<p>We own a small retail business. As the economy tanked, our 2008 revenues tanked with it, and our 2008 tax return shows virtually no income. As the result of some drastic cost cutting (including cutting staff–yes, we are part of the problem), we managed to eke out a small profit in 2009. However, our 2009 tax returns will not be completed in time to include the figures in our D’s sophomore year FAFSA, due March 1. How do colleges handle their financial aid awards in the face of changing information? Will D get a contingent award that is subject to being rescinded or cut back, or will her financial aid request be shelved entirely until the 2009 numbers are submitted?</p>
<p>It really depends on the school. Some schools do give a preliminary offer based on your preliminary FAFSA data. It will not be finalized or disbursed until your accurate 2009 income information is submitted. </p>
<p>My daughters school however does not make any sort of offer until the final data is submitted to FAFSA and we have submitted any verification requested. So much will depend on the school.</p>