Change of Financial Status
Change is a constant we can all count on. A family that experiences little change in its financial circumstances from year to year can generally expect stable funding support. However, when your financial situation changes, it might affect the amount of financial aid you receive. It is best to act quickly to fully understand the implications of these changes on your aid package.
What to do if you have a change in your financial status
When significant changes occur that could impact your ability to pay for college during the academic year, you should complete the Changed Family Circumstances Report and contact us immediately. We can offer appropriate guidance based upon your new situation.
Gradual changes that may affect your ability to afford an Ithaca education in the future should be reflected in your annual FAFSA filing, which is completed every year.
The most common changes affecting aid awards include:
- a sibling attending or graduating from a college
- the receipt of a new outside scholarship
- the loss or growth of an income
- the loss or growth in value of savings (which includes stocks, trusts and other investments)
- a household move
- the retirement of a parent
These changes could affect your qualification for need-based grants, such as the Ithaca Access Grant or the Ithaca Sibling Grant.
Such changes will not affect merit scholarships, which are performance-based rather than need-based. Merit awards remain unchanged as long as the specific criteria for renewal awards are met.
New aid from outside the college, such as a scholarship from a third party, could change your financial need and therefore your other aid. Be sure to submit the Outside Scholarship Form to us when you have been awarded a new scholarship.
Other factors that may affect your aid
In addition to changes in your family’s financial circumstances, you should be aware that failure to meet standards for academic performance and not completing financial aid applications by the priority deadlines can also have an impact on the amount of aid you receive.