<p>Hey guys,</p>
<p>I was just wondering about what to do with my financial aid, because my dad works as an automotive engineer for chrysler and my mom doesnt work, and obviously his job isnt so secure right now.</p>
<p>If (and im praying he won't) but if he gets laid off later this winter, that would majorly effect my status and my financial aid</p>
<p>When would be a good time to turn the fafsa and css stuff in? Should I hold off for now?</p>
<p>thanks in advance</p>
<p>you can always update the forms and let the school know of information as it becomes available. but turn it in now so that you have the chance to be considered for most aid packages. and if he unfortunately does become jobless let them know. they are there to help</p>
<p>Crappy situation. My mom does procurement/commodities forecasting at Chrysler, main breadwinner in family. Well-paying job but just not a good company to work for right now. I really feel awful for people at that company because although they are paid well, they have no idea where the company is going and if their positions will even be around in a week. Not to mention so many people have left the company that people are working ridiculously long hours, etc. My mom has always worked 55+hours/week, but it is even worse now as the company has eliminated overtime pay for salaried workers and eliminated so many positions that workload is higher now than ever...</p>
<p>Fortunately I have high enough income and won't qualify for financial aid no matter what happens. But I have a sister who will be an incoming freshman, if mom is laid off, she might be able to qualify for financial aid. What my mom has said is that she technically wouldn't qualify for the first year, since FAFSA/etc. is based off of previous year's income, but if you talk to the school, etc. they would probably try and help you out, within reason. After the first year, your FAFSA numbers would reflect your family's true income and your aid package would be adjusted accordingly. </p>
<p>Here is a good page to look at from the U-M financial aid office. It pretty much says what I just wrote: "If your decline in income is recent, you may not be eligible for more aid in 2008-2009, but your eligibility may increase next year."</p>
<p>University</a> of Michigan Office of Financial Aid: Impact of U.S. Financial Crisis on Financial Aid</p>
<p>wait untill he gets laid off..they will laugh in your face if you ask before that</p>
<p>U-M is keenly aware of the issues facing a lot of Michigan's families related to the auto industry and other contractions in the economy. The Provost has a video posted on the financial aid homepage directed at students who find themselves in changed circumstances. I'm not sure how the aid office is going to handle applicants (vs. current students) but whatever you do, don't take yourself out of contention yet.</p>
<p>Apparently, the financial aid office has been sending out emails to people (not sure how they determine who) about both reapplying for financial aid for the next semester and going to CAPS to deal with financial stress. Michigan has seen a 16% (I think?) increase in applications for financial aid this year and they seem to be trying to deal with this increase in demand as best as they can. However, I think there still is an increase in people who are leaving the university on a "break" for financial reasons.</p>
<p>To note, Tom LaSorda stated today that Chrysler has no plans for layoffs in December...they apparently exceeded targets on the buyout offers they made...which is believable to me...my mom said that so many people were taking the buyouts that they were going to need to HIRE people in the near future.</p>
<p>Yeah I know its such a bad situation right now, my family's on high stress.
I just added in a little side note on the CSS profile "special circumstances" section about our situation but I'm really not expecting any aid since my dad makes a little over 6figures right now. However, all of that money goes to this lawsuit my dad lost and our house mortgage so I'm not trying to be snooty asking for money or anything... its just a horrible situation.</p>
<p>Just a side note , but dsmo... even if this bailout works the 7 millions just gonna cover the first quarter of 2009, and then its the company's job to merge and form an alliance which could equal total disaster for all the majority of Chrysler employees, but at least its not bankrupcy. I HOPE what you said about hiring is true, but really nobody knows for sure. </p>
<p>But I know its pretty much out of our hands now, and all we can do is hope for the best.</p>