Change in Financial Situation

Paying for College
1

<p>Thanks for taking the time to read this post. </p>

<p>I received an early write from one of my colleges and subsequently received their financial aid offer. The EFC is around $10,000 (which strangely enough is less than going in-state would be) but there has been a change in my family's financial situation. My father (the primary bread-earner) has had to change jobs to one that will pay a great deal less, and when we filled out the IDOC/FAFSA, we were in possession of about $150,000 in cash from an inheritance. However, we used about $100,000 or so on a property and new house to which my parents will be moving this summer. So, we don't have the same amount of fungible funds has we did. We did make about 45K /yr before my dad's job change, but will likely make less this coming year. How do I go about contacting my college (and should I) , and is it likely to have my financial aid package changed? Thanks!</p>

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<p>Lotus,</p>

<p>I think it would be wise to contact the college to let them know of the change in your father's work status and change in income. However, the asset part is understood to be ever-changing, and the FAFSA and Profile assume that you are taking a "snapshot" of your assets, on the particular day you complete your form. I would guess it is unlikely that they would change your EFC based on the funds your folks chose to spend on the house: they may reason that they COULD have spent it on your college tuition. Still, I guess there is no harm asking. </p>

<p>Next year's snapshot will be quite different, and your EFC will take all of the changes into account.</p>