Financial Changes

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

Dependency Changes
If you are a dependent student (as determined by how you answer the dependency questions on the FAFSA and income tax forms), your income and asset information as well as that of your family is used to determine your eligibility for financial aid. If your parents change jobs, lose income, or the number of household members attending college changes, your eligibility for loan, grant, and other funding may be affected.

Income Changes
If you are an independent student (as determined by how you answer the questions on the FAFSA) only your income will be used to determine your eligibility for financial aid. Getting a great new job might give you a bigger paycheck, but it could also mean less financial aid. On the other hand, if you plan to reduce your work hours or if you lose a job, it could mean more financial aid.

Expected Family Contribution (EFC)
The information you submitted on the FAFSA is used to calculate how much you and/or your family are expected to contribute toward your school expenses each year. Both the Expected Family Contribution (EFC) and the school's total cost of attendance are used to determine your eligibility for aid. Students with high EFC's are generally eligible for less aid than students with low EFC's although the cost of attendance is also a factor.

It's important to keep the information on your FAFSA current and correct. If your financial situation changes during the academic year, or you realize you made a mistake on the form, contact your school's financial aid office as soon as possible to determine how you should proceed. You may be able to update your information with a renewal FAFSA before the next term.