I went through a very similar situation two years ago when I lost my job right after submitting my son's FAFSA. I received a $38,000 severance package and was terrified about how it would affect his aid. Here's what I learned: definitely report both the job loss and the settlement to each school individually. I contacted 6 different schools and got 6 different responses - some counted the full severance as one year's income, others spread it over 2-3 years, and one school even excluded a portion of it from their calculation entirely. The key is being proactive and honest from the start. I provided my termination letter, severance agreement, unemployment documentation, and a detailed letter explaining my situation. Most schools were surprisingly understanding and worked with me through their professional judgment process. Don't let fear of the settlement amount keep you from reporting the job loss - that change in circumstances could significantly help your aid eligibility. Just be prepared that each school will handle it differently, so you'll need to have individual conversations with each financial aid office.

I'm a financial aid administrator and want to add some clarity to this discussion. You're absolutely required to report both changes, and here's the process I recommend: Contact each school's financial aid office and request their "Special Circumstances" or "Professional Judgment" form. You'll need to provide documentation including your termination letter, settlement agreement, and a detailed explanation of your situation. The settlement will likely be counted as untaxed income, but many schools have flexibility in how they treat it - especially when it's clearly related to job displacement rather than a windfall. Some schools may spread it over multiple years or exclude portions meant to cover specific expenses like health insurance continuation. The key is framing your request properly: emphasize that this is income replacement during your job search, not additional income. Also, timing matters - submit these forms as soon as possible since aid adjustments can take several weeks to process. Each school will make independent decisions, so don't assume what one school decides will apply to others. Most importantly, non-disclosure isn't worth the risk - verification processes can catch unreported income and result in serious penalties.

Just wanted to add one more tip that helped me - if you're still worried about timing, you can also check your loan history on studentaid.gov to see the status of your loans. Once your school certifies them, they'll show up there with disbursement dates. It's another way to track progress besides just checking your school portal. Also, if you do end up with any leftover loan money after tuition/fees are paid, make sure you understand your school's refund timeline - some schools take a few days to process refunds even after disbursement. Sounds like you're doing everything right though!

I went through this exact same situation last year and totally understand the anxiety! You're actually in great shape - completing the entrance counseling and MPN are the hardest parts. The "pending" status on your school portal is completely normal at this stage. From my experience, here's what typically happens next: your school's financial aid office will certify your loan amounts with the Department of Education (this can take 1-2 weeks), then the loans get final approval, and finally they're scheduled for disbursement usually 1-3 days before classes start. I'd definitely recommend calling your financial aid office tomorrow morning to confirm they have everything they need from you and to ask about their typical processing timeline. Most schools are really good about getting loans disbursed before tuition deadlines, but they can also put a temporary hold on your account if needed while the loans are processing. Don't panic - you've done everything right on your end! The waiting is the worst part but it almost always works out in time.

thx everyone this thread was super helpful! gonna fix my fafsa 2nite

As someone who just went through this nightmare with my own kids, I can confirm what others have said - assets are CURRENT values as of when you submit the FAFSA, while income uses 2022 tax data. It's counterintuitive but that's how the formula works. One tip that helped me: take screenshots of your bank/investment account balances on the day you submit, because if you need to provide verification later, schools sometimes ask for proof of the asset values you reported. Also, don't stress too much about minor day-to-day fluctuations in investment accounts - they understand market values change daily. The key is being consistent and honest about what you have RIGHT NOW. Good luck!

As a parent who's been through the FAFSA process multiple times, I want to echo what others have said about the distinction between FAFSA and actual financial aid offers. FAFSA is just the application - it doesn't guarantee any specific amount of aid at any school. That said, I'd encourage you to have a heart-to-heart with your daughter about what's really driving this sudden change of heart. Is it truly about saving money, or is there some anxiety about leaving home, uncertainty about her chosen field of study, or concerns about the academic rigor at her top choice school? If it's genuinely about housing costs, consider that many universities have options like themed housing communities, substance-free dorms, or even single rooms that might feel more comfortable for a student who's nervous about the college experience. Some schools also offer guaranteed housing cost freezes for all four years, which can help with budgeting. A full-tuition scholarship worth $152,000 over four years is incredibly rare and valuable. Before walking away from it, I'd suggest scheduling a campus visit specifically focused on housing options, meeting with current scholarship recipients, and really exploring whether there are ways to make the total cost more manageable while preserving that amazing opportunity.

As someone who works with high school students on college planning, I see this exact scenario play out frequently. The emotional weight of such a big decision often causes students to second-guess excellent opportunities. One thing that might help is asking the university if they offer any "test drive" programs - some schools allow accepted students with significant scholarships to spend a weekend or even a week on campus before committing, sometimes including staying in dorms and attending classes. This could help your daughter work through whatever anxieties she's having about the transition. Also, many universities have first-year transition programs specifically for scholarship recipients that include mentoring, smaller class sections, and built-in support systems. These programs often make the adjustment much smoother than students expect. Given the significant financial impact ($152,000 over four years), I'd strongly recommend setting up meetings with current scholarship students at the university, the financial aid office, and housing services before making any final decisions. Sometimes hearing directly from students who've successfully navigated similar transitions can be the perspective a nervous high school senior needs.

Hey everyone! I'm a newcomer to this community and this thread has been incredibly helpful as I'm going through the exact same situation. I submitted my FAFSA two weeks ago and just got my processing confirmation yesterday. Reading through all your experiences and advice is making me feel so much more confident about the timeline! I especially appreciate the practical tips like checking student portals regularly and keeping that confirmation number handy. The idea of calling schools directly if needed is also really reassuring. It's clear this community knows what they're talking about when it comes to navigating FAFSA stress. One quick question - for those who have been through this process, do you recommend setting up any kind of notification alerts in the student portals, or is manually checking every few days the way to go? Thanks again for all the valuable insights! This is exactly the kind of support system prospective students need during this stressful time. 🎓

Hey there! I'm also new to this community but have been lurking and reading through all these helpful responses. As someone who just went through FAFSA submission anxiety myself, I wanted to add that you can also check the Federal Student Aid website (studentaid.gov) under "My Aid" to see the status of your application and confirm which schools are listed to receive your information. One thing I learned that might help ease your stress - even if there are minor delays in schools receiving your FAFSA data, most financial aid offices are pretty understanding about the federal processing timeline, especially this early in the aid year. The important thing is that you submitted before the deadline, which you did with plenty of time to spare! Also, pro tip: if you end up needing to contact schools, have your FSA ID login info ready too - sometimes they'll ask you to verify details from your actual FAFSA while you're on the phone with them. You're definitely going to be fine with your timing! This community has been so reassuring to read through. 🙂