<p>What happens if you loose Job and your income is reduced significantly after filling FAFSA but before admission? Can you go back and correct it or notify colleges?</p>
<p>What happens if Job loss occurs after you get admission? I don't know how you pay colleges? By semester, by courses. Can you still request Financial aid office to consider this situation or once you are admitted, your EFC is locked in for that year. </p>
<p>Basically I would like to know what happens if you loose Job under various scenarios.</p>
<p>The word is “lose”…not “loose.”</p>
<p>You need to contact the schools. How long ago did you lose your job? Some schools have a “wait and see” approach to see if a new job is found.</p>
<p>You can’t change FAFSA. It is based on the 2013 income and must tie in with your tax return. You can ask each school for a professional judgement adjustment to reflect loss of income. It is at each school’s discretion.</p>
<p>The second that the job is lost, you pick up the phone, call the college/university, and ask for the “Special Conditions” paperwork. Here is the link to the form at Happykid’s university: <a href=“http://www.towson.edu/main/finaid/documents/1314special.pdf[/url]”>http://www.towson.edu/main/finaid/documents/1314special.pdf</a></p>
<p>We went through this last spring. In our case, the financial aid office had not yet processed the original paperwork so the adjustments could be made before the aid was awarded.</p>
<p>happymomof1</p>
<p>What you say can be done if you have accepted the offer. i.e. report the college of special circumstance. </p>
<p>What do you do if you have applied to 10 colleges and awaiting offer? Their offer will be dependent upon the info provided prior to job loss. </p>
<p>Is there anything that can be done so all 10 colleges know your special circumstance and when they mail you a offer, this factor is considered.</p>
<p>Would you recommend to wait till you get offers. You can then contact colleges individually and see who gives what offer and then decide? I have already sent FAFSA. I will be filing my CSS in few days.</p>
<p>Did this job loss already happen, or is it pending? There is nothing that can be done until it does happen.</p>
<p>If it has already happened, email each place, tell them what has happened, and ask what steps you need to take to have them take the job loss into consideration now. Don’t be surprised if each one has a different policy about this sort of thing.</p>
<p>Good luck!</p>
<p>Its always good to keep debt as low as possible.
But, in this case, a school that meets need may be more accommodating than a school that does not.
For instance, my daughter attended a school that met 100% of need.
Two weeks after she started school, 9/11 happened and her dad received his layoff notice two weeks or so after that.
He did find another job, for considerably less pay.( actually it was basically the same job, but they downgraded almost everyone that wasn’t laid off)
When we had the new paystub in hand, we submitted it to the school and they increased the grant.
A school that does not meet need, would not necessarily do so.
The school could also just have offered a loan, and that would have technically met need.</p>
<p>Some schools believe people will be able to find replacement jobs fairly quickly so they will not adjust any FA offer until the parent has been out of work for a while. Be prepared for different responses.</p>
<p>^^^</p>
<p>Exactly. No school wants to award money only to later learn that the parent got a job a few weeks later, or even a couple of months later. </p>
<p>Also, the school is going to want to know if there’s been any severance payouts, or paid-out vacation time or anything else that minimizes the “pain” of a job loss. Sometimes, the year of a job loss can mean a GREATER income because of severance. But, since this happened early in the year, that’s probably not the case here unless a new job is found soon and the severance was big.</p>