FAFSA Updates - help please

[stillmovingforward]

My youngest 2 kids (both 21) are losing support from me for college this year as I've lost my job and my former industry is decimated by Covid. Their FAFSA was dependent on my old, high earning job. How sk they adjust or appeal the amount available to them via loans and grants now that our income has dropped so far? They are halfway thru for one and just over halfway thru for thr other. I've never dealt with this before.

[The Walk of the Penguin Mich]

This might help.


www.estudentloan.com/blog/job-loss-financial-aid

[Deleted]

You have to appeal to the individual schools to make changes.  They deal with this all the time and are used to adjusting aid when there are changes in circumstances (especially since FAFSA uses info from 2 years prior now), so just have them email someone in the financial aid dept at their school.

[stillmovingforward]

Thanks everyone! Im passing this info on.

[trippypea]

My husband lost his job in January and COVID-19 has decimated his field, so he is not anticipating one in the near future. We have a rising sophomore and a new freshman attending college in the fall. FAFSA for the 2020-21 year is based on 2018 tax returns, which showed a high income salary, and as expected, the only financial aid they qualify for are student loans. However, it is 2020 funds that are actually paying the bills, and there aren't any of those!

I spoke with the financial aid office and all they can do is have you submit your 2020 tax returns for consideration in January-February 2021, and if they determine you are eligible, they can retroactively apply aid to Fall, but they can't do anything until the tax returns are filed.

I have been wondering if since so many parents are now in a similar boat due to COVID-19 if colleges were coming up with a way to address this sooner than the 2nd semester of the next school year?

[GRG a/k/a goldenrulegirl]

May 26, 2020 10:09:28 GMT -5 trippypea said:

My husband lost his job in January and COVID-19 has decimated his field, so he is not anticipating one in the near future. We have a rising sophomore and a new freshman attending college in the fall. FAFSA for the 2020-21 year is based on 2018 tax returns, which showed a high income salary, and as expected, the only financial aid they qualify for are student loans. However, it is 2020 funds that are actually paying the bills, and there aren't any of those!

I spoke with the financial aid office and all they can do is have you submit your 2020 tax returns for consideration in January-February 2021, and if they determine you are eligible, they can retroactively apply aid to Fall, but they can't do anything until the tax returns are filed.

I have been wondering if since so many parents are now in a similar boat due to COVID-19 if colleges were coming up with a way to address this sooner than the 2nd semester of the next school year?

Excuse the typos and poor grammar. I’m typing this on my phone in between calls at work:

A few ideas:

Colleges received CARES Act funds, 85% which must be distributed directly to students although each college can decide the criteria and method for distribution. YDS received a check based on the number of credit hours he took this semester. ODS’ college hasn’t yet said how they are using the funds. So, check with the schools in question about the CARES Act money.

Did the Freshman receive any better financial aid from any of the other colleges he/she was accepted to? If so, have your Freshman send that award letter to the Admissions rep assigned to your kid at the school he/she is attending along with a letter/email stating that he/she wants to attend the school but due to a parent’s recent job loss, your kiddo cannot make the numbers work. Ask if the school can match the better award. Eloquently express why your kiddo chose this school above all others: depth of the expected program, the top-of-the-line science labs, the music rehearsal rooms, the highly-regarded internship and research opportunities available to undergrads, etc. — whatever closed the deal for your kiddo. Speak to how your kiddo will be active and engaged on campus: athletics/student government/theater/community service/whatever. College Admissions reps are measured by their yield: how many applicants end up enrolling at the school. Make his/her rep work for your kiddo’s enrollment.

If there isn’t a better financial aid offer from another school, still write yo the assigned Admissions rep stating the reasons why your kiddo chose the school and how he/she will be active and explaining that, due to the job loss, the numbers no longer work and ask if the school can grant any more aid.

Your sophomore should write similar letters to the Dean of Students, the college President, and the Director of Financial Aid. Express how much he or she gained academically, socially, etc. from his/her freshman year. Speak to the activities he/she was involved in. Tell them how the parent’s job loss has impacted the parent, the family, and the family’s finances. Talk about the plans he/she had for the coming year: stretching his or her intellectually in that upcoming Philosophy class, building houses with the campus Habitat for Humanity chapter, guiding freshman as a mentor, etc. Show the school why your kiddo needs to come back next year and how they can help make that happen. Let them know that an adjustment in January might be too late to come back in September.

Good luck!! A little time and a few electrons might pay off (they did for us a few years ago!!).