Laserfiche WebLink
If the student does not receive any assistance under Title IV of the HEA but does receive <br />assistance from another source, SAHA will first calculate the actual covered costs to the <br />student in accordance with 24 CFR 5.609(b)(ii). SAHA will then subtract the total <br />amount of the student’s financial assistance from the student’s actual covered costs. <br />SAHA will include any amount of financial assistance in excess of the student’s actual <br />covered costs in the family’s annual income. <br />Example 1 <br /> Actual covered costs: $20,000 <br /> Other student financial assistance: $25,000 <br /> Excluded income: $20,000 ($25,000 in financial assistance - <br />$20,000 in actual covered costs) <br /> Included income: $5,000 <br />When a student receives assistance from both Title IV of the HEA and from other <br />sources, SAHA will first calculate the actual covered costs to the student in accordance <br />with 24 CFR 5.609(b)(ii). The assistance received under Title IV of the HEA will be <br />applied to the student’s actual covered costs first and then the other student financial <br />assistance will be applied to any remaining actual covered costs. <br />If the amount of assistance excluded under Title IV of the HEA equals or exceeds the <br />actual covered costs, none of the assistance included under other student financial <br />assistance” would be excluded from income. <br />Example 2 <br /> Actual covered costs: $25,000 <br /> Title IV HEA assistance: $26,000 <br /> Title IV HEA assistance covers the students entire actual <br />covered costs. <br /> Other Student Financial Assistance: $5,000 <br /> Excluded income: The entire Title IV HEA assistance of $26,000 <br /> Included income: All other financial assistance of $5,000 <br />EXHIBIT 1