Time sensitive student loans

If you do your fafsa before Jan 1st, you will use figures from your 2004 taxes. If you apply after Jan 1 you will use 2005 tax figures. If you will not be working when you are in school and your tax figures reflect working, it is my understanding that the financial aid ppl can adjust your EFC.

Hello

I got my 60day layoff notice. Would it be in my best interests to apply for student loans NOW, since i'm employed?

TIA

If you are apply for federal aid, they will look at your previous year only no matter what your situation is this year unfortunately. Your other option is to take out private loans and apply for them ASAP before your lay off goes into effect. Good luck :)

either way your using your taxes from either this yr, 05 or from last yr, 04. im pretty sure u have to apply once you get your tax returns and then they see how much u make vs how much school is and then adjust it accordingly to tell you how much aid you qualify for or if you get any state grants or what not. Also they calculate your estimated family contribution lol. In the end, it wont matter if ur unemployed or employed now because its based on your yearly income which is pretty much set in stone now that the yr is over unless u miracuously dont get that huge bonus you were expecting around christmas or something.

There is a section of the FAFSA where you are permitted to explain any special circumstances that may affect your expected contribution. So TELL THEM you've been given notice of an impending layoff, and TELL THEM when it happened, since any savings you may have had could now potentially be used to support you instead of being used for school.

While they WILL go off of your last year's income, they're not heartless. And student loans are not the end of the world. The next year, since you'll be showing considerably less income, your loan offering may go down and your grants may go up to reflect this.

You can't apply until your W2s come in and you've filed your income taxes. But I think you'll be fine.

Mr.N8

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