Financial self-sufficiency definition
Financial self-sufficiency means the student is able to provide for their own needs with minimal assistance from others. Needs include basic living expenses (housing, utilities, food, transportation, clothing, etc.) as well as educational expenses (tuition, fees, books, supplies, etc.). In order to substantiate the claim of financial self-sufficiency, the resources must originate from the student’s personal funds (earnings from current or past employment, an inheritance, student loans, legal settlement, etc.). Resources that do not originate from personal funds generally do not substantiate a claim of financial self-sufficiency; these resources include gifts, trust funds, personal loans from immediate or extended family members, federal parent PLUS loans borrowed by a parent, prepaid tuition savings plans, and other unearned funds provided in dollar or kind from a family member. The determination of financial self-sufficiency will not be affected by the timing of when such gifts, trusts, loans, or prepaid tuition plans were established. Student earnings through employment by family members or friends of the student and family may be scrutinized to determine whether wages were for actual services performed or set at or above market rate.