Too much jargon? Need some clarification? The information below may help.
For International (Non-Canadian) Applicants
- The International Student Financial Aid Application should be completed by the student and the parent(s) with whom the student lives. If that household includes a stepparent, the stepparent’s information must also be reported.
- Send copies of parents’ most recent national tax forms with translation. If tax forms are not used in your country, submit other documentation (with translation) from parents’ employers itemizing all types of income, including wages and other kinds of remuneration and benefits to be received in 2012.
- 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 “NA” if the question does not pertain to you.
- Keep copies of all completed forms for future reference.
- Complete copies of 2012 national income tax returns or employers’ certifications (with translation) will be required before financial aid is considered final. Awards may be revised if figures differ substantially, so it is important to estimate carefully.
- If either parent is self-employed, documents showing an itemization of income, business expenses, assets, and debts must be submitted.
The most common errors on financial aid applications:
- Family members’ ages omitted from family member listing. This information is necessary in order to calculate family living and siblings’ education allowances.
- Income section incomplete. Be sure to include all types of income and benefits, whether the money was paid to your family or paid on their behalf. See item 3 under “Definition of Terms.”
- Depreciated value of business/rental assets reported as current market value. See item 5 under “Definition of Terms.”
- Student’s expected resources for cost of education omitted. Complete question 32.
- Items requiring explanation not explained. Attach additional sheets for explanations if space in section G is not sufficient.
Definitions of Terms
- 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, for tax purposes, or by other agencies when parents are officially separated/divorced.
- Noncustodial Parent: If the parents are officially separated/divorced, the biological/adoptive parent with whom the student does not live at least 50 percent of the time; this is NOT necessarily the same definition used by courts, for tax purposes, or by other agencies.
- Other 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 national tax return as income (e.g., tax-exempt interest or dividends). Please explain source(s).
- Income Tax: The amount of tax assessed by national and local governments after tax adjustment for credits but before reduction for taxes already paid.
- 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, NOT the insured, tax assessed, or book (depreciated) value.
- Investments: Include stocks, bonds, and trust funds.
- 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.
- Retirement Funds: Formal pensions, annuities, and savings plans restricted to use for retirement.
- Expenses: Report all amounts paid by you and your family on listed items. Be sure to include amounts covered by income and benefits reported in question 22. If you expect your expenses to change in 2013, please explain the reason and the amount of the change.
- Annual Support (Question 32)
• Family income and assets: 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).
• Relatives and friends: The amount expected from all other persons, including the noncustodial parent.
• Agencies and foundations: List names and amounts for which you’ve applied from each source other than Colby.