Do colleges give much consideration to "special circumstances" regarding financial aid revisions?

Question

we took an early 401K withdrawal due to unemployment and have been using these funds for living expenses. my daughter's financial aid is being hugely affected by the withdrawal. Is much consideration given to people who explain circumstances?

Answer 1

Yes, you can appeal the financial aid if you have special circumstances.  It's hard to say if anything can be done in your circumstances, as the unemployment (which would have helped your daughter's financial aid) is off-set by the extra income you have from the withdrawal.  I am assuming the withdrawal was made in 2007.  You can ask the Financial Aid Office (FAO) to use your estimated 2008 income, if it is going to be significantly lower than your 2007 income.  If you do this, however, and THEN take another withdrawal, you need to let the FAO know immediately.  Or better yet, decide whether or not you're going to do that for the rest of the year before you appeal.  

Good luck.