Job loss right before acceptances and fin. aid packages coming out

DS is waiting on RD decisions by April1, applied for financial aid to several hopefully generous schools, some need-blind.
At least two of these schools send acceptances first,then the fin. aid package about a week later. Husband’s job was “eliminated” yesterday. He is 65, was planning to work to at least 70. I doubt he will find anything at his age, and I expect his future will be SS, pension and part time work, not likely what he has been making. My question: Do I contact the various college financial aid offices ASAP Monday morning to explain our change in circumstances, or do I wait for acceptances, knowing at that point that they want my son, and will hopefully increase the package?

I don’t know the answer to your question. But I wanted to let you know that my family experienced something similar (my husband lost his job (he was fired) in early May of my older daughter’s senior year in high school). I can’t remember if we asked for additional financial aid from the college to which she had been admitted; if we did, I don’t think we obtained much additional aid. In later years, however, my daughter’s financial aid package reflected somewhat our reduced family income (as did her younger sister’s, once she started college two years later). Mostly I want to say how sorry I am to hear about this event in your family’s life. It is a big blow.

You will get the package based on the FAFSA/CSS you submitted. You can then file an appeal with the required documentation - letter of termination, amount you will get or expect from unemployment, a signed copy of the tax return, etc. and the school should recalculate your financial aid. They may be able to tell you this before you start/accept, but may not be able to do it. If it will make a difference as to which school she will pick, call and talk to someone and they might be able to give you a ballpark figure.

You can’t be sure you will get anything more since aid is based on previous year. Also not all schools meet full need and you just might be gapped.

Once you know that your child has been admitted, contact the financial aid offices and ask for the “Special Circumstance” paperwork. They will let you know what you need to send in order to get an adjusted package, and if an adjusted package is possible.

I do feel for you. Happydad’s job vanished at the end of February during Happykid’s junior year of college right after I’d filed the FAFSA. We were fortunate that the financial aid office used our new projected figures when calculating the aid for her senior year, making it possible for her to graduate on schedule.

You probably should wait til you get pkgs and then appeal.

Did your H get a severance pkg?

Many schools will not adjust aid until the parent is w/o a job for awhile…the assumption is that the parent will find a job (something) and the school doesn’t want to adjust aid, and then the parent finds a job (but of course the school won’t know that til the next year…after add’l aid was given.)

Since your H will get a pension and SS, if he gets a part-time job as well, he may not experience an extreme drop in income…it just depends on what his job was paying and the amount the other 3 sources will add up to.

Do these schools guarantee to meet 100% of need?
If they do not, it is unlikely anything will be adjusted until next year, particularly if he recieved any sort of severance package, so that his income will not be affected.
You are lucky that you know before accepting an offer, that your income will be reduced.
It’s not that uncommon to lose a job just when you have new expenses ( like college).
What is your EFC?

I’d also encourage your family to consider a gap year for this child. That will allow the family finances a bit of time to settle out, and for the child to consider other options based on projected affordability if necessary.

I’m not sure I understand - FA offices do have a process to tell them that a parent lost their job, why would they have that if they would not consider it a factor?

When you are talking parents in their 50s or 60s, I don’t think getting a job will be easy. Average of 1 month per $10,000 of salary to find a new job.

Also wonder if you have to tell them when you lose a job, don’t you have to tell them if you get one, and then they would adjust FA for the next semester? Or is it hashed out the following year?

Has your husband’s job actually ended? When is his actual last day of work?

My husband’s company closed the office he was working in December of DS’s freshman year. We contacted the school to find out their procedure for a special circumstances review. They gave us their procedure…and we got things all set…if we needed to do,this. But in our case, the school did not review these requests until at least three months after any work ended. The notion was that RHE person would seek employment. Plus my husband got a huge severance package that more than covered several months. But we had everything all set just in case.

So, once accepted, contact all of the school’s IF your husband actually will be ending his job. If he has received a notice but the job hasn’t actually ended…just find out the procedure. Then you will be prepared.

Agree to wait for acceptances and then appeal based on current circumstances. Some schools may only stick with the #s submitted for 2014, whereas others might consider a special circumstances appeal. Good luck.

Thanks for the replies. Husband’s last day was last Friday, and there is no severance. I did not know about “special circumstances” reviews. The possible schools are all small - it makes sense to wait for them to “want my wonderful kid” and not scare them off beforehand. Husband and I will live on rice and beans before I dip into the college money I have worked so hard to save.

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I’m not sure I understand - FA offices do have a process to tell them that a parent lost their job, why would they have that if they would not consider it a factor?


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Just because schools have a process does not necessarily mean instant aid. Some schools don’t give much aid no matter what your EFC is (or will be).


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Also wonder if you have to tell them when you lose a job, don't you have to tell them if you get one, and then they would adjust FA for the next semester? Or is it hashed out the following year?.

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No…and that’s why schools typically wait to do anything. They don’t want to adjust aid immediately because many people find new jobs within a few weeks or months. And, no, the family doesn’t come back and say, “oh, parent has a job again, so we really won’t be earning much less after all.”

I don’t know what you mean by “hashed out”. It’s not as if the school looks at the situation the following year, sees that the family ended up making a lot more than was expected, and the family has to give the aid back. no, that doesn’t happen. And again, that’s why schools are cautious…they want to see if a new job will happen.

Since the OP’s H is retirement age, he will be getting SS and pension. If he gets a part-time job, he’ll have that income as well. The school will want to know all of that.

@relbik Does the school in question promise to meet need?