FAFSA

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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gov
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Re: FAFSA

Postby gov » Sun Jan 30, 2011 6:47 pm

Barbie wrote:This is impossible. I don't know the answers to ANY of these questions. Are my scholarships and grants reported to the IRS?

edit: and when it asks you for your income "earned wages and tips" do we include scholarships and grants? because it doesn't mention it.


No it asks you that as well. Your school should have issued you a 1098 T. That tells you whether or not you have to pay taxes on what you've received;

r6_philly
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Re: FAFSA

Postby r6_philly » Sun Jan 30, 2011 6:49 pm

govorett wrote:
Barbie wrote:This is impossible. I don't know the answers to ANY of these questions. Are my scholarships and grants reported to the IRS?

edit: and when it asks you for your income "earned wages and tips" do we include scholarships and grants? because it doesn't mention it.


No it asks you that as well. Your school should have issued you a 1098 T. That tells you whether or not you have to pay taxes on what you've received;


No 1098 T only outlines your billed expenses and the non-loan assistance you received. Since your COA can be more (Books, supplies etc may not be reported on there) you don't necessarily have to report/tax the surplus.

eaa1537
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Re: FAFSA

Postby eaa1537 » Sun Jan 30, 2011 6:51 pm

r6_philly wrote:
eaa1537 wrote:Sorry if this was already answered somewhere, but after filling out the FAFSA, how do I know if I qualified for subsidized vs. unsubsidized loans? Since I'm independent now that means I'm the only source of wealth that they should look at when assessing whether I can get subsidized loans right??


Sounds like you will get it. The max stafford loans (both types) are only $20500. So unless your expected contribution is so large that you are online eligible for less loans than that, I am pretty sure you will get it.


Alright thankssssss! My EFC was like 03000, so hoping you're right!

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gothamm
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Re: FAFSA

Postby gothamm » Sun Jan 30, 2011 6:52 pm

so you are saying that i won't be getting financial aid like i did back in UG....where my efc was 0 and was getting basically all of my tuition covered? I was hoping for at least 1/4th tuition covered from grants :cry:

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Barbie
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Re: FAFSA

Postby Barbie » Sun Jan 30, 2011 6:54 pm

r6_philly wrote:
Barbie wrote:This is impossible. I don't know the answers to ANY of these questions. Are my scholarships and grants reported to the IRS?

edit: and when it asks you for your income "earned wages and tips" do we include scholarships and grants? because it doesn't mention it.


If your scholarship/grants total than your tuition+fees+other related allowed costs you will have to pay taxes on the additional amount. If all of the scholarship/grants are less than your tuition+fees then you don't have to report it (well you do, but in a different location).

Earned wages/tips are from employment only. Even if you have a 1099 MISC that's "unearned" "non-employee" compensation.

Your school may have a service to help you fill out FAFSA and other forms, ask the Financial Aid office.

Edited for wrong form.


Oh okay. I didn't receive that form. My scholarship is only 75% but I do receive a nice sized grant. I geuss it doesn't go over the total cost then because I didn't get it. So where do I report my scholarship/ grant info? I finished and it didn't ask me anywhere else, but there is a place to put "Other incomes"... Do I put my loan info there too? Scholarship/grant? Bah..

r6_philly
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Re: FAFSA

Postby r6_philly » Sun Jan 30, 2011 6:55 pm

gothamm wrote:so you are saying that i won't be getting financial aid like i did back in UG....where my efc was 0 and was getting basically all of my tuition covered? I was hoping for at least 1/4th tuition covered from grants :cry:


Depends on the school. Government grand assistance stops at UG. So if you go to a rich and nice school, they may give you grants. Other maybe all loans. I got all loans (after my merit scholarship) from Michigan, even though my EFC is 0, I have kids, and my UG grants totaled more than my tuition (yes I actually got paid to go to college lol)

r6_philly
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Re: FAFSA

Postby r6_philly » Sun Jan 30, 2011 6:58 pm

Barbie wrote:
Oh okay. I didn't receive that form. My scholarship is only 75% but I do receive a nice sized grant. I geuss it doesn't go over the total cost then because I didn't get it. So where do I report my scholarship/ grant info? I finished and it didn't ask me anywhere else, but there is a place to put "Other incomes"... Do I put my loan info there too? Scholarship/grant? Bah..


Loans are not income. You should file your taxes and fill it out base on your tax form. You probably won't need to report anything other than where they ask you how much scholarship/taxes you received, but you should go see a professional (and file your taxes) just to be sure.

Your school will send you a 1098T, just give it some time. You are supposed to receive that form even if you have no scholarship/grants. Maybe they send it to your permanent address.

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Barbie
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Re: FAFSA

Postby Barbie » Sun Jan 30, 2011 7:00 pm

r6_philly wrote:
Barbie wrote:
Oh okay. I didn't receive that form. My scholarship is only 75% but I do receive a nice sized grant. I geuss it doesn't go over the total cost then because I didn't get it. So where do I report my scholarship/ grant info? I finished and it didn't ask me anywhere else, but there is a place to put "Other incomes"... Do I put my loan info there too? Scholarship/grant? Bah..


Loans are not income. You should file your taxes and fill it out base on your tax form. You probably won't need to report anything other than where they ask you how much scholarship/taxes you received, but you should go see a professional (and file your taxes) just to be sure.

Your school will send you a 1098T, just give it some time. You are supposed to receive that form even if you have no scholarship/grants. Maybe they send it to your permanent address.


You're going to think I sound like an idiot probs, but I have never filed my taxes. And don't really plan on it. I don't work much, but like a few weeks a year. They usually end up owing me like $100 bucks or a little more. My fiance's brother is an accountant and he told me its not a big deal that I don't. :( :oops: :oops: So.. yeah, I'm not filing them again this year. I checked the "not filing" box though, like I always do. I just don't know where to tell them about my scholarship/grant. Do I have to at all then? Or is it what goes in "other income"

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gov
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Re: FAFSA

Postby gov » Sun Jan 30, 2011 7:04 pm

Barbie wrote:
r6_philly wrote:
Barbie wrote:
Oh okay. I didn't receive that form. My scholarship is only 75% but I do receive a nice sized grant. I geuss it doesn't go over the total cost then because I didn't get it. So where do I report my scholarship/ grant info? I finished and it didn't ask me anywhere else, but there is a place to put "Other incomes"... Do I put my loan info there too? Scholarship/grant? Bah..


Loans are not income. You should file your taxes and fill it out base on your tax form. You probably won't need to report anything other than where they ask you how much scholarship/taxes you received, but you should go see a professional (and file your taxes) just to be sure.

Your school will send you a 1098T, just give it some time. You are supposed to receive that form even if you have no scholarship/grants. Maybe they send it to your permanent address.


You're going to think I sound like an idiot probs, but I have never filed my taxes. And don't really plan on it. I don't work much, but like a few weeks a year. They usually end up owing me like $100 bucks or a little more. My fiance's brother is an accountant and he told me its not a big deal that I don't. :( :oops: :oops: So.. yeah, I'm not filing them again this year. I checked the "not filing" box though, like I always do. I just don't know where to tell them about my scholarship/grant. Do I have to at all then? Or is it what goes in "other income"


If you don't owe taxes on it then you don't report it.

r6_philly
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Re: FAFSA

Postby r6_philly » Sun Jan 30, 2011 7:06 pm

Barbie wrote:
You're going to think I sound like an idiot probs, but I have never filed my taxes. And don't really plan on it. I don't work much, but like a few weeks a year. They usually end up owing me like $100 bucks or a little more. My fiance's brother is an accountant and he told me its not a big deal that I don't. :( :oops: :oops: So.. yeah, I'm not filing them again this year. I checked the "not filing" box though, like I always do. I just don't know where to tell them about my scholarship/grant. Do I have to at all then? Or is it what goes in "other income"



If you make any amount of money, you can get Earned Income Tax Credit which will give you a bit of cash, that's why you should file. Some of your tuition is also refundable starting in 2009, so even if you don't work, you could possibly have gotten up to $1500-2000 depend on how much tuition you cover with loans.

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Barbie
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Re: FAFSA

Postby Barbie » Sun Jan 30, 2011 7:07 pm

govorett wrote:
Barbie wrote:You're going to think I sound like an idiot probs, but I have never filed my taxes. And don't really plan on it. I don't work much, but like a few weeks a year. They usually end up owing me like $100 bucks or a little more. My fiance's brother is an accountant and he told me its not a big deal that I don't. :( :oops: :oops: So.. yeah, I'm not filing them again this year. I checked the "not filing" box though, like I always do. I just don't know where to tell them about my scholarship/grant. Do I have to at all then? Or is it what goes in "other income"


If you don't owe taxes on it then you don't report it.


You guys are much more educated than I am on this!! So where it says "Money received or paid on students behalf" I just leave it at 0, even though I get $$ in grant and scholly? I just did the math. My tuition is completely covered by grant/scholarship. Sorry I'm an idiot. I owe you both beers if we meet :D (gov-FSU admitted scholars day? :D )

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gov
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Re: FAFSA

Postby gov » Sun Jan 30, 2011 7:13 pm

r6_philly wrote:
Barbie wrote:
You're going to think I sound like an idiot probs, but I have never filed my taxes. And don't really plan on it. I don't work much, but like a few weeks a year. They usually end up owing me like $100 bucks or a little more. My fiance's brother is an accountant and he told me its not a big deal that I don't. :( :oops: :oops: So.. yeah, I'm not filing them again this year. I checked the "not filing" box though, like I always do. I just don't know where to tell them about my scholarship/grant. Do I have to at all then? Or is it what goes in "other income"



If you make any amount of money, you can get Earned Income Tax Credit which will give you a bit of cash, that's why you should file. Some of your tuition is also refundable starting in 2009, so even if you don't work, you could possibly have gotten up to $1500-2000 depend on how much tuition you cover with loans.


Isn't EIC hard to get (kids, low income, etc??) I have never qualified for it and I have been independent for a while. (just out of curiosity)

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Re: FAFSA

Postby r6_philly » Sun Jan 30, 2011 7:18 pm

govorett wrote:
Isn't EIC hard to get (kids, low income, etc??) I have never qualified for it and I have been independent for a while. (just out of curiosity)



No you can be single and get EITC, the amount is just small. You can get a max of $450-500 with the right income level (very low). You have to not be someone else's dependent.

http://www.irs.gov/individuals/article/ ... 13,00.html

Download the 1040 General Instructions, there is a EIC table to show you how much you could possible get, starting on page 52 (2010 1040gi)

*Edited to say, I missed you saying low income. I was thinking about barbie who doesn't have much income.


The American Opportunities tax makes part of the tuition credit refundable, so make sure you choose that one over the Hope credit (Which is not refundable - only covers tax owed).

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gov
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Re: FAFSA

Postby gov » Sun Jan 30, 2011 7:20 pm

r6_philly wrote:
govorett wrote:
Isn't EIC hard to get (kids, low income, etc??) I have never qualified for it and I have been independent for a while. (just out of curiosity)



No you can be single and get EITC, the amount is just small. You can get a max of $450-500 with the right income level (very low). You have to not be someone else's dependent.

http://www.irs.gov/individuals/article/ ... 13,00.html

Download the 1040 General Instructions, there is a EIC table to show you how much you could possible get, starting on page 52 (2010 1040gi)

The American Opportunities tax makes part of the tuition credit refundable, so make sure you choose that one over the Hope credit (Which is not refundable - only covers tax owed).


American Opp. doesn't work for me, I just did the lifetime learning.

r6_philly
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Re: FAFSA

Postby r6_philly » Sun Jan 30, 2011 7:24 pm

govorett wrote:
American Opp. doesn't work for me, I just did the lifetime learning.


Why not? no longer UG? I am out of it this year too. I like the refunds lol

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gov
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Re: FAFSA

Postby gov » Sun Jan 30, 2011 7:24 pm

r6_philly wrote:
govorett wrote:
American Opp. doesn't work for me, I just did the lifetime learning.


Why not? no longer UG? I am out of it this year too. I like the refunds lol


Yeah, grad school. I think I got around 1000 back last year, was so nice!

r6_philly
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Re: FAFSA

Postby r6_philly » Sun Jan 30, 2011 7:27 pm

govorett wrote:
r6_philly wrote:
govorett wrote:
American Opp. doesn't work for me, I just did the lifetime learning.


Why not? no longer UG? I am out of it this year too. I like the refunds lol


Yeah, grad school. I think I got around 1000 back last year, was so nice!


So when did you graduate? I started last year (2010) as ug, so I can still claim it. I don't know if I can combine my grad school tuition with the ug though, I have to read through the pub sometimes this week (still waiting on tuition statement from grad school).

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gov
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Re: FAFSA

Postby gov » Sun Jan 30, 2011 7:30 pm

r6_philly wrote:
govorett wrote:
r6_philly wrote:
govorett wrote:
American Opp. doesn't work for me, I just did the lifetime learning.


Why not? no longer UG? I am out of it this year too. I like the refunds lol


Yeah, grad school. I think I got around 1000 back last year, was so nice!


So when did you graduate? I started last year (2010) as ug, so I can still claim it. I don't know if I can combine my grad school tuition with the ug though, I have to read through the pub sometimes this week (still waiting on tuition statement from grad school).


12/09.

r6_philly
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Re: FAFSA

Postby r6_philly » Sun Jan 30, 2011 7:34 pm

govorett wrote:
12/09.


Man should've waited! :lol:

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gothamm
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Re: FAFSA

Postby gothamm » Sun Jan 30, 2011 7:50 pm

r6_philly wrote:
gothamm wrote:so you are saying that i won't be getting financial aid like i did back in UG....where my efc was 0 and was getting basically all of my tuition covered? I was hoping for at least 1/4th tuition covered from grants :cry:


Depends on the school. Government grand assistance stops at UG. So if you go to a rich and nice school, they may give you grants. Other maybe all loans. I got all loans (after my merit scholarship) from Michigan, even though my EFC is 0, I have kids, and my UG grants totaled more than my tuition (yes I actually got paid to go to college lol)


this is terrible news. Same here, I got paid to go to college. I will surely miss those golden days.

I don't think loyola la will give me a dime, going by this thread.

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rinkrat19
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Re: FAFSA

Postby rinkrat19 » Sun Jan 30, 2011 7:58 pm

gothamm wrote:
r6_philly wrote:
gothamm wrote:so you are saying that i won't be getting financial aid like i did back in UG....where my efc was 0 and was getting basically all of my tuition covered? I was hoping for at least 1/4th tuition covered from grants :cry:


Depends on the school. Government grand assistance stops at UG. So if you go to a rich and nice school, they may give you grants. Other maybe all loans. I got all loans (after my merit scholarship) from Michigan, even though my EFC is 0, I have kids, and my UG grants totaled more than my tuition (yes I actually got paid to go to college lol)


this is terrible news. Same here, I got paid to go to college. I will surely miss those golden days


Seems like if you didn't use any FAFSA benefits during UG (ah, back in the good ol' days when mommy and daddy wrote tuition checks), the eligibility for grants should carry over to grad school. :P

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gothamm
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Re: FAFSA

Postby gothamm » Sun Jan 30, 2011 8:07 pm

rinkrat19 wrote:
gothamm wrote:
r6_philly wrote:
gothamm wrote:so you are saying that i won't be getting financial aid like i did back in UG....where my efc was 0 and was getting basically all of my tuition covered? I was hoping for at least 1/4th tuition covered from grants :cry:


Depends on the school. Government grand assistance stops at UG. So if you go to a rich and nice school, they may give you grants. Other maybe all loans. I got all loans (after my merit scholarship) from Michigan, even though my EFC is 0, I have kids, and my UG grants totaled more than my tuition (yes I actually got paid to go to college lol)


this is terrible news. Same here, I got paid to go to college. I will surely miss those golden days


Seems like if you didn't use any FAFSA benefits during UG (ah, back in the good ol' days when mommy and daddy wrote tuition checks), the eligibility for grants should carry over to grad school. :P


really? i only took advantage of FAFSA my junion and senior year of undergrad.

r6_philly
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Re: FAFSA

Postby r6_philly » Sun Jan 30, 2011 8:55 pm

rinkrat19 wrote:
Seems like if you didn't use any FAFSA benefits during UG (ah, back in the good ol' days when mommy and daddy wrote tuition checks), the eligibility for grants should carry over to grad school. :P


Doesn't work that way. No government grants for grad school, only institutional ones.

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gothamm
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Re: FAFSA

Postby gothamm » Sun Jan 30, 2011 9:00 pm

r6_philly wrote:
rinkrat19 wrote:
Seems like if you didn't use any FAFSA benefits during UG (ah, back in the good ol' days when mommy and daddy wrote tuition checks), the eligibility for grants should carry over to grad school. :P


Doesn't work that way. No government grants for grad school, only institutional ones.


what if its a public grad school....like ucla?

please excuse these rudimentary questions.

r6_philly
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Re: FAFSA

Postby r6_philly » Sun Jan 30, 2011 9:29 pm

gothamm wrote:
r6_philly wrote:
rinkrat19 wrote:
Seems like if you didn't use any FAFSA benefits during UG (ah, back in the good ol' days when mommy and daddy wrote tuition checks), the eligibility for grants should carry over to grad school. :P


Doesn't work that way. No government grants for grad school, only institutional ones.


what if its a public grad school....like ucla?

please excuse these rudimentary questions.


Fed grants are for undergraduate only. I don't know about CA. But I think CA tuition is waived if you are low income so maybe there is no CA state grants.

I mean, you could still get grants, but they come from the law school, and have nothing to do with your UG grant eligibility.




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