My fasfa and EFC are based off my parent’s 2015 tax return but that year was more of an outlier. My parents just did their 2016 tax return and they made around 25k less than they did last year during 2015. Is there anyway I can update colleges about this since I can’t change anything on my fasfa?
Any help/ advice is appreciated. Thank you.
No. The 2017-2018 fafsa is using 2015 income information.
The 2016 income information will be used for your 2018-2019 financial aid forms.
ETA: is this a one time blip in your parent income? Also is that $25,000 less income half of their income…or what?
@thumper1 yeah I just read over what I said and I was kind of confusing. To clarify, I’ve already completed my fasfa. Normally my Parent’s income is in the ~72000 range but my dad worked a lot of ot during 2015 that bumped up our income. Now circumstances have changed, especially bc of work and age(my parents are over 60) so I was wondering if there was any way for me to let colleges know this information. Is it worth emailing the financial aid office? If so how could they help.
You certainly can fill out the ‘change of circumstances’ form. There may not be a big difference at your school in what a student with a family income of $72k and one of $100k are awarded in need based aid, but you can appeal and see what they say
@twoinanddone Thanks for the advice. Should I do so now or after I hear back from the colleges in April?
If you are accepted, do it immediately.