David asks…
Does money in a 529 savings account or 529 cd’s have to be claimed on the FAFSA?
My daughter has several 529 cd’s and a 529 savings account for the cd’s that have matured that are for college tuition. These are in my name with my daughter as beneficiary. Do these need to claimed on the FAFSA and where would it go on the form.
Michelle answers:
No, these 529s do not have to be claimed on the FAFSA. If you, the parent, are listed as the custodian with the daughter as the beneficiary, they are considered to be a parental asset and do not need to be listed.
Congratulations, having 529s available means you’ve planned ahead for your child’s education.
Sharon asks…
How do I get my FAFSA transferred?
I filled out my FAFSA with the mindset of attending community college for the Fall 2012 semester. I’ve already turned in the application and although I haven’t heard back from it, it hasn’t been sent to the university I plan on attending, instead of the community college. How can I fix this??
Michelle answers:
How long ago did you complete the FAFSA? If it was very recently, it may not have been processed yet. This is a very busy time of year, so some delays can be expected.
Did you add the school code for the university? If not, return to the FAFSA site, click on make a correction, and add the code. If you can’t add anything because the FAFSA is still being processed, wait a few days and try again.
Did you receive a Student Aid Report (a SAR)? If you submitted the FAFSA more than two weeks ago and you still haven’t received a SAR, check to see that you submitted it. Students frequently get all the way to the end, but forget to click the submit button.
If none of that seems to fit, then try calling the schools for help.
William asks…
What are my chances for getting money from FAFSA?
I got a scholarship for tuition, but am absolutely broke as far as rent and books go. I want to fill out a FAFSA, but I’m not sure if I’ll get any money. Is it necessary to put my parents information in? I could, but i’d rather not because i have a bit of a strenuous relationship with them. Does anyone know what’s most likely to get you money? I need around $1,000. Any answers would be most appreciated!
Michelle answers:
FAFSA is the application used by the federal government to determine your eligibility for aid. You never know what you qualify for until you apply. The maximum Pell Grant is $5,350 per school year. It’s a grant and does not have to be paid back. You must be fairly low income to qualify for the max. You will surely qualify for a Stafford Loan, though.
You must provide your parents income and asset information unless you are over 24, married, have a child. Here is an informative link and a link to the fafsa application. You can partially complete it and save it then go back later. There’s no cost or obligation to accept what they offer.
Http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
http://www.fafsa.ed.gov/
Chris asks…
How do I follow through with FAFSA Verification?
I filed my FAFSA on Jan 7th but I filed using an approximation of our taxes from 2007 because we hadn’t filed our taxes yet.
On Feb 21st I filed my parents taxes online, but I remembered that I my FAFSA had been chosen for verification. How do I inform the Department of Education of my filing status? Should I send them a copy of my taxes?
Michelle answers:
If you have not done so already, you need to go back into your fafsa application and make corrections using your PIN. You need to choose, “HAVE Filed” and enter the correct 2008 info on it. The Department of Education will send this new info to your school and they will be the ones doing your verification. I have no hard facts on this, but it seems that those who use estimated (aka, incorrect) information are more likely to be selected for verification. Your school will give you a list of everything they need from you to get you through the verification process. Usually they want you to fill out additional forms and turn in your and your parents signed tax forms.
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