Financial Changes

A lot can change in a year, and those changes can greatly affect your financial aid package. If changes in your financial status make it easier or more difficult to pay for your educational program, it's important to notify your financial aid office.

Much of your financial aid package is determined based on the information you submit on the Free Application for Federal Student Aid (FAFSA) each year. It's important to update that information each year, because a change in your financial profile could greatly affect your subsequent eligibility for financial aid.

Family and Dependency Status
If you are a dependent student (as determined by how you and your parents answer the dependency questions on the FAFSA), your family's asset and income information is used, along with your own, to determine your financial aid eligibility. If your parents' income changes from a raise, a change in careers, or unemployment, your eligibility for loan, grant, and other funding could also change. The number of family members attending school in your household could also have an impact on your financial aid.

Expected Family Contribution
As a dependant student, the information you submit on your FAFSA is used to calculate how much you and your family are expected to contribute toward your total educational expenses. Both your Expected Family Contribution (EFC) and your educational program's total cost of attendance are used to determine your financial aid eligibility. In general, students with high EFC's are eligible for less aid than those with low EFC's.

Your Income and Assets
If you are an independent student (according to how you answer dependency questions on your FAFSA), your income alone is used to determine your eligibility for financial aid. Taking on that great new career might mean a bigger paycheck, but it could also reduce the money you receive in need-based grants and loans. On the other hand, if you plan to work fewer hours or if you lose a job, it could mean more financial aid in your pocket. A change in assets could also affect your financial aid, including stocks, money market information, and inheritance money. Be sure you note changes in all income and asset information on your renewal FAFSA every year.

It's important to keep the information on your FAFSA correct and current. If your financial circumstances, or asset information change during the academic year or you realize you made a mistake on the form, you should contact your school's financial aid office as soon as possible.