COVID-19 Income Changes

COVID-19 Income Changes 

      Has your family income changed due to COVID-19?  If so, we have a process in place to account for income changes.  Beginning June 1st, we will accept documentation relating to financial changes.  We, financial aid, will adjust your FAFSA based on this process.  This process should be complete before applying for loans.  Loan information will be coming out in mid-June.      

Step 1: Verify 2018 Income

       Before we can make any adjustments to a FAFSA, we must first validate the data on the original application.  If you used the IRS Data Retrieval Tool when you completed your FAFSA, you are good to go!  If you didn’t use that tool, you may login to the FAFSA to make that correction and link to your 2018 taxes.  If that option isn’t available or convenient for you, you can download a 2018 Tax Return Transcript for free from IRS.gov by clicking “Get Tax Record” from their main menu.  

Step 2: Complete the form(s)

       Financial Aid loves forms!  Okay, not really, but all financial adjustments must be documented so we have forms!  If parent information is on your FAFSA and you need us to adjust parent income, use the Parent Contribution Review Form.  If the financial change is for student, use the Student Contribution Review Form.   If both the parent and the student had a financial change, start with the Parent form and let us know about the adjustment in the explanation section.  If you are unable to sign the document either on a tablet or by printing/scanning, let us know.  We are working on a virtual signature option.  When you have completed all documentation, submit it to Financial Aid!  

Step 3: Submit the form(s)

       There are two options to submit your Contribution Review.  
     1.You can email finaid@mines.edu (include student CWID on ALL documents).  Please do not password protect as this starts to get complicated when dealing with hundreds of students.  Please send all documentation in one email.  Individual pages can be scanned separately, but your entire review should be sent together.
     2. Let us know you want to upload your documents through our secure portal.  We will put a requirement out on Trailhead so your student can upload all documentation directly into their student record (it puts the CWID on there for you!).  

Step 4: Financial Aid Processing

       After all documentation has been received, we will get to work looking at the financial aid impact of your income change.  An advisor will get back to you with any questions they have as well as the potential financial aid impact.  We expect the volume of income changes to be very high due to COVID-19.  Please allow two weeks for processing.