What do schools do when EFC changes radically from year to year

Paying for College
1

<p>We had little income during the first part of our initial base year. I then secured a high-paying but temporary consulting job. So, if my gig ends 9/30, our EFC could easily end up less than $10K. But I would hope to find a new permanent job by next year and our EFC could easily shoot up to $25 - $30K for my D's next (sophmore) year. (We do have to fill out a fafsa every year, right?). What do schools do in this situation? Cancel the need-based scholarships? </p>

<p>Conversely, if my gig holds til the end of 2009 we could end up with an EFC of $26 - $28K. However, if the gig then ends 12/31/2009 (very possible) and things do not pick up in the economy then the EFC for my D's next (sophmore) year could be <$10K. What do schools do in this situation? </p>

<p>Thanks for your insight.</p>

2

<p>The adjust the package so that you pay your EFC based on the previous tax year. This is of course for schools that meet need.</p>