So I just found out that my job is being eliminated, effective May 26. I am playing for other jobs in the company but that is a crapshoot. I work in a pretty specialized field. The last time I was laid off I was unemployed for 3 years before finding my current position. I am the major breadwinner for my family; DH is a state employee and fairly low paid for the work he does.
Our D has 4 acceptances, with merit aid but no need-based aid, based on FAFSA which reflects last year’s income. What should I do to let all these colleges know that our financial picture has drastically changed? There is no way we can afford any of these schools if I am still unemployed at the end of the summer. Also, my senior S has to attend two summer classes to graduate and I wonder if I can appeal for some aid at his college as well.
Thanks in advance for any advice!
Pick a school, call them. See what they say.
Sorry about your job. Same s**t just happened to my sister.
The best thing to do is to reach out to the college’s financial aid office and tell them about your change in circumstances. They may ask for documentation and information about any termination benefits that you may have received so it would be helpful if you had that stuff at hand. I don’t know what happens with regards to summer classes though; in my experience, financial aid policies over that are all over the place for everyone.
I think most colleges will take these new circumstances into account. But you need to call, or email.
PS: Sorry about your job loss, hopefully it’s for a very short period of time 
Honestmom - hugs to you! I know from personal experience how gut-wrenching a job loss can be when you have a child entering college. A very similar thing happened to me 7 years ago - sudden job loss in a technical/specialized field, husband with a lower-paying job, terrible timing for FA. I called the FA office for all of D’s acceptances and explained what had happened. In most cases I had to complete a “special circumstances” form (…or something like that…) and they re-evaluated our aid.
Although everyone was sympathetic, not every school changed its aid package. A few schools considered my severance to be “fair game” for aid as well. In other words, different schools had different responses, and you couldn’t always guess what that response would be - so call all the schools and compare.
Good luck!
@scout59 - Thanks for the hugs! I only get 6 weeks’ severance since I have only had the job for 3 years. I was unemployed when my S was applying to college, and he got a nice grant his first year which really helped a lot. I know from that experience what our EFC is with my husband’s salary alone. The problem is we have to decide by May 1 and I am technically still employed then, so I am afraid I will not get much help from any of the schools.
Is your EFC higher than Pell with just your H’s income?
I don’t think you’re going to get aid to cover your son’s summer classes, however, did he take max loans this year? If not, he can do so. How much are the summer classes and what type of school is it? Is it a meets need school?
If your D’s aid is all merit, then does that mean that the schools aren’t known for need based aid?
Most school will not/cannot do anything until you are actually out of work. They will require you to send letters about the. loss, report any unemployment received, and report all income for 2015 (which will include your extra 6 weeks).
Since you need to know by May 1, you might want to find a school with a sympathetic FA person who might be willing to talk it through, see what you might be eligible for. I don’t think you’ll be able to receive a firm offer.
Contact all four schools, ask to speak to a financial aid counselor, and explain the circumstances. Offer to provide documentation of your job loss. (I assume you have - or can get - some kind of termination letter that documents the date your severance pay will end.) You’ll probably be told to submit a formal appeal, so be prepared to do that as quickly as you can.
Do any of the four schools guarantee to meet a student’s full financial need?
I agree you should contact all of the schools involved, as Dodgermom says. And find out what their processes are for such situations. Find out if the schools do guarantee to meet full need, and also how they will meet it if there is a change in status during the school year. Most all schools will not do anything until the event actually happens, but the timing may differ widely with some schools saying that the change will be reflected the following year, whereas another school might be more immediate in addressing the change in income. Finding out policies is important here. It’s really important to all who need financial aid and who have little or no back up if a job loss occurs, though most of us are immediate in our needs.
Sorry about the Job Loss HonestMom. Sending good vibes that you find something soon. As others have stated, do contact the schools and provide any required documentation.
However, be reminded that these packages are based on 2014 numbers. Hopefully, all or some of these cools will re-review and offer something doable.
Good Luck to you.
Schools generally wait to see if you can find a new job before adjusting. the employment situation was much more bleak the last time you were unemployed (several years ago). Things were very bleak back then. This time, you may find a job either before your job ends or soon after…so a school will not adjust anything right now.
Good luck with finding a new job!!
Hoping you have good luck finding a new job!
I agree, contact the colleges. They will at least tell you their procedures for when you do lose your job.
Your situation is a tough one, because you won’t have been laid off until after May 1, and you need to make a matriculation decision then.
Perhaps once you have spoken to the schools, you will have a better feeling about where to head.
To reiterate the above advice and questions,
Do the schools meet all need for all students, if not, nothing may change.
If they do meet need, they may adjust your aid for this yr, or they can be pea heads, and say that they will adjust aid for next yr, since aid for the upcoming year, is based on last year.
They will want to wait until you are actually laid off to adjust your package,
Some in these circumstances have had to take a year off and reapply if the aid offers are not doable.
Life happens.
Please call the financial aid offices and be straightforward about your situation. It can really make a difference. Hope things get better for your family. It’s tough.
Yes once you have lost your job you can appeal for projected income. You can write an email to the schools letting them know that you have lost your job. They will ask for a letter of termination, your last paystub, a monthly income and expense form, and unemployment compensation documentation. If you have any other changes or if your cash/assets have decreased due to unemployment let them know this as well so that they can make adjustments to these areas too.