Q. I had significant investments in the stock market and because of the recent drops in the market have lost a considerable amount of wealth. How does this affect my student's financial aid at Whitman?
A. While we cannot react to market conditions immediately, the Office of Financial Aid Services will definitely look at your asset information for the coming school year. Even if you have not filed an application for financial aid in the past, we encourage you to do so for the 2009-2010 school year. Your change in circumstance could mean that your son or daughter may be eligible to receive need-based financial aid for the coming school year.
Q. I have recently lost my job or had a significant cut in pay. Is there anything that Whitman can do to help my child with their educational expenses given the change in my circumstance?
A. We may be able to help your son or daughter with their second semester expenses. If you have already filled out the CSS Profile and the FAFSA for 2008-2009, you just need to write to us and provide us with the difference in income you expect from now until June 30th. If you have lost your job, you should contact us at 509.527.5178 or at finaid@whitman.edu so we may provide you with some specific information we will need to be of assistance to you and your son or daughter.
If you have not yet completed the CSS Profile and FAFSA for this school year, you will need to do that immediately. You will also need to send us a copy of your 2007 tax return. Providing us with specific information is important.
Q. We are hearing a lot about the loan markets and problems with student loans. Is there a chance that my son or daughter will either lose or not be able to get a student loan to help with his or her expenses at Whitman?
A. Our students are very fortunate. We have good solid lenders who are continuing to provide loans to our students and parents. Stafford, Perkins, PLUS and alternative loans are all available to our families.
Q. Because of the downturn in the housing market, my home is no longer worth what it was even a few months ago. Will this affect my child's financial aid?
A. Whitman does not use home equity in the calculation of a parent contribution, so it has no bearing on your son's or daughter's financial aid.
The only time we look at home equity is if a parent has a second home or rental that has built up equity. If the value of those properties decline, you will be able to provide us with that information on the 2009-2010 CSS Profile and FAFSA.
Q. My retirement account was heavily invested in the stock market, and now is significantly less than a few months ago. Will this affect my child's eligibility for financial aid?
A. As with home equity in the primary residence, Whitman does not include the value of recognized retirement accounts (401k, IRAs, pension plans, etc) in the calculation of a parent contribution. Thus, it does not affect the student's eligibility for financial aid.
Q. Even before recent events with the markets, we saw the increase in the cost of gas and travel as a whole. What impact does this have on the calculation of my son or daughter's financial aid?
A. We recognize that it is costing our students more to get to college and home for breaks. Currently, we have a travel allowance built into the budget for students who do not live in Washington, Oregon or Idaho. We have just finished a survey on the cost of travel to states other than Washington, Oregon and Idaho, and will be increasing students' budgets to reflect higher costs for transportation.
Recently we made the decision to add $500 to the budget for students who live in Washington, Oregon and Idaho for 2009-2010, and ongoing to help with those travel expenses. For students who have demonstrated need, these increases in the budget likely will mean an increase in financial aid.
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