A need-based aid decision represents the result of careful deliberation by the financial aid committee, using the models and principles outlined above and all information included in an aid application. If family circumstances change after the filing of the application, or if errors are made in the annual reporting or calculation of data, aid awards can be reconsidered. Adjustments that would require exceptions to the standard principles and practices used for all families cannot be made.
Requests for reconsideration must be in writing, in as much detail as possible; the committee requires appropriate documentation. Examples of the changes in circumstances that can be considered are: total loss of employment by either parent; disability or death of either parent; extraordinary medical or other non-discretionary expenses during the current year; lack of family health insurance coverage due to unusual and extenuating circumstances.
Because the following factors would cause a violation of the principles of need analysis which apply to all families, the committee does not give reconsideration due to: differences between the IM and FM methodologies; aid offers from other colleges (whether based upon the other institution’s definition of need or merit); the student’s meritorious achievement; family spending patterns; or family consumer indebtedness.