FA Questions Regarding Job Loss
First time posting my own thread. I anticipate confusion over the next two years regarding our FA because our situation just got complicated. I’m putting this out there in case others have had similar experiences and might be willing to share how it worked out.
On Monday, DH was given 60 days notice that his position is being eliminated. He is being offered a very generous severance package. In effect, he will be receiving nearly two years of salary in 2017.
D15’s last two years of college are pretty much taken care of between savings, fed. student loans, and grandparent gifts. I spoke to the FA office and we will need to fill out a form asking for FA reconsideration for next school year. We will do this because it might help us with S18. However, I don't think it will change anything since she has both merit aid and a talent scholarship.
I think we now have the situation where the net price calculators won’t work for us. Is that correct? I took a look at some of the NPCs of the schools that S18 is considering. Nowhere is there a question about unemployment. There is also no spot for that in the FAFSA4caster. But, there is a line for that on the actual FAFSA.
Can I assume that, in addition to the reconsideration paperwork mentioned above, I will be needing to fill out special circumstances paperwork for the colleges my S will apply to next year? Next year, FAFSA will look at a normal year’s income for 2016. The following year will show a double income year for 2017, where, in reality, H may only have half a year’s income and we might be stretching the severance to cover an additional year and a half. I suppose there is the potential for no income going into 2018, though, I assume at that point we both would take whatever we could get. We're 53, so I know it's harder to find equivalent employment.
Hopefully, DH will find a new job ASAP and this situation and all of these questions will be moot.