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  • +16

    Not All "Need" is Created Equal

    Not All "Need" is Created Equal
    When a college is considering your application, they weigh a variety of factors. One of them can potentially be whether or not you can afford to attend the school. Different schools have different policies when it comes to student need in admissions. The policies also affect whether the school will provide all, or only some, of your demonstrated need. While there ...
    Published over 6 years ago | Rated: +16
  • +2

    If a Student's Parents Are Not Married, How Does the Student Complete the FAFSA?

    I live with my mother and my step-father but they are not married. They keep their finances separate and, other than helping my mom to pay for the house I live in, he does not help me out financially. Do I still have to include him on my FAFSA? — Emily L. The first step in addressing non-traditional family structures is ...
    Published about 4 years ago | Rated: +2
  • +6

    How is retirement income and past due child support reported on the FAFSA?

    I am trying to fill out my FAFSA. My father retired last year and I am confused as to what to put for his financial answers, for example, gross income, taxes, etc. Do I fill out a separate form because he is retired? Will they know that he is retired? I am so lost and getting frustrated. Please help! — Alexa ...
    Published almost 6 years ago | Rated: +6
  • +7

    Does Parental Support Affect Independent Student Status?

    I am 19 and have a baby (1 month old) and I am living with my boyfriend and his mother. I am confused about whose tax information to use on the FAFSA. My boyfriend's mother is in Section 8 housing and put me in it and in her food stamps. — J.F. A student who has one or more dependent children ...
    Published almost 3 years ago | Rated: +7
  • +2

    Survey Says: Financial Considerations Affecting College Choices

    Sallie Mae and Gallup just released the results of a survey of how American families pay for college. The survey found that families are becoming more cost conscious in their college choices. Nevertheless, the majority of families still see college as a necessary and worthwhile investment in their children's future. Students from higher income families were more likely to enroll at ...
    Published over 6 years ago | Rated: +2
  • +26

    Answers to Introductory Questions about Financial Aid for College

    Answers to Introductory Questions about Financial Aid for College
    I am a high school junior and an Upward Bound scholar. I do not have any way to pay for college and I really want to attend. How do I apply for financial aid? What are the requirements? Do I have to pay for anything? What advice do you have for me if I do receive financial aid? — Alexis M. ...
    Published about 5 years ago | Rated: +26
  • +5

    Should Parents Pay Off Credit Cards Before Applying for College Loans and Other Aid?

    Why is it better for parents to pay off credit cards (if one can) before obtaining loans for a child for college? — Diane H. Most forms of consumer debt, such as credit cards and auto loans, are ignored on the Free Application for Federal Student Aid (FAFSA). Even education loans are ignored. The only exception to this rule occurs when ...
    Published over 4 years ago | Rated: +5
  • +3

    When is Real Estate Reported as a Business Asset on the FAFSA?

    For parents who are self-employed and own real estate as one of their businesses, should they list the real estate assets as their assets (since they are self-employed) or as business assets? Does it make a difference one way or other? When we listed $350,000 in property as our assets, it made a huge difference but we are not sure how ...
    Published about 3 years ago | Rated: +3
  • +9

    Reporting Prepaid Tuition Plans and 529 Plans on the FAFSA for Independent Students

    I'm confused as to how to treat a prepaid tuition plan when applying for financial aid. I'm an independent student but I have a small prepaid tuition account which is held by a parent as account owner with me as the beneficiary. Since I don't list parent assets when filling out the FAFSA, do I need to list the prepaid tuition ...
    Published over 5 years ago | Rated: +9
  • +4

    Are UGMA and UTMA Accounts Reported as Investments on the FAFSA?

    Tuesday, May 29 is National College Savings Day (i.e., May 29 is 5/29, a cute reference to 529 college savings plans). To commemorate the occasion, Mark Kantrowitz answers a question about saving for college. After submitting our FAFSA for my son, we got back an EFC of 23207 on the SAR. I have been told by admissions that that is extremely ...
    Published over 3 years ago | Rated: +4
  • +5

    How Does a Pending Foreclosure or Short Sale Affect Financial Aid?

    How do we answer the question "Do you own your home" on financial aid forms when we are in pre-foreclosure? We are not yet in active foreclosure, but are several years in arrears on our mortgage as we are significantly underwater on our loans and have been unsuccessful so far in getting a satisfactory modification. To that end, we just retained ...
    Published almost 3 years ago | Rated: +5
  • +7

    Impact of a Gift Trust Account on Eligibility for Need-Based Financial Aid

    My daughter turned 18 recently, and received a $25,000 mutual fund statement with her name on it. Her aunt had put $10,000 away in 1995 in a gift trust account for a minor. This was a mutual fund account in which the interest was reinvested each year and therefore no IRS interest statements were generated. We were unaware that her aunt ...
    Published about 3 years ago | Rated: +7
  • +9

    How to Report Stocks on the FAFSA

    I am a single mom and my son will be entering his freshman year in college this fall. The FAFSA application asks for the gross income from last year's tax return. My W-2 total includes not only my salary but also stock grants that were given to me by my employer. This total in no way reflects the amount I lived ...
    Published over 5 years ago | Rated: +9
  • +4

    Must a Trust Fund be Reported on the FAFSA Even If Access to the Trust is Restricted?

    I have a friend whose mother passed away two years ago, and left her some money from an insurance policy. The money is currently in trust for her with her grandmother as the trustee. Does she need to claim this as an asset on her FAFSA? She is unable to touch it until she turns 21. — Karen A. In most ...
    Published about 3 years ago | Rated: +4
  • +7

    Advice to Parents Whose Child will be the First in the Family to Go to College

    My wife and I are looking for help in getting our son into college. He is a junior in high school. His mother and I are on disability. My wife is fighting stage four breast cancer. I was hurt at work two years ago. We would like to see our son go to college but there is no way we would ...
    Published over 3 years ago | Rated: +7
  • +4

    How the Increase in Financial Aid Applications Will Affect You

    How the Increase in Financial Aid Applications Will Affect You
    Colleges all over the country are seeing a rise in applications for federal financial aid. In 2008, more than a million more students applied for financial aid, marking a 10.5% increase from 2007. In the first quarter of 2009, applications for financial aid are up 20.8% as compared with the first quarter of 2008. Not only are more students applying for ...
    Published almost 7 years ago | Rated: +4
  • +7

    Is a Student with Children But No Income Considered to be Independent?

    I am under 24 years of age. I did not have any income the year before last. I have 2 children and live with a partner of 6 years. He is the father of my children. We are not married. He supported us on his income; my mother did not. I was a stay at home mom. My school is telling ...
    Published almost 4 years ago | Rated: +7
  • +5

    Is There Any Way to Shelter Retirement Plan Distributions on the FAFSA?

    My question is simple: is there a way to withdraw money from my 401(K), at age 59 1/2, that will not be counted as income for FAFSA purposes? Although I receive an annual pension of $34,500, I fall short by about $20,000 to meet my annual expenses. Should I withdraw what I need for next year this year, so it doesn't ...
    Published over 3 years ago | Rated: +5
  • +6

    Who Completes the FAFSA When a Student Lives with his Grandparents?

    My grandson lives with his grandfather and me. His parents do not support him other than providing medical insurance. He will claim himself on his 2012 income tax and his parents financials are not available to us. How do we handle completing the FAFSA and applying for scholarships, etc.? I am more than willing to provide our information if that is ...
    Published almost 3 years ago | Rated: +6
  • +9

    Questions about How to Handle an Inheritance and Scholarships for Cancer Survivors

    Our son is a sophomore in college. He receives both subsidized and unsubsidized loans. My husband and I have been paying the remaining balance for his education. I recently inherited approximately $100,000. I am aware that we should pay off high interest debt with this money. However, we want to save enough to pay for the rest of his college education ...
    Published about 5 years ago | Rated: +9