<p>My parents are currently filing for bankruptcy, so do you think that if I explain our situation to colleges they can be a little bit more generous with their awards? Our EFC is around $12,000 but there is no way that they can pay anywhere near that amount, and getting loans approved is going to be a nightmare. Any opinions?</p>
<p>If your families financial situation has changed significantly, especially if bankruptcy is going to cause a large reduction their assets and income, you should let colleges know. This will affect their ability to borrow to finance your education, so it will probably have at least some impact on how your EFC is calculated.</p>