- Key Points to Consider When Considering Financial Aid
- Financial Aid Application Process
- Ways to Minimize Income during "Base Year"
- Effect of Assets on Financial Aid
- Financial Aid Suggestions
For an initial grant of financial aid, your family income is calculated during the "base year," defined as the full calendar year beginning two years before high school graduation—that is, the last half of sophomore year and first half of junior year. It is in your interest to do what you can to minimize your family income during the base year.
- Ask to have your bonus at work paid before the base year.
- Don't recognize taxable capital gains by investments and real estate, etc.
- Plan not to receive a state tax refund (do not over-withhold your state tax liability).
- Invest in securities that offer tax-advantaged income (municipal bonds) or tax-deferred income (Series EE or Series I bonds).
Be sure to roll over any retirement plan or IRA distributions you receive, to minimize your income. Retirement plan monies do not count as assets when applying for federal financial aid.
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Financial Learning Center content created by TrueBridge, Inc. The information provided is based upon sources and data believed to be accurate and reliable. The content contained herein is intended for information and illustrative purposes only, should not in any way be construed as a personal recommendation, and should be used in conjunction with individual professional advice.