; (ii) may be made as early as the year before the award year for which the student initially submits an application; and (iii) shall be made not later than during the award year for which the student initially submits an application. (B) Use of earlier determination Any student who is determined to be independent under subparagraph (B), (H), or (I) of paragraph (1) for a preceding award year at an institution shall be presumed to be independent for each subsequent award year at the same institution unless— (i) the student informs the institution that circumstances have changed; or (ii) the institution has specific conflicting information about the student’s independence, and has informed the student of this information. (6) Retention of documents A financial aid administrator shall retain all documents related to the determination of independence under subparagraph (B) or (H) of paragraph (1), including documented interviews. (e) Excludable income The term excludable income means an amount equal to the education credits described in paragraphs (1) and (2) of section 25A(a) of the Internal Revenue Code of 1986. (f) Assets (1) In general The term assets means cash on hand, including the amount in checking and savings accounts, time deposits, money market funds, trusts, stocks, bonds, derivatives, other securities, mutual funds, tax shelters, qualified education benefits (except as provided in paragraph (3)), the annual amount of child support received and the net value of real estate, income producing property, and business and farm assets, determined in accordance with section 478(c). (2) Exclusions With respect to determinations of need under this title, the term assets shall not include the net value of the family’s principal place of residence. (3) Qualified education benefit A qualified education benefit shall be considered an asset of— (A) the student if the student is an independent student