James asks…
How do I figure question 88 of the FAFSA application for my self employed single parent?
My mom has filed a 1040, and i need to know what lines on the form are needed to complete question 88 of the FAFSA> For question 87 I have her AGI. Would the question 88 be the same number?
Michelle answers:
Question 88 asks for all the money earned through working wages, tips, etc. So yes, this would include any profit she made from her business.
Later in the FAFSA it will ask a question about the value of businesses owned by the parent, but you will only fill this in if her business employs over 100 people. If it does not, leave it as 0.
Mark asks…
How long before change of schools registers on fafsa?
I was going to go to University of Texas at Dallas. I changed my mind last minute and am now going to go to Texas Woman’s University. I am all accepted and registered for classes and everything. I did get sent financial aid for UTD, did not accept it. I just corrected my FAFSA and changed the school.
My question is, will they still send me financial aid for this school? Payment is due very soon, on Aug. 24th. If so, will it go through on time?
Michelle answers:
It will go thru to your school usually within 24-48 hours but its up to your college when they get it processed. So you should call your financial aid office
Mandy asks…
Will a delayed response time to FAFSA tax verification effect my award amount?
I go to Portland community College and I filled out the FAFSA and found out my EFC is *0. My parents still haven’t filed their taxes and neither have I. My parents owned their own business in 2008, so taxes are a time-consuming process. What if it takes a few weeks to respond to the verification? Will that effect my award amount?
Also, because on the FAFSA they had not filed, I had to guesstimate, what if it differs exceedingly from the actual taxes?
Michelle answers:
Your EFC may change (and prob will change) if you used estimated information. Using estimated info also increases your chances of being selected for verification to begin with (as you have found out).
The only way delaying turning in your verification paperwork will effect you is that it will delay when your award is finally processed and ultimately awarded. No school will create a financial aid package for you with incorrect or estimated information. You will have to get those taxes done (and turned in to the fin aid office) before they will do anything.
If it’s just a few weeks, I wouldn’t get terribly worried, but if your parents start filing extensions, then I’d be a bit concerned. It is no fun starting school with no aid awarded!!!!
John asks…
What is the minimum summer hours required with using FAFSA?
I am paying out of state tuition, which FAFSA won’t cover completely, so what is the minimum hours during a summer semester that I am required to take. I know fall and spring is 12, is it the same or less?
Michelle answers:
It kinda depends on the school but summer term is usually 1/2 as long, so you will go to each class for twice as long or twice as many days per week. Full time in summer is usually considered to be 12 credit hours and half time is 6 credit hours because of this.
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