If a family is currently receiving social security benefits that will end during an upcoming college year, the family should appeal this situation to the FAO. The basis of the appeal would be that the payments will end during the college year and the family will not have these funds available to pay for college.
Specific Details
The parents reduced their income $5,000 by appealing Social Security income. Since the parents income was assessed at 47% the income reduction may increase the childs financial aid eligibility by $2,350 ($5,000 x 47%).
Potential Savings
If you are in a financial aid income assessment rate of 47%, you could increase your financial aid eligibility up to $470 for every $1,000 of income reduction by appealing Social Security income.