What can a family do if a job loss occurs?
Aid eligibility is based on the previous year’s income. So the family’s 2006 income would be reported to determine eligibility for the 2007-08 academic year. In that way, the family’s income can be verified with a tax return. But the previous year’s income may not accurately reflect the current financial aid situation, particularly if a parent lost a job or retired. In these instances, the projected income for the coming year can be used instead. Families should discuss the situation directly with the financial aid office and be prepared to provide appropriate documentation.
