<p>When I did our FAFSA, I estimated my father’s income (he is self-employer so it takes much longer time to get his forms). UC Davis gives me a lot of fin. aid due to our income ($9500 Un. grant, $3600 Pell Grant, $5000 loan, $1500 Cal Grant B). But it’s all for Tax Return 2004 and we’ll get our 2005 one in like 5-7 days (hopefully). If for example our estimation was $3000-$7000 smaller than the actual number (it’s was really hard to estimate) will it change my fin. aid?</p>
<p>It will probably have some impact but it looks like you would still be eligible for a good financial aid package based on what you listed above. Even if it was $7,000 higher, they are only going to count part of that toward your EFC (at least that’s my understanding), so you should still qualify for funding, just probably it will be reduced proportionally.</p>
<p>Yes.</p>
<p>When you filled out FAFSA, you checked the box that said your parent(s) ‘will file’ their '05 tax return. That flags your FAFSA and your EFC as an estimate, and UCD won’t finalize your financial aid package until you correct and finalize your FAFSA.</p>
<p>Once you get the actual numbers for '05, correct the FAFSA and change the checkbox to ‘has filed’. If your estimate was, say 5K lower than actual income, it will increase your EFC a modest amount, unless your parent’s income is very low (a 5K increase in income might increase your EFC by 1K, for example).</p>
<p>That, in turn, will reduce your financial aid package a bit. They’re probably reduce the university grant.</p>
<p>Thanks people</p>