Financial Changes

The information you submit on the Free Application for Federal Student Aid (FAFSA) each year affects your financial aid package. If that information changes from year to year, your financial aid eligibility can also change.

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

Personal Information
If you are an independent student (again, as determined by how you answer the questions on the FAFSA) your income alone will be used to determine your financial aid eligibility. Taking on a new career might mean a bigger paycheck, but it could also reduce your financial aid. 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.

Expected Family Contribution (EFC)
As a dependant, the information you submit on your FAFSA is used to calculate how much you and/or your family are expected to contribute toward your yearly educational expenses. Both the Expected Family Contribution (EFC) and your educational program's 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.

It's important to keep the information on your FAFSA correct and current. If your financial circumstances, status, 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.