<p>Since DSs EDII application (were still waiting for the darn letter to show up!), DH (who is the sole source of income) has joined the ranks of the unemployed. </p>
<p>While I understand that the aid package will be based on the FAFSA and/or Profile for 2004, and that with ED aid is non-negotiable, how receptive might a school be to adjusting aid for the 1st year? DH is in high-tech sales and is paid base + commission. Since sales cycles in his field tend to be quite long (6-12 months is not uncommon), it is possible to see up to a 25% decrease in income (and that assumes he returns to work quickly) for 2005 before he is back on track.</p>
<p>Sorry to hear about your husband's job - not the news you were hoping for right now. </p>
<p>As soon as you get the acceptance letter from the EDII school, call the financial aid office and explain the new circumstances. I think, with proper documentation, most schools will be willing to work with you somewhat on this. I hope your son has a financial safety as a back up, however.</p>
<p>I would call the Fin Aid office at the school IMMEDIATELY and explain the whole situation. They have surely encountered calamities like job loss, divorce, illness, etc-- happening between application & acceptance.</p>
<p>I bet there is a way to get the Fin Aid adjusted; maybe a work study or something on the part of the school?</p>
<p>It really depends upon the school. A number of them,the ones that tend to be generous with financial aid, will make an adjustment. Others will not because strictly speaking, the EFC is based on the prior year's income, and any adjustment will come next year. Unrealistic, of course, as the very formula is heavily income based with the onus on current payment, not on assets where really only 5.6% of assets are assessed, but that is the way it works. Federal funds cannot be tapped for this purpose so the money all has to come from the college's discretionary funds.</p>
<p>A bit of practical advice: fill out the FAFSA now, if you did not already do it. It looked like I was going to be facing a similar circumstance, so I called the school to see how it could be handled. Initially, I had no plans to fill out the forms since my EFC was going to be so high that it didn't seem worth it. But here's the story I got from the school:</p>
<p>IF your situation changes dramatically (e.g., unemployment)</p>
<p>AND IF you're able to document that the income is drastically cut (ongoing severance pay counts as continued employment) </p>
<p>AND IF the situation continue for an extended period (more than 6 months)</p>
<p>THEN you MAY qualify for some financial aid IF:</p>
<ol>
<li>There is aid money left and</li>
<li>The FAFSA has been filed</li>
</ol>
<p>Any available financial aid is on sort of a first-come, first-served basic after the initial decisions have been made for those with demonstrated need by the initial deadlines.</p>
<p>Anyway, the advice was, file the FAFSA whether you think you need it or not, since it WILL be necessary if your situation changes.</p>