05.04.06 | New FAFSA information for 2007
A new Dear Colleague Letter states new changes for FAFSA effective July 1, 2007 from the Department of Education. Included in this letter are the following changes:
+ Income protection allowance (IPA) for dependent students increases to $3,000 from $2,640
+ IPA for independent students moves up to $6,050 from $5,000
+ Asset contribution requirements fall from 35% for dependents to 20%
+ Asset contribution requirements fall from 12% to 7% for independent students
This is important because you are permitted to earn more money beginning this tax year that will not be counted by the FAFSA EFC next year.
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