Informing school of income change?

Our middle child attends a college that meets full need. That, merit and the fact that We are generally able to pay our EFC, it’s been a great fit. However, hubby is our main breadwinner and in the event/convention/festival industry. He’s has to take a 20 percent cut in wages and forgo all bonuses through the end of the year or until the company can regain their footing after taking a massive hit with Corona Virus shutdowns. I work part-time from home and care for our toddler (full sibling, just hubby and myself no step-parents or anything.) We sent in our financials early and now wonder if it’s appropriate to send in an amendment. The cut to our income is 3/4’s of what we pay for his college each month. Be kind… I know we are fortunate to be getting any financial aid to a private college when we are very much a state school budget. Just wondering if anyone has any experience.

I would absolutely send in an amendment. You will certainly not be the only family to have to do this as a result of these shutdowns. I hope colleges take a compassionate view of families in your situation.

There should be a ‘change in circumstances’ form on the school’s website. It will ask for a prior budget and a new budget for income and expenses and any documentation you have.

There are going to be a lot of appeals because of the economy.