Thomas asks…
Fafsa and American Opportunity credit?
Can someone please tell me the difference from these two? i was able to get some money back for college through the American Opportunity credit. I am wondering if Fafsa is similar and can i do both? also is Fafsa just loans because i am ONLY interested in grants or scholarships. thanks.
Michelle answers:
Fafsa is a government online website where you will be evaluated to get grants/loans. It is a great way to get scholarships and grants. To apply you go online and fill out the form and they will then look it over and send the results to ur school. Where you will then be able to see what you were granted. There will be loans in there but that doesnt mean you have to take them. You can decline the loans.
Daniel asks…
fafsa help!!! job related and fafsa application?
Im almost done completeing my fafsa but I don’t know if I should report that I worked since there was no federal tax withheld since I only worked for 2 months so I didn’t even bother filing it.
Michelle answers:
There’s a lot of federal money available to help you pay for school, but you can’t be considered for any of it until you complete a Free Application for Federal Student Aid (the FAFSA).
The fastest way to apply for federal student aid is over the Internet using the interactive FAFSA application on the Web at http://www.fafsa.ed.gov/ .
There are a number of items you should gather before filling out the FAFSA. If you don’t have all of these things available, use estimates. You’ll need to submit changes later when the documents become available, but making changes is an easy process, so don’t let that deter you.
Depending on your circumstances, you will need:
Your Social Security number
Your driver’s license, if you have one
Your W-2 Forms and other records of money earned in the previous year
Your (and your husband’s, if you are married) previous year’s Federal Income Tax Return: IRS Forms 1040, 1040A, 1040EZ, 1040 Telefile, foreign tax return, or tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, or the Federated States of Micronesia
Your parents’ previous year’s Federal Income Tax Return, if you’re a dependent
Your previous year’s records of untaxed income, including Social Security, Temporary Assistance to Needy Families, welfare, and/or veterans benefits records
Your bank statements from the previous year
Your business and investment mortgage information; business and farm records; and stock, bond, and other investment records from the previous year
Your alien registration card, if you are not a U.S. Citizen.
Here are some important tips to keep in mind when applying for a financial aid award at a PROFILE college. Http://www.petersons.com/college-search/css-profile-tips.aspx
Sandra asks…
FAFSA and jobs?!?!?!?!?
I was wondering if I were to work in between now and until whenever, will FAFSA give me less money? My family already makes very little money and I just wanted to make money to pay off some of my tuition. I heard people talk about “under the counter jobs,” but what about a real job?
Michelle answers:
FAFSA is concerned with the previous calendar year. So, if you are applying for the 2009/2010 FAFSA then it will take into consideration the money you made in 2008. So, if you work now, then it won’t matter on the 2009/2010 FAFSA but will be taken into account for the following year. If your family really doesn’t make very much money, then you getting a job won’t be much of a factor. Chances are you won’t make enough to make you less eligible for anything.
Charles asks…
what does fafsa pay for?
I will be going to my community college this fall full time, what will fafsa pay for?
Its going to cost me about 5 grand including everything for one year at my college.
i really dont understand how fafsa works.
Michelle answers:
FAFSA doesn’t pay for anything. It’s a standardized form that determines how much someone of your income level should pay for college. Colleges then offer aid to make up the difference between tuition costs and that number.
In other words, if tuition is $20,000 and the FAFSA says you can afford $10,000 then you will theoretically get $10,000 in aid. Note that this can be a combination of grants (which you keep) and loans (which you have to pay back).
You should fill out the FAFSA form. Otherwise you won’t get any aid.
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