Mich. Admin. Code R. 390.1752

Current through Vol. 24-19, November 1, 2024

Section R. 390.1752 - Financial need calculation

Rule 2. Financial need is the positive difference found by the participating postsecondary school between the applicant's educational expenses and any reasonable contribution identified from the resources of the independent student in question and his or her spouse, if married. The analysis used in this process shall be consistent with need calculation procedures approved for use with the campus-based title IV federal student aid programs pursuant to the higher education act with the following exceptions:

(a) Current year income, instead of prior calendar year income, shall be used exclusively in the calculation.

(b) Equity in the principal home of the applicant shall be excluded from the calculation.

(c) Other sources of student aid to be received by the applicant for the award period in question shall be included by the school in the computation of financial need.

Mich. Admin. Code R. 390.1752

1988 AACS