<p>So my parents own a business and it takes forever for them to do their taxes, meaning that I updated my fafsa with the most recent information on march 23, even though I submitted a incomplete fafsa on January 3. I know that I qualify for some state and federal grants because of my siblings who have received them in the past, but my award letters from colleges have already been coming in around the same time that I updated my taxes and they included none of that. Is my financial aid likely to change now that Fafsa has a completed form? Will I receive a separate federal student aid package? I have yet to receive any news but I'm very worried.</p>
<p>Yes, it is extremely likely your aid will change, particularly if it means your family would pay more.</p>
<p>The same thing happened to me. I was sent a FA package from Pace quite early with the original EFC on it. Several weeks later I was mailed an amended package which stated several reasons why the package would be amended including change in Federal Taxes. The amended package was actually much, much better than the first. This was the only school that had to amend the FA package, as all others came in after I had amended our FAFSA and reflected the new EFC. As long as you make the changes in your FAFSA, the schools should get the updated information and if there is significant change, your package would be adjusted accordingly. I would, however, call if you don’t hear anything and let them know you made changes and to ask if they got your ammended FAFSA.</p>
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<p>It depends. You did not say whether, and by how much, actual differed from estimated. If you were right on, then the update should not make a difference. If you were way off, then the update can make a difference. It all depends upon the degree of the change, whether the change was beneficial or not, and whether you were awarded merit or need based aid (or both).</p>
<p>I should have been more clear: my efc only went down by about 500 dollars. What I was trying to ask was if the school needed the most recent tax information before handing out its financial aid, but it seems that if my efc didnt change all that much I’m stuck in the same position.</p>
<p>If you have already received a Financial Aid Award from a school, then they did not need your parents completed tax return. If your EFC changed by $500, then your final award should not be that different. If you have not received an award letter, then contact the school and ask when you should be expecting it. If they want the completed return to give you an award letter, then they will tell you.</p>
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What news are you waiting for?</p>
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<p>Unless you applied for separate merit aid, the award letter you received should include the federal award, if any. If you applied for merit aid, they can tell you about that. You should eventually receive an award package that includes everything.</p>