{"id":619,"date":"2021-04-08T14:27:07","date_gmt":"2021-04-08T18:27:07","guid":{"rendered":"https:\/\/www.transy.edu\/financial-aid\/?page_id=619"},"modified":"2021-04-09T08:34:46","modified_gmt":"2021-04-09T12:34:46","slug":"fafsa-recalculation-requests","status":"publish","type":"page","link":"https:\/\/www.transy.edu\/financial-aid\/basics-of-financial-aid\/fafsa\/fafsa-recalculation-requests\/","title":{"rendered":"FAFSA Recalculation Requests"},"content":{"rendered":"\n<p>The family income information required by the Free Application for Federal Student Aid (FAFSA) is usually about two years old by the time you complete the FAFSA.&nbsp;There are times in the interim that a family\u2019s finances may change negatively and significantly.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>The Office of Financial Aid at Transylvania calls an adjustment to the FAFSA as a result of changed circumstances a FAFSA Recalculation.&nbsp; This process may also be known as a financial aid appeal, special circumstances or professional judgment (PJ).<\/p>\n\n\n\n<p>The following are special circumstances that may be considered in a FAFSA Recalculation request:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Loss of income due to loss of employment, reduction of pay or the death of a parent or spouse. <em>In cases of employment loss, a FAFSA Recalculation request cannot be considered until the individual has been unemployed for a period of time \u2014 generally at least 12 weeks.<\/em><\/li>\n\n\n\n<li>Divorce or separation following completion of the FAFSA. <em>For divorce or separations that occurred prior to completing the FAFSA, please review<\/em><a href=\"https:\/\/studentaid.gov\/apply-for-aid\/fafsa\/filling-out\/parent-info\"><em> this information<\/em><\/a><em> to determine what parent information to include on the FAFSA.<\/em><\/li>\n\n\n\n<li>Non-recurring income, such as an early withdrawal from a retirement account or an insurance payout, reported on the FAFSA<\/li>\n\n\n\n<li>Extremely high medical or dental expenses paid out of pocket and not covered by medical or dental insurance during a single, recent year<\/li>\n\n\n\n<li>Impacted by a natural disaster<\/li>\n<\/ul>\n\n\n\n<p>The following circumstances <strong><em>may not<\/em><\/strong> be considered:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Circumstances described above when the information on the FAFSA has already resulted in the maximum Federal Pell Grant amount<\/li>\n\n\n\n<li>Loss of overtime or bonus income<\/li>\n\n\n\n<li>Fluctuations in self-employment or business income<\/li>\n\n\n\n<li>Bankruptcy, foreclosure or collections costs associated with outstanding debts<\/li>\n\n\n\n<li>Consumer debt such as credit cards, car payments, mortgage and other loans<\/li>\n\n\n\n<li>Payments on back taxes owed to the IRS<\/li>\n\n\n\n<li>Lottery or gambling winnings or losses<\/li>\n<\/ul>\n\n\n\n<p><strong>Third-party documentation will be required<\/strong><\/p>\n\n\n\n<p>Any successful FAFSA Recalculation request will require documentation from third-party sources.&nbsp;Gathering and submitting this documentation with the initial recalculation request will both strengthen your request and expedite the process.&nbsp;<\/p>\n\n\n\n<p>To document the <strong>loss of income<\/strong>, you may be asked to provide the final pay stub with year-to-date income, a letter of separation from the employer, a letter offering new employment (when documenting a reduction of income), a signed copy of the most recently completed tax return and\/or most recent W-2s.<\/p>\n\n\n\n<p>To document the <strong>death of a parent or spouse<\/strong>, you will need to provide a copy of the death certificate or obituary, as well as a copy of life insurance documentation, if insured.&nbsp;You may also be required to provide individual income information \u2014 such as W2s or recent pay stubs \u2014 for each parent whose information is included on the FAFSA.<\/p>\n\n\n\n<p>In cases of <strong>recent divorce or separation<\/strong>, you should expect to provide a copy of legal separation papers, a copy of the divorce decree, a letter from your attorney and\/or proof of separate residences.&nbsp;Additionally, a signed copy of the custodial parents\u2019 most recent tax return if they filed a separate return or a signed copy of the most recently filed joint tax return and information fully supporting the attribution of income to each parent.&nbsp;This may include both parents\u2019 W-2s, 1099s, any Schedule C filed with the return, etc.<\/p>\n\n\n\n<p>When you are requesting that <strong>non-recurring income<\/strong> be excluded from the FAFSA, expect to include 1099 forms documenting the amount and type of income, as well as a signed statement describing how the non-recurring income was used by your family.<\/p>\n\n\n\n<p>For extremely high out-of-pocket <strong>medical or dental expenses<\/strong>, you will need to provide copies of insurance explanation of benefits (EOB) documents or pharmacy receipts\/reports for ALL amounts to be considered.&nbsp;As a rule of thumb, out-of-pocket medical or dental expenses paid in a single year in excess of about 10 percent of your adjusted gross income will be required to meet the threshold of \u201cextremely high.\u201d<\/p>\n\n\n\n<p>A <strong>natural disaster<\/strong> might impact a family because of reduced income due to the inability to work for a period of time or because of high and unexpected expenses for damaged property repairs or replacement.&nbsp;See above for documentation of the loss of income, and plan to submit photographs of damage, receipts for repairs, disaster assistance or relief paperwork and\/or insurance documents.<\/p>\n\n\n\n<p><strong>Possible outcomes of a completed FAFSA Recalculation request<\/strong><\/p>\n\n\n\n<p>The main purpose of a FAFSA Recalculation is to make a new determination of eligibility for need-based federal and state financial aid programs as a result of changed financial circumstances.&nbsp;A FAFSA Recalculation will not result in additional assistance from Transylvania.&nbsp; These are possible outcomes of a FAFSA Recalculation request.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>There may be a change to your <a href=\"https:\/\/www.transy.edu\/financial-aid\/basics-of-financial-aid\/#terms\">Student Aid Index (SAI)<\/a> that does not result in eligibility for any additional <a href=\"https:\/\/www.transy.edu\/financial-aid\/scholarships-grants\/state-and-federal-aid\/\">federal or state need-based financial aid<\/a>.<\/li>\n\n\n\n<li>There may be an SAI change that allows us to allocate some of your <a href=\"https:\/\/www.transy.edu\/financial-aid\/basics-of-financial-aid\/#terms\">Unsubsidized Federal Direct Student Loan to Subsidized Federal Direct Student Loan<\/a>.\u00a0This may result in less interest accrual on your student loan(s) while you are in school, but will not increase the total amount of your financial aid.<\/li>\n\n\n\n<li>There may be an SAI change that results in additional federal or state grant funds.<\/li>\n\n\n\n<li>There may be an SAI change that allows for both the reallocation of unsubsidized loan to subsidized loan and results in additional federal or state grant eligibility.<\/li>\n<\/ol>\n\n\n\n<p>As we work with you throughout this process, we will try to alert you if we believe the first or second outcomes are most likely.<\/p>\n\n\n\n<p><strong>Next Steps<\/strong><\/p>\n\n\n\n<p>If you have been impacted by changed or challenging family financial circumstances and you wish to begin the FAFSA Recalculation process, please choose the form that best describes your situation:<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-buttons small primary is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/forms.gle\/MHNwbfPFz6FBGKn77\" target=\"_blank\" rel=\"noreferrer noopener\">An income change has occurred due to loss of employment, death or divorce\/separation.<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-buttons small primary is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/forms.gle\/NBz44ESHKbrCViqz8\" target=\"_blank\" rel=\"noreferrer noopener\">Extremely high medical, dental or natural disaster-related expenses have impacted my family.<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p>After reviewing your submission, Office of Financial Aid staff members will be happy to guide you through the remainder of this process.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The family income information required by the Free Application for Federal Student Aid  is usually about two years old by the time you complete the FAFSA.&nbsp;There are times in the interim that a family\u2019s finances may change negatively and significantly.&nbsp;&nbsp;&nbsp;&nbsp; The Office of Financial Aid at Transylvania calls an adjustment to the FAFSA as a result of changed circumstances a FAFSA Recalculation.&nbsp; This process<\/p>\n<p class=\"continueLink\"><a class=\"btn btn-info\" href=\"https:\/\/www.transy.edu\/financial-aid\/basics-of-financial-aid\/fafsa\/fafsa-recalculation-requests\/\">Continue to &ldquo;FAFSA Recalculation Requests&rdquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":24,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"342","_relevanssi_noindex_reason":"","footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-619","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FAFSA Recalculation Requests - Transylvania University<\/title>\n<meta name=\"description\" content=\"The family income information 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