Newly unemployed with ??

thumper1
Fri, 16 Mar 2007 13:21:57 +0000

Yes…you fill out the FAFSA each year for the following fall. If your daughter is a junior NOW, she will be applying to colleges for admittance to college in Sept. 2008, correct? That being the case, your income from this year, 2007, will be considered when you are applying for financial aid. The assumption is that part of the income you earned (including your severance pay) will be saved to be used on college expenses. In your situation, it would be good to also write a letter (when the time comes) explaining the difference in your income from the 2007 tax year to the 2008 one. I’m not sure how “artificially inflated” your income will be for 2007. If you are getting that huge of a severance package (that it might have exceeded your 2007 income even though you won’t be working for better than 1/2 of that year), perhaps some of that money should be earmarked for college expenses at least that first year for your junior student.