well I'm on parole at the moment, so am I eligible for help?
You may be eligible for federal student aid. However, if you were convicted of a drug-related offense or if you are subject to an involuntary civil commitment for a sexual offense, your eligibility may be limited.
does it matter if I was already getting financial aid when I got arrested?
Yes, your eligibility might be suspended if the offense occurred while you were receiving federal student aid