a job at this age is very difficult unless you have many, many contacts. Both the consulting job and my rehire came through contacts I had from the previous job. I actually ended up with three job offers at the same time: One with a very small software company that I began working with - consulting for no pay - because it was a start-up and I really clicked with the guys that began it; One with my former boss who is now the president of a very successful small company; And my former company. I chose my former one because of the stability (perceived stability - we've since been bought out) and because I wouldn't have to move my family.</p>
<p>But as far as the school was concerned, their "advice" was to fill out the FAFSA in case my yearly income did change drastically, and perhaps something could be done then.</p>