Note on Parent Financial Summary & Tax Information:
College Horizons requires parents to complete a financial summary as well as submit a copy of the their 2015 or 2016 tax return information (parent’s should block out or redact any social security numbers).
Parents often have questions on why they need to submit detailed financial and tax information to programs such as College Horizons and for good reasons. Sharing personal family information and making sure that your privacy is being protected are fair concerns. Our goal at College Horizons is to expose students to the entire college application process – from selecting schools to apply to, to actually completing a sample college application, drafting a college essay, and understanding the financial aid process (a separate process/system from college admissions). Likewise, College Horizons needs to expose parents to the financial aid process because you will play the most critical role in helping your child navigate the process by providing the required parent financial information. One of the most important steps you can take as a parent is to make sure that you are filing your IRS Income Tax returns on time – this is the only way colleges and the federal government will determine your child’s eligibility for financial aid (scholarships, grants, educational loans, work-study, etc).
By exposing parents/students to the financial aid process we hope to ease anxiety over what financial information has to be submitted. Often, parents believe their income is too high to qualify for aid, but there are many factors that may make your child eligible for aid (number of dependents, how many children/parents are currently in college, medical/disability issues, etc.). It is also important to know that there are different types of aid and eligibility: need-based aid (based on income) or merit based aid (based on a talent, academic performance, geographic location, etc.); there is eligibility for Federal Student Aid, but also, colleges have their own internal formulas for financial aid. It is possible for a student to qualify for institutional (college) financial aid rather than federal aid. Lastly, we need financial information to determine if a student is eligible for a scholarship to CH (tuition or travel) and for curriculum planning and scholarship searches.