FAFSA: What Happens If My Financial Situation Changes?

Flickr user Nick Olejniczak

All the financial and personal details that you submit on your FAFSA must be accurate as of the date of submission. However, anything can happen from the time you submit the FAFSA to the time that you receive your financial aid package. The FAFSA takes this into account and has made provisions for these situations.

Financial Changes

If your financial situation changes after you have submitted your FAFSA, you can explain your new situation or provide your new details in writing to the Financial Aid Office at the earliest. You will have to submit the necessary documentation as evidence to support your new circumstances.

Some of the more common circumstances under which students’ financial situation may change includes but is not limited to:

  • Household wage earner’s reduction of wages
  • Recent loss of job
  • Unexpected medical or dental expenses not covered by insurance
  • Serious illness, disability or death of a household wage earner
  • Mental incapacitation of a household wage-earner
  • Separation or divorce
  • Other changes in the family income or assets
  • Institutionalization or incarceration of a household wage-earner
  • Reductions or end of child support
  • Recent nursing home expenses or special-needs expenses not covered by insurance
  • Damage or loss of residence due to natural disasters such as floods, earthquakes, fires, tornadoes, etc.

The important thing to remember is to keep all documentation pertaining to the changes in your financial situation to make it easier to get your financial aid package re-evaluated and hopefully increased.

Use College Raptor’s free Student Loan Finder to compare lenders and interest rates side by side!

College Raptor Staff

Leave a reply

Your email address will not be published. Required fields are marked *