Loss of Income Appeal
Dates & Deadlines
- Form Available: September 7, 2015
- If attending Fall 2015 only deadline: November 16, 2015
- If attending the Academic Year / Spring 2016 deadline: March 8, 2016
Eligibility for 2015-16 financial aid is based on the total income (taxable and some untaxed income) reported on the financial aid application from tax year 2014. When the total income for the family unit is expected to be lower in the 2015 tax year as a result of one or more hardship event we may approve an adjustment under the conditions outlined below.
- A complete financial aid file. If not selected, then you will be selected for verification.
- Hardship must be verified with official documents (third-party)
- An adjustment will improve the student’s financial aid eligibility
- Loss of income must occur in the 2015 tax year. The 2015 income MUST be lower than the 2014 reported income on the financial aid application
- A loss of income is typically determined by projecting ALL 2015 taxable income and some untaxed income
- The asset information reported on the financial aid application is as of the date the application was filed (adjustments are not considered)
- Situations involving higher income in 2014 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.
A signed 2015 Federal Income Tax Return will be required if:
- Submitting the Loss of Income Appeal after December 1, 2015
- Irregular or inconsistent income based on sales, commissions, on-call jobs or self-employment, etc
- Sources of non-wage income such as from rental property or difficult-to-estimate income from capital gains, investments, and other income-generating assets
- Bankruptcy and home foreclosures not accompanied by a qualified loss of income event
- 2014 IRS income tax transcript for the student (and spouse if married), and parents (if dependent). Other forms may be requested depending on the individual situation (unless submitted for verification processing)
- Documentation of all income received to date in 2015 from all sources (wages, unemployment benefits, disability, etc.) by student/spouse and/or parents, as applicable
Full documentation is an absolute requirement for this process. Meet with a Financial Aid Counselor to discuss your situation, obtain the forms, and submit with required supporting documentation.