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IYI: If You Lost Your Job, Get Your Financial Aid Info Updated!

Last updated on Friday, April 10, 2009

(UNDATED) - Saving money to send children to college could qualify for more financial assistance if parents have recently lost a job.

Bill Stanczykiewicz is the President and CEO of the Indiana Youth Institute. He says if you have lost your job, you need to notify the college of the new situation because you are more eligible for financial aid. Stanczykiewicz says to go to the college financial aid office and ask for a professional judgment.

He says losing your job is a special circumstance. Other "special circumstances" include new health care costs not covered by insurance, new childcare costs not reflected in 2008, the death of a household's chief breadwinner, or a recent divorce.

Stanczykiewicz says the number one reason that Indiana college students stop going to school is financial aid problems, a lack of money.

Financial aid counselors say that too often Indiana families are leaving financial aid on the table.

A recent Princeton Review survey suggests 86% of students and 81% of parents say financial aid will be necessary to pay for college.

The deadline to request a professional judgment is May 15.

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