$ave Dat Money - Unofficial 2016-2017 Financial Aid Discussion Forum

[asuddenarborealstop]

Fafsa asks about ours and our spouse's assets. My husband is a partner at his firm, and we have no idea how to answer what his company is worth. The question just seems too vague. Does anyone know how to calculate that?

I would think the only way to do value it is to value the firm (using an EBITA or revenue multiple that's appropriate for the industry and the netting out liabilities) and apply his percentage.

[ray.bee]

Any idea about when to complete FAFSA? I thought I had to wait until tax information was available for 2016 but some school deadlines are approaching quick and i've seen people on here talking about doing it now...are we able to do it now based on our 2015 data?

Yes. You'll be putting in estimates for 2016, so just be aware that you might have to come back and make changes. But as long as the numbers aren't wildly different, you're fine.

FAFSA changed. They only ask for 2015 info.

[ray.bee]

I filled out my FAFSA this weekend but noticed it only allowed me to choose 10 schools. I might need to add two more; can we just go back to the site and send it off to additional schools after the initial FAFSA is sent in?

https://fafsa.ed.gov/help/fotwfaq14.htm

Look at that link. You can do many things, but I think the safest bet is to call FAFSA people and have them add the other schools. You can also call the schools directly and give them your FAFSA confirmation and such and they will add it.

[Dr.Degrees_Cr.Cash]

I filled out my FAFSA this weekend but noticed it only allowed me to choose 10 schools. I might need to add two more; can we just go back to the site and send it off to additional schools after the initial FAFSA is sent in?

So it looks like once you get your confirmation that the fafsa has been sent to schools you can delete them and add 10 more. I'd just keep it in mind in case you have to change your fafsa info for any reason

[kpadoreo]

Does anyone know if we need to include our parent's information on the FAFSA forms? My parents are not especially keen on having me include all their financial information until it's absolutely necessary. Additionally, could our parents' assets hurt our chances at receiving generous financial aid? My parents are retired but have significant assets, however I will be 26 when I begin law school.

[airwrecka]

Does anyone know if we need to include our parent's information on the FAFSA forms? My parents are not especially keen on having me include all their financial information until it's absolutely necessary. Additionally, could our parents' assets hurt our chances at receiving generous financial aid? My parents are retired but have significant assets, however I will be 26 when I begin law school.

I started filling out my fafsa yesterday and it asked me some basic info about myself right away (married/single, DOB, SSN) and based on that it told me I don't need to include my parents' info (I'm married and about to be 25) but I could if I wanted to/if some schools might want it. so my suggestion is, login to fafsa and start filling it out and I think it will tell you whether or not you need their info. you can save and come back to the app later so you don't need to worry about having everything ready to go right then.

[kpadoreo]

Does anyone know if we need to include our parent's information on the FAFSA forms? My parents are not especially keen on having me include all their financial information until it's absolutely necessary. Additionally, could our parents' assets hurt our chances at receiving generous financial aid? My parents are retired but have significant assets, however I will be 26 when I begin law school.

I started filling out my fafsa yesterday and it asked me some basic info about myself right away (married/single, DOB, SSN) and based on that it told me I don't need to include my parents' info (I'm married and about to be 25) but I could if I wanted to/if some schools might want it. so my suggestion is, login to fafsa and start filling it out and I think it will tell you whether or not you need their info. you can save and come back to the app later so you don't need to worry about having everything ready to go right then.

I guess I'm just wondering if not submitting my parent's information will slow the process, and also if I will just need to give the exact same info later on the CSS Profile.

[playersball]

Does anyone know if we need to include our parent's information on the FAFSA forms? My parents are not especially keen on having me include all their financial information until it's absolutely necessary. Additionally, could our parents' assets hurt our chances at receiving generous financial aid? My parents are retired but have significant assets, however I will be 26 when I begin law school.

I started filling out my fafsa yesterday and it asked me some basic info about myself right away (married/single, DOB, SSN) and based on that it told me I don't need to include my parents' info (I'm married and about to be 25) but I could if I wanted to/if some schools might want it. so my suggestion is, login to fafsa and start filling it out and I think it will tell you whether or not you need their info. you can save and come back to the app later so you don't need to worry about having everything ready to go right then.

I guess I'm just wondering if not submitting my parent's information will slow the process, and also if I will just need to give the exact same info later on the CSS Profile.

It depends on the school, and that info can generally be found on the school's financial aid website. It will tell you whether or not they want it and which criteria they require to not provide parent information (certain age, whether your parents have claimed you in x years, married, etc.). So if even one school asks for parent info, you will need to fill it out on fafsa. The same is true for the CSS although I will add that the CSS is much, much more in depth.

[20171lhopeful]

does NYU require CSS?

[cavalier1138]

does NYU require CSS?

They used Need Access last year, and my understanding is that most schools who used Need Access now use CSS. Assuming that the system stayed the same, you are only required to fill that out if you want to be considered for need-based aid. Otherwise, you can fill out a form to only be considered for merit-based aid. Unless you're super-rich, I wouldn't recommend opting out, because most of the generic non-named scholarships are determined on the basis of need and merit.

[20171lhopeful]

this $16 CSS fee per school is ROUGH. I applied to 16 schools, and have gotten into 11. Financial aid is going to be a huge factor in my decision, but the thought of dropping another $200 (after all the application fees) just to see what they would offer me in aid is killing me. Anyone else in this position?

[defunct]

.

[brinicolec]

The FAFSA suggests entering parents info (even if it's not required) for grad students/professional students --- why? Is it actually a good idea to do so?

[pretzeltime]

Wait so NYU asks for parents' 2016 taxes. Is there a way around this or do I have to wait until whenever those are ready? Urgh. Thanks

[addie1412]

So Cornell's offering me 10k a year. Honestly, I'm pretty taken aback and concerned about what this means for the rest of my cycle/whether it's reflective of the kind of money I'll be getting at other schools. This is my first financial aid offer and I'm not sure why it came back so much lower than everyone else's with my numbers. I applied for need/merit. Don't really think I'll be able to negotiate that up to anything that would justify attending, though I was really loving the idea of Cornell. Super bummed rn

[LawTweet]

Wait so NYU asks for parents' 2016 taxes. Is there a way around this or do I have to wait until whenever those are ready? Urgh. Thanks

Where are you seeing this? CSS Profile only requires info from the prior-prior year (aka 2015).

[airwrecka]

The FAFSA suggests entering parents info (even if it's not required) for grad students/professional students --- why? Is it actually a good idea to do so?

I think since most (if not all) schools have a separate application (like CSS) for need-based aid that will require parental info, I wouldn't worry about it on FAFSA. If I understand it all correctly, FAFSA is for government loans and grants, and they don't need your parents' info for that. Meanwhile, the schools will use their own applications to determine what kind of need-based scholarships to give you.

[pretzeltime]

Wait so NYU asks for parents' 2016 taxes. Is there a way around this or do I have to wait until whenever those are ready? Urgh. Thanks

Where are you seeing this? CSS Profile only requires info from the prior-prior year (aka 2015).

On NYU's own financial aid application, not on CSS.

[airwrecka]

does NYU require CSS?

They used Need Access last year, and my understanding is that most schools who used Need Access now use CSS. Assuming that the system stayed the same, you are only required to fill that out if you want to be considered for need-based aid. Otherwise, you can fill out a form to only be considered for merit-based aid. Unless you're super-rich, I wouldn't recommend opting out, because most of the generic non-named scholarships are determined on the basis of need and merit.

I keep asking people this but do you think there is ever a DISadvantage for applying for need-based aid if your parents are super wealthy? I know that I don't qualify for anything based on their income, but I'm going to fill out the need-based app for Columbia anyway because it's my understanding that I won't be considered for aid at all if I don't. For other schools, though, I'm undecided. Even if I don't qualify, I would send them my parents' info as long as it doesn't hurt me. But if it's going to hurt me, then I don't want to. UGH.

[LawTweet]

does NYU require CSS?

They used Need Access last year, and my understanding is that most schools who used Need Access now use CSS. Assuming that the system stayed the same, you are only required to fill that out if you want to be considered for need-based aid. Otherwise, you can fill out a form to only be considered for merit-based aid. Unless you're super-rich, I wouldn't recommend opting out, because most of the generic non-named scholarships are determined on the basis of need and merit.

I keep asking people this but do you think there is ever a DISadvantage for applying for need-based aid if your parents are super wealthy? I know that I don't qualify for anything based on their income, but I'm going to fill out the need-based app for Columbia anyway because it's my understanding that I won't be considered for aid at all if I don't. For other schools, though, I'm undecided. Even if I don't qualify, I would send them my parents' info as long as it doesn't hurt me. But if it's going to hurt me, then I don't want to. UGH.

+1

[cavalier1138]

I keep asking people this but do you think there is ever a DISadvantage for applying for need-based aid if your parents are super wealthy? I know that I don't qualify for anything based on their income, but I'm going to fill out the need-based app for Columbia anyway because it's my understanding that I won't be considered for aid at all if I don't. For other schools, though, I'm undecided. Even if I don't qualify, I would send them my parents' info as long as it doesn't hurt me. But if it's going to hurt me, then I don't want to. UGH.

I don't know that there's a definite disadvantage, because if you opt out, they'll probably assume that your parents are super-rich. In either case, they'll just be considering you on a merit basis.

[CPA-->JD]

Wait so NYU asks for parents' 2016 taxes. Is there a way around this or do I have to wait until whenever those are ready? Urgh. Thanks

Where are you seeing this? CSS Profile only requires info from the prior-prior year (aka 2015).

On NYU's own financial aid application, not on CSS.

I didn't see the application but as many people go on extension until October, I'm sure there is a way around it. Maybe an estimate is good enough?

[pretzeltime]

Wait so NYU asks for parents' 2016 taxes. Is there a way around this or do I have to wait until whenever those are ready? Urgh. Thanks

Where are you seeing this? CSS Profile only requires info from the prior-prior year (aka 2015).

On NYU's own financial aid application, not on CSS.

I didn't see the application but as many people go on extension until October, I'm sure there is a way around it. Maybe an estimate is good enough?

Good point. I emailed em to see what's up. Thanks!

[katthegreat11]

Wait so NYU asks for parents' 2016 taxes. Is there a way around this or do I have to wait until whenever those are ready? Urgh. Thanks

Where are you seeing this? CSS Profile only requires info from the prior-prior year (aka 2015).

On NYU's own financial aid application, not on CSS.

I didn't see the application but as many people go on extension until October, I'm sure there is a way around it. Maybe an estimate is good enough?

Good point. I emailed em to see what's up. Thanks!

To clear up a few things: 1) NYU does NOT require CSS Profile. 2) On NYU's own financial aid application, they ask for estimates of you and your parents 2016 taxes. You can select "An estimated IRS form" and then put in your best guess of numbers. You don't have to wait for 2016 taxes to be submitted.

[pretzeltime]

Wait so NYU asks for parents' 2016 taxes. Is there a way around this or do I have to wait until whenever those are ready? Urgh. Thanks

Where are you seeing this? CSS Profile only requires info from the prior-prior year (aka 2015).

On NYU's own financial aid application, not on CSS.

I didn't see the application but as many people go on extension until October, I'm sure there is a way around it. Maybe an estimate is good enough?

Good point. I emailed em to see what's up. Thanks!

To clear up a few things: 1) NYU does NOT require CSS Profile. 2) On NYU's own financial aid application, they ask for estimates of you and your parents 2016 taxes. You can select "An estimated IRS form" and then put in your best guess of numbers. You don't have to wait for 2016 taxes to be submitted.

right you are. thxxxx