Michelle answers:

There is often confusion about this because dependency on the FAFSA is not the same thing as dependency on the tax return. A student who is being supported by his parents can be claimed as a dependent on their tax return, but that doesn’t affect his dependency status on the FAFSA. He can be considered independent on the FAFSA for a reason such as age even though he is considered a dependent for tax purposes.

The number of exemptions you list on the FAFSA does not affect the calculation of the EFC directly, but because it can affect your AGI, (which is included in the EFC calculation) the FA Administrator at your school has to confirm that you filed your return correctly and the AGI is accurate. A person can only be claimed as an exemption on one return, but it is a common mistake for parents to claim a student as a dependent, and then the student claims himself on his own return. Asking you to list the number of exemptions helps FA administrators spot this error, particularly when parent information is required on the FAFSA. For example, if you put down that you claimed 1 exemption, and your FAFSA shows that your parent has a household of 2 and he has 2 exemptions on his return, then the FAA will want to double check to make sure that you weren’t claimed on both returns. As an independent, you won’t have to provide parent information, so the FAA won’t know whether your parent claimed you or not. However, if your FAFSA is selected for verification, the FAA is required to compare the information on the FAFSA to your actual tax return. If you put 0 on one and 1 on the other, he/she will see that and you will be required to correct your FAFSA to match what’s on your return before you can receive any funds.

If you aren’t working and your FAFSA shows that your income is very low, many schools will require you to fill out a form to explain how you were able to support yourself on that amount of money. If you answer that your parents supported you, and your tax return is showing 1 exemption, they will sometimes ask to see the first page of the parents’ return to confirm that you weren’t also claimed by them. I wouldn’t worry to much about how this will affect your awards. If you’re an independent by age, and you’re being supported by parents, your income is probably low enough to qualify for grants anyway, so it really won’t matter.

So, the bottom line is, if you’re being supported by your parents and they claim you as a dependent on their return, your tax return should show that you claimed 0 exemptions, and so should your FAFSA.

Michelle answers:

Log in to the FAFSA site. (FAFSA.gov)

In the middle of the next page, there are 3 bullets, and the middle one says, “Make FAFSA corrections”.

Enter or create your PIN and password.

There are tabs at the top of the page, choose “School Selection”.

Click on “Add a School”

Michelle answers:

To maximize the amount offered to you you will want to do yuour FAFSA Jan 1 of the year you will attend or closest to that (not earlier). DO NOT wait for your parents and you to do your taxes. You will do your FAFSA and there is a question about did you and your parents file your taxes, filed, will file, filed. You will chose will file. Complete the FAFSA then submit. This tells them that you are doing your FAFSA as an estimate. Then as soon as your parents and you get your W2 tax forms do the taxes ASAP. Then you will log back onto your FAFSA and there will be a box that says make correction, You will click that and then put in the correct tax answers from the taxes and then resubmit. Colleges are given so much of each type of financial aid, some types are not enough for all that qualify for them. The aid is given by original file date so they will hold it for you if you file early, others who file later it will run out before it gets to them, again only certain types. Http://www.fastweb.com/financial-aid/articles/2958-how-do-i-file-the-fafsa-in-january-when-tax-returns-can-t-be-filed-that-early

Remember you file it at the FAFSA .gov not FAFSA .com site.

Here is the govt site about learning about financial aid. Http://studentaid.ed.gov/

check out these checklist so you you know what to do when: http://studentaid.ed.gov/prepare-for-college/checklists

This comes out every year so look for the one when you attend but you can look at this years one to learn: https://studentaid.ed.gov/sites/default/files/2012-13-funding-your-education.pdf

Another great site: http://www.finaid.org/

Note financial aid is very confusing and stressful but it gets better as do it every year. My daughter is a Jr.

Read this SUPER important: http://school.familyeducation.com/college-prep/high-school/56210.html

At my daughters university interview they asked her what her high school involvement was, if she worked outside of high school, and what her volunteering is.

Do some volunteering like one day a month at least.

Michelle answers:

I would do your taxes quickly and then submit the FAFSA with the correct information. You can do an estimate and then update later BUT it wont be processed completely without accurate information and you don’t want to be selected for verification delaying the process more.