<p>About 8 years ago, one of my parents lost their job, and it wasn't until 3-5 years ago that they really began to make the full salary they used to again. Now, my parents make enough money that, based on some of the Ivy League financial aid calculators, I will get less than $1000 in need-based aid. However, my parents are still feeling the effects of this job loss (ie. paying back debt, second mortgage). How much will this affect financial aid?</p>
<p>Thanks</p>
<p>I don’t know if the schools will take that into account. 3-5 years is a significant time to recoup from unemployment.</p>
<p>That’s not much different from when a parent gets a big promotion/raise a few years ago…or a second parent goes to work…and the family income greatly increases.</p>
<p>However, maybe you’ll get super lucky and a school might take that into account. However, even if it did, it may not mean much more money.</p>
<p>How much can your family pay each year. If you don’t know, ask them. Once you have that answer, you will need a strategy based on that info.</p>
<p>Your strategy may need to include.</p>
<p>1) applying to a few schools where they might give you a break and give you some aid…but again, be aware it may only be a few thousand…and your family could still be expected to pay the bulk of the cost. I doubt a school is going to give you extra aid for the full 4 years anyway. Even if they gave you a bit extra aid for the first year, after that, they’re going to think…well, it’s been 5 years since the re-employment.</p>
<p>2) Apply to a few schools that will give you large merit for your stats.</p>
<p>3) Be sure to apply to a few schools that you know FOR SURE that they will be affordable because of merit scholarships, small federal student loans, and/or family funds.</p>
<p>I doubt that any schools will take into account a job loss from several years ago. FA is based on previous year income (2011 for 2012-2013 school year) and current assets.</p>
<p>We have a similar scenario personally, and, no, it does not give you any break at all. FAFSA and PROFILE go on what your family makes the year before you go off to school It is a snap shot. Other issues do not come into play. </p>
<p>Mom2collegekids has given you some pointers as to what you can do to look for schools that can be more affordable. </p>
<p>Your parents could also take loans, taking the risk things will continue to be of the level that they can be repaid. The truth of the matter is that there is very little out there to fully cover the cost of a top private college cost complete with room and board. It is a luxury item.</p>