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If you are applying for HLS need-based grant assistance and your parent(s) were required to file a U.S. Federal tax return in 2012, then you are required to submit their complete Federal tax documentation to HLS Student Financial Services.
HLS requires tax data from both biological parents and from step-parents if a biological parent has remarried. We will not use the step-parent’s income in the determination of your eligibility for need based aid. However we still need to collect tax data because we do factor the net worth of all parental assets into our determination of your eligibility for aid. For biological parents that have remarried we compile total net worth and then divide it in half to remove the 50% that belongs to the step-parent from our eligibility calculation.
While 2012 PARENT Federal tax information is ALWAYS required if you are applying for need-based grant assistance, you will notice that in most cases we DO NOT require 2012 student tax information (or 2012 student W2 information). This is because our determination of any assessed parental resources from income is based on prior tax year data, while our determination of your student contribution from income is based on your projected summer 2013 income. Therefore, the student's prior tax year data is not relevant for how we award our institutional need-based aid.
Having said this, if your application is randomly selected to participate in either the Federal or Institutional Verification processes, we will contact you and ask you to submit your 2012 Federal tax data as part of these processes. Other than for these specific auditing purposes, we ask that you DO NOT submit your (the student) 2012 Federal tax returns or W2's. Students who accidentally submit these documents when not required should understand that they will be destroyed.
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