Background: I’ve got a HS senior, first kid to go to college. My son and I filled out FAFSA and Profile in October, and he’s applying to 6 schools. My wife was a “dislocated worker” when we filled out the financial aid apps in October, but she’s found a job which starts next week.
Questions: Do I need to make any proactive update to FAFSA and/or Profile due to her resuming work, or should I wait for those agencies to ask me for any updates? Also, do I need to make proactive updates as soon as I do my 2019 taxes, or do I just wait for next year’s app in the Fall?
Note: our income for 2019 will be somewhat lower than in 2018 due to her few months of unemployment, but I’ve already estimated a fairly reasonable lower 2019 figure (but of course not an exact figure) in the financial aid apps.
You don’t update. When you filed, you reported the situation on that day. That’s what you’re supposed to do.
Being a dislocated worker only helps if you are lower income for 2018. Are you?
I agree. No need to update.
Hi Thumper1 – our income is a bit lower for 2019 (not 2018) due to her stint of unemployment in 2019.
One or both of FAFSA and Profile asked us to estimate our 2019 and 2020 incomes. The figure I gave for my 2019 estimate will end up a tad low, it works out. And, if her new job goes fine, my 2020 estimate will be about 7K under.
So I guess I’m wondering if they need those estimates to be updated. It sounds like it is not a major consideration.
Thy don’t need anything else from you now. Your forms were accurately filed as if the date of submission.
What happens in 2019 will be on the 2021-2022 forms.
Nope. You don’t need to do anything. You filled out the forms with 2018 income. One of the reasons they ask you to estimate subsequent years’ income is to warn you, if you estimate that it will be much higher, that you won’t get the same aid in subsequent years. If these are meets-full-need schools, you should write a special circumstance letter to let them know that your 2019 income was so much lower than your 2018 income due to job joss.
What if the situation is opposite - FAFSA filed last week had both parents income for 2018 but as at today unfortunately 1 parent is now out of work.
@brown2024 I’m going to give you my opinion…but next time you might want to start you own thread as your question is the opposite of what the poster is asking.
You will need to contact the colleges and find out their process for a special circumstances consideration…in view of the job loss. Schools have a process for this. Find out what you need to have and do.
A couple of things to keep in mind…
- any severance pay will be considered in your request.
- Unemployment compensation will be considered.
- These are handled on a case by case basis.
- Some schools don’t process these immediately as there is the possibility your parent will get a job. When we had the same situation, our kid’s college didn’t even consider these requests until the parent had been unemployed for three months. In our case, the parent found a job.
- Without knowing you school or your other parent’s income, it’s hard to give you any estimate if additional aid. If your colleges don’t meet full need for all accepted students or your other parent has decent income...you might not see an increase in need based aid.