Hi, so I was accepted to Vanderbilt ed1 (binding) and I got a 40,000 grant which leaves about 25-30k (our efc is 30k) for me to pay out of pocket. My parents can pay this, however, one of my parents job is closing down (won’t get into detail) but nobody knows when they’re going to lose their job…once my parent loses their job, We are essentially losing 120k of our 150k income. If this happens before I deposit/pay the 25-30k, my parents won’t be able to pay the amount because we have to save the money/use it for rent, etc. if this happens, will vandy update the grant amount or cover the full need? With my income right now, I’m pretty certain I won’t get anything from FAFSA and I’m trying not to take out loans but once my parent loses their job I don’t know how I’m going to be able to go to college unless they update their FA offer…
Sorry if this is confusing, if you need clarification please let me know I’m extremely worried
I’m sorry for your situation. Will your parent receive a severance package when the job ends? That will be considered as well.
You need to contact the school. They won’t do anything until your parent actually loses the job. At that point, you would,need to,ask for a special,circumstances consideration. This would mean you would need to provide documentation of the layoff. Schools do,these at their own discretion, and they are handled on a case by case basis.you need to know Vandy’s procedure for,handling this situation.
The same thing happened to us my son’s freshman year of college at Boston Iniversity…except he was already there when the lay off occurred. We contacted the school…and they did nothing in these situations for 90 days after a layoff…because the thought was that the parent would get another job. But we got everything ready to,submit anyway. The parent did get a severance package, and that would have been considered as income. Luckily,another job came along.
Hoping that is the case with your parent too…but contact Vandy to see what they do in these circumstances.
They may or may not. I think you should find a safety school
@thumper1 I think they will. Hopefully Vandy will be as generous as they have been so far. 
@4kidsdad how will that work if I am in a binding agreement and have withdrawn my apps? 
You’re in a difficult situation. Hopefully, your parent is already looking for another job.
As mentioned above, the school won’t do anything until a job is lost and no new job has been found. On Monday, call the FA office and ask them what you’ll need to do if your dad loses his job before he finds another. You may need the parents who is best to handle money matters make the call.
Your dad may be given a severence package and unpaid vacation time. All of that will be considered.
ED is NOT binding if you can’t afford the school.
If after the Monday phone call, if your parents aren’t comfortable about what they’re told, then you might have to decline and apply elsewhere.
When did your parent learn that his job is shaky?
Ask Vandy if they’ll allow you to keep your admission offer as well as other apps till the job issue is settled. After all, you can’t know for sure whether you can afford it or not till this is done. Make sure to let them know that you’re willing to provide proof/documents of the situation (there must be an official statement from the company of what’s happening? scan it & send it to FA office)
Job issues like this can drag on for many months. I don’t think Bandy is going to keep the offer open.
So your parents planned to pay the $25k-$30k from earnings each year and there is no college savings?
Serena,
You do present an interesting scenario that a number of families would be interested in knowing how schools will look at a situation like yours, with the changes in FAFSA filing.
Keep in mind that your 2016-2017 financial aid package will be based on 2015 income (where your parents currently still have jobs). I would not anticipate a major change in your financial aid package this year.
As others have stated, Vandy is not going to do anything to change your package until an actual job loss happens.
Also, remember that your parent’s 2015 income will also serve as the basis for the 2017-2018 school year once the FAFSA changes to October filing date (using the prior, prior year data). Even then, any severance that your parent gets in 2016 along with unemployment will count as income for the 2017-2018 school year if you have to appeal the package.
I recommend that you sit down and talk with your parents and look at the situation from the standpoint of not how to finance this coming school year, but how to finance the next 2 years in the possibility that you may not get a change in your aid package until junior year (based on 2016 income, which again may be changed if your parent has found work).
If your parents already know that there is a possibility that they may not be able to finance this, then you need to pull your ED admission and at this late date find some more affordable options. Being from NYS, you will most likely be full pay at SUNY , which is ~ 20k a year. Again, come up with a financial plan with your parents. If in the event that you can appeal and get the cost down to 20k/year (which is comparable to SUNY), it just may work. If you live in NYC, hopefully you have a CUNY application in as a financial safety.
It sounds like the parents have savings but may need it for living expenses.
To keep your Vandy dream alive. Explore ROTC as a possible option. ROTC offers 3 & 2 year scholarship programs. You don’t have to start in freshman year.
Keep in mind though that the scholarships are competitive.
However, joining ROTC only if you want to serve your country, not to save in college costs
Is the current grant merit? For need-based aid, one issue is what your parents assets are, not only the loss of income. Make sure you’re discussing with your parents.
Some kids do accept an ED offer, then a crisis hits later. This isn’t only about what one can afford at the moment they accept.
Thank you all for your responses!
My parent found out several weeks after my acceptance, and they are looking for a new job. As I’m the only child, I guess my parents are open to the prospect of moving in case a job with a more attractive salary comes up.
I did not apply to suny schools but I applied to cuny’s and I am supposed to withdraw my applications.
I will call them on monday and hopefully get good news.
And my parents do not have much in assets because we don’t own a home, land, valuables, etc. most of our money goes towards a very high cost of living in NYC.
Not very interested in ROTC, that isn’t exactly my ideal plan for college and I don’t know if vandy will even give it to me giving I had no rotc experience in HS
My parents are very secretive about money so I don’t know the whole savings picture but they do have some money in the bank. However, if my parent can’t get another job, they’re not going to be (able) to spend it
This situation is not going to be for long as the company is closing quickly (etc, not very important) but the problem is because of the ED, because I have to accept and withdraw my other apps because currently my parents can afford. I shouldn’t have applied ED.
If your parents feel that they will have a problem paying, you can still withdraw your ED application. No one is going to make you attend a school that your parents cannot afford.
I don’t see how you can be confident about the first statement quoted above given the second statement. If your parents are secretive about money, you shouldn’t assume anything.
Talk to Vandy. I wouldn’t close any doors until you have further info. This is a tough decision and needs to be made carefully. Your parent may- or may not- find a new job. I am not trying to be over positive, but this needs a step-by-step evaluation.
I agree with Lookingforward.
Another question to ask Vandy is how your aid for,the following year will be calculated. Both Profile and FAFSA will use the 2015 tax return which won’t be reflective of your actual incime if your dad does not find a job in 2016. Find out if Vandy will reconsider your need based aid for the subsequent year if this job loss actually occurs.
HS experience in ROTC is not a prerequisite. Doesn’t hurt to read about ROTC for more information.
If the choices were no ROTC + no vandy, or ROTC + vandy, which would you pick?
There should definitely be more to the decision than that. The obligations incurred when accepting an ROTC scholarship are not to be take lightly. I agree with 4kidsdad: