Dear Financial Aid King,
I’m afraid that my family’s financial status might change due to cutbacks at work. My student already filed the FAFSA. So, how can I make sure his financial aid is representative of those changes?
Sincerely,
Planning Ahead
Dear Planning Ahead,
Life is always full of surprises and unfortunately, that means making sacrifices when things are out of our control. When extenuating circumstances arise in your life, there are ways you may be able to adjust the financial aid package your student received.
Although you cannot make updates to your student’s current FAFSA, there is something you can do to change their financial aid for the upcoming school year.
Follow these steps to start the financial aid appeals process:
- Contact your student’s financial aid office for an appeal (also known as a professional judgment) based on your recent job loss, change in hours, or reduction of income. (If your student has not filed the FAFSA yet, he or she should do so as normal and then submit the appeal).
- To make the necessary adjustments to your financial aid, your student’s college will need to verify your current FAFSA form. Therefore, you will have to submit a verification form, which involves your tax returns and W2 information. Your student’s financial aid office will be able to provide you with this form.
- Additionally, to submit an appeal, you will need to provide the financial aid office with official documentation from your employer about your updated employment status, such as a layoff letter or pay stubs (one before and after) that reflect your change in pay.
- Your student will get notified by his or her college if your appeal was accepted or not. Unfortunately, not all appeals are recognized — it depends on how much your financial status was affected by your change in pay.
- Keep in mind, your student’s financial aid might change again next year based on your job status. For example, if you were laid off in March but by this December you resume your former position or get a new job, your student’s financial aid might change to reflect this update.
