Loss of Income Appeal for 2015-2016
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.
- Completed financial aid file
- The 2015 income MUST be lower than the 2014 reported income on the financial aid application
- Selected for verification, if not already selected
- Hardship event must be verified with official documents (third-party) if submitting income appeal before Dec. 1
- An adjustment will improve the student’s financial aid eligibility (i.e., eligibility for grants or other need based aid)
Hardship Event(s) Considered:
- Job Layoff / Termination, work hour reduction, military discharge
- Divorce or marital separation after financial aid application has been filed
- Death of Spouse after financial aid file has been reviewed
- Ending of taxable or untaxed income/benefit (received in 2014 and reported on application)
- One-time lump sum payment or cash distribution in 2014 due to one of the hardship events listed above
A loss of income is determined by projecting ALL 2015 taxable and untaxed income, but not all income and/or untaxed income reported is considered for adjustments such as, but not limited to:
- Situations involving higher income in 2014 from any form of "Other Income" listed such as, gambling and games of chance, lotteries, contests, raffles, sweepstakes, debt forgiveness, 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.
- Asset information reported on the financial aid application is as of the date the application was filed
A signed 2015 Federal Income Tax Return will be required if:
- Submitting the 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
Items to bring with you for drop-in counseling
- 2014 IRS income tax transcript for the student (and spouse if married), and parents (if dependent)
- Signed 2015 Federal Income Tax Returns, all 2015 W2s and any other untaxed income received in 2015
The information listed on this page is not inclusive of all policy and procedures. Full documentation is an absolute requirement for this process. Students must meet with a Financial Aid Counselor to discuss their situation, obtain the income appeal, or submit the appeal with required documentation. Appeals are reviewed on a case-by-case basis. Processing is 4 - 6 business weeks and is contingent upon the student submitting all requested documentation in a timely manner.
Please Note: Due to processing time, financial aid disbursements may be delayed. Registration fees or the balance must be paid by the posted date/deadline to avoid being dropped from semester classes.