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... without adversely affecting the financial aid award already determined to the student ?
It is July, 2010, student is a rising junior at a LAC, and the LAC has already given a FA award to the student for the next school yr. A relative of the student has said that he would like to give a sizable amount to the student to pay for college tuition. He said he did not want to upset the financial aid situation. Not sure if this person wants to also retain a tax benefit for the current year (is this something a donor can possibly enjoy if contributing to the college costs of a student?).
Note: main breadwinner of the student's family has lost his job, the family's EFC went from $26,200 to $2,703, but the college's FA award has been the same except for a Pell grant; financial need has been addressed by the school via extraordinary loans to the student, including subsidized staffords, but loans nonetheless.
A related question is:
Can a college's financial aid award, once determined, be changed during the year in which the award was effective? Or would such changes occur the NEXT year since the gift might be considered income for the current year?