Yes, your Tax Refund can increase of you are able to claim your own exemption. By doing so you are allowed an automatic $4,050.00 downward adjustment to your Taxable Income.
I must advise you that the rules for Financial Aid differ from State to State. I cannot provide advice on how options you elect when filing a Tax Return will affect your Financial Aid status.
For a quick read on exemptions and your tax return please follow the link below:
https://ttlc.intuit.com/replies/3299967
