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Student financial assistance, does not include: <br /> Financial support provided to the student in the form of a fee for services performed; (e.g., a <br />work study or teaching fellowship that is not excluded under section 479B of the Higher <br />Education Act HEA); <br /> Gifts, including gifts from family or friends; or <br /> Any amount of the scholarship or grant that, either by itself or in combination with assistance <br />excluded under the HEA, exceeds the actual covered costs of the student. <br />Calculating Income from Student Financial Assistance [HOTMA Student Financial <br />Assistance Resource Sheet; Notice PIH 2023-27] <br />There are two steps required as part of the calculation for Section 8 students. First, determine the <br />student’s relationship to the household, age, and whether they have dependent children. Second, <br />calculate whether any excess student financial assistance should be included in the family’s <br />income. <br />If the student does not live with their parents and is the head of household, cohead, or spouse, <br />and is 23 or younger or does not have dependent children, then Title IV HEA assistance is <br />considered when determining the student’s total financial aid amount. Subtract the total tuition <br />plus required fees and charges from the total student financial assistance (Title IV HEA <br />assistance and any other student financial assistance). If the total tuition plus required fees and <br />charges is zero or exceeds the amount of total financial assistance from all sources, then no <br />student financial assistance is included in annual income. Any amount of student financial <br />assistance that exceeds the total tuition plus required fees and charges must be included in annual <br />income. <br />If the student either lives with their parents or is over 23 with dependent children, then the <br />calculation will use the HOTMA methodology for calculating financial assistance, which always <br />begins with deducting the assistance received under 479B of the HEA from the total actual <br />covered costs, because the 479B assistance is intended to pay the student’s actual covered costs. <br />When a student receives assistance from both Title IV of the HEA and from other sources, the <br />assistance received under Title IV of the HEA must be applied to the student’s actual covered <br />costs first and then other student financial assistance is applied to any remaining actual covered <br />costs. Once actual costs are covered, any remaining student financial assistance is considered <br />income. <br />EXHIBIT 1