Page 39 - FP-Sample-Flipbook

Employer Reimbursement Student Financial Aid Items Needed to Fill out FAFSA
Students and parents apply for most education loans through the financial aid office at a college or
Many employers will assist you in advancing your „ Your Social Security card.
education, especially If the training or coursework university. Private and state-sponsored loans are available through private lenders and state agencies.
relates to your current job. Show employers how Need-Based vs. Non-Need-Based Loans „ Your driver’s license (if any)
increasing your education will: Loans can be divided into two main categories: those that are based on need and those that are not. Need- „ Your 2010 W-2 forms and other records of

„ Make you more productive at work based loans are awarded only to students whose families have financial need. Demonstrating financial money earned
„ Allow you to take on additional assignments need begins with completing the Free Application for Federal Student Aid (FAFSA). By doing so, you’ll also „ Your (and your spouse’s, if you are married)
make sure you’re considered for other types of financial aid like grants (money you don’t have to repay) and current year federal income tax return.
„ Help take on more leadership skills in the student employment.
workplace. (IRS 1040, 1040A, 1040 EZ; foreign tax
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Requirements for educational reimbursement Features of Need-Based Loans: return; tax return from a U.S. commonwealth
vary by employer. „ They have lower interest rates than other forms of credit or territory)
„ Most employers do tuition reimbursement after the „ You won’t have to make any payments on the principal until after you leave school. „ Your parents’ current year federal income tax
class is completed instead of advanced payment „ They are subsidized by the government return (if you are a dependent student)
for classes. Subsidized vs. Non-Subsidized Loans „ Your current year untaxed income records
„ Additional requirements may include: „ Your current bank statements
On a subsidized loan, the government pays the interest on your loan while you’re in
• minimum grade in the class school, and for up to six months after graduation. „ Your current business and investment

• minimum grade point in all coursework Non-need-based loans are designed to help families pay their share of college costs if mortgage information, business and farm
• attending classes during non-work hours they can’t afford to do so from savings and current income. records, stock, bond and other investment
records
(Many courses are available online vs. in the Here is a summary of the most common types of student financial aid: For Evaluation Only
campus classroom) „ Your alien registration or permanent resident
• paying for classes only related to the job card (if you are not a U.S. citizen)
• remaining employed with the company for a Expected Family Contribution (EFC)
certain period of time.
This form is used to calculate the amount of money,
How to Obtain Reimbursement based on financial information you provided on your
„ Get approval for courses prior to taking the class; application, that the federal government expects you as
write up an explanation of benefits a family to come up with for your college expenses, in
„ Work with your manager or Human Resources addition to what they are willing to give you.
to arrange for flex time, signatures and filing This number is determined by a number of factors, but
paperwork the main ones are:
„ Ask your employer to sign a employer „ Income
reimbursement contract specifying all the „ Assets
conditions of reimbursement „ Employment benefits
„ Number of family enrolled in
„ Find the best education value for degree or course. (source: www.college.gov) college.