Loss of Income Appeal
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- Form Available: Monday, September 8, 2014
- Fall 2014 Only Deadline: Monday, October 20, 2014
- Academic Year / Spring 2015 Deadline: Monday, March 9, 2015
Eligibility for 2014-2015 financial aid is based on total income (taxable and some untaxed income) from tax year 2013. When the total income for the family unit is expected to be lower in the 2014 tax year as a result of one or more of a hardship event we may approve an adjustment under the conditions outlined below.
Quick Reference: Loss of Income Appeal Checklist (pdf)
- A complete financial aid file
- Hardship in general should be of an involuntary nature (outside the control of student and/or parent):
- Job layoff / termination
- Military Discharge
- 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 2014 tax year for a possible aid adjustment for Fall 2014, Spring 2015 and/or Summer 2015
- The 2014 income MUST be lower than the 2013 reported income on the 2014-2015 financial aid application
- Determining a loss of income can be determine by:
- Estimating 2014 Income: ALL 2014 taxable and some untaxed income; or
- Providing signed copies of 2014 Federal Tax Returns before the academic year deadline
- The asset information reported on the FAFSA or Dream Act application is as of the date the application was filed (adjustments are not considered)
- Situations involving higher income in 2013 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 2014 Federal Income Tax Return will be required if:
- 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
- Submitting the Loss of Income appeal on or after Monday, December 1, 2014
- Bankruptcy and home foreclosures not accompanied by a qualified loss of income event
- 2013 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 2014 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.