Financial aid income requirements
Financial Aid Process is a complex one, which requires lot of documentaion.If the application form is imcomplte, it will not consider for further evaluation. Most of the student aid programs are awarded on the basis of students financial need. The information provided by the students on the FAFSA is evaluated on the basis of some formulas and calculators designed by the Congress law. The FAFSA is the initial step in the process of any of federal, State need-based aid programs.
Federal Financial Aid programs include the Stafford Loan, Federal Work Study, Perkins Loan, Nursing Loan, Academic Competitiveness Grant, Teach Grant, National SMART Grant, Pell Grant and SEOG Grant. The preferred method of FAFSA completion is submitting online through www.fafsa.ed.gov. You are allowed to download a FAFSA from the website and submit it to the respective Financial Aid Office. The FASFA will determine the dependency status of the student based on the parents income and assets as well as spouses income and assets, if applicable.
FASFA requirements are:
* Parents and students 2008 federal tax returns.
* W-2 forms and other earnings statements.
* Updated bank, stock and investment statements of parents and students.
* Current value of assets
* Value of investment farms.
* Insurance reimbursement amount of Medical and dental bills.
* Private elementary or secondary school tuition amount bills.
* Relieving cum experience letter from your previous employer.
* Student verification worksheet in case of if you are married
The minimum eligibility for the Financial Aid is based upon the parents income of the applicant as mentioned in the Free Application for Federal Student Aid (FAFSA). The family income requirements will be, if the household size is 1, then the total family income should be 10,400.If the households are 2, the family income should be 14,000.If the house holds are 3, the family income should be 17,600.If the family members increases to 4, income should be 21,200.
Some of the financial aid programs eligibility will be based on the actual total family income as reported on the federal income tax return. Adjustments to the financial aid income through the financial aid Professional Judgment process will not affect award amount. Pell Grant is one of the federal aid programs, the eligibility will be based on the Expected Family Contribution of an applicant. If a student has less expected family contribution, the student will be eligible for a Pell Grant.
Parental income factor also determines the students Financial Aid Eligibility. No fixed income amount will affect the aid eligibility. The Federal government placed certain rules and regulations to determine the dependency status of an applicant. If a student doesnt meet the dependent requiremnts, he will be considered as independent.There is no minimum or maximum EFC is determines the eligibility of campus-based aid programs. The financial need is determined by using the following equation: Cost of Education, less Expected Family Contribution, equals Financial Need. If the student has considerable less family income as demonstrated in FASFA due to unemployment, divorce, separation, death, disability, etc. Then the student is required complete an additional form called Income Reduction Certification form.