ANY INFO ON FA [or lack of] in 1st year but more in FOLLOWING years

4xprep · 03-22-2008, 10:51 AM

Does anyone any have any experience with limited or no FA first year then in following years were given FA. S got some$$$ at the BS but willl be tough to manage with a D in College. We were hoping school would increase aid in subsequent years....

please advise

hsmomstef · 03-22-2008, 10:52 AM

Most schools will tell you upfront that unless your financial situation has changed significantly (job loss, etc) the aid will remain the same. Did you indicate that your D was in college next year -- or will she enter college the second year your S is in BS?

4xprep · 03-22-2008, 11:24 AM

we submitted 06 tax return and estimated 07 return... Numbers ar based on our 06 return.... however, i was layed off and 07 return will show significantly less....

keylyme · 03-22-2008, 11:46 AM

You should contact the school's fa office with this information and write a letter to them as well.

hsmomstef · 03-22-2008, 12:29 PM

That is definitely considered a significant change -- I would contact the schools with that information now and see what they say. They have already made you the offer of admission and FA, so they aren't going to retract those.

Linda S · 03-22-2008, 05:05 PM

AND, to add to keylyme and stef, they MIGHT even offer you more this year.

arling · 03-22-2008, 08:06 PM

Linda S - What do you mean "they might even offer you more this year" ??

hsmomstef · 03-22-2008, 08:11 PM

what Linda S means is that this coming year's FA package may be increase (depending on available funds and how much they want your child) due to the job loss.

arling · 03-22-2008, 08:25 PM

hsmomstef - Thanks !

4xprep · 03-22-2008, 08:26 PM

so how do you handle this type of conversation? I would like to send him, but obviously would like more FA.. Do we just tell them it is going to be difficult?? I am sure it is difficult for alot of people.

Has anyone done this????????

hsmomstef · 03-22-2008, 08:44 PM

I would suggest you first gather any paperwork you have that shows the reduction of income (2007 income tax forms, unemployment insurance determination if applicable) and write a letter explaining the situation (use of assets for living expenses, additional costs (like COBRA), difficulty of finding a new job or lower income for new job, etc.

Put those items in the mail and then give the FA office a phone call. make sure you are talking with the director of FA and not just anyone in the admission's office (there is usually one or two people that specifically handle FA).

Thank them for the acceptance and FA and tell them that you would do anything to send S/D, but due to a job layoff -- you are just not sure that you can manage to pay the difference. Tell them what the numbers have changed to and let them know you did send them the paperwork. Ask if it would be possible for the school to review your FA award in light of the new information.

The best outcome would be an increase in FA -- worst outcome would be no change. Another possibility -- the award for this year stays the same, but since they were apprised of the situation, next year's award may be higher.