Parents’ Change of Income Can Affect Financial Aid

When you fill in the Free Application for Federal Student Aid (FAFSA), you have to provide detailed information about your family finances and assets as on the day you submit the application. Your Expected Family Contribution (EFC) and financial aid eligibility are calculated based on the information you provide. But what if something changes?

What if a parent loses their job?

If your parent loses their job anytime after you have already submitted the FAFSA, your EFC decreases. Lower EFC automatically makes you eligible for more financial aid.

A parent’s job loss is considered as extraordinary circumstances. Students can ask for a professional judgment review or a financial aid appeal at any time during the semester when justified by extraordinary circumstances.

Adjust your financial aid

Financial aid administrators in all colleges have the authority to make necessary adjustments on the FAFSA after reviewing your application and determining that an increase in financial aid is justified. Providing all documentation is the first step to getting a professional judgment review. Your college financial aid department will want to see the layoff letter and other relevant documentation so that they can review it and accordingly make the necessary adjustments to your financial aid package.

Use College Raptor’s new Student Loan Finder to discover personalized loan options. Compare lenders and interest rates to find the ideal student loan—for FREE!

 

Lender Rates (APR) Eligibility
Citizens logo.
6.97%-15.03%* Variable
5.99%-14.00%* Fixed
Undergraduate and Graduate
VISIT CITIZENS
Sallie Mae logo.
6.37% - 16.70% Variable
4.50% - 15.49% Fixed
Undergraduate and Graduate
VISIT SALLIE MAE
Credibe company logo.
4.98% - 16.70% Variable
4.07% - 15.66% Fixed
Undergraduate and Graduate
VISIT CREDIBLE
Lendkey company logo.
6.07% - 11.31% Variable
4.39% - 10.39% Fixed
Undergraduate and Graduate
VISIT LENDKEY
Ascent company logo.
6.22% - 16.08% Variable
4.09% - 15.66% Fixed
Undergraduate and Graduate
VISIT ASCENT
6.54% - 11.08% Variable
3.95% - 8.01% Fixed
Undergraduate and Graduate
VISIT ISL
Earnest company logo.
5.62% - 18.26% Variable
4.11% - 15.90% Fixed
Undergraduate and Graduate
VISIT EARNEST
4.98% - 12.79% Variable
8.42% - 13.01% Fixed
Undergraduate and Graduate
VISIT ELFI
College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.