<p>my parent's income will decrease significantly on the year ill be attending college? is the financial aid based on my parent's income this year or the year i go to college? thanks</p>
<p>If you are going to college in 2007-2008, financial aid will rely on the tax forms from the year of 2006. However, most financial aid forms also ask for both your 2006 income information and 2007 predicted income. You might want to let the colleges' financial aid offices know about your situation, though.</p>
<p>You have to submit FAFSA using 2006 information. However if you can provide documentation that shows there will be a significant change in income the financial aid officer can make a professional judgement adjustment. Also if there are significant costs such as medical expenses. You will have to be able to document everything. </p>
<p>finaid has some info about this </p>
<p><a href="http://www.finaid.org/educators/pj/%5B/url%5D">http://www.finaid.org/educators/pj/</a></p>
<p>this is for schools that use FAFSA. I don't know how schools using profile treat these circumstances.</p>