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2020-2021 FAFSA Adjustment Policy What is a FAFSA (Wright State University)

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2020-2021
FAFSA Adjustment
Policy
Must be submitted no later than February 15, 2021
What is a FAFSA Adjustment?
The 2020-21 Free Application for Federal Student Aid (FAFSA) requires students to provide household and
2018 tax information. For independent students, this includes spouse information, if married. For dependent
students, this includes information for parents. The U.S. Department of Education uses this information when
calculating the Expected Family Contribution (EFC). The EFC figure represents a family’s ability to contribute
to a student’s college expenses.
Sometimes there may be a special circumstance not reflected on the FAFSA that reduces a family’s ability to
pay for college and education-related expenses. Situations can include:
• losing a job
• a reduction in taxed or untaxed income
• a large amount of healthcare expenses paid
• a parent attending college
• a change in parents’ marital status after the FAFSA was completed
• tuition expenses paid for a dependent child attending elementary or secondary school
• an event where a higher than normal income amount was reported on the FAFSA, such as: an inheritance,
withdrawal of retirement funds, or a settlement, and those funds were spent for something specific that
cannot be categorized as regular life expenses.
Verification Requirement:
Students are required to complete the FAFSA Verification process before the Wright State University
Office of Financial Aid (OFA) can review their FAFSA Adjustment request. If a student has not already been
selected for verification by the U.S. Department of Education, the OFA will assign verification requirements
when their FAFSA Adjustment form is received. The added requirements for this process can be viewed in
WINGS Express.
New for 2020-21:
If your special circumstance involves a Loss of Income, you will need to choose which tax year (2019 or 2020)
you would like the Wright State University OFA to review. The FAFSA Adjustment form has checkboxes for you
to pick an option. Follow the instructions on the form to submit the appropriate documents for your option.
Important Note:
If your special circumstance is due to a job loss, it must be 12 weeks since unemployment began before
the OFA can process your form. An OFA team member will contact you at the phone number listed on your
FAFSA Adjustment Form to explain the process further if the 12 weeks has not already passed. When the
12-week period for the job loss has passed, you will be contacted to provide updated documentation that
reflects your current financial situation. This includes copies of last paystubs, documentation of pay from
unemployment, and other income amounts expected to be received in 2020. Documentation of amounts
received from other types of income, such as bonuses and severance pay, will also be required.
FAFSA Adjustment - Process
Students must submit the FAFSA Adjustment form and provide all supporting documentation to Raider Connect
no later than February 15, 2021. Submitting the FAFSA Adjustment form does not guarantee that student’s EFC
will be adjusted. The OFA will notify students via their Wright State University email when the review is complete.
PLEASE REMEMBER TO SIGN SECTION G BEFORE SUBMITTING YOUR FAFSA ADJUSTMENT FORM
Raider Connect
130 Student Union
3640 Colonel Glenn Hwy.
Dayton, OH 45435-0001
Phone: 937-775-4000
FAX: 937-775-4410
raiderconnect@wright.edu
This Page Intentionally Left Blank
2020-2021
FAFSA Adjustment
Form
Must be submitted no later than February 15, 2021
Section A. Student Information
University ID (UID) – Required.
U
Last Name
First Name M.I.
Student Cell Phone Number
Other Number
Section B. Special Circumstance and Required Documentation
Check box(es) for the circumstance(s) that pertains to you or your family. (Please include student name/UID on all documentation.)
Special Circumstance categories
Healthcare expenses (paid in 2019)
- Excessive medical expenses paid by you in 2019
- Not covered by insurance
- Not covered by a third-party
- Amount higher than accounted for on FAFSA
- Includes: medical, dental, premiums
One-time higher income event
- Occurred in 2018
- Reported on 2020-2021 FAFSA
- Funds spent on acceptable expense
Includes: inheritance; windfall; settlement;
buyout; withdrawal of retirement funds
Parent enrolled in college
- Parent must be on 2020-2021 FAFSA
- Enrolled in eligible program at least ½ time
at a school eligible for federal financial aid
Parents’ marital status changed
- Married as of date FAFSA was filed
- Now separated, divorced, or widowed
- Change occurred on/before Dec. 31, 2020
Tuition expenses paid for dependent child
- For elementary or secondary education
- Amounts not covered by a third-party
- Amount higher than accounted for on FAFSA
If income loss is due to a job loss or reduction in pay, write in job loss date and select Option 1 or Option 2.
Job Loss Date: _______________
Option 1 - Income loss is reflected on 2019 federal tax return
Option 2 - Income loss occurred in 2020
Loss of income (2019 or 2020 compared to 2018)
- Change in income amounts reported on the
2020-2021 FAFSA, such as:
* Wages, salaries, and tips
* Unemployment
* Adjusted Gross Income
* Child support – paid out amount is more
* Child support – received amount is less
* Living allowances (military, clergy)
* Veteran’s non-educational benefits
Raider Connect
130 Student Union
3640 Colonel Glenn Hwy.
Dayton, OH 45435-0001
Phone: 937-775-4000
FAX: 937-775-4410
raiderconnect@wright.edu
Section C. Income amounts for 2019
Complete this section if special circumstance is for a loss of income (2019 taxes) or a one-time event (2018 taxes).
If married: please also complete items for spouse.
Taxable income
For January 1, 2019 – December 31, 2019
(Enter -0- for items that do not have an amount.)
Parent 1
(father/ mother/
stepparent)
Parent 2
(father/ mother/
stepparent)
Complete this section only if
the special circumstance is
for the student/(spouse).
Student
Student’s
Spouse
Wages, salaries, tips (1040-line 1)
$
$
$
$
Taxable interest (1040-line 2b)
$
$
$
$
Ordinary dividends (1040-line 3b)
$
$
$
$
Business income or <loss> (Schedule 1-line 3)
$
$
$
$
Capital (other) gain or <loss> (Schedule 1-line 4)
$
$
$
$
IRA, pensions, and annuities distributions - Taxable amounts
(1040-line 4b plus 1040-line 5b)
$
$
$
$
Unemployment compensation (Schedule 1-line 7)
$
$
$
$
Untaxed income; Income exclusions; and Assets
For January 1, 2019 – December 31, 2019
(Enter -0- for items that do not have an amount.)
Parent 1
(father/ mother/
stepparent)
Parent 2
(father/ mother/
stepparent)
Complete this section only if
the special circumstance is
for the student/(spouse).
Student
Student’s
Spouse
Payments to tax-deferred pensions/retirement savings plans,
including but not limited to: amounts reported on W-2 forms,
Boxes 12a through 12d, codes D,E,F,G,H,S
$
$
$
$
Child support received in 2019
If child support amount was reduced, provide documentation
on agency letterhead for amount received.
$
$
$
$
Housing, food, other living allowances paid to members of
the military, clergy, and others (including cash payments and
cash value of benefits). Do not include: the value of on-base
military housing or the value of basic military allowance for
housing.
$
$
$
$
Veteran’s non-education benefits, such as Disability, Death
Pension, Dependency & Indemnity Compensation (DIC),
and/or VA Educational Work-Study allowances
$
$
$
$
Other untaxed income - includes worker’s compensation and
disability
$
$
$
$
Money received or paid on your behalf (e.g. bills), not
reported elsewhere on this form. This includes money
received from a parent or other person whose financial
information is not on this form and money that is not part of a
legal child support agreement.
$
$
$
$
Child support paid in 2019
If child support amount changed, provide documentation on
agency letterhead for amount paid.
$
$
$
$
Federal Work-Study wages earned in 2019
$
$
$
$
Section D. Income amounts for 2020 (Must provide complete documentation 12 weeks after job loss)
This section is for a loss of income in 2020. Please provide complete documentation for income you will be receiving in
2020 from all sources including child support, unemployment, and self-employment.
If married: please also complete items for spouse.
Taxable income
For January 1, 2020 – December 31, 2020
Estimate the amounts for 2020 & provide documentation
(Enter -0- for items that do not have an amount.)
Parent 1
(father/ mother/
stepparent)
Parent 2
(father/ mother/
stepparent)
Complete this section only if
the special circumstance is
for the student/(spouse).
Student
Student’s
Spouse
Wages, salaries, tips
$
$
$
$
Interest income and dividends
$
$
$
$
IRA distributions
$
$
$
$
Pensions and Annuities (taxable amount)
$
$
$
$
Social security (taxable amount)
$
$
$
$
Capital gain or <loss>
$
$
$
$
Alimony received
$
$
$
$
Business and/or Farm income or <loss>
$
$
$
$
Rental income
$
$
$
$
Unemployment compensation
$
$
$
$
Other income
$
$
$
$
Untaxed income; Income exclusions; and Assets
For January 1, 2020 – December 31, 2020
Estimate the amounts for 2020 & provide documentation
(Enter -0- for items that do not have an amount.)
Parent 1
(father/ mother/
stepparent)
Parent 2
(father/ mother/
stepparent)
Complete this section only if
the special circumstance is
for the student/(spouse).
Student
Student’s
Spouse
Payments to tax-deferred pensions/retirement savings plans,
including but not limited to: amounts reported on W-2 forms,
Boxes 12a through 12d, codes D,E,F,G,H,S
$
$
$
$
Child support received in 2020
If child support amount was reduced, provide documentation
on agency letterhead for amount received.
$
$
$
$
Housing, food, other living allowances paid to members of
the military, clergy, and others (including cash payments and
cash value of benefits). Do not include: the value of on-base
military housing or the value of basic military allowance for
housing.
$
$
$
$
Veteran’s non-education benefits, such as Disability, Death
Pension, Dependency & Indemnity Compensation (DIC),
and/or VA Educational Work-Study allowances
$
$
$
$
Other untaxed income - includes worker’s compensation and
disability.
$
$
$
$
Money received or paid on your behalf (e.g. bills), not
reported elsewhere on this form. This includes money
received from a parent or other person whose financial
information is not on this form and money that is not part of a
legal child support agreement.
$
$
$
$
Child support paid in 2020
If child support amount changed, provide documentation on
agency letterhead for amount paid.
$
$
$
$
Federal Work-Study wages earned in 2020
$
$
$
$
Section E. Asset Information
Complete information for student/spouse or student/parent(s) listed on the FAFSA. Be sure to include assets held in trusts.
For assets owned jointly with someone else, provide only the portion of assets that belong to student/spouse/parent(s).
Please do not leave items blank. (Enter -0- for items that do not apply.)
1. Cash, savings, and checking accounts.
Enter the total balance of cash, savings, and checking accounts on the date you filed the FAFSA.
Student: Parent(s) or Student’s Spouse:
2. Net worth of investments. [Net worth = current value minus the amount owed]
Student: Parent(s) or Student’s Spouse:
Investments include trust funds, UGMA and UTMA accounts (if you are the owner, not the custodian), money
market funds, mutual funds, certificates of deposit, stocks, stock options, bonds, other securities, installment and
land sale contracts (including mortgages held), commodities, etc.
Investments also include real estate, rental property, land, and second or summer homes and qualified
educational benefits or education savings accounts (e.g., Coverdell savings accounts, 529 college savings plans
and the refund value of 529 prepaid tuition plans). Includes all education accounts owned by the parent for any
member of the household.
Do not include the home you live in, the value of life insurance, retirement plans (401k, 403b, pension funds,
annuities, non-education IRAs, Keogh plans), cash, savings or checking accounts reported on line 1 above.
3. Net worth of business and/or investment farm.
Student: Parent(s) or Student’s Spouse:
Business and/or investment farm value includes the market value of land, buildings, machinery, equipment,
inventories, etc. Business and/or investment farm debt means only those debts for which the business or
investment farm were used as collateral for the debt.
Do not include the value of a small business if your family owns and controls more than 50% of the business and
there are fewer than 100 full-time or full-time equivalent employees. (Family includes persons related to you, such as a
parent, child, sister, cousin, or related by marriage, such as a spouse, stepparent, or sister-in-law.)
Investment farm value does not include the value of a family farm that your family lives on and operates.
Section F. Itemized Statement for a One-Time Higher Income Event that Occurred in 2018
Complete this section only if the special circumstance is for a one-time higher income event on your 2018 taxes.
Please note: federal regulations do not allow amounts used for vacations, tithing, standard living expenses, utilities, credit card
bills, children’s allowances, home improvement, vehicle purchase/repair, special celebrations, etc.
Itemize how one-time event funds were spent and provide copies of documentation
Amount
1.
$
2.
$
3.
$
Section G. Certification Statement
I certify that the information I have provided on this form, and all the accompanying documentation, is true and correct to the best
of my knowledge. I agree to submit additional documentation should the Office of Financial Aid make a request.
(Handwritten signature required. This form may be emailed or faxed.)
/ /
/ /
Student Signature
Date
Parent Signature (for dependent student only)
Date
PJFSAA
$
$
$
$
$
$
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