My son is class of 2017 and I know 2015 taxes are used to determine financial aid. How are layoffs treated? Husband made a very good salary but due to his age will almost certainly make less (if he can find a job) I am concerned that the high salary for the first half of 2015 would keep us from getting need based aid. (Kid is currently completely freaking out.) Will colleges consider the affect/prospects related to the layoff.
@kelsmom can you chime in here? I’m guessing that the family would be asking for Professional Judgement?
@delilahxc I’m confused…You say that your H was “just laid off” and then you mention “first half of 2015”…as if he was really laid off a year ago. If he was “just laid off,” then didn’t he work ALL of 2015? Or did you mean first half of 2016?
Did your H be receive a severence package? If so, that will bump his income substantially for this year.
What schools will your son be applying to?
Either way, make sure that your son ALSO applies to some schools that give huge merit for his stats. His schools may not “meet need” anyway, or the schools may not adjust aid as much as you’d like for your new situation, or your husband may get reemployed, but not with a salary high enough to afford what colleges expect you to pay.
Your son may be disappointed (freaking out), but this is all part of life, and he needs to learn/understand that “life happens” and you learn to adjust.
It appears that your son might make NMF, and that he wants to go to U North Florida. If so, that isn’t a school that “meets need” so they probably wouldn’t give more aid unless an adjustment meant that you qualify for a small Pell Grant. do you work as well?
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4000 a year is not a lot less than the shortfall between DS projected merit aid and his 529. So I'm wondering what the true additional cost of these things away from home would be.
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It sounds like your son is expecting merit aid anyway. If he doesn’t make NMF, would his stats qualify for large merit to UNF?
I’m an idiot. It’s 2016. We wouldn’t qualify for anything based on 2015 data. Sorry we are all a little freaked at the moment.
Yes, he will get merit at UNF. We had hoped to avoid loans but with loans and what saving we have UNF is still close to doable.
He plans to apply to UAH, UNF, Temple and UF (would only attend UF if NMF.) His first choice is Temple but that looks less likely now.
And yes there will be a 8 week severance package.
I understand that you’re all freaking out. these things are very upsetting. Do you work as well?
Did your h receive a severence pkg?
I would suggest that you figure out some various paths for your son. What is his major and career goal?
What are his SAT and ACT scores? Your son can put his “nervous energy” into studying for better scores so that his merit could be better either at UNF or elsewhere.
I do not work because my oldest is profoundly disabled. I will likely try to find a job while husband is out of work.
DS wants to major in Physics with Teaching to be a high school teacher. His GPA is 4.0 uw/ 4.86 w SAT 740 R 670 M.
PSAT was 216 with cutoffs predicted as 215-218 so that could literally go either way.
Good idea to look for a job while H is unemployed. You can always quit when he finds one.
Is your son going to test again?
If your son doesnt’ make NMF, what merit would he get from UNF for a 1410 M+CR?
He would get $6000 a year plus Bright Futures at UNF.
529 is valued around $25000 give or take with market fluctuations.
He is testing this Saturday with the goal of qualifying for free housing at UAH. His practice tests keep coming in just under 1490 and its hard to know how they might adjust that number with the new test.
To answer OP’s question…“How are layoffs treated?”
According to FAFSA, your husband may qualify as a dislocated worker…
"The student’s parent may qualify as a dislocated worker if he or she meets one of the following conditions:
He or she has been laid off or received a lay-off notice from his/her job.
He or she is receiving unemployment benefits due to being laid off or losing a job and he or she is unlikely to return to a previous occupation.
He or she is self-employed but is unemployed due to economic conditions or natural disaster.
He or she is the spouse of an active duty member of the Armed Forces and has experienced a loss of employment because of relocating due to permanent change in duty station.
He or she is the spouse of an active duty member of the Armed Forces and is unemployed or underemployed, and is experiencing difficulty in obtaining or upgrading employment.
He or she is a displaced homemaker. A displaced homemaker is generally a person who previously provided unpaid services to the family (e.g., a stay-at-home mom or dad), is no longer supported by the spouse, is unemployed or underemployed, and is having trouble finding or upgrading employment.
Except for the spouse of an active duty member of the Armed Forces, if a person quits work, generally he or she is not considered a dislocated worker even if, for example, the person is receiving unemployment benefits.
Yes means the student’s parent is a dislocated worker as of the date the FAFSA was completed and the student may qualify for the simplified needs test or for an automatic zero Expected Family Contribution (EFC).
No means that the student’s parent is not a dislocated worker as of the date the FAFSA was completed."
Now, if your husband is considered a dislocated worker, I’m not sure how that will impact your EFC. But it would certainly pay to speak with an expert to find out the answer.
When your tax forms do not show your true financial picture, you need to ask for professional judgment. This means that you need to tell every single school you apply to what your current income is.
The best schools in your situation are the ones that either have a low price tag (your state system) or meet a high percentage of financial need. The College Board Big Future website will let you search for schools that meet 80% or more of financial need. (It’s a surprisingly small list, and most of these schools are competitive, but his stats sound pretty strong.)
UAH in huntsville? If so, then UAH is very lenient with testing, so your son can keep testing throughout senior year.
Is he going to take the ACT?
Depending on the outcome of this test, potentially. We wanted to make sure we had a confirming score just in case for nm but if he is still under the scholarship number, we will look at the ACT. Huntsville is not his preference but even before this happened, he knew it would very likely be the most cost effective choice. Especially since I also have family in Huntsville.
Your son already has a confirming score for the PSAT, unless his writing score is very low. What is his total sat
- I couldn't remember if the old SAT would count or not. And he hadn't prepped for the first SAT so he had felt really confident he could raise it but it's starting to look like he'd have been better to take the ACT.
Also look at UCF I think they give a full ride for NMF, but not sure if it’s competitive?
Yes, the Old SAT will count for this Fall’s NMSF. Any SAT taken from Soph year to Dec of Senior year will count.
And, yes, a 2090 more than qualifies to confirm.
@mommdc All FL residents who are NMF can get a free ride to ANY Florida public. Paid by the state.
It’s a wonderful program. I just wish the boy wasn’t so firmly planted on the bubble 
In addition to being a dislocated worker, the family income would need to be below the thresholds for either auto $0 (I think that is less than $29,999), or simplified needs (less than $49,999).
The OP said that in 2015, her husband made his full salary, and in 2016 earned half of it.
This family needs to discuss their finances with the colleges and ask for a special circumstances consideration which would include both the father’s layoff, and the need for one parent to be at home due to the disabled sibling.
And to the OP…I hope your husband finds another job!
Good info @thumper1
Thank you.