When Financial Changes Happen
Understand how your family's financial situation can result in FAFSA changes
The student financial aid system encompassed by the federal government's FAFSA process—the all-purpose system governing all applications for federal financial aid—is built for flexibility. One of the key areas in which it's flexible is responding to financial changes in the lives of students and their families who have or will be applying for financial assistance to attend college or vocational school.
With the recent changes in the economy, millions of American families have experienced financial changes. And for some, these changes have not always been for the better. Changes in life circumstances include:
- Loss of a parent's job
- Loss of a family's house, through foreclosure or some other means
- Extraordinary medical bills
- A breadwinner's disability that causes job interruption
While all of these situations are regrettable and can be painful, at least this pain is partly offset by the fact that any of these situations (or possibly others) might well result in financial aid changes for your family, such as receiving more financial aid from the school to support your child's education.
But in order to qualify for increased aid, you'll first need to submit your revised financial information through an updated FAFSA. You'll be asked to supply background material that sufficiently documents any changes to your financial situation. Your financial aid administrator may then be permitted some discretion to adjust your family's expected family contribution to reflect the changes in your financial situation.
Learn more about flexible student financing options
For future semesters, investigate grants and scholarships to offset the cost of financing your child's college education. Also, find information about an affordable Citizens Bank TruFit Student Loan® to help cover education expenses. If you still have questions about student loans or FAFSA changes, students and parents can call a student loan specialist at 1-800-708-6684, and we'll help walk you through the process.
Additional student loan and college planning resources
- What is Entrance/Exit Counseling?
- Student Loan Deferment and Deferred Interest
- Benefits of Prepayment
- What Happens to My Loans When I Graduate?