[RO] Financial Independence

Tue Aug 29 09:58:57 PDT 2023

Hi all,

Private loans – such as those from Discover Loans or from a bank:  We consider these as independent as long as (1) they are in the student’s name, (2) nobody else is putting up significant collateral for the loan and (3) nobody else is making payments on the loan.  To this end, we ask for some background information on the loan to determine the first pieces and recent loan statements for the last part.

(We did once encounter a student whose parent had given the bank a cash amount in collateral that was the same amount as the bank’s loan to the student.  That was a no-go.)

Co-signers are okay because the reality is that most students can’t get these loans without a co-signer.  If anyone has any different thoughts on that, I’d love to hear them.

Personal loans – such as from a relative or a business: Dependent.  To elaborate on the business part, we have seen students who have loans from a business that they have some sort of personal relationship with, such as their parent’s employer.  If these loans are dependent on their relationship with someone else, they would be dependent in our calculations.  If we can’t determine that there’s a relationship like that, we look to see if these loans are generally available to other students and would consider them to be dependent if they are not.  That’s a situation that we had just one time, so if it’s confusing, skip it for now and you’ll know it if you ever see it because it will just seem odd.

Best,

ALISON BAZELEY
Counseling Services Coordinator, Residence Classification & ELPR Office
Office of the University Registrar
Please visit our website for more information on submission procedures and office hours.
Residency: http://registrar.washington.edu/students/residency/
ELP: https://registrar.washington.edu/students/elpr/ or http://www.washington.edu/assessment/testing-center/tests/aep/

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From: RO <ro-bounces at lists.ctc.edu> On Behalf Of Bunt, Donnie via RO
Sent: Tuesday, August 29, 2023 8:13 AM
To: ro at lists.ctc.edu
Subject: [RO] Financial Independence

Good morning all!

I hope everyone is having a wonderful morning so far! I have a question regarding students who are wanting to establish Residency as a financial independent and what can be counted towards their income.

In regards to WAC 250.18.035:
-          (4) To be considered financially independent, a student must demonstrate by evidence satisfactory to the institution that the student has met, through the student's personal income, living expenses for the calendar year immediately prior to the year in which the student applies for resident status and for the calendar year in which the student applies for resident status. Living expenses include expenses associated with college tuition. Financial aid grants, scholarships and loans authorized by the financial aid office in the student's name may be considered as personal income. Personal loans, parent PLUS loans, gifts, and cash earnings shall not be counted as income in this calculation.

      How do you consider private educational loans? Would you consider that as income? I am needing some clarity regarding this because per my understanding, there are some private loans that can be used with the University if the Financial Aid Department approves it.

A   Any guidance would be appreciated!

      Thank you,
fe
Sokridanny “Donnie” Bunt
Major Declaration|Residency
EWU Records & Registration
201 Sutton Hall ▪ Cheney, WA 99004
[p] 509.359.2321
[f] 509.359.6153
Email: sbunt at ewu.edu<mailto:sbunt at ewu.edu>

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