<p>OK, so here it is. Did the FAFSA and ended up with a EFC of about $4000. Daughter accepted by a school with this scholarship: School academic = $20,000; Work study $1600; Stafford loan $2700; Perkins loan $1400. Problem? I reported my income at $42,000, but due to complicated reasons too deep to go into, will have to go back and ammend my tax return to reflect that income at $75,00 instead of 40,000. How will this affect these loan? Will it also affect the academic scholarship?? (It was based on SAT’s) What do I do? Help!</p>
<p>It depends on the school what it affects
They may reduce ( probably) the Perkins loan- they might leave the Stafford & work study alone, the academic award may be left alone if determination ws strictly merit
Iwould give them updated infomation as soon as possible, so they don’t think you were trying to defraud them, just in case.
By going online and correcting FAFSA and sending school an email explaining what corrections you have made, should be enough since finaid office is probably closed now.</p>