Betty asks…
If I already submitted my FAFSA, but I started a correction, did the colleges receive the original application?
I had submitted the FAFSA on January 1, but I later went back to check something, and it said that I started a correction but didn’t submit it. I didn’t actually need to make any changes. I received an email saying that it was submitted and that I could check my Student Aid Report. Did the colleges receive my original FAFSA in that case?
Nagesh answers:
As long as you and your parents signed it (if they had info on it) then they will get the original.
But be aware:
if you did your fafsa on Jan 1, it is very unlikely you didn’t need to update your fafsa because you couldn’t possibly of had all the necessary info to complete it. Let me just say this…. You WILL be selected for verification and will need to turn in documents to your schools fin aid office. Rushing in and doing your fafsa before you have all your nec paperwork (taxes done) only makes it harder because you have to take time getting through the verification process now.
Donald asks…
Can College Board CSS and FAFSA asking tenant to report property equity?
College Board CSS and FAFSA excluded homeowner from reporting their property equity, but two of this organization asking tenant to report their property equity. This is an unjustified regulations run by these two organizations. Especially, in many states homeowner live in over one million dollars home as their primarily residence and do not need to report their property equity when their child report on FAFSA and CSS.
Nagesh answers:
The FAFSA does *not* ask about a family’s home value.
The CSS Profile form asks for the parent’s home net value. CSS Profile is used by about 300 universities, who use it, along with the FAFSA, to determine how much of their funds they will award a student via financial aid. Since they are disbursing their own funds, they have every right to ask about a family’s income and assets.
If you feel the CSS Profile is an invasion of your privacy somehow, you certainly have the right to refuse to fill it out and send it to the college. The college, of course, will not award you any financial aid.
Ruth asks…
How can I complete my fafsa without parents tax returns?
On my fafsa I put that my parents will file but have not yet and now my school is asking for a Copy of my parents tax returns to verify the information. I do remember last year fafsa let me use the tax information from the previOus tax year. But I’m not sure what to do this time.
Nagesh answers:
You can estimate with the previous year, but your FAFSA will always be considered incomplete until corrected with their 2010 tax return. Your parents will need to file their 2010 tax return before you can get any financial aid. I am assuming that your parents filed for an extension this year since the tax deadline was April 15th. Note that your parents do not need to actually pay what they owe to the IRS (if that is their issue) but that they just need to have their completed paperwork.
Paul asks…
What is the net worth of your investments on the FAFSA?
My parents only income comes from one rental property. The FAFSA asks you to include the net worth of all investments (including rental property).
What do they consider the net worth of rental property? Is it the value of your house if it were sold or is it how much money you get from it?
Do I even include it in investments if it is already in the income information for tax in the FAFA because it’s my parents’ only income?
Nagesh answers:
On the FAFSA, the amount your parents receive in rent would be their income portion.
The value of the house (your parents should receive a property tax statement each year informing them of the value of their property) would need to be reported in the net worth of your investments on the FAFSA. The net worth is the current value minus debt.
John asks…
What if my parents won’t give their financial information for FAFSA?
They won’t give the financial information for the FAFSA unless I agree to stay living with them in their house during college. But that is not in the best interest of my psychological well-being. I sincerely need to get out. I plan to live with my older sister and I already have a job. So I am wondering whether my parents’ financial information can be gathered without the help of my parents. I have heard about a data retrieval tool on the FAFSA website that links to the IRS. Will that work? Thanks!
Nagesh answers:
In order to transfer your parents’ income tax info into FAFSA through the IRS data-link… You would have to know your parents’ IRS pin #
also, you would be fraudulently saying that you are, in fact, them
fraudulently indicating that you are one of your parents is something I can’t recommend
what will happen if your parents find out that you logged into the IRS website as one of them?
Perhaps your sister can help you negotiate with your parents
you can indicate that your parents will not provide you the information & with that you are still completing your FAFSA & will be offered student loans
if your parent’s combined income isn’t very low (poverty level), then it is likely you would only be offered student loans anyway
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