June 13, 2008, Newsletter Issue #72: Your Income And Assets

Tip of the Week

If you decide to pay for college by relying on financial aid, know the process and requirements to help you qualify. Your financial aid award is determined by reviewing a number of factors including your income and assets. If you are a dependent student, your parentís income and assets may also be considered. In general, a financially needy student who qualifies for grants and low-interest loans has very little income or assets to report when applying for financial aid. On the other hand, if you or your family is fairly well-off, donít expect to receive much in the way of federal financial aid. Be honest when reporting your income and assets on the application. Inaccurate information is typically caught during the process and could jeopardize any other financial aid you may qualify to receive.

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