Pub 17
General rules for filing a federal income tax return. It supplements the information contained in your tax form instruction booklet. It explains the tax law to make sure you pay only the tax you owe and no more.
What is publication 17?
NSLDS Shows student is in default
What is cash estimate until default is cleared
________ is one of the following: at least 24 years old, married, a graduate or professional student, a veteran, a member of the armed forces, an orphan, a ward of the court, or someone with legal dependents other than a spouse, an emancipated minor or someone who is homeless or at risk of becoming homeless.
What is an independent student
Time period of 6 months after a student drops below half-time or graduates
What is grace period
bonus question: What happens when the student enrolls in at least half-time status while they are in the grace period?
Training Videos and PowerPoints are located
What is SharePoint, Financial Aid Corporate, Training Documents
This includes all income you receive in the form of money, goods, property, and services that isn't exempt from tax. It also includes income from sources outside the United States or from the sale of your main home (even if you can exclude all or part of it). Include part of your social security benefits if:
What is Gross Income
Interest is paid by the Education Department while you're enrolled at least half time in college
What is Subsidized Stafford Loan
IRS Form 1040—line 11
What is within Adjusted Gross income
Student's parents state they are self-employed and made $401 and do not have to file taxes
What is refer to tax filing status in Publication 17. Self-employed persons still have to file taxes for any earned income $400 and greater
Your student states they are not married, do not have dependents, and made $12,399 in 2020.
What is, not required to file federal taxes.
2020 Filing Requirements for Single $12,400
Student's receives full Pell Grant, but does not take out the student loans. Can the student receive CHCP grant?
No student must receive their full title iv aid. PLUS does not count towards GAP
Gap is total program costs - total financial aid received. If future aid changes, the CHCP grant will change.
IRS Form 1040—line 22 minus Schedule 2—line 2. If negative, enter a zero here.
What is income tax
Student is in their 2nd grade level and can qualify for ____ Stafford Loans
What is $4500 maximum in Subsidized Stafford Loan and $2000 for Unsubsidized Stafford Loan. Unless independent and Unsub increases to $6000.
CHCP Policy and Procedures are located
What is SharePoint, Corporate Financial Aid
You are unmarried or considered unmarried on the last day of the year. See Marital Status, earlier, and Considered Unmarried, later. 2.You paid more than half of the cost of keeping up a home for the year. 3.A qualifying person lived with you in the home for more than half the year (except for temporary absences, such as school). However, if the qualifying person is your dependent parent, he or she doesn't have to live with you. See Special rule for parent, later, under Qualifying Person.
What is filing Head of Household
Student is coming back for HMAS and has received CHCP grant for their first enrollment in MA. The student qualifies for _______ institutional Grant/discount.
What is Accelerated discount?
CHCP grant can only be used for the first enrollment
CHCP HS grant is limited to HS grants 6 months out of school and CHCP is first school attending
Alumni discount is used for graduates who are attending a new program that is not stackable
Student's Student Aid Index is 780. Student is attending a term program and taking 10 credits in the term. Calculate the Pell Amount.
$7395 - SAI 780 = $6615
10/12 credits = 83.333%
$6615 *83% =$5490.45 /2 =$2745.00
600% - 531.69%= 68.31%
Full time Scheduled award x 68.31%
$5051.52
1st Disbursement student is eligible for 50% of remaining LEU $3698.00
2nd Disbursement student is eligible for 18.31% of remaining LEU $1353.52 (do not round, cents will be disbursed)
Tuesday and Thursday from 3 to 4 pm Central time
What in Financial Aid Q & A sessions
Gross income was at least $5
What is Filing Requirements for Married Filing Separately
Transfer credits for this program always credit the 2nd academic year
What is LMRT
Comment Code 277
What is UEH? Need transcripts from the last 4 academic year colleges attended for proof of earn credit while receiving title iv.
On the Student Authorization Regarding Title IV Credit Balance how long is the authorization valid for if the student chooses "For this Academic Year"?
The Student Authorization is valid for 30 weeks? For programs longer than 30 weeks the student will need to complete a new Student Authorization Regarding Title IV Credit Balance.
First point of contact for any and all questions
ADFA/Regional