Financial Aid Instructions for First Year Applicants
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Required Forms
On all documents, use the best figures available to you and estimate, if necessary, to meet deadlines. Do not leave any answers blank. Enter “0” or “N/A” if the question does not pertain to you. Complete copies of 2011 federal income tax returns will be required before financial aid is considered final, and awards may be revised if figures differ substantially, so it is important to estimate carefully. Keep copies of all completed forms for future reference. Refer to your 2010 federal income tax forms and corporate or partnership returns, if appropriate. If you have completed your 2011 federal income tax returns, please send signed copies of all pages and schedules to the College. If you wish to explain any special circumstances that may affect your family’s ability to contribute to the cost of education, please send additional sheets to Colby; do not attach them to the FAFSA forms. If family members who are not listed on this form have attended college in the past, please include names of institutions, dates attended, and amount of parent contribution to the cost of education. Exceptional circumstances can be considered only if they are explained and specific dollar amounts are included. An aid application will be considered only when all requested documents and information have been received. Please be sure to notify us if you have an unavoidable delay. We want to be able to offer you the aid for which you are eligible. Please help us to help you by following instructions and meeting deadlines. If you have questions about documents or procedures, please write, call, or e-mail the Office of Admissions and Financial Aid (admissions@colby.edu). Aid will be offered to all admitted applicants who are determined by the College to qualify for assistance and who meet our deadlines for receipt of documents and other required information. Admission decisions and aid decisions will be mailed at the same time, when possible. Definitions of Terms and Clarification of Requested Information Please read all of the following. The CSS Profile should be completed by the student and the parent(s) with whom the student lives. If that household includes a stepparent or parent’s partner, the stepparent’s partner’s information must also be reported on the forms. See definitions, below. For federal definitions of custodial parent and stepparent, please refer to the FAFSA. Definitions 1. Other Records Include pay stubs, bank statements, personal accounts, trust instruments. 2. Parent(s)/Custodial Parent The parent(s) under whose roof the student lives more than 50 percent of the time. If the student is away at school, the parent under whose roof the student lives more than 50 percent of vacation periods. This is not necessarily the same definition used by courts, the IRS, or other agencies when parents are legally separated/divorced. 3. Noncustodial Parent If the parents are legally separated/divorced, the biological/adoptive parent with whom the student does not live at least 50% of the time; this is necessarily the same definition used by courts, the IRS, or other agencies. 4. Stepparent If the custodial parent is currently married to a person other than the student’s biological or adoptive parent, that person’s financial information must be reported on the Profile form. 5. Partner If the custodial parent has cohabited and commingled economic resources with another person for more than two years, but is not technically married to that person, then ignore references to marital status or gender of either parent and report the income, assets, and financial obligations of your family as if marriage had taken place. Partner’s 2009 tax return or non-filer’s statement should be mailed to the College no later than April 16, 2010. 6. Untaxed Income All money that is paid into an account that is yours (e.g., that was withheld from your pay and deposited into a retirement, medical expense, or dependent care account), or is paid by another on your behalf (e.g., free housing), or is paid to you and not reported on a federal tax return as income (e.g., tax-exempt interest or dividends). 7. Federal Income Tax The amount of tax indicated by the tax table after tax adjustment for credits but before reduction for taxes already paid, the amount withheld from paychecks or the amount you owe in addition to what was withheld. 8. State and Local Taxes All taxes paid to states and local governments, including income, real estate, and personal property taxes. If you itemize deductions, refer to Schedule A, line 9. 9. Current Market Value of Home and Other Real Estate The amount for which the property would sell if you were to put it on the market today, the insured, tax assessed, or book (depreciated) value. You may wish to check your local newspaper for prices on similar properties or obtain an informal market analysis from a local realator. 10. Investments Include stocks, bonds (DO NOT include trust funds or other real estate on the Investment line) Trusts and other real estate are reported separately. 11. Money Owed to You Money loaned to another person, business, or other entity. This includes the remaining balances on installment sales. Enter the amount still owed to you today. 12. Retirement Funds Formal tax-deferred pensions, annuities, and savings plans. Include SRAs, 401Ks, 403Bs, 408s, 457s, 501Cs, and IRAs. 13. Parent(s’) Contribution The amount the parent(s)/stepparent with whom the student lives think they can contribute to the cost of education (tuition, fees, room, board, personal expenses, books, and transportation). Include only amounts from current income and assets, amounts parents expect to borrow to help pay education expenses. The most common errors on financial aid applications are:
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