<p>If our family is undergoing a change in financial need, should we update the Financial Aid Office? The family van recently passed away and we will have a new debt of around $550/ month for 48 months. Everything is in the works for a new Toyota. Any advice?</p>
<p>I don’t think that non-house debts are considered in financial aid awards. It couldn’t hurt to ask, but I doubt if you’ll get anywhere.</p>
<p>I don’t think consumer debt is considered. Otherwise everyone would buy new cars to get more aid.</p>
<p>Purchasing a new car will have no impact on your financial aid. It may seem to you that your need has changed but this is not something that is considered in the need analysis by schools.</p>
<p>you could buy a used car for MUCH less. They won’t care about your debt to buy a car.</p>
<p>The above answers are indeed correct. Consumer debt is not a part of the financial aid Expected Family Contribution formula. I know it’s not the answer you want to hear … and I definitely sympathize because unexpected expenses are tough to handle … but that’s how it works.</p>