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6/15/2005
According to a CNN/Money article dated June 13, 2005, changes in the formula used to determine federal student assistance eligibility may result in smaller financial aid packages for some students this academic year. State tax tables, used to determine how much can be deducted from reported income in the federal aid formula, have been revised to reflect more current data. The result of the revised tax tables is that the state tax allowance for most states has decreased between 2 and 4 percentage points. The state tax tables used within the federal aid formula were revised because, prior to the change, the tables being used were based on Internal Revenue Service (IRS) data that was approximately 15 years old.
The article is available at the CNN/Money Web site.
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