Financial Changes & Tax Liability
Changes to Financial Situation
Notify the Financial Aid Office directly of changes which may affect the family's ability to provide financial assistance to the student. These changes may include but are not limited to loss of employment or benefits, a significant decrease in income, separation or divorce, death or disability, unusual medical expenses, and child care costs.
Potential Tax Liability
Financial aid grants may be taxable income. Students receiving grants are advised to retain receipts for fee payments, books, supplies, and equipment that are course related. IRS Notice