Financial Changes

Your financial aid eligibility depends on the information you submit on your Free Application for Federal Student Aid (FAFSA). Aid eligibility can change if information about your dependency status or family income changes.

Dependency Changes
If you are a dependent on your income tax forms as well as your FAFSA, your income and asset information as well as that of your parents is used to determine your financial aid eligibility. Even if you are living on your own, your dependency status directly affects your financial aid. As a dependent student, your parents' income, employment, and the number of household members attending school can affect your grant, loan, and other financial aid information.

Income Changes
If you file your taxes and fill out your FAFSA as an independent student, only your income is used to determine your financial aid eligibility. Getting a new job or upping your hours might mean a bigger paycheck, but you could end up with less financial aid. Conversely, reducing your work hours or losing a job could mean more educational aid.

The ABCs of your EFC
If your parents contribute financially to your education, you must note it on your FAFSA. Both your Expected Family Contribution (EFC) and your school's total cost of attendance are taken into consideration with your own income and savings to determine your eligibility for financial aid. Students with high EFC's are generally eligible for less aid than students with low EFC's.

Because it's so important to your financial future, it's essential to keep your FAFSA current and correct. If you make a mistake on the form or your financial situation changes during the academic year, you should contact your school's financial aid office as soon as possible. You may be able to file a renewal FAFSA and update your information before the next term, keeping your educational information accurate and correct.