Below is the documentation needed to assist students with a Special Circumstance/Change in Financial Circumstance (CFCF).
Before we can forecast a family’s current income for a CFCF (Change in Financial Circumstance), we require verifying the household’s prior prior year income and demographic information reported on the FAFSA. Families must submit the below items to verify the FAFSA:
- Dependent Student Verification Statement
- Signed copy of parent’s prior prior year Federal Tax Return with all applicable schedules or the successful transfer of parent’s prior prior year income from the IRS into the FAFSA using the IRS direct data exchange
- Signed copy of student’s prior prior year Federal Tax Return with all applicable schedules or the successful transfer of student’s prior prior year income from the IRS into the FAFSA using the IRS direct data exchange, if applicable
- Submit copies of all parent W-2 wage statements from the prior prior year. If parent is self-employed, owns a farm, or is in a partnership, please send a copy of your Schedule C, Schedule F, Schedule E, and/or Schedule K-1 from their prior prior year Tax Return
We will calculate the family’s projected current year income and enter that income into the FAFSA to replace prior prior year income. This income update to the FAFSA will produce a more accurate financial picture for the family since the update will be based off of the household’s current year income during the time the student will be attending college. To process a Change in Financial Circumstance, students must submit the below items to the Financial Aid Office:
- Current Year Change in Financial Circumstance Form
- Documentation of paid medical expenses (if applicable)
- Letter from former employer showing the date separation from employment occurred (termination letter)
- Severance package/amount received and date (if applicable)
- Unused personal, sick, or vacation time paid out due to employment separation and date paid out (if applicable)
- Copy of Unemployment Benefits Statement and the date when unemployment benefits began (if applicable)
- If the individual receives back pay from unemployment, please update us when that determination is made
- Documentation of any additional taxed and untaxed income expected in the current year (i.e. – child support, rental income, IRAs, pensions, annuities, 529 plan disbursements for student not owned by parent, part-time income, etc.)
- Copy of parent’s most recent paycheck stub for the parent who is still currently employed (if applicable)
- Copy of parent’s most recent paycheck stub if parent regains employment (if applicable)
- If parent(s) own a business, we will need a profit and loss statement showing actual income from January of the current year to the end of March for the current year and estimated income from April 1st of the current year to the end of December of the current year in order to project self-employment income
- We will also need a copy of your completed prior prior year Profit and Loss statement to review past quarterly trends.
- Additional documentation may be required depending on the situation surrounding your family’s change in financial circumstance
Above documentation can be sent to our office via mail (Financial Aid Office Box 43, 520 North Main Street Meadville, PA 16335), faxed (814-337-0431), or returned in person.
If you have additional questions, please contact our office at 800-835-7780.