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COMBINED MANUAL

ISSUE DATE 10/2016

STUDENT FINANCIAL AID INCOME

0017.15.36

Student financial aid includes federal and state work study income, educational loans, grants, and scholarships.

MFIP, DWP, GA, GRH: For MFIP, work study hours are subject to verification for work participation rate purposes.

Do not count student financial aid as income.

Do not count veterans benefits designated as educational assistance as income. Treat the remaining amount of the benefit as unearned income.

SNAP: Financial aid funded under Title IV may be treated differently from other types of aid. To identify Title IV financial aid, see 0017.15.36.06 (Identifying Title IV or Federal Student Aid). Also see 0017.06 (Excluded Income), 0017.15.18 (Employment, Training, and National Service Program Income).

Student financial aid may be prorated over the period it is intended to cover. See 0017.15.36.03 (When to Budget Student Financial Aid).

Verification of student financial aid and expenses usually covers the full school year. Do not require additional verification unless there is conflicting information. See 0010.18.30 (Verifying Student Income and Expenses).

To exclude educational income, a student must be enrolled in 1 of the following:

● A recognized institution of post-secondary education.

● A school for the disabled.

● A vocational education program.

● A vocational or technical school.

● A program that provides for obtaining a secondary school diploma or the equivalent.

Exclude Tribal Development Student Assistance Revolving Loans made under the Tribal Development Student Assistance Act.

Exclude all Title IV financial aid and income from Bureau of Indian Affairs (BIA) student assistance programs.

For student loans other than Title IV or BIA, verify with the financial institution whether repayment of other student loans is deferred or non-deferred. For this purpose, deferred means the financial institution does not require repayment for 60 days or more from when the loan was issued. Whether or not a student is making payments does not affect whether a loan is a deferred payment loan.

● Count student loans if repayment is deferred.

● Exclude student loans if repayment is non-deferred.

Exclude all financial aid earmarked for a specific expense.

Deduct total educational expenses from all non-Title IV financial aid. In addition, deduct additional expenses from work study income. See 0017.15.36.09 (Student Financial Aid Deductions). To arrive at a monthly amount to budget, see 0017.15.36.03 (When to Budget Student Financial Aid).