June 9, 2009 |
Secretary Posts Notice of 2010-2011 Federal Need Analysis Methodology Updates Utah Higher Education Assistance Authority reports that the Secretary of Education has announced the annual updates to the tables that will be used in the statutory “Federal Need Analysis Methodology” to calculate a student’s expected family contribution (EFC) for the 2010-2011 award year. An EFC is the amount a student and his or her family may reasonably be expected to contribute toward the student’s costs for postsecondary education, and is used to determine the amount of Title IV financial aid for which a student may be eligible. The Higher Education Act (HEA) provides for an annual update to the following values in the methodology: 1) the Income Protection Allowance, 2) the Adjusted Net Worth of a Business or Farm, 3) the Education Savings and Asset Protection Allowance, 4) the Assessment Schedules and Rates, 5) the Employment Expense Allowance, and 6) the Allowance for State and Other Taxes. The revisions are based, in general, on increases in the Consumer Price Index. The link to the FSA announcement of the Federal Register notice is: http://ifap.ed.gov/fregisters/FR060209.html. Any questions related to this Bulletin should be directed to UHEAA Policy and Training at 801.321.7166, or by e-mail to mjohnson@utahsbr.edu. |
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