How does student financial aid work? FAFSA?

From my understanding, to do the fafsa, I must use the 2007 income tax report and chose which universities I want to attend. What if one of my parents lost their jobs and the other makes less income right now due to fewer work hours and that info didn't show in the 2007 report? Is the financial aid amount in the SAR be final even though my dad's income is lower today than in 2007? How does that work? What should I do? thanks a bunch! I'm going to be a first time college student soon :)

Well actually if you are applying for Fafsa for the 2009-10 school year, you will use the 2008 income tax report, so that should be most recent and be able to more accurately represent your parents financial situation at the moment.

Fafsa is an extensive application process and they ask tons of questions, so they will be able to figure out how much your parents can pay. Don't worry about it, just make sure you apply by the deadline. Also they will make sure to provide you with enough loans to cover your tuition.

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