My family’s situation recently changed pretty dramatically - my dad lost his job, now is starting his own business. Income went from $55k/yr to about $20k/yr. Previous EFC was $4300, the only financial aid package I’ve received so far had me paying $17k/yr total.
Obviously I’m hoping that this change will have an impact on my financial aid packages at the schools where I’ve applied. But - I’m not sure how to go about telling colleges this.
We’ve already submitted FAFSA, Profile, everything to IDOC - but the problem is that none of it shows the change because it happened this January. So in reality I have no actual documentation to present if asked. I am now on my school’s free lunch program… but I’m not sure what else I could use to back up my claims.
Advice on updating/negotiating for more aid? You all are much more experienced than I am at negotiating this.
Call or email each college and let them know the situation. Your father should have a pink slip or something to document loss of his job, if not he can ask for a letter from his former employer, or maybe he is getting unemployment benefits that can be documented.
@intparent Any specific way to go about this? Just be upfront and describe the situation and hope they’ll work with us? I am handling all of this on my own.
I know there was no pink slip… but he may have a copy of an employment contract somewhere, I will look for that.
Sounds like solid advice, thank you! I’m just not sure exactly what I should be armed with. I guess that’s what I’ll spend the week digging out.
@Madison85 Yes. I’m accepted to Northeastern and can afford it. I’m waiting to hear back from Brown, Columbia, Georgetown, Harvard, UVA, and Vanderbilt, so hopefully at least one of those will be good news.
Many schools have a financial aid appeal letter on the website. You fill it out and attach the required documents. There are several reasons you can ask for consideration, including job loss, death of a parent, health problems, divorce. It will then ask for a revised budget (income, expenses) and document like a job termination letter, final pay stub, unemployment insurance amounts, death certification, medical bills or a summary, tax documents.
@mom2collegekids :
Northeastern’s financial aid package looks like this:
COA: $65,000
Grants and scholarships: $47,500
Net cost: $17,500
They factor in work study, loans, and a family contribution of $11,900 to meet that.
My parents are not helping with costs. I can afford to pay up to $20k per year on my own, but I would prefer to stay under $10k.
It’s complicated, but out of a combination of savings and other money I can cover it on my own without taking out any loans. In theory I can pay up to $30k/year on my own, but I need to save as much as possible for law school.
I’m sure if the family income will decrease by more than half, a school that meets need would offer more aid, but make sure you report your significant savings to them as well.
@mommdc I did report my dad’s income on the FAFSA, of course. I didn’t report my mom’s, because they are divorced, but obviously that info is on the NCP Profile. I did not report my savings - because they aren’t savings, exactly. It’s hard to explain, but I am not required to list that money anywhere on the FAFSA or Profile. I know it might sound confusing, I’m sorry. The savings I reported on the FAFSA just come from working over the last two years.
@suzy100 Yes, I am. I received a $22k/yr merit scholarship from NEU, but when the extra ~$8k is added on, it just decreases the amount of need-based aid I receive. So no net difference.
