<p>Son will be a senior this year.</p>
<p>My DH might be getting laid off in October from a well-paying job. If he goes for a period of time without a job, or ends up taking one that pays a lot less, how do we deal with this for financial aid? </p>
<p>When we fill out the FAFSA in January, it will be based on 2007 income, which would likely be substantially higher than next year's income. Is there a place to indicate unusual circumstances such as this?</p>
<p>a couple thoughts-
Thank goodness you know in advance- and that he has had a well paying job, that I assume has meant you have been able to save up a safety net for times like these.
Also goes without saying- the best time to find a job- is when you already have one- scope out the situation and see what else is available.
Have at least a few great choices that are financially affordable, and comfortable acceptance wise- or be ready for a back up plan of a gap year or a community college until the money is there.</p>
<p>Go ahead and ask the financial aid depts, what they would do in that situation, they may not be able to tell you details until he is accepted & they probably will wait to actually adjust the aid, until the income has changed- but you should get an idea of what they are like to work with.</p>
<p>No good answers for you, oregonian, but I just wanted to say I feel your pain (or uncertainty or fear...... pick your noun.) Earlier this year I lost my job unexpectedly and wound up finding a new one, albeit at a greatly-reduced salary.</p>
<p>I have a rising senior as well. Our 2007 income will be complicated even further by my severance package, which of course will be reported as part of my 2007 income. (For one year, we look like gazillionaires!) Of course, we're planning to use part of that severance for college, but still - this one year grossly overestimates our "real" income, especially when compared to years to come.</p>
<p>I look forward to reading your responses......Good luck!</p>
<p>We had a similar situation- except it was not anticipated.
Freshman year for D began at Reed college a week or so before 9/11.
H was notified soon after he would be laid off.
Reed couldn't adjust the aid before we actually saw the reduced income, but they did make adjustments after we were able to give them official documents.</p>
<p>As I recall from last year, the PROFILE asks you to estimate the coming year's (in your case, 2008) income. That's where you'll be able to note that H lost his job. There's also a place for explanations of various things. Then, after submitting the forms, you get on the phone to the FA offices and discuss the situation.</p>
<p>scout59 wrote:
[quote]
...a greatly-reduced salary... Our 2007 income will be complicated even further by my severance package, which of course will be reported as part of my 2007 income. (For one year, we look like gazillionaires!) Of course, we're planning to use part of that severance for college, but still - this one year grossly overestimates our "real" income, especially when compared to years to come.
[/quote]
</p>
<p>It would be the same scenario here, as he expects a large severence package as well. Glad you found another job, though!</p>
<p>Chedva wrote:
[quote]
the PROFILE asks you to estimate the coming year's (in your case, 2008) income.
[/quote]
</p>
<p>Do you happen to know if that's also the case with the FAFSA? None of the schools S is looking at use the PROFILE.</p>
<p>emeraldkity4 wrote:
[quote]
they did make adjustments after we were able to give them official documents.
[/quote]
</p>
<p>Good to know - thanks! And yes, we do have a safety net. Of course, we were hoping to save it for retirement....</p>
<p>For the FAFSA, there isn't an actual section on the form. However, you can write a letter to the financial aid office at each school and explain your situation. They should have a form for you to fill out. These forms have different names at different schools, but the general idea is along the lines of Revision Request Due to Changes in Financial Situation. You can usually find them on the school's financial aid office website under "Forms." You'll be able to write out how it will affect your financial situation and ask them to recalculate their financial aid offer based on the new information. I've had to file a revision request each of the last two years due to unusual circumstances affecting my family's financial situation. It's always worked out fine for me and the students I've worked with, so hopefully it will be the same for you. Good luck!</p>
<p>Thanks, Proud Husky!</p>
<p>I think schools vary a good deal in how well they deal with this. I've talked with financial aid offices at two liberal arts colleges regarding year-to-year adjustments. Both were very willing to talk and provide information. Keep in mind though that these talks took place before dd accepted one offer.</p>
<p>Our family is currently going through the same situation as D enters her freshman year in two weeks. We used the method described by Proud Husky. We wrote a letter to the financial aid office along with documentation and got a generous reduction in what we were asked to pay originally. I realize that all college are not in a financial position or the mind set to respond in this manner when hardship comes knoxing. We are blessed.</p>
<p>Been there too.</p>
<p>What we found, and too late, that if you have any debt, you can purchase unemployment insurance to cover/suspend/pay principle & interest. There will be an additional cost and a deductible period, but the benefit may far outweigh the cost. You can also drop the coverage if you no longer need it.</p>
<p>I hope the OP's husband (or anyone else in a similar situation) finds a job quickly. The advice you have been given is good. Write a letter to the finaid office outlining your situation and the reasons why. However, do be alerted that any severance package you receive will be considered in your income situation for the year in which you receive it. You might want to speak to someone at finaid to find out the specific person to direct and mail your letter to. I don't think you should just send it to the finaid office in hopes it will land in the right hands.</p>
<p>You cannot ask for special circumstances (income loss) to be considered until it actually happens. </p>
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<blockquote> <p>he has had a well paying job, that I assume has meant you have been able to save up a safety net for times like these.>></p> </blockquote>
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<p>I hope what you saved can pay for your living expenses. We would be able to do that...but adding the expense of two college tuitions without additional aid (in the event of a layoff) would be challenging at best.</p>