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#793 - 10/03/2005 19:46 PM Sticky financial aid question
rain0711 Offline
Junior Member

Registered: 10/03/2005
I know financial aid is based on the previous year's tax return....but does anyone happen to know if it makes a difference (in the financial aid award amount) if you quit work to go back to school in December 2005 or January 2006?

To clarify, I've been awarded $10,000 total in Stafford loans this semester and for Spring 2006 toward completing my undergraduate degree.

I plan to quit my job at some point before classes start in January so that I can take classes full time and knock my degree out in 2006. So, when I apply for aid in January for the Fall Semester 2006, will it make a difference if I was unemployed as of December 1, 2005 or January 7, 2006. I may be making this more complicated than it has to be! Hope this makes sense...Thanks

#794 - 10/19/2005 18:41 PM Re: Sticky financial aid question
Never Disparaging Offline
Junior Member

Registered: 10/19/2005

Keep in mind that your income tax for the previous year is considered in calculating your expected family contribution (EFC). Your adjusted gross income includes all the income from January 1-December 31. That being said it will make some difference depending on how much you are paid monthly. If you quit your job in December 2005 and start school in January 2006(Spring Semester or Winter Quarter) the income used to figure your EFC will be based on your 2004 income. For academic year 2006-2007, your income from 2005 will be used. I hope this helps! Good luck!


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