Please help!

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
witty username
Posts: 13
Joined: Wed Apr 28, 2010 5:55 pm

Please help!

Postby witty username » Wed Apr 28, 2010 6:05 pm

Hello!

I am planning to apply to law school this fall and I have a question about financial aid. I know FAFSA does not ask for parental income information, however, I read that NEEDACCESS asks for it. My parents did not file their taxes this year because they did not have sufficient income to feel the need to file. I did not file because I have no income. Will this be a problem when I fill out the applications for FAFSA and NEEDACCESS? Don't FAFSA and NEEDACCESS usually ask for copies of the tax forms before they calculate my financial aid?

Thank you in advance!

03121202698008
Posts: 3002
Joined: Fri Jul 17, 2009 2:07 am

Re: Please help!

Postby 03121202698008 » Wed Apr 28, 2010 6:14 pm

witty username wrote:Hello!

I am planning to apply to law school this fall and I have a question about financial aid. I know FAFSA does not ask for parental income information, however, I read that NEEDACCESS asks for it. My parents did not file their taxes this year because they did not have sufficient income to feel the need to file. I did not file because I have no income. Will this be a problem when I fill out the applications for FAFSA and NEEDACCESS? Don't FAFSA and NEEDACCESS usually ask for copies of the tax forms before they calculate my financial aid?

Thank you in advance!


They ask for the info for the FAFSA but not the form. I can't answer for needaccess as Michigan only makes you do it if you qualify for need-based aid and I don't. Did they not have enough income to file a return or just decided not to file one? They aren't the same thing.

If they didn't have enough income, I'd imagine you just put what they would have put if they did file one and make sure the status is marked that they didn't. Even with no income, they probably should have filed one as there were credits available to everyone this year. I got a few hundred more back then I paid in. (Most of my income is non-taxable.)

witty username
Posts: 13
Joined: Wed Apr 28, 2010 5:55 pm

Re: Please help!

Postby witty username » Wed Apr 28, 2010 6:20 pm

blhoward2 wrote:
witty username wrote:Hello!

I am planning to apply to law school this fall and I have a question about financial aid. I know FAFSA does not ask for parental income information, however, I read that NEEDACCESS asks for it. My parents did not file their taxes this year because they did not have sufficient income to feel the need to file. I did not file because I have no income. Will this be a problem when I fill out the applications for FAFSA and NEEDACCESS? Don't FAFSA and NEEDACCESS usually ask for copies of the tax forms before they calculate my financial aid?

Thank you in advance!


They ask for the info for the FAFSA but not the form. I can't answer for needaccess as Michigan only makes you do it if you qualify for need-based aid and I don't. Did they not have enough income to file a return or just decided not to file one? They aren't the same thing.

If they didn't have enough income, I'd imagine you just put what they would have put if they did file one and make sure the status is marked that they didn't. Even with no income, they probably should have filed one as there were credits available to everyone this year. I got a few hundred more back then I paid in. (Most of my income is non-taxable.)


Thank you for your response! My parents didn't file because they didn't have enough income. Do you think this would lessen my chances of getting loans or anything? Or am I just being paranoid.... :?

User avatar
Kiersten1985
Posts: 784
Joined: Fri Jul 31, 2009 3:36 pm

Re: Please help!

Postby Kiersten1985 » Wed Apr 28, 2010 6:24 pm

Call the financial aid office of your school. They'll be able to answer questions specific to their needs.

witty username
Posts: 13
Joined: Wed Apr 28, 2010 5:55 pm

Re: Please help!

Postby witty username » Wed Apr 28, 2010 6:25 pm

bc as a UG I remember that I always had to send in a copy of my parents' tax forms to FAFSA before they finalized my aid..... so I was wondering if not being able to provide the tax forms to either FAFSA or NEEDACCESS this fall would hurt my chances of getting aid.

03121202698008
Posts: 3002
Joined: Fri Jul 17, 2009 2:07 am

Re: Please help!

Postby 03121202698008 » Wed Apr 28, 2010 6:33 pm

witty username wrote:bc as a UG I remember that I always had to send in a copy of my parents' tax forms to FAFSA before they finalized my aid..... so I was wondering if not being able to provide the tax forms to either FAFSA or NEEDACCESS this fall would hurt my chances of getting aid.


The FAFSA is just a form. That would have been your school that requested that. They may request it for verification if giving need-based aid but very few people get that for law school. It won't hurt the chances of getting a loan. You are all but guranteed the loan. The only question would be whether or not you get the full $8.5K subsidized every year. You only wouldn't if you had a high EFC which is caused by high income...not low.

witty username
Posts: 13
Joined: Wed Apr 28, 2010 5:55 pm

Re: Please help!

Postby witty username » Wed Apr 28, 2010 6:39 pm

blhoward2 wrote:
witty username wrote:bc as a UG I remember that I always had to send in a copy of my parents' tax forms to FAFSA before they finalized my aid..... so I was wondering if not being able to provide the tax forms to either FAFSA or NEEDACCESS this fall would hurt my chances of getting aid.


The FAFSA is just a form. That would have been your school that requested that. They may request it for verification if giving need-based aid but very few people get that for law school. It won't hurt the chances of getting a loan. You are all but guranteed the loan. The only question would be whether or not you get the full $8.5K subsidized every year. You only wouldn't if you had a high EFC which is caused by high income...not low.


That's a relief. Thank you so much for your advice!!! :D




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