FAFSA

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

Postby cmk » Wed Jan 12, 2011 2:28 pm

NZA wrote::) Alas, Boalt requires parents' incomes on the FAFSA, which means I have to include it for all my schools. Well, I guess theoretically I could file one with no parental income, then wait until the FAFSAs were submitted, then go back and do the ones that require parental income when I have it?


That's a really good idea. Is it possible to do that? Boalt is the only school that I applied to that requests parental info on the fafsa, can I process with the other schools then when I go in to add Boalt add the parental info so it only gets sent there?

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bb8900
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Re: FAFSA

Postby bb8900 » Wed Jan 12, 2011 7:59 pm

When is says "do you want to skip questions about your assets"

should I skip this or should I fill this in? What gives me a better chance to get money, especially since I have very little in assets?

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arism87
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Re: FAFSA

Postby arism87 » Wed Jan 12, 2011 8:02 pm

cmk wrote:
NZA wrote::) Alas, Boalt requires parents' incomes on the FAFSA, which means I have to include it for all my schools. Well, I guess theoretically I could file one with no parental income, then wait until the FAFSAs were submitted, then go back and do the ones that require parental income when I have it?


That's a really good idea. Is it possible to do that? Boalt is the only school that I applied to that requests parental info on the fafsa, can I process with the other schools then when I go in to add Boalt add the parental info so it only gets sent there?


+1 (tagged)

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LegallyBlonde923
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Re: FAFSA

Postby LegallyBlonde923 » Thu Jan 13, 2011 10:24 pm

bb8900 wrote:When is says "do you want to skip questions about your assets"

should I skip this or should I fill this in? What gives me a better chance to get money, especially since I have very little in assets?


I would say fill it in, if you're broke like me. Nothing says "I need a loan" like stating your assets as <$1,000.

JJDancer
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Re: FAFSA

Postby JJDancer » Sun Jan 16, 2011 9:50 pm

krad wrote:Woo, submitted my FAFSA today with 2009 W-2 info.

What did everyone choose for the 10 schools, your top 10? Some of mine are big reaches (optimistic ha), so I'm assuming I can go in and change those after I find out some admissions decisions...?

Some schools say "XYZ school- dental " or med but for LS is it just the UG school name?
Or do some/all specify law?

Thanks.

c_dubya_s
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Re: FAFSA

Postby c_dubya_s » Mon Jan 17, 2011 1:58 pm

JJDancer wrote:
krad wrote:Woo, submitted my FAFSA today with 2009 W-2 info.

What did everyone choose for the 10 schools, your top 10? Some of mine are big reaches (optimistic ha), so I'm assuming I can go in and change those after I find out some admissions decisions...?

Some schools say "XYZ school- dental " or med but for LS is it just the UG school name?
Or do some/all specify law?

Thanks.


It depends. When in doubt, go to the law school's financial aid website, and they should list their FAFSA code on there somewhere. Most just share the code with the undergraduate institution.

r6_philly
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Re: FAFSA

Postby r6_philly » Mon Jan 17, 2011 2:05 pm

cmk wrote:
NZA wrote::) Alas, Boalt requires parents' incomes on the FAFSA, which means I have to include it for all my schools. Well, I guess theoretically I could file one with no parental income, then wait until the FAFSAs were submitted, then go back and do the ones that require parental income when I have it?


That's a really good idea. Is it possible to do that? Boalt is the only school that I applied to that requests parental info on the fafsa, can I process with the other schools then when I go in to add Boalt add the parental info so it only gets sent there?


You will have to fill out NeedAccess (needaccess.org) for most top schools, on which parental info is required no matter what age/independent status you are.

Need-based aid is a myth unless you go to HYS or are extremely poor. Be prepared for a package of loans with multiple 0's.

r6_philly
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Re: FAFSA

Postby r6_philly » Mon Jan 17, 2011 2:07 pm

bb8900 wrote:When is says "do you want to skip questions about your assets"

should I skip this or should I fill this in? What gives me a better chance to get money, especially since I have very little in assets?


If you have to fill out NeedAccess for your school, you will have to answer the asset question. They use assets to calculate your expected contribution, so they will require it. Schools have different formulas but they pretty much all expect you to convert a % of your asset into cash and pay toward your education. So while you may skip it on FAFSA, you will have to disclose in other forms (hence the need for NeedAccess because contribution is calculated different for professional grad schools than UG/Fed student aid)

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AreJay711
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Re: FAFSA

Postby AreJay711 » Mon Jan 17, 2011 2:08 pm

While I don't doubt that almost no one gets need based grants, can't you Stafford loans at a reduced interest rate?

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Deuce
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Re: FAFSA

Postby Deuce » Mon Jan 17, 2011 2:10 pm

Can you re-send it to schools after completing it? Say, I fill it out now, but get in to X school in the next month?

r6_philly
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Re: FAFSA

Postby r6_philly » Mon Jan 17, 2011 2:14 pm

AreJay711 wrote:While I don't doubt that almost no one gets need based grants, can't you Stafford loans at a reduced interest rate?


Stafford tops out at $20500 I think. $8000 subsidized (no interest while in school), $12500 non-subsidized (6.8% I think, starting from disbursement, added to principle). Some schools offer another $4000 in Perkins, the rest in PLUS loans. PLUS loans are a little higher (don't remember the rate right now), and the repayment starts AS SOON AS the last disbursement. If you get enough aid to stay under $25k it's ideal so you won't have to go through PLUS. I am skating right under that for grad school, it's nice not having PLUS, yet.

r6_philly
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Re: FAFSA

Postby r6_philly » Mon Jan 17, 2011 2:15 pm

Deuce wrote:Can you re-send it to schools after completing it? Say, I fill it out now, but get in to X school in the next month?


You can update the target schools so it will be made available for more schools. Or you can just go ahead and send it to all the schools that you are applying to. As a matter of fact most school ask you to fill out FAFSA and NeedAccess without waiting for acceptances so it won't delay processing.

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bistduverrueckt
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Re: FAFSA

Postby bistduverrueckt » Tue Jan 18, 2011 11:02 pm

I know the general rule for FAFSA (minus schools that explicitly say to include parental info) is just to include one's on info but is parental information required in every school's case if the student filing is a dependent of the parent's?

Basically I'm still in undergrad so my parents have one more year to claim me as their dependent since I don't graduate until May which means I won't be filing taxes as an independent in 2011. Would I need to include parental info on my FAFSA even if they won't assist me monetarily in anyway for law school?

r6_philly
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Re: FAFSA

Postby r6_philly » Tue Jan 18, 2011 11:11 pm

bistduverrueckt wrote:I know the general rule for FAFSA (minus schools that explicitly say to include parental info) is just to include one's on info but is parental information required in every school's case if the student filing is a dependent of the parent's?

Basically I'm still in undergrad so my parents have one more year to claim me as their dependent since I don't graduate until May which means I won't be filing taxes as an independent in 2011. Would I need to include parental info on my FAFSA even if they won't assist me monetarily in anyway for law school?


If you are under 30 most if not all schools will require parental info either on FAFSA or NeedAccess and you probably will have to submit their tax returns to the school for verification. It isn't about what they are helping you with, it is about what the schools count as their help to you. Just as they will count a part of your asset against your financial aid eligibility even though you may not be actually cashing in your assets to pay for school.

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arism87
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Re: FAFSA

Postby arism87 » Sat Jan 22, 2011 11:39 am

r6_philly wrote:
bistduverrueckt wrote:I know the general rule for FAFSA (minus schools that explicitly say to include parental info) is just to include one's on info but is parental information required in every school's case if the student filing is a dependent of the parent's?

Basically I'm still in undergrad so my parents have one more year to claim me as their dependent since I don't graduate until May which means I won't be filing taxes as an independent in 2011. Would I need to include parental info on my FAFSA even if they won't assist me monetarily in anyway for law school?


If you are under 30 most if not all schools will require parental info either on FAFSA or NeedAccess and you probably will have to submit their tax returns to the school for verification. It isn't about what they are helping you with, it is about what the schools count as their help to you. Just as they will count a part of your asset against your financial aid eligibility even though you may not be actually cashing in your assets to pay for school.


They will ask for tax returns?

Ok, so if I am to include "parent information" (despite filing as an independent and being out of school) I not only need my PARENTS' info, but their entire households'? (aka, my stepmom and stepdad?) So although my mom has no job and no assets, but I will have to put my stepdad's assets (aka, trust funds set up for my stepbrothers that I'll never see a penny of)? I will also have to put my stepmom's assets (who is MY AGE and obviously is nothing like a mother and has never supported me..?) I assume that since they file jointly this is necessary.

Just clarifying, I'm home for the weekend to fill this stuff out.

I knew my weird ass family would come back to haunt me.

sarahlawg
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Re: FAFSA

Postby sarahlawg » Sun Jan 23, 2011 4:06 pm

Ugh I don't know how they expect this stuff to get done by Feb 1st. My mom hasn't gotten her tax info yet and didn't even file taxes last year... What a pain. Can I do estimates and send it off and then adjust it when she finally gets around to doing her taxes this year?

r6_philly
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Re: FAFSA

Postby r6_philly » Sun Jan 23, 2011 4:34 pm

sarahlawg wrote:Ugh I don't know how they expect this stuff to get done by Feb 1st. My mom hasn't gotten her tax info yet and didn't even file taxes last year... What a pain. Can I do estimates and send it off and then adjust it when she finally gets around to doing her taxes this year?


I am sending estimates so I can get the FAFSA and NeedAccess to schools, so they can process my aid app in the first wave. Since IRS won't even accept itemized returns until 2/14 (so there is no way to file taxes by 2/1 for many people), I think it's reasonable to just use estimates to make the deadline.

sarahlawg
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Re: FAFSA

Postby sarahlawg » Sun Jan 23, 2011 4:48 pm

r6_philly wrote:
sarahlawg wrote:Ugh I don't know how they expect this stuff to get done by Feb 1st. My mom hasn't gotten her tax info yet and didn't even file taxes last year... What a pain. Can I do estimates and send it off and then adjust it when she finally gets around to doing her taxes this year?


I am sending estimates so I can get the FAFSA and NeedAccess to schools, so they can process my aid app in the first wave. Since IRS won't even accept itemized returns until 2/14 (so there is no way to file taxes by 2/1 for many people), I think it's reasonable to just use estimates to make the deadline.


thanks for the info. how do you estimate the US income tax paid? it says not to copy the federal income tax withheld, but if my mom has no other forms of income, is that number okay to use?

r6_philly
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Re: FAFSA

Postby r6_philly » Sun Jan 23, 2011 4:52 pm

sarahlawg wrote:
r6_philly wrote:
sarahlawg wrote:Ugh I don't know how they expect this stuff to get done by Feb 1st. My mom hasn't gotten her tax info yet and didn't even file taxes last year... What a pain. Can I do estimates and send it off and then adjust it when she finally gets around to doing her taxes this year?


I am sending estimates so I can get the FAFSA and NeedAccess to schools, so they can process my aid app in the first wave. Since IRS won't even accept itemized returns until 2/14 (so there is no way to file taxes by 2/1 for many people), I think it's reasonable to just use estimates to make the deadline.


thanks for the info. how do you estimate the US income tax paid? it says not to copy the federal income tax withheld, but if my mom has no other forms of income, is that number okay to use?


You can look up the tax table in the 1040 General Instruction booklet. Basically your AGI - anticipated credits is your taxable income in the table. You can estimate using standard deductions. I think I will end up paying less since they extended the sales tax deduction but IRS didn't have time to add it back in the form, that's why we can't file until they modify their system. It probably wouldn't matter so much though, if you don't make enough and you deserve need aid, the difference will be very little.

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whathojeeves
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Re: FAFSA

Postby whathojeeves » Tue Jan 25, 2011 10:24 pm

So this has nothing to do with actually filling out the FAFSA, but I just checked my SAR and apparently it doesn't think I'm a US citizen based on my SSN. Should I just contact every financial aid office and offer to send them all a copy of my passport ? Any ideas anyone?

I'm still waiting on decisions from several places so it seems weird to send them paperwork before they potentially ding me; on the other hand, I don't want to get screwed over for aid because they can't process my FAFSA correctly/quickly.

R6? You've always got good suggestions!
Last edited by whathojeeves on Tue Feb 01, 2011 9:17 am, edited 1 time in total.

r6_philly
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Re: FAFSA

Postby r6_philly » Tue Jan 25, 2011 10:52 pm

whathojeeves wrote:So this has nothing to do with actually filling out the FAFSA, but I just checked my SAR and apparently it doesn't think I'm a US citizen based on my SSN (I was naturalized in college). Should I just contact every financial aid office and offer to send them all a copy of my passport or naturalization paperwork? Any ideas anyone?

I'm still waiting on decisions from several places so it seems weird to send them paperwork before they potentially ding me; on the other hand, I don't want to get screwed over for aid because they can't process my FAFSA correctly/quickly.

R6? You've always got good suggestions!


Yup, you have to give them copies of your passport. I still have to do this even though I went to SSA and got a new SSN card. It still shows that I am a non-citizen.

Send FAFSA/NeedAccess to everyone, they actually ask you to not wait for admissions decisions at several schools.

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whathojeeves
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Re: FAFSA

Postby whathojeeves » Wed Jan 26, 2011 11:17 am

r6_philly wrote:
whathojeeves wrote:So this has nothing to do with actually filling out the FAFSA, but I just checked my SAR and apparently it doesn't think I'm a US citizen based on my SSN (I was naturalized in college). Should I just contact every financial aid office and offer to send them all a copy of my passport or naturalization paperwork? Any ideas anyone?

I'm still waiting on decisions from several places so it seems weird to send them paperwork before they potentially ding me; on the other hand, I don't want to get screwed over for aid because they can't process my FAFSA correctly/quickly.

R6? You've always got good suggestions!


Yup, you have to give them copies of your passport. I still have to do this even though I went to SSA and got a new SSN card. It still shows that I am a non-citizen.

Send FAFSA/NeedAccess to everyone, they actually ask you to not wait for admissions decisions at several schools.


Yup, already sent both to everyone. Just wasn't sure about sending the additional stuff. Will ring them all today and see if they want it faxed/emailed/pigeon-mailed.

Good to know that getting a new card doesn't circumvent this. Blah.

r6_philly
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Re: FAFSA

Postby r6_philly » Wed Jan 26, 2011 11:20 am

whathojeeves wrote:
Yup, already sent both to everyone. Just wasn't sure about sending the additional stuff. Will ring them all today and see if they want it faxed/emailed/pigeon-mailed.

Good to know that getting a new card doesn't circumvent this. Blah.


You can preempt it by making a PDF of your passport scan and attach it when you email finaid offices. I don't even wait for verification now, I know the drill, so I just give it to them right off the bat.

I did the card change 2 schools ago. But every year, it still shows up. I am not sure where they get the verification info from, because SSA swears it's updated.

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northwood
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Re: FAFSA

Postby northwood » Wed Jan 26, 2011 11:27 am

where do you get the needaccess form?

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txadv11
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Re: FAFSA

Postby txadv11 » Wed Jan 26, 2011 11:29 am

Anyone have a link or know of a debt calculator that allows for multiple entries with differing percentages ( 8500*1.0) + (12500 * 6.8 APR) + (15000 * 7.9APR)




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