College Financial Aid

[SplashMo]

DD20 is headed for her freshmen year in college. Is there an advantage to not claiming her on our taxes with regards to financial aid or does it not matter?

 

[powellrj]

We have had 3 kids and we have always claimed ours, not sure what the advantage would be.

 

[SplashMo]

Thanks!

I just found the link I needed: http://www.fafsa.com/understanding-fafsa/fafsa-dependency
Basically there are very strict requirements for being independent. For example being married, a certain age, dependents, etc... our DD does not qualify for any of these. So she is a dependent and must use out tax form until she ages a couple of years or marries... We can claim here and it will not have an impact on her...

 

[jennab]

It doesn't matter as far a dependency goes for the FAFSA. She will have to claim your income regardless of if you claim her on your taxes (unless she falls under the other rules - married, children, homeless, etc.)

 

[4shinystars]

You need to fill out the FAFSA right away-there is a deadline most colleges have for financial aid. For the university my DD attends her deadline for both fafsa and college's finaid forms is 3/15. Most people we know fill out the fafsa in January or early February, as many colleges award their finaid on a first come first serve basis.

 

[tvguy]

You need to fill out the FAFSA right away-there is a deadline most colleges have for financial aid. For the university my DD attends her deadline for both fafsa and college's finaid forms is 3/15. Most people we know fill out the fafsa in January or early February, as many colleges award their finaid on a first come first serve basis.

I think the really important point you bring up is to check with your child's college financial aid office to see IF there is a deadline and when. My son's college had a deadline of September 15, a full month into the school year. And remember, the actual deadline for the fall 2015 semester is June 30, 2016, with revisions allowed until September 17, 2016*. Of course, some forms of financial aid, including some states, have earlier deadlines, but if you are just concerned about U.S. Department of Education grants and loans, the deadline is AFTER the school year ends. I was surprised how many folks had temporary funding in place, then shifted to Federal Loans after the school year ended.

*https://fafsa.ed.gov/fotw1516/pdf/Deadlines.pdf

 

[HM]

We have two kids in college. I've never filled out a FAFSA form. We saved money in a 529 for their education and have supplemented it with our income. We knew we'd get no Aid, so didn't even try. We claim them on our taxes and the payments we make toward their schools (that qualify).

 

[SplashMo]

We have two kids in college. I've never filled out a FAFSA form. We saved money in a 529 for their education and have supplemented it with our income. We knew we'd get no Aid, so didn't even try. We claim them on our taxes and the payments we make toward their schools (that qualify).

I have heard similar things. However once a child marries or reaches a certain age they can use their tax form. Perhaps one of these may apply come Senior Year???

Also apparently there is some hope, despite your income, of having some aid... I am not exactly sure what that is but it may be worth trying....

 

[HM]

I have heard similar things. However once a child marries or reaches a certain age they can use their tax form. Perhaps one of these may apply come Senior Year???

Also apparently there is some hope, despite your income, of having some aid... I am not exactly sure what that is but it may be worth trying....

To me the hassle of putting all the info together on the slightest chance we'd be able to get money just isn't worth it. We told our kids that they'd have to attend a state school because that's what we could afford and they found ones that suited them.

 

[supersnoop]

To me the hassle of putting all the info together on the slightest chance we'd be able to get money just isn't worth it. We told our kids that they'd have to attend a state school because that's what we could afford and they found ones that suited them.

At most schools, even merit-based scholarships require you to fill out a FAFSA. You also can't receive any loans, subsidized or otherwise, unless you fill out the form. Unless you have a really good reason for not wanting to disclose that information,noire leaving free money on the table by refusing to fill out the form.

 

[SC Minnie]

We make too much money to get any aid besides loans. We had planned to pay for all of DD's school including summers- she works so might as well take a class or 2 during the summer while there. Last year DH lost his job so I didn't want to spend the cash I had set aside for summer school. Since we had already filled out FAFSA DD was able to get a loan quickly.

 

[barkley]

At most schools, even merit-based scholarships require you to fill out a FAFSA. You also can't receive any loans, subsidized or otherwise, unless you fill out the form. Unless you have a really good reason for not wanting to disclose that information,noire leaving free money on the table by refusing to fill out the form.

excellent point. at dd's university it matters not if a scholarship has or has not an element of being need based-all scholarships are administered through the financial aid office and completing the fafsa is part of the application process (and our cut-off was in February for 2015/2016 academic year). several of the merit (non need) based scholarships dd applied for and has received in the past also require fafsa be completed so every new year's day I sit down and start plugging information in (and once you've done it the first time it's much faster with subsequent submissions b/c many of the fields auto populate with previous year's information).