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 Post subject: FAFSA nitpicky questions - help please
PostPosted: Wed Mar 03, 2010 11:17 pm 
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Joined: Wed Mar 25, 2009 1:23 am
Posts: 479
Hi All,

I'd really appreciate some quick input here. In short, I have a lot of "blanks" and it almost seems like my FAFSA is a glorified, long-winded version of "tell us your income last year". I'm independent of my parents btw.

I'm just about done FAFSA but here is what's confusing me.

1. legal residence state - I moved two years ago but still have my old license, etc. I'm planning on putting my old state? Not sure what to do here... :?
2. Why is drivers license optional? Is there any benefit to give it?
3. They ask for living plans - I guess just put "on campus"?
4. I'm in the workforce and did a Roth IRA. Don't see anywhere to put those deductions (it is after-tax), this leads me to not being forced to disclose my savings, checking accounts, retirement plans. What's up? Should I mention it anyway? Seems strange to me they don't require this.
5. Some part asks how many in the household will be in "college." I'm assuming this means law school too, therefore 1 (me).


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 Post subject: Re: FAFSA nitpicky questions - help please
PostPosted: Thu Mar 04, 2010 2:56 pm 
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Joined: Wed Jan 14, 2009 4:39 pm
Posts: 94
1. You should put the current state where you are living/pay taxes. FYI, most states require that you update your license once you have moved to a new state within 60 days.
2. Driver's license number is optional because it is just another way for them to verify your residency. I don't think it matters either way.
3. I would put on campus unless you are absolutely sure you would be living with your parents. The school where you enroll can always update your budget if this information changes, so don't worry.
4. You do not have to disclose IRAs on your FAFSA. For some reason, they never ask for your retirement amounts/contributions. Your individual school's financial aid form might, though. The FAFSA does separately ask for your savings/checking amount totals. You should be accurate with that amount, because the school can ask to verify that with bank statements.
5. Yes, you should put 1.

Hope that is helpful!


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 Post subject: Re: FAFSA nitpicky questions - help please
PostPosted: Fri Mar 05, 2010 2:41 am 
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Joined: Wed Mar 25, 2009 1:23 am
Posts: 479
flowylime wrote:
1. You should put the current state where you are living/pay taxes. FYI, most states require that you update your license once you have moved to a new state within 60 days.
2. Driver's license number is optional because it is just another way for them to verify your residency. I don't think it matters either way.
3. I would put on campus unless you are absolutely sure you would be living with your parents. The school where you enroll can always update your budget if this information changes, so don't worry.
4. You do not have to disclose IRAs on your FAFSA. For some reason, they never ask for your retirement amounts/contributions. Your individual school's financial aid form might, though. The FAFSA does separately ask for your savings/checking amount totals. You should be accurate with that amount, because the school can ask to verify that with bank statements.
5. Yes, you should put 1.

Hope that is helpful!


Thank you!
Briefly - 1: I still have my old license... I'm pretty sure it makes sense to put my old state but I will double-check. Don't want to raise issues. 3: I was more worried about on vs. off campus, not parents.

Does anyone know: for both FAFSA and Need Access org., is there some basic threshhold? I mean - I have very little cash saved up right now but I don't know if they consider 5K, 10K, 20K etc a "big deal." Not sure how they determine who needs to pay out of pocket.


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 Post subject: Re: FAFSA nitpicky questions - help please
PostPosted: Fri Mar 05, 2010 2:47 am 
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Joined: Mon Oct 26, 2009 11:36 pm
Posts: 1722
RE: #3 - Just give your best guess. The vast majority of law students live off-campus, so if you're not sure where you're going yet, I'd say the safe bet is to put off-campus.


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