FAFSA Question

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
green.tea
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Joined: Thu Jan 22, 2015 10:21 pm

FAFSA Question

Postby green.tea » Tue Feb 24, 2015 7:31 pm

For a K-JD, I'm unclear what should be included on line 45 j of the FAFSA, "money received, or paid on your behalf."

Parental information is not required, so not reported on the FAFSA. As a dependent, undergrad should this line include parental monetary support for tuition, rent,...?

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ILoveYou
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Re: FAFSA Question

Postby ILoveYou » Tue Mar 03, 2015 1:23 pm

From Fafsa.gov:

Enter the total amount of cash support you (and if married, your spouse) received in 2013 from a friend or relative(other than your parents, if you are a dependent student). Report the amount if it is not reported elsewhere on this application.

If someone is paying rent, utility bills, etc., for you while you attend school, include the amount of that person's contributions, unless the person is your parent whose information is reported on this application.

Include money that you received from a parent whose financial information is not reported on this form and that is not part of a legal child support agreement.


Note: This includes distributions to you (the student beneficiary) from a 529 plan that is owned by someone other than you or your parents (such as your grandparents, aunts, and uncles).

Round to the nearest dollar and do not include commas or decimal points.



So, if you aren't reporting parental information, do include money given to you or used to pay your bills by your parents.

Law1491
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Re: FAFSA Question

Postby Law1491 » Mon Mar 16, 2015 10:40 am

How important is it to enter the exact number of parents' assets on FAFSA that requires parental info. I entered parents' wages, but when it comes to their assets they are questioning whether it is really necessary to disclose the assets. Then, they say: " Just enter such and such number". How necessary or crucial is it to have a correct number there? Thank you and sorry for such a confusing question.

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ILoveYou
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Re: FAFSA Question

Postby ILoveYou » Mon Mar 16, 2015 12:39 pm

It's pretty necessary to have the right numbers. The government doesn't want to know what assets your parents feel it is necessary to disclose, it wants to know what assets your parents have. The likelihood that it will ever get looked into and/or cause you problems probably isn't real high, but as someone who has seen more than one student kicked out of school, saddled with tens of thousands of dollars of debt, and investigated for fraud for things along these same lines: it's a whole lot less of a hassle to just tell the truth on these forms in the first place.

LawBound7
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Re: FAFSA Question

Postby LawBound7 » Mon Mar 16, 2015 1:03 pm

Thank you for helpful information

Law1491
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Joined: Thu Jul 03, 2014 10:10 pm

Re: FAFSA Question

Postby Law1491 » Mon Mar 16, 2015 2:21 pm

I just realized I made a mistake on FAFSA and I already submitted it. Should I correct it and resend to all the schools. Should I send an email explaining it to make sure the schools are going to use the corrected version.

Thank you.

humph
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Joined: Fri Jan 16, 2015 11:30 am

Re: FAFSA Question

Postby humph » Mon Mar 16, 2015 2:27 pm

Law1491 wrote:I just realized I made a mistake on FAFSA and I already submitted it. Should I correct it and resend to all the schools. Should I send an email explaining it to make sure the schools are going to use the corrected version.

Thank you.


Just to be safe I would correct it via the FAFSA website. They will automatically send an update to your schools.

Law1491
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Re: FAFSA Question

Postby Law1491 » Mon Mar 16, 2015 2:58 pm

Thank you. I will correct it.

Big Dog
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Re: FAFSA Question

Postby Big Dog » Sat Mar 21, 2015 5:32 pm

How important is it to enter the exact number of parents' assets on FAFSA that requires parental info. I entered parents' wages, but when it comes to their assets they are questioning whether it is really necessary to disclose the assets.


committing fraud in federal financial aid is never a good thing. Just ask you parents for their most recent statement from the bank/broker and use say, the Feb 28 closing numbers. That way, if ever audited, you have a record and support for what you used.

Law1491
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Re: FAFSA Question

Postby Law1491 » Mon Mar 23, 2015 9:33 am

Big Dog,

Thank you for your comment, and I already submit it with the exact amount on the specific date.

Law1491
Posts: 140
Joined: Thu Jul 03, 2014 10:10 pm

Re: FAFSA Question

Postby Law1491 » Mon Mar 23, 2015 11:01 am

I resubmitted FAFSA after correcting a mistake a week ago and still did not receive an e-mail stating that my FAFSA was processed successfully. How long does it usually take for it to be processed? The first time I submitted FAFSA (with an error) I received FAFSA Processed Successfully email next day.

Thank you for any help.




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