Just lost my job- do I wait to tell?

<p>Hello to all. I have been lurking and now I have a real need for good advice. Earlier this week I was place on a 90-day furlough. I know its really a lay-off. My DD applied EDII at a LAC which is not need blind, but has a hefty per-student endowment and it guarantees to meet the EFC--if she's accepted we plan to pay our EFC with retirement savings. (at this point that is where all of our savings are.) Except this job loss puts a kink in things. I'd like to wait until we hear back about her acceptance or rejection to let the college know. (Hopefully that will happen in the next five days or so.) If we inform them right now, might I be the cause of her rejection? My desire is to wait a week, see if she's accepted, and then let them know. Then, if she's accepted, I'll see if there is anything they can do about increasing the aid if for some reason I don't get another job soon.</p>

<p>Since you're on furlough, I don't see why you can't wait.</p>

<p>That said, schools often don't immediately take into account a lost job to modify FA. They usually want to see that you've been out of work for many weeks, because many find jobs rather quickly. Right now, you're still getting paid and might find a job rather soon. </p>

<p>Also, will you be getting a severence or get any unpaid vacation paid to you? If so, then your income for 2012 may not drop that much to get more aid for the following year.</p>

<p>Thanks for your reply, mom2collegekids. Actually I'm not paid a dime during this "furlough" but I will receive a couple of weeks of accrued vacation pay. After 90 days, I'll be terminated, retroactive to this week! Regarding my DD's college admissions, my immediate concern is not to have regrets, in hindsight. I don't want to sabotage her possible ED II acceptance. Also, if she gets accepted, might we receive any additional aid due to a job loss in 2012? Thoughts?</p>

<p>That would be something that you need to discuss with the specific college if/when she is accepted and offered an aid package.</p>

<p>Mom2CollegeKids, I now have re-read your posting and see that you did say that colleges will sometimes look at a long-term loss of income. I appreciate seeing that in writing. Evidently I'm still a little shell-shocked about this job loss- sorry not to read very carefully the first time.</p>

<p>I will wait a week to inform FA office, and hope for the best.</p>

<p>Also, if she gets accepted, might we receive any additional aid due to a job loss in 2012</p>


<p>Schools rarely will review an aid pkg as soon as a parent loses a job because oftentimes a new job is found in a rather timely manner. They don't want to award lots more aid only to have the family never really suffer a drop in income. </p>

<p>Aid is usually based on the previous year's income....also it's early in the year, so they probably will have a "wait and see" attitude...which makes it hard to decide whether to accept. :(</p>

<p>Definitely wait til you find out whether your D has been accepted. You're under no obligation to inform them now.</p>

<p>i know that you must be shell-shocked by all of this...especially if the furlough is without pay.</p>

<p>I wonder what the point of the furlough is unless it's to provide health benefits or the company hopes to reorganize in some way to keep some employees????</p>

<p>BTW....is this a CSS Profile school? If so, then it probably isn't promising to meet EFC need. it's probably promising to meet need as the SCHOOL defines your need after looking at CSS Profie.</p>

<p>Mom2collegekids, It is a Profile school--Colorado College. Our DD is completely enchanted with this school. She's a great fit, too. But after reading about increases in applications this year and the surprising deferrals of some ED candidates who are a great fit, I know it's far from a sure-thing. Luckily she applied and received good scholarships at the In-State and OOS financial safeties she applied to.</p>

<p>IF Colorado College's net price calculator is a reasonable indication of what they would do, we'll be satisfied. The Profile didn't change our financial picture.</p>

<p>As to why the furlough, the likely reason is not pretty. Its probably due to a noncompete I had to sign when I joined the firm. If I go to work for the competition during the furlough period, I am not allowed to pursue or provide services for any of my current clients for 2 years! If they had just laid me off due to workload reduction, I'd think I could take my clients with me without recourse.</p>

<p>Plantlady you might want to take your employment contract to a lawyer. A three month unpaid furlough sounds like a material breach of the contract by your employer. In this economy I'd hate to shut out any prospective jobs.</p>

<p>I appreciate the comments on the "furlough". So, even though this is a financial aid post, thanks for the support. I met with my lawyer today and he determined conclusively that I have been laid off and I'm no longer employed-- contrary to the rather odd "furlough" wording my former employer used.</p>

<p>Did he happen to render an opinion on whether the non-competition clause is enforceable?</p>

<p>Yes - He said it's not.</p>

<p>First of all hugs. </p>

<p>I dont see a need to contact first choice today, but your DD will realize you are on furlough. IMHO, it is far.far. better to deal with unafordabiliyt as a Freshmen. </p>

<p>The only thing I see a need to do soon, like tomorrow, is to set up a meeting with your DDs GC (hopefully she has a good one), and discuss that you MAY need a financial safety. The cost of an extra application is minimal. The cost of not having a finanical safety (based on your worst case financial situation) is not good.</p>

<p>Thanks, Kayf. Thankfully DD applied to and was accepted to financial safety, so yes we will have that option.</p>