filing-the-fafsa-2015-2016-edition
filing-the-fafsa-2015-2016-edition
filing-the-fafsa-2015-2016-edition
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Filing <strong>the</strong> FAFSA 160<br />
Appeal<br />
A financial aid appeal is a request for more financial aid, usually because of special circumstances that<br />
affect <strong>the</strong> family’s ability to pay.<br />
Arrears<br />
Child support obligations that are owed and unpaid are said to be in arrears. Past-due child support<br />
obligations do not affect eligibility for federal student aid.<br />
Asset<br />
An asset is something of monetary value. It may include tangible and intangible property.<br />
Asset Protection Allowance<br />
The Asset Protection Allowance (APA) shelters a portion of assets from being assessed by <strong>the</strong> need<br />
analysis formula. The APA is based on <strong>the</strong> age of <strong>the</strong> older parent if <strong>the</strong> applicant is a dependent student<br />
and <strong>the</strong> older of <strong>the</strong> student and <strong>the</strong> student’s spouse if <strong>the</strong> applicant is an independent student.<br />
Assistantship<br />
An assistantship is a form of financial aid where <strong>the</strong> student performs services in exchange for a full<br />
or partial tuition waiver and a living stipend. The most common types of assistantships are research<br />
assistantships and teaching assistantships.<br />
Associate’s Degree<br />
An Associate’s Degree is awarded by two-year colleges, such as community colleges.<br />
Auto-Zero EFC<br />
Low-income students who are eligible to file an IRS Form 1040A or 1040EZ or who receive certain meanstested<br />
federal benefits will have <strong>the</strong>ir EFC automatically set to zero.<br />
Award Letter<br />
A financial aid award letter (also called a financial aid notification) is a paper or electronic document from<br />
a college that describes <strong>the</strong> types and amounts of financial aid offered to <strong>the</strong> student. The award letter<br />
also explains <strong>the</strong> terms of <strong>the</strong> financial aid, what <strong>the</strong> student is expected to do to keep <strong>the</strong> award and a<br />
deadline for accepting <strong>the</strong> award.<br />
Award Year<br />
An award year is a 12-month period that runs from July 1 to June 30.<br />
Bachelor’s Degree<br />
A Bachelor’s degree is awarded by four-year colleges and universities.<br />
Base Year<br />
The base year is <strong>the</strong> prior tax year (calendar year). Applicants report income earned during <strong>the</strong> base year<br />
on <strong>the</strong> FAFSA. For example, if a student is applying for financial aid for <strong>the</strong> <strong>2015</strong>-<strong>2016</strong> award year, <strong>the</strong><br />
base year is 2014.
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