<p>I already submitted my FAFSA and Profile but my dad got laid off today so there is a big difference in my family's income. Previously, I probably would not have received any financial aid but now I qualify. How would I notify colleges of this change and can I still receive financial aid?</p>
<p>Thanks for your help!!</p>
<p>We are in the same situation. **Call **each school’s financial aid office. Each school is going to have a different policy and procedure to follow. We received far better results with calling instead of emailing. Good luck!</p>
<p>They may make a small adjustment, but aid for the upcoming year is based on assets and 2008 income. The fact that your father lost his job in 2009 will directly effect aid your Sophomore year. </p>
<p>Sorry for what happened to your Dad. Trust me, he needs your support.</p>
<p>I think the depth and breadth of the financial crisis is causing many schools to take a second look and make larger adjustments than they would have previously. That has been my family’s experience. There is no harm in calling and asking.</p>
<p>But the problem is that while the number of students asking for adjustments due to parental unemployment is increasing, the pool of FA $ is at best staying the same and I’m some cases shrinking. Most schools are not able to give substantial adjustments at this point.</p>
<p>Yes, call the school right away. I know the college I am going to (Michigan State University) sent out this letter about helping kids whose parents have been laid off. They have set aside specific funds for that, and your college may have the same thing. Colleges know people are struggling, but the last thing they want to do is see a drop in students.</p>
<p>Definitely contact them to explain your situation. They may or may not make a change but it is worth asking. A couple of the financial aid officers that post on CC say that they will not usually make any adjustments to reflect a job loss until after a period of time has passed. Also keep in mind that if there was any sort of a severance package it will be considered income for this year.</p>
<p>Good luck.</p>
<p>Previously, I probably would not have received any financial aid but now I qualify.</p>
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<p>This is not necessarily true. Schools adjust income figures through professional judgment - this is done on a case-by-case basis, and it is not a given that income will be adjusted. Many schools will make you wait until closer to the time school begins to re-evaluate expected income for the year. It is a good idea to let them know now, but realize that you may not be able to know about an adjustment until closer to the time school starts - and you may not receive the kind of adjustment you hope to receive.</p>
<p>I don’t say this to scare you - but you should realize that there are no guarantees you will have enough of an income adjustment to make you eligible for the kind of aid your family may hope to receive.</p>
<p>I recently worked with a student whose father was laid off. He had worked for several months during the current year, and he had unemployment benefits. When added together, he still wasn’t eligible for Pell. He made less than before, but he still made more than “low income.” His house payment, etc. were the same as they were when he was working, so it was a struggle to pay his bills and also pay for his son’s college costs - but truthfully, that doesn’t enter the equation. The income can be adjusted, but if it still yields a higher EFC than the family can comfortably afford, there may be some disappointment. Make sure you have a financial safety, such as a community college or a state U close enough to home that you might be able to commute ---- just in case.</p>