<p>My dad worries that he will be laid off soon. If he is, will this negatively hurt my aid package? What if he decides to quit before being fired? </p>
<p>Some of the forms are required by the office as a part of a student’s initial application for help, whereas others area unit requested by the workplace on a independent basis for documentation of special circumstances. info provided to help Services by the scholar, is totally confidential.</p>
<p>your dad should NOT quit before being laid off unless he has already been hired for a new job. If he is laid-off, he can collect unemployment. If he quits, he cant (and it would be dumb to quit.</p>
<p>How would your dad’s job (laid off or quit) NEGATIVELY affect your FA pkg??? That makes no sense.</p>
<p>Are you asking if you can get MORE aid if he loses his job? If that is your real question, then you will need to contact your school (I doubt any school would be sympathetic if he QUIT…lol…that would be nuts).</p>
<p>Some schools require a wait-period to see if the parent soon finds new employment.</p>
<p>Your dad has a “heads up” that he might be laid-off. He needs to spend lots of time looking for another job…it is always easier to find a job when you are CURRENTLY employed…</p>
<p>If you are going to college this fall and already have an aid package in hand, the no, the job loss will not " negatively hurt my aid package" or have any affect on your aid package.since that package is a done deal based on your family income from the year ending 12/31/213. and heavily based on you parent’s 2013 tax return information. Things that require the tax form to be amended could change that aid package, or an outright mistake on it, but otherwise the aid package for the school year beginning in fall of this year is set. </p>
<p>However, if and when your father loses his job, by letting your college know, it is possible that a professional judgement be made that he is a dislocated worker, which can affect the family EFC and possibly make you eligible for more federal funds and if the school so deems it, more financial aid overall. Not a guarantee and each school, each financial director looks at this differently, so impossible to say what the changes could be for you, if any. </p>
<p>If you have NOT applied to college, have not filed FAFSA and other such forms, not gotten your EFC, not going to college this fall, but will be applying, then parental job loss COULD mean more financial aid eligibility. I say “COULD” because it depends upon your family income level, on unemployment benefits and other sources of income your parent could get and use, how long he remains unemployed. Clearly, if his income is lower for 2015 because he has no job and if unemployment benefits do not make up the gap, it can be an issue. If he draws on qualified funds like his pension to get by this year, a request to look at that withdrawal in light of the unemployed status should be made, and a professional judgement could be made. The problem that can occur is that funds taken out of a qualified plan can be taxable distributions. and that can then be counted as income for financial need calculation purposes. So that situation should be made clear to the Fin AId officea and you should ask what documentation and inf you should submit. Do check the specific college’s fin aid web site to see if this situation is addressed. Though also, the fin aid director should be told as well. </p>
<p>So where are you in terms of going to college? Clearly this can have an impact on uncertainty of family income and future and often has an effect on college choices and decisions. I know that if my husband should get info that his job is in danger, above and beyond the usual uncertainties and if the prospects of getting anything similar are bleak for the near future, we would change our tactics on college choice. </p>
<p>A lot depends on what the parent income is…even for dislocated workers. </p>