Newly unemployed with ??

sybbie719
Fri, 16 Mar 2007 13:20:17 +0000

Hi Scout,

Applying for finanical aid varies from school to school. While every school requires the FAFSA (to determine one’s eligibility for federal funds), some schools may request either the CSS profile or their own financial aid forms (especially if they distribute institutional need based aid).

without getting too drawn out FA is based on this premise:

Cost of attendance (tuition, room, board, books, misc) - EFC (expected family contribution based on the income and assets of both the student and the parent) = Demonstrated need.

Each school has a different concept as to how they meet demonstrated need.

there are so many different scenarios also to consider:

will D be looking at schools that meet 100% of demonstrated need (majority of schools do not). Even with schools that meet 100% demonstrated need, how is the aid pacaked (% grant/scholarship at vs. % self help -loans/work study). A school could virtually offer you nothing but a PLUS (parent loan) and will still have “met” your need.

Will you D be looking at schools that offer merit money?

Will she be looking at schools that offer a combination of merit and need based aid?

Most schools that do not meet 100% of demonstrated need GAP (you will have to fill the GAP the best way you can.

When your D applies for college sometime in the fall many for freshamn year, many schools will base your financial aid on your income and assets for the calendar year 2007. What you will able to do on schools that require the profile or their own institutional forms is explain what your financial situation is (no room on the FAFSA). You reapply for financial aid each year so yes, this year and until you severance package is paid out you income will be inflated however, once your salary goes down your EFC and FA will be adjusted accordingly.

hope this helps as a jumping off point. I am sure others will chime in.