<p>Suppose that a student is applying for admission for the 2008-2009 academic year. One parent has a job, but leaves employment to stay home on December 31, 2007. On the FAFSA, that parent's income for 2007 will be listed, and figured into the EFC. Is there any way to have the college not consider that parent's income for financial aid purposes?</p>
<p>WOW your getting an early jump aren't you? </p>
<p>Unfortunately, FAFSA income rporting is for the previous years income. If the income from the the current year (year of enrollment) is going to be materially different from the base year for the FAFSA, it would most likley be handled on a case by case basis with the schools you have been accepted to. Some schools have individualized FA apps, or you will need to discuss this with them as a special circumstance.</p>
<p>Sorry, this is just my opinion, other experts , or others whom have actually experienced a scenario such as this, may be chiming in shortly</p>
<p>pjp is correct-
financial aid for 2008-2009 will be based on 2007 income.
Adjustments will depend on school, but if you can anticipate changes, notify the school and ask how they will handle it.
While I won't get into asking why would you want to decrease income at a time you are anticipating increased expenses- we have had the experience of having our income decrease after beginning freshman year.</p>
<p>My D started school fall 2001. After 9/11 her father received warning that he would be laid off, we sent this info to the school & they asked that we be kept informed.
When he actually did lose his job ( although he was able to find another at the same company for less pay), we sent all applicable paperwork to the college & they were very quick to make adjustments.</p>
<p>We could not have predicted 9/11, although we did have some emergency money,it is never really quite enough is it?</p>
<p>If you know you are going to lose your job, and have more than a few months to plan for it, you can take advantage of that by starting now to reduce expenses and put your savings aside.</p>
<p>If the school hasn't been selected yet- there is also the perspective of including schools that will be affordable with one less income to count on.
Planning is always good :)</p>