Landing Financial Aid
- 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
Ways to Minimize Income during "Base Year"
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.
Share Article:
IT IS IMPORTANT that our customers understand that products and services made available through Osaic Institutions, Inc.
Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.
- ARE NOT A DEPOSIT
- ARE NOT FDIC-INSURED
- ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
- ARE NOT GUARANTEED BY THE BANK
- MAY GO DOWN IN VALUE
Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.