Families occasionally experience changes in income and/or resources during the application period and/or academic year (e.g., job loss, illness, etc.). If this applies to you, notify the Financial Aid Office as early as possible.

Submit a written request to the Financial Aid Office with the indicated required documentation. Examples of changes we can consider include, but are not limited to, the following:

DECREASE IN PARENTS’ EARNINGS

Parent has had a significant decrease in total family income (at least 20 percent) due to 10 weeks or more of involuntary unemployment, forced retirement, or other non-elective loss of earned income.  Required documentation:

  • Letter of termination/reduction.
  • Income and Expense Form for Parent.
  • Copy of last pay stub (include both parents, if married).
  • Documentation of severance pay, vacation pay, retirement benefits, unemployment and/or disability benefits.
  • A complete copy of the parent's most recent federal income tax return, if not previously submitted.

DECREASE IN STUDENT’S EARNINGS

Student’s income will decrease due to a reduction in employment to accommodate full-time enrollment.  Required documentation:

  • Income and Expense Form for Student.
  • Copy of last pay stub.
  • A copy of the student's most recent federal income tax return, if not previously submitted.

REDUCTION OF OTHER SOURCES

Parents have experienced a reduction in other income sources such as untaxed income, rental income, one-time capital gains, or a one-time IRA/Pension distribution, etc. Required documentation:

  • Income & Expense Form for Parent.
  • Documentation of income reduction.
  • K-1 Statement for Stock Sales.
  • Documentation of use of one-time income.
  • A complete copy of the parent's most recent federal income tax return, if not previously submitted.

EXTRAORDINARY EXPENSES

Examples of expenses we will consider in determining your parents' expected contribution are: elder care, out-of-pocket medical expenses, private elementary or secondary tuition for younger siblings and child support payments.

Expenses we will NOT consider are (your or your parents') consumer debt and car payments.

Required documentation:

  • Income & Expense Form for Parent.
  • For medical expenses, a copy of the Schedule A from the parent's 2012 federal income tax return, or an itemization and documentation of expenses paid out of pocket in 2012.
  • For other expenses, an itemization and documentation of out-of-pocket expenses.

 

©2013 University of Southern California