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Why does the Department of Education ask for last years income information?

April 26, 2017Department Education income last years

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Why does the Department of Education ask for last years income information?

2 Answers

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Studies have consistently shown that verifiable income tax information from the base year (i.e. 2007 for the 2008-2009 award year) is more accurate than projected (2008) information when estimating how much the family will be able to contribute towards a student’s education during the coming school year.

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Studies have consistently shown that verifiable income tax information from the base year (i.e. 2008 for the 2009-2010 award year) is more accurate than projected (2009) information when estimating how much the family will be able to contribute towards a student’s education during the coming school year.