CNBC: Financial aid for unemployed parents

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CNBC: Financial aid for unemployed parents

6 February 2009 1 views 2 Comments

I had the privilege of being a guest expert on CNBC’s On The Money show, answering a call-in question about financial aid for parents who have lost a job.

A few extra notes – one clerical error, I am not the founder of the Student Loan Network. That’s Joe Cronin, our president and CEO. I’m the founder of the Financial Aid Podcast, and Chief Media Officer of the Student Loan Network.

A professional judgement override on future earnings will likely be a very common thing (unfortunately) this coming year. Make sure you have terrific documentation, a real clear paper trail from last year’s FAFSA results (the SAR), a termination notice, a final pay stub, and unemployment insurance payments so that your financial aid officer can see a clear, real discrepancy between what your earned income was previously and your current financial aid situation.

Also, student loans are not drying up per se – federal student loans like the Stafford Loan at StaffordLoan.com remain highly available, as do the PLUS loans at ParentPLUSLoan.com. Private student loans like those at PrivateStudentLoans.com are indeed more restricted in both capital supply and credit criteria but do remain somewhat available.

Scholarship and financial aid resources, some of which were mentioned in the show:

- My free FAFSA Line By Line eBook
- My free Scholarship Search Secrets eBook
- ScholarshipPoints.com monthly scholarships
- Our $10,000 scholarship

You can also download the video as an MP4 file here.

Thanks to Shauna and Carmen for the opportunity to help out.

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