FAFSA - Finaid
Financial aid applications, such as the FAFSA, should be submitted as soon as possible after the date they open each year. The FAFSA now permits the use of prior-prior tax year (PPY) tax information which allows for students and their families …
FERPA and Financial Aid - Finaid
However, this can create the appearance of a FERPA violation, so the financial aid office should exercise caution before engaging in such a practice, take steps to mitigate the appearance of a violation (i.e., send the notice on financial aid office letterhead instead of forwarding the other department’s letter), and get approval of the ...
Your Guide for College Financial Aid - Finaid
The Free Application for Federal Student Aid (FAFSA) is an application used by colleges, universities and career schools for awarding federal, state and college-funded financial aid. IRS Data Retrieval Tool
Expected Family Contribution (EFC) Calculator - Finaid
Beginning with FAFSA year 2024-25, the Student Aid Index (SAI) has replaced the Expected Family Contribution (EFC) formula. The SAI is similar to the EFC with a few different factors that will now be considered when determining the student’s aid.
Veterans Status for Student Aid Purposes - Finaid
The “Character of Service” will be “Uncharacterized”. Such an individual is considered a veteran for Federal student aid purposes (i.e., an independent student) if he or she served at least one day of active duty service. State student aid may have more stringent requirements for the definition of a veteran than Federal student aid.
FAQs about Financial Aid - Finaid
Call the Federal Student Aid Information Center (FSAIC) at 1-800-4-FED-AID (1-800-433-3243) or 1-800-730-8913 (if hearing impaired) and ask for a free copy of The Student Guide: Financial Aid from the US Department of Education. This toll free hotline is run by the US Department of Education and can answer questions about federal and state ...
How to Appeal Financial Aid Award Packages - Finaid
After the Financial Aid Appeal. A financial aid appeal can either go two ways: it can be denied or approved. If an appeal is approved, the financial aid administrator will make changes on the student’s FAFSA. From there, a new EFC will be generated, …
Maximizing Your Aid Eligibility - Finaid
With college expenses of $19,000 a year, the student will have a financial need of $2,000 and will probably not be eligible for much financial aid. But next year, when the student’s sibling is also enrolled, the parent contribution is split in half.
Verification - Finaid
US tax form with pen and calculator selective focus / taxation concept. During verification, the college financial aid administrator will ask the applicant to supply copies of documentation, such as income tax returns, W-2 statements and 1099 forms, to verify the data that was submitted on the Free Application for Federal Student Aid (FAFSA).
UGMA & UTMA Custodial Accounts - Finaid
Impact on Student Aid Eligibility For financial aid purposes, custodial accounts are considered assets of the student. This means that custodial bank and brokerage accounts have a high impact on financial aid eligibility.However, since 2009-10 the treatment of custodial 529 college savings plans has been more favorable.