Sandy asks…
What type of information do i need to put down on the FAFSA application?
I’m a high school senior applying for college and I’m in the midst of filling out my FAFSA application. I don’t work and I don’t have any assets. I’ve finished filling out the application, but my parents keeps asking me why I didn’t need her bank account information, house value, stock values for the application. I’m wondering if I missed putting down those things somewhere on the application. If someone could clarify whether or not I need to put that stuff down on the application, I’d really appreciate it.
Michelle answers:
Go to www.fafsua.ed.gov and you will find all that you need to know. You are even allowed to file your fafsa online now, however, the list of documents needed are as follows:
For the 2006-2007 school year, you will need the following financial information.
Your Social Security Number (can be found on Social Security card)
Your driver’s license (if any)
Your 2005 W-2 Forms and other records of money earned
Your (and your spouse’s, if you are married) 2005 Federal Income Tax Return – IRS Form 1040, 1040A, 1040EZ, foreign tax return, or tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia, or Palau
Your parents’ 2005 Federal Income Tax Return (if you are a dependent student)
Your 2005 untaxed income records – Social Security, Temporary Assistance to Needy Families, welfare, or veterans benefits records
Your most recent bank statements
Your most recent business and investment mortgage information, business and farm records, stock, bond, and other investment records
Your alien registration number or permanent residence card (if you are not a U.S. Citizen)
To organize your information, print and complete a FAFSA on the Web Worksheet before you begin entering your information online.
Keep these records! You may need them again. Do not mail your records with your signature page.
Good Luck!
Ruth asks…
what is the difference between the fafsa and the financial aid award letter?
do i get money from the fafsa too or wat coz i don get da award letter , do i also get money from da fafsa besides the grants on da award letter or dats it?
Michelle answers:
The FAFSA determines need, the financial aid letter tells you what aid you received from the school based on the demonstrated need from the FAFSA. So you don’t get any more money “from” the FAFSA. The FAFSA is an assessment, not a scholarship application.
Also, please fix your grammar before you go to college. I’m a college TA (and a grad student) and I would fail you for using this grammar and spelling. Get used to using proper grammar and spelling and you will do better in college.
Steven asks…
What to do with Fafsa form when income changes?
I know the fafsa form is based on our previous year income, however, what do I do now that I found out my husband will be losing his job. Our current income and ability to contribute is deminished substantially. Is there anywhere on the form to include this information?
Michelle answers:
Unfortunately, not. Your drop in income will be recorded on the next fafsa.
Think about if he got a raise in a month, or a new job that pays more, is there a place in the FAFSA to report that, OR would you?… Just saying. Its not based on life changes. Its based on W2s
Thomas asks…
Can FAFSA pay for a previous school year if filed and processed late?
My FAFSA for the 2011-2012 school year was recently corrected, submitted, and now it’s done being processed. My question is, can it now help cover the cost for the previous school year; even though it’s been a year late?
Michelle answers:
If FAFSA made a mistake and that is what was corrected then you might get more money. If it was your mistake there is no way they will pay for a previous year.
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