FAFSA time here too!

[rock*mom]

Yes you need to fill out the form yearly

 

[rock*mom]

Is this a hard copy or an online copy? We see where we can print it out but not anything else. Thanks.

Yes you will need to file out the form yearly, they save your information from the previous year so it becomes easier over time.

 

[Gr8t Fan]

My daughter is only a freshman in HS so I'm trying to learn as much as I can about this before we actually have to file. When you list assets, such a house, bank accounts, etc., do you also list things like mortgage, monthly recurring payments, so they can see the trade-off between what you take in each month in income and what you pay out? TIA for any answers!

 

[Marionnette]

My daughter is only a freshman in HS so I'm trying to learn as much as I can about this before we actually have to file. When you list assets, such a house, bank accounts, etc., do you also list things like mortgage, monthly recurring payments, so they can see the trade-off between what you take in each month in income and what you pay out? TIA for any answers!

No. What you owe is not taken into account. If they did, there would be nothing to prevent parents from going on a huge spending spree in the years leading up to college and then sucking up the grant money.

One thing that I learned from the financial aid officers at the schools my kids attend is that your student should spend down their personal bank accounts before filing. There is a greater weight placed on a student's savings and income than the parents' assets and income. So if junior will be buying a laptop or other pricey item with his savings, you want him to buy that laptop before filing.

 

[heartsy77]

Question for all you FAFSA experts, I am currently in nursing school (LPN) and am graduating in June. I will be attending college for the Spring semester in 2012 to advance to my RN; however I will not be attending in Fall 2011. Do I need to apply for FAFSA, for next year, since I won't be attending till Spring 2012?

 

[elgerber]

No. What you owe is not taken into account. If they did, there would be nothing to prevent parents from going on a huge spending spree in the years leading up to college and then sucking up the grant money.

One thing that I learned from the financial aid officers at the schools my kids attend is that your student should spend down their personal bank accounts before filing. There is a greater weight placed on a student's savings and income than the parents' assets and income. So if junior will be buying a laptop or other pricey item with his savings, you want him to buy that laptop before filing.

On that same note, can you withdraw assets from your account before you start the process to lower a bank balance? No flames, please, just wondering how that works. Our bank balance doesn't always accurately reflect our situation, as we put everything on a credit card and pay it off monthly, so the bank balance often appears higher than it really is.

 

[Planogirl]

We're looking at community college the first year so we're not real worried about the FAFSA. I'd like to get it done though.

I do have a question. If you have a pension that you're no longer contributing to, do you have to worry about it?

 

[marius97]

We're looking at community college the first year so we're not real worried about the FAFSA. I'd like to get it done though.

Why not? I just started back to school at a community college and got a few thousand in grants. I believe that it is always worth it to try.

 

[Marionnette]

On that same note, can you withdraw assets from your account before you start the process to lower a bank balance? No flames, please, just wondering how that works. Our bank balance doesn't always accurately reflect our situation, as we put everything on a credit card and pay it off monthly, so the bank balance often appears higher than it really is.

File on a day when your balance is lower. If you are expecting to make a large purchase (new car, etc) then file after the funds have left your account.

We're looking at community college the first year so we're not real worried about the FAFSA. I'd like to get it done though.

I do have a question. If you have a pension that you're no longer contributing to, do you have to worry about it?

I would file anyway. Some academic scholarships require you to file fafsa to even be considered.

Pensions and retirement accounts are not considered in calculating how much the family is expected to pay for college. They do not expect parents to sacrifice their retirements in order to put the kids thru college.

 

[msmayor]

On that same note, can you withdraw assets from your account before you start the process to lower a bank balance? No flames, please, just wondering how that works. Our bank balance doesn't always accurately reflect our situation, as we put everything on a credit card and pay it off monthly, so the bank balance often appears higher than it really is.

You mean to just hold the cash someplace else? No...whether in an account or in cash under your mattress it is an asset you have on that day and it must be reported.

If you do not report it, its considered fraud.

 

[msmayor]

My daughter is only a freshman in HS so I'm trying to learn as much as I can about this before we actually have to file. When you list assets, such a house, bank accounts, etc., do you also list things like mortgage, monthly recurring payments, so they can see the trade-off between what you take in each month in income and what you pay out? TIA for any answers!

For FAFSA, your home equity is not considered at all in the computations (however if any schools your child applies to uses the CSS Profile, then the asset reporting is more significant and they DO take into account your home equity).

Any debt is considered personal choice, with the exception of significant debt for medical expenses. There is no separate reporting for that though; you need to discuss those types of extraordinary expenses to the financial aid office of the college as part of an appeal if you think the financial aid award is too low.

Be prepared for your EFC - Estimated Family Contribution - to come in around 25-35% of your income. Its not that there is an expectation that you commit that much of your income to college, its that based on your income and asset level you should have sufficient current income and savings to pay that amount.

Its always a bigger number than folks expect.

 

[Planogirl]

Why not? I just started back to school at a community college and got a few thousand in grants. I believe that it is always worth it to try.

Only because the community college is so inexpensive. The college coming the following year isn't so I guess that we're so much more focused on that.

The FAFSA will be finished this weekend.

 

[QT Pooh]

Hoping someone can answer this for me...My DH lost his job as of 12/31/10. When we fill out our new FAFSA, will they take this (new) loss of income into account, or do they go by last years income???

Looking for a silver lining here, hoping that perhaps we will get a little aid now, or at least a work study for my daugher...

Hi busy mom, Sorry to hear about the job loss. On the page where parental income is reported there is a question that says "as of today, are either of your parents dislocated workers" (or something to that effect). You can check that box off to let them know that your income level will be decreasing for the year.

Good luck - hope things turn around for your family!

 

[breammom]

DD is high school senior, I started filling out FAFSE form and got her a pin but saw no where for parents to get a pin. Does that come later in application or am I doing something wrong?

 

[msmayor]

DD is high school senior, I started filling out FAFSE form and got her a pin but saw no where for parents to get a pin. Does that come later in application or am I doing something wrong?

You apply for the parent PIN at the same place you obtain the student PIN. Its the same process, same information.

 

[LizinSTL]

Question for all you FAFSA experts, I am currently in nursing school (LPN) and am graduating in June. I will be attending college for the Spring semester in 2012 to advance to my RN; however I will not be attending in Fall 2011. Do I need to apply for FAFSA, for next year, since I won't be attending till Spring 2012?

I am starting grad school this month. I didn't fill out my FAFSA for 2010-2011 until after I was accepted and enrolled in grad school around Nov 15th.

You can wait until you have applied/been accepted into your RN program.

 

[DisneyCrazy2]

Thanks for all the helpful FAFSA advise! I plan to start filing this weekend.