Loss of Income (Special Condition)
Eligibility for 2013-2014 financial aid is based on total income - taxable and some untaxed income -- from tax year 2012. When the overall total income for the family unit is expected to be lower in the 2013 tax year as a result of one or more of these involuntary hardship events -- disability, divorce, death of parent or spouse, job layoff, military discharge, or ending of one-time agency benefits - we may approve an adjustment under the conditions outlined below. This is a courtesy service considered only on a case-by-case basis. It is not a required action under federal aid regulations.
For academic year 2013-2014, we will begin to accept appeals no sooner than mid-September 2013
Qualifications and Requirements:
- Hardship event must be of an involuntary nature (outside the control of student and/or parent);
- Hardship must be verified with official documents (third-party);
- An adjustment will improve the student’s financial aid eligibility;
- Income from tax year 2012 must first be verified by IRS tax transcripts and other verification forms
We will NOT consider:
- Situations involving higher income in 2012 from any form of gambling and games of chance, e.g., lotteries, contests, raffles, sweepstakes, etc.;
- One-time lump sum cash distributions of pensions, IRA accounts, or other retirement accounts used to pay down debt or make discretionary purchases, etc.;
- Bankruptcy and home foreclosures not accompanied by a qualified loss of income event.
- Promptly report any corrections, changes, or updates to a Financial Aid Counselor if/when they occur after a Loss of Income adjustment has been approved and processed. If the actual income for the projected year is higher than what is first estimated, awards may be revised and repayment of disbursed funds may be required after a new review has been completed.
- Meet with a Financial Aid Counselor to discuss your situation, obtain the forms, and submit with required supporting documentation. View Office Hours for current hours.