Mandy asks…
How long does it take the online fafsa to process?
I already completed my fafsa online but when do I get the grants or loans?
Michelle answers:
It takes FAFSA about 48 hours to process your application. However, FAFSA doesn’t award you anything, your school does. Your information will be sent to the school that you indicated on your FAFSA. They will then put together your award letter. This can take your school up to 8 weeks.
William asks…
How can I complete my fafsa without parents tax returns?
On my fafsa I put that my parents will file but have not yet and now my school is asking for a Copy of my parents tax returns to verify the information. I do remember last year fafsa let me use the tax information from the previOus tax year. But I’m not sure what to do this time.
Michelle answers:
You can estimate with the previous year, but your FAFSA will always be considered incomplete until corrected with their 2010 tax return. Your parents will need to file their 2010 tax return before you can get any financial aid. I am assuming that your parents filed for an extension this year since the tax deadline was April 15th. Note that your parents do not need to actually pay what they owe to the IRS (if that is their issue) but that they just need to have their completed paperwork.
Lisa asks…
What is the net worth of your investments on the FAFSA?
My parents only income comes from one rental property. The FAFSA asks you to include the net worth of all investments (including rental property).
What do they consider the net worth of rental property? Is it the value of your house if it were sold or is it how much money you get from it?
Do I even include it in investments if it is already in the income information for tax in the FAFA because it’s my parents’ only income?
Michelle answers:
On the FAFSA, the amount your parents receive in rent would be their income portion.
The value of the house (your parents should receive a property tax statement each year informing them of the value of their property) would need to be reported in the net worth of your investments on the FAFSA. The net worth is the current value minus debt.
Chris asks…
How do I transfer my FAFSA money from one school to another?
I already accepted my money from FAFSA for the Fall 2012/Spring 2013 school year however I will be transferring schools for the Spring 2013 semester. I only got loans no grants, so what do I have to do to get the money from the school I am transferring to?
Thanks.
Michelle answers:
1. Visit the FA deparment at your present school to determine what you need to do to formally withdraw (usually you will have to complete a form and an exit counseling session).
2. Add the new school’s code to your FAFSA.
3. Contact the new school to determine what steps you need to take and follow them.
For the most part, they’ll take it from there. However, it does take time to process all this and some schools are much more efficient about it than others. Because it is so close to the start of the Spring semester, it’s possible that the process won’t be completed in time for you to receive your funds before the semester starts.
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