College Confidential’s “Dean,” Sally Rubenstone, put together 25 of her best tips. Get your free copy of the "25 Tips from the Dean" eBook and get helpful advice on how to choose a college, get in, and pay for it: http://goo.gl/9zDJTM
My son is transferring to UW this fall. Originally he was awarded a $4000 need based grant, but upon review of our tax returns from this year, our EFC went up $600. I did not report our involuntary 403 (b) contributions. Both my DH and I work for the state college system--our retirement contributions are mandatory, and unlike most people, NOT accessible or usable for ANY reason-i.e. we can't borrow from our funds for education expenses or home purchases.
This $600 increase has put us over this year's threshhold for need based grant eligibility and the entire grant has been canceled. I spoke with an FA rep at the school to clarify. According to her, ALL untaxed income must be reported, and voluntary/involuntary has nothing to do with the reporting requirement. I swear I read otherwise when I checked into this before.
Please tell me I am right. And, if so, can you point me to a link that I can provide to the FA office?