Financial Aid question

[Pamela H in Texas]

I filled out my FAFSA awhile back and about fell over at the amount they thought I should be able to pay out of pocket. Of course, that is probably a normal reaction for most folks.

 

However, though I knew hubby had made much less this year so far, I didn't know how much less until we discussed it this morning. Shouldn't that be considered in them determining how much financial aid we qualify for? We are talking that if everything stays how it's been since January, he'll make almost $20,000 less. It doesn't seem fair that that $20K is counting against us.

 

Is this just how it works or is there some way around this issue?

[Brenda in MA]

the FAFSA form is a year to year form, you have to fill it out every year, so if your situation changes for the worse, your child should be eligible for more aid the following year.

 

It's my understanding that you can't fill out the FAFSA for the 2009-2010 school year any earlier than Jan 1, 2009. So if you are having a rough year financially now (in 2008), that would be reflected on the FAFSA you file after Jan 1, 2009, thus making you eligible for more aid for the school year starting in the fall of 2009.

 

If your child is currently in school and your situation worsens, I've seen people advised to talk to the financial aid office at the college and tell them of the change in situation and see if they will adjust the aid package.

 

I highly recommend the book, "Don't Miss Out: The Ambitious Student's Guide to Financial Aid" by Anna & Robert Leider, as it explains the whole process very clearly and contains the formulas that the FAFSA uses to make its calculations.

 

HTH,

Brenda

[Jenny in Florida]

Unfortunately, that's the way financial aid and the FAFSA work. They count the past year's income toward figuring out the coming year.

 

If you truly feel the FAFSA is not representative of your current situation, you can try writing to the financial aid office at your child's school and explaining/begging. I have to tell you, though, that I don't personally know anyone for whom that made a significant difference.

[8filltheheart]

Nearly fainted.....that is an accurate assessment. I guess they didn't want us feeding the other 6 kids that were still going to be living at home.

[Pamela H in Texas]

Just for clarification, this was the FAFSA for ME. My daughter does not qualify for financial aid as a dual enrolled student so though I got to count her on the FAFSA form because she goes more than half-time, we have to pay out of pocket for her. I just didn't want to rack up student loans for myself either.

 

I did email my enrollment counselor asking who to talk to in Financial Aid about this if something can be done. So hopefully she'll get to me soon (the school is in another state with a 2 hour time difference so I have to wait for them to get to work, but she always gets back to me quickly so it shouldn't be much longer).

 

I was just hoping one of y'all knew something.

 

Next year hopefully will be much easier with dd getting financial aid also (I'm going to go ahead and graduate her in the Spring). Well, and we'll be showing $20K less on the tax forms which is a really bad thing generally but at least will help in the financial aid department :)