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Because that’s the deadline the federal government set. All deadlines are equally arbitrary. this is for fed money only. State and institutional aid have different deadlines which vary by state/college, but all colleges will award any federal money, like Pell grants, which the student qualifies for, as long as the fed deadline is met.
yes, I 've seen that done for students. The school must award any federal money qualified for, and can if it wants adjust it’s own aid.</p>
<p>Unemployment is a special circumstance which is addressed on the FAFSA form this year, and also can be presented to the school for possible consideration to counteract a previously higher income.</p>