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Paul Smith's College

Policies & Procedures - Changes in Financial/Family Circumstances

Financial Need
The majority of financial assistance is based upon financial need. The FAFSA form collects data primarily on your financial resources for the previous year. We recognize that a family ’s income is not always consistent from one year to the next, and that circumstances beyond a family’s control may inhibit a family’s ability to contribute to educational expenses.

Changes in Financial/Family Circumstances
We welcome the opportunity to discuss a substantial change in your family’s status since filing the FAFSA.  Such circumstances include separation/divorce, loss of income, high medical and/or dental expenses (not covered by insurance), or a catastrophic expense. You can download a 2013-2014 Special Circumstances Request form.

Reporting Changes in Financial/Family Circumstances
If you or your family experience a significant financial change (such as those listed above), you must submit a Special Circumstance Form and documentation of the situation to the Financial Aid Office.  Please see the section listed as Forms.

Review Process
The Financial Aid staff will review the submitted documentation and make a determination if there can be a recalculation of your original EFC (Estimated Family Contribution). If there is a recalculation that results in a decrease in your EFC, additional aid will be considered for you based on a funds available basis.

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