Betty asks…
Will i have to report to fafsa that i filed a 1040x after i recieved all my award letters?
Hi guys so i just recieved a revised w2 form, so i have to file a 1040x. Im in college and already completed my fafsa and already recieved my award letters. I was wondering if these changes mean i have to redo my fafsa again?
Oh i was so wondering how much time do i have to pay the irs back after filing my 1040x.
Michelle answers:
If you received a revised W-2, you will need to update your FAFSA. It may or may not change your award letters, but yes, you will need to update it so the schools have the correct information. You won’t need to start from scratch, but just go back and edit your original FAFSA.
Paul asks…
How long should I wait after filing my taxes to do my fafsa for 11-12?
I went to jackson hewitt a few days ago and filed my taxes, how long should i wait before doing my fafsa? I tried to use the direct link between fafsa and the irs and it hasn’t come up with my information?
Michelle answers:
Don’t wait… You could for weeks, MONTHS and your info still won’t show up. You have copies of your taxes right in your posession, you don’t need to wait for them. It is not hard to follow the instructions, “Look on line 22 of your tax form and enter it here”. LOL
David asks…
What is the most possible amount of grant money a student can get from the fafsa?
Disregarding my actual financial status right now – How much dollars from grants, at the most total, can the FAFSA offer a student, over 6 years? That includes but I don’t think is limited to the Pell Grant, FSEOG, ACG, Teacher Grant.
So, add up how much possible grants, for every year, for six years, and that’s the total. Anyone know for sure the amount?
Michelle answers:
Well it depends on the institution and what grants they offer. Some colleges do not offer FSEOG or the TEACH grants. But IF they did this is what you are looking at.
PELL for 09/10 with an EFC (Expected Family Contribution) of $0 is $5350 per year for a full time (12.0 units) student.
ACG for 09/10 is $750 for a first year student and $1300 for a second year student (based on a full time student).
FSEOG for 09/10 is strictly based on the college you attend and how much they are federally funded. For instance, we offer $1200 per year for a full time student.
TEACH for 09/10 is $4000 per year for a full time student with a signed commitment to teach full time in a high need field at a low income school. Not all schools offer the TEACH grant as it is a very strict program.
So in total IF your school offers all of these, you are a full time student and you qualify for all you would receive a minimum of $12500 per year in Financial Aid awards. $12500 x 6 years = approx. $75000
REMEMBER: schools get new budgets every year from the department of ed so some years the amounts go up and some they go down. This is just an estimate.
Ken asks…
How do I fill out the FAFSA without a current year tax return?
My parents haven’t filed tax returns for 2006 yet, but I have to fill out the FAFSA now. Should I just put in the amounts from 2005 or guess? And will I have to renew my FAFSA with the approximate amounts after I file tax returns? Thanks
Michelle answers:
If the school(s) you’re applying to have financial aid deadlines, use 2006 paystubs to estimate what the 2006 taxes would be. After the taxes are done, log back into the FAFSA and enter the corrected numbers.
If the schools don’t have financial aid deadlines and your parents don’t wait until the last minute (April 15th) to do their taxes, I’d recommend waiting until you actually have the taxes done so you only have to enter the information once.
Even if your school doesn’t have financial aid deadlines, it’s ok to estimate tax info now and correct the info later on, when the taxes are done. 🙂
Every time you make changes to your FAFSA, the schools whose codes you entered on the FAFSA will get the most recent transaction.
Way to be proactive, and good luck!
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