I have heard of several financial aid packages revised due to prospective loss of income for 2020, making the 2018 income figures used for upcoming school year financial aid irrelevant. Assets submitted as of day of aid applications are also very much affected by current events. It only makes sense
I’ve been hearing that families are deciding on gap years, resets on the college app process etc etc. I get it. Had this happened my son’s senior year of high school , his college outcome might be have been very different.
It doesn’t make sense to commit $X when that X is upwards to 80k when things are so uncertain. Those who have their own businesses may be seeing little or no income. The market has crashed, and occasional blips up are not dependable and who has any faith on what will be available to pay for college? Those who were in position to pay for college, albeit painfully, are finding that the risk of committing this kind of money not a good idea.
Two of my neighbors who have kids in private colleges have decided to take the year off next year and take courses locally which would cut the bills drastically. One other is waiting for college response for a year away and transferable credits. Why pay for a turbulent year with possibilities of online courses at top prices? Also, some families are not happy about having to pay for off campus housing when school has been cancelled. My friend just went to pick up sophomore from such a living arrangement and is in the hook for payment through July or August. They are not renewing and return to the school will require university housing for the student in 2021 or transfer is a major option seriously considered.