How is financial aid affected when your parents have been unemployed?

My mom has been a “stay at home mom” for a while now, but my dad was recently laid off from his job because the company closed it’s location here and technically went overseas. When applying for financial aid for thinks like studying abroad and college, how does that affect their decisions? He’s been out of work for a month or two now, and has been unable to find work in his area until the beginning of next year, and he receives unemployment. We are a middle class family, but with a lot of debt wracked up that we are currently paying off. So there’s a little bit of insight for you…

Thanks!

Comments

  1. Judy says

    When you apply through FAFSA next year, and they look at his tax return from this year, they’ll see that his income was lower and it would most likely affect your financial aid package.

    For this year, talk to your financial aid department at your school. Changes in circumstances can sometimes result in additional aid.

    But studying abroad might be out of the question, unless you get a job and save the money for it yourself.

    Good luck