Hi, How do you determine the net worth of our second home if we consolidated our two home loans into one. Last year we pay mortgage for our primary home and the second home. We determined the net worth of the second house by current market value minus the outstanding loan debt.
Thanks so much for this helpful tips!! I have a couple of questions. First one, do you have to report a vehicle as an asset? Second, if a parent is attending college, do we create another FAFSA ID and should they be included in the question of number amount applying for FAFSA/college
no you do not have to report vehicle as an asset and you can't count parents as in college on the FAFSA. One parent will need an FSA ID to electronically sign the FAFSA with you if you are dependent
@@TheFAFSAGuru Contact the financial aid office at the school you're attending. Your parents may be able to provide a receipt from the school they're attending & letter from employer (if employed) that they won't be reimbursed from their job.
Hello there, very helpful video but I have a couple of questions. I know it is very let to complete the fafsa form but I will begin my class on January 2023 so I want to get financial aid for my study. Do I have to fill the form now? look forward to your answers.
Does real estate held by an LLC count as part of a small business (less than 100 person company, so not reported) or do we report it as assets - in the asset section?
Hello! If my daughter submits an application in August, but FAFSA doesn't open until October, how will schools consider awarding of scholarships? Do they accept first, then revisit in October to determine eligibility and amounts? TIA!
Hello, my parents file their taxes separately. If parent 1 is the one who files me as their dependent. But parent 2 makes less money. On who’s behalf should I file for FAFSA?
Quick question - should we go ahead and be prepared to fill out the FAFSA in early October even if my senior has not yet applied to any colleges? He’s working on college applications but won’t be ready to apply until late October. We didn’t know if the timing of filling out the FAFSA mattered around when the student actually applies to colleges?
I've been there. To be honest I would list the school's your kid is looking into on the FASFA form. You are eligible to put 10 schools down on the FASFA form by the way. Plus he can always go back into it at a later date and edit or delete the schools he initially listed for other schools instead and list if he is planning to stay off campus, on campus, live with the parents, etc.
I've done it before, and it hasn't affected me one bit. Even when I was still working on my applications lol. Timing doesn't matter as much, it is said it is best to submit it early to get your money's worth BUT just as long as your kid fills out the form he should be all set :) - from a junior in college
I say it's best to submit it. Most times the schools will come back to your son in a week or two once he submitted his application to the university and the university will then email how much money he will be granted from the school and that may or may not change his opinion on where he wants to go
@@TheFAFSAGuru I am under retirement age and with SSDI I get a disability pension reported as taxable for irs purposes. But it is disability income. Am I correct that I do not have to put in w2 earnings on fascia? Just put it in disability with SSDI on fasca. I wish they asked more about disability or hospital costs. I have no time to get my sons fascia in. It’s June. They have an eof classses that start at end of month we r talking to college and all we can. Tu for the business as 100 emp. I rent a room out in my home but no one’s beeen in there the last 2 yrs I was in hosp (widow so no one to take care of it) Tu 4 info
So my kids filed a Faspa student loan as I'm a disabled person. My x Wife makes over 150k a year. She was never put down as a Parnet. I was made aware of Federal Tax Fraud without my knowledge she X Wife commited Tax Fraud. I never gave consent of using my tax information to my X Wife or my kids unless she explained what she was up to. She caused me huge amount of grief as well huge money. Why would she lied
Hello, I am unemployed and the only income I have is child support from my ex-husband. I am a single mom. I do not file taxes because I have no taxable income. For my income, would I just put zero? And then list the child support in the child support area?
I mistakenly threw away my daughter's W2 from last year since she didn't have to file. With the FASFA asking for that information, how would I report it? I reached out to her employer to see if he can get me that information and awaiting a response.
Hi, my husband and I are legally married but separated. I made the mistake of putting us both on the application and didn’t get accepted. I was told that the reason was because the accountant puts us both as “Head of Household “ Does this sound right to you? I’m very lucky that the FASFA representative at his school signed off on his registration and his class was paid in full the next day. But I’m pretty sure it’s only going to be a one time thing. What should I do when I apply again? Thank you in advance
Is there a place to find the actual EFC formula? We have cash and investment assets, including 529, of $270K and an AGI of $245K. But our EFC came out as 395227. That doesn't seem remotely possible. This did not include house equity. We followed the tips in the video. I wasn't expecting to get money, but there are some extenuating circumstances to our AGI so I was going to reach out to the school but if the EFC is really 395227 doesn't seem like there is any reason to bother.
Don’t worry about it, you won’t qualify for grants or subsidized loans anyway with your income. Just fill out the form and move on. If you need loans, parent plus or private loans.
yes that seems way too high unless you have significant asset value? I would contact the Financial aid office regarding this and the extenuating circumstances and have them double check FAFSA figures for you
I agree, I have NEVER seen an EFC come out that high....the highest I've seen was due to an error in completion, where a person NOT doing the IRS data retrieval tool answered a questions about "What was your Tax?" and they had put in their taxable INCOME instead of the actual tax liability that occurred that year, making it appears similar to a person who had won 1.5 million dollars, etc.....
@@TheFAFSAGuru I have a similar question, if I come alone is more than 200k, shall we even bother to fill out the form. The EFC formula indicates a 22% to 47% income calculation, What is the percentage based on?
We lost a business and a wage job in early 2020 and did not receive unemployment etc. Therefore, our 2020 taxes do not accurately reflect our current income. How do I report my income if we had such a significant drop from 2020 to 2021?
Can you help me complete fafsa. My daughter applied to ASU but did not get in. She wants to go to community college in September for one. Year. I am having trouble with FAFSA as she wants to attend September 2022. Am I too late? The system will not pull my tax info. The data retrieval tool is not working. Can I use 2021 tax info. Ok will enter manually. I am divorced. I am 52 and retired from state parole n get a reduced pension. Can I pay you to assist?
Hi there yes I do FAFSA consultations you can’t use 2021 taxes for the 22/23 FAFSA And no you’re not too late but need to get it in asap. You can scehdule a consultation with me here go.thryv.com/site/fafsaguru/online-scheduling?service=4ai5uc4b159vi1fd
Yes you would have to fill out the FAFSA for the 21/22 year....to get aid for this year.. you likely won't get aid for the fall semester because it ended already but could get aid for the spring
Yes if the FAFSA is for her she would report the amount in her savings account. I would recommend she buy the car prior to filling out the FAFSA if she can.
@@glory1star Exactly, makes no sense. But just move the money to another trusted family member and make sure to have them sign an agreement that they are just holding the money for her and will return the full amount when requested (incase you have to take legal matters).
Hello guys, I just want to ask if my identity turned form non- resident to independent financially resident, do I need to let Finance acid office know that or my campus already did it? Thank you🙇🏻♂️🙇🏻♂️
@@p.t.9171 Actually it isn’t the immigration identity, just my identity change from CA to WA, I am the WA resident which is financially independent student now. So do you think I still need to let the finance acid office know about that?
Hello, I'm self-employed and I do not have any employees that work for me. I mistakenly filled in the worth of my business on the FAFSA form and already submitted it before watching your video. Is there a way that I can go back in and edit, or is it too late to do so? Thank you.
hey there quick question (hope you are reading messages today) LOL... in regards to reporting business valuation. if we do not have a lot of employees i know we dont have to report a valuation on the FAFSA. would that same approach apply towards the applications themselves? like apply texas. i would assume so but wondered if you had a thought on that.
Hi there. thank you for the video, I wish I had seen this a week earlier. but maybe you could clear up a question I had. We have 2 kids, one is already in college and the other will be an incoming freshman. Last week I went ahead and completed the fafsa for my older one and transferred the data from IRS. I added w2 wages for myself but my husband is self-employed and receives a K-1. Per the instructions only amounts in box 14A of the K-1 are reported....as his was $0, I didn't include anything. But when I was getting ready to fill out my younger daughter's FAFSA today I noticed that in that same question they ask for wages from Schedule 1 business income....would this be the same as the assets that we do not need to include?
I have two children currently in college and a high school senior. When I fill out the form, would I say two in college or three as my senior will be in college next year?
I am 24 and my parents are funding my college. I think because of my age, I apply myself as a student. They can't apply for me. I have a question regarding the bank account question. Would I still benefit from transfering my savings over to my parents' account? If so, how long do I leave it there for? Also, because I didn't work in 2020, I have the option to skip the questions about my assets. I do work now, though. Should I answer those questions? Thank you!
skip the questions if you can...and technically you shouldn't just move money there temporarily to to avoid reporting it on the FAFSA. if you were under 18 having your parents hold money for you in their account is different than being 24.. so you should report whatever you have in your accounts on the FAFSA
no but you can make FAFSA corrections however once you put 2 parents on you can't take one off and you need to contact the financial aid office to do that.
Very helpful Tina, thank you for posting this. I will pass your site along to others in my position with a kiddo getting ready for college.
Thank you!
Thanks you!
Thank you! Very helpful!
you're welcome
The FAFSA was such a pain to navigate for my oldest. Now my middle child is about to start college im having FAFSA nightmares again.
Hi,
How do you determine the net worth of our second home if we consolidated our two home loans into one. Last year we pay mortgage for our primary home and the second home. We determined the net worth of the second house by current market value minus the outstanding loan debt.
Good information
thanks!
Thanks so much for this helpful tips!! I have a couple of questions. First one, do you have to report a vehicle as an asset? Second, if a parent is attending college, do we create another FAFSA ID and should they be included in the question of number amount applying for FAFSA/college
no you do not have to report vehicle as an asset and you can't count parents as in college on the FAFSA. One parent will need an FSA ID to electronically sign the FAFSA with you if you are dependent
@@TheFAFSAGuru Contact the financial aid office at the school you're attending. Your parents may be able to provide a receipt from the school they're attending & letter from employer (if employed) that they won't be reimbursed from their job.
Hello there, very helpful video but I have a couple of questions. I know it is very let to complete the fafsa form but I will begin my class on January 2023 so I want to get financial aid for my study. Do I have to fill the form now?
look forward to your answers.
The number of kids in college will not matter for the 2025-2026 year correct? I heard that is changing for this upcoming year - hoping I am incorrect!
Hi... how do I find some guru like you in my area,
Good info 😊
Thanks!
Wikipedia about FAFSA: ruclips.net/video/J5Yvc1jjr_4/видео.html
Can you talk about FA Verification?
I'm uploading a video this week about that
Does real estate held by an LLC count as part of a small business (less than 100 person company, so not reported) or do we report it as assets - in the asset section?
Hello! If my daughter submits an application in August, but FAFSA doesn't open until October, how will schools consider awarding of scholarships? Do they accept first, then revisit in October to determine eligibility and amounts? TIA!
Does the money in the child’s account count if it’s a custodial account technically under my name.
disability income is reported on the FAFSA as untaxed income...
I'm like in fafsa class right now lol
Hello, my parents file their taxes separately. If parent 1 is the one who files me as their dependent. But parent 2 makes less money. On who’s behalf should I file for FAFSA?
the parent with whom you resided with most within the last year. it doesn't matter who claims you on their taxes
What if my wife is going to college? Would that count as having another child in college?
Quick question - should we go ahead and be prepared to fill out the FAFSA in early October even if my senior has not yet applied to any colleges? He’s working on college applications but won’t be ready to apply until late October. We didn’t know if the timing of filling out the FAFSA mattered around when the student actually applies to colleges?
You can start it but don’t have to submit it till he’s applied and all that
I've been there. To be honest I would list the school's your kid is looking into on the FASFA form. You are eligible to put 10 schools down on the FASFA form by the way. Plus he can always go back into it at a later date and edit or delete the schools he initially listed for other schools instead and list if he is planning to stay off campus, on campus, live with the parents, etc.
I've done it before, and it hasn't affected me one bit. Even when I was still working on my applications lol. Timing doesn't matter as much, it is said it is best to submit it early to get your money's worth BUT just as long as your kid fills out the form he should be all set :) - from a junior in college
I say it's best to submit it. Most times the schools will come back to your son in a week or two once he submitted his application to the university and the university will then email how much money he will be granted from the school and that may or may not change his opinion on where he wants to go
yes you should still file the FAFSA in October you can go back in and make FAFSA corrections later and add colleges.
There is a question disability benefits for parent do we report this and will it affect grant
You do, there’s a place for it during the parent tax info portion
yes disability is reported as untaxed income on the FAFSA and taken into consideration when it comes to the EFC
@@TheFAFSAGuru I am under retirement age and with SSDI I get a disability pension reported as taxable for irs purposes. But it is disability income. Am I correct that I do not have to put in w2 earnings on fascia? Just put it in disability with SSDI on fasca. I wish they asked more about disability or hospital costs. I have no time to get my sons fascia in. It’s June. They have an eof classses that start at end of month we r talking to college and all we can. Tu for the business as 100 emp. I rent a room out in my home but no one’s beeen in there the last 2 yrs I was in hosp (widow so no one to take care of it) Tu 4 info
I am kicking myself right now. I had no idea it was going to be so complicated. I am running out of time.
it is very overwhelming for sure
So my kids filed a Faspa student loan as I'm a disabled person. My x Wife makes over 150k a year. She was never put down as a Parnet. I was made aware of Federal Tax Fraud without my knowledge she X Wife commited Tax Fraud. I never gave consent of using my tax information to my X Wife or my kids unless she explained what she was up to. She caused me huge amount of grief as well huge money. Why would she lied
if you are 50/50 for custody is there a logic to putting in both parents?
if parents are divorced or separated and share 50/50... the parent who provides more than half of the student's support should fill out the FAFSA
Hello, I am unemployed and the only income I have is child support from my ex-husband. I am a single mom. I do not file taxes because I have no taxable income. For my income, would I just put zero? And then list the child support in the child support area?
yes exactly
I mistakenly threw away my daughter's W2 from last year since she didn't have to file. With the FASFA asking for that information, how would I report it? I reached out to her employer to see if he can get me that information and awaiting a response.
you can estimate it while you are waiting for the new w-2
How about if you don't include your assets ..what happens? I have money from stimulus given
You need to report the required assets on the FAFSA.
Do you hit submit under the students account or the parents?
either
I have twins seniors so what do we say for #7? Thanks
Same here! So technically it counts as two kids in college 🤷🏾♀️
you would report two kids in college
Can you finish 2 Associate degrees with FAFSA?
No , it says online it won’t support you after you earn one degree
Is better one way or the other for the parent to fill out the FAFSA form or the incoming senior?
I recommend parents fill it out with the senior to avoid any mistakes
Hi, my husband and I are legally married but separated. I made the mistake of putting us both on the application and didn’t get accepted. I was told that the reason was because the accountant puts us both as “Head of Household “
Does this sound right to you?
I’m very lucky that the FASFA representative at his school signed off on his registration and his class was paid in full the next day.
But I’m pretty sure it’s only going to be a one time thing.
What should I do when I apply again?
Thank you in advance
when you fill out the FAFSA again you should only report your income and asset information and not hisl
Helloo
Is there a place to find the actual EFC formula? We have cash and investment assets, including 529, of $270K and an AGI of $245K. But our EFC came out as 395227. That doesn't seem remotely possible. This did not include house equity. We followed the tips in the video. I wasn't expecting to get money, but there are some extenuating circumstances to our AGI so I was going to reach out to the school but if the EFC is really 395227 doesn't seem like there is any reason to bother.
Don’t worry about it, you won’t qualify for grants or subsidized loans anyway with your income. Just fill out the form and move on. If you need loans, parent plus or private loans.
yes that seems way too high unless you have significant asset value? I would contact the Financial aid office regarding this and the extenuating circumstances and have them double check FAFSA figures for you
I agree, I have NEVER seen an EFC come out that high....the highest I've seen was due to an error in completion, where a person NOT doing the IRS data retrieval tool answered a questions about "What was your Tax?" and they had put in their taxable INCOME instead of the actual tax liability that occurred that year, making it appears similar to a person who had won 1.5 million dollars, etc.....
@@TheFAFSAGuru I have a similar question, if I come alone is more than 200k, shall we even bother to fill out the form. The EFC formula indicates a 22% to 47% income calculation, What is the percentage based on?
If one parent is filling out (who is not divorced ), should that parent report income n assets of both parents ? Thanks
yes if you are not divorced or separated you report both parents income and assets
We lost a business and a wage job in early 2020 and did not receive unemployment etc. Therefore, our 2020 taxes do not accurately reflect our current income. How do I report my income if we had such a significant drop from 2020 to 2021?
you notify each financial aid office separately, this is considered a special circumstance and they can use 2021 income and recalculate your EFC
@@TheFAFSAGuru thank you! 😊
DO STUDENT AND PARENT NEED TO CREAT SEPARATE FASFA ID’s?? Or is it just the student??
yes... the student and one parent
Can you help me complete fafsa. My daughter applied to ASU but did not get in. She wants to go to community college in September for one. Year. I am having trouble with FAFSA as she wants to attend September 2022. Am I too late? The system will not pull my tax info. The data retrieval tool is not working. Can I use 2021 tax info. Ok will enter manually. I am divorced. I am 52 and retired from state parole n get a reduced pension. Can I pay you to assist?
Hi there yes I do FAFSA consultations you can’t use 2021 taxes for the 22/23 FAFSA And no you’re not too late but need to get it in asap. You can scehdule a consultation with me here go.thryv.com/site/fafsaguru/online-scheduling?service=4ai5uc4b159vi1fd
What if your parents are divorced and the parent you reside with and claims you is remarried?
your parent is "married or remarried," step parent is still your "parent" because of the legal marriage.
@@dangashh thank you!
Then the step parents info needs to also be included on the FAFSA
Should I complete and submit the FAFSA form before or after i submit my college applications? Or does it not matter?
You should submit FAFSA in October regardless of when you apply
@@TheFAFSAGuru thank you.
Would students be able to get FAFSA Even if classes started?
Yes you would have to fill out the FAFSA for the 21/22 year....to get aid for this year.. you likely won't get aid for the fall semester because it ended already but could get aid for the spring
Hello, I have a questions I’m suppose to report my child’s saving on Form? She is saving for a car
Yes if the FAFSA is for her she would report the amount in her savings account. I would recommend she buy the car prior to filling out the FAFSA if she can.
@@TheFAFSAGuru Do you know the reason that they would consider a minors income?
@@glory1star Exactly, makes no sense. But just move the money to another trusted family member and make sure to have them sign an agreement that they are just holding the money for her and will return the full amount when requested (incase you have to take legal matters).
@@p.t.9171 Will do! 🤗
I'm just now starting the form is that bad ?
no
Hello guys, I just want to ask if my identity turned form non- resident to independent financially resident, do I need to let Finance acid office know that or my campus already did it? Thank you🙇🏻♂️🙇🏻♂️
They probably don’t so it’s best to let them know just in case. Or ask them “if my immigration status changed, who do I inform that to?”
You should notify the financial aid office
@@p.t.9171 Actually it isn’t the immigration identity, just my identity change from CA to WA, I am the WA resident which is financially independent student now. So do you think I still need to let the finance acid office know about that?
Are both parents required to get fsfsa ID?
Only one parent and the student need FSA IDs
Hello, I'm self-employed and I do not have any employees that work for me. I mistakenly filled in the worth of my business on the FAFSA form and already submitted it before watching your video. Is there a way that I can go back in and edit, or is it too late to do so? Thank you.
You can edit it! Go back to the fafsa site and there should be an option and instructions on have to edit it
You can always call they’re customers service number and get help on how to specially too :)
yes you can go back in and make a FAFSA correction
What if your parents live together can you only list one of them or do you have to list both of them ?
If they are married and file as one household then probably both, but call fafsa and you can ask specifically
@@p.t.9171 they’re not married, they both file as single too
"Unmarried and both parents living together" is an option
If they live in the same household you have to report both of their income information
@@TheFAFSAGuru thanks
Hello, if I'm a dependant with 3 grand in my account should I transfer the money to my parents account for filling out the fafsa?
They ask about your parents checking, saving, etc too so do you have any trust worthy siblings?
hey there quick question (hope you are reading messages today) LOL... in regards to reporting business valuation. if we do not have a lot of employees i know we dont have to report a valuation on the FAFSA. would that same approach apply towards the applications themselves? like apply texas. i would assume so but wondered if you had a thought on that.
Sorry I missed this! Other Admissions and financial aid applications don't have the same rules as FAFSA.
Hi there. thank you for the video, I wish I had seen this a week earlier. but maybe you could clear up a question I had. We have 2 kids, one is already in college and the other will be an incoming freshman. Last week I went ahead and completed the fafsa for my older one and transferred the data from IRS. I added w2 wages for myself but my husband is self-employed and receives a K-1. Per the instructions only amounts in box 14A of the K-1 are reported....as his was $0, I didn't include anything. But when I was getting ready to fill out my younger daughter's FAFSA today I noticed that in that same question they ask for wages from Schedule 1 business income....would this be the same as the assets that we do not need to include?
you report business income on schedule 1 as income earned from work
I have two children currently in college and a high school senior. When I fill out the form, would I say two in college or three as my senior will be in college next year?
3 since it’s for the 2022-2023 school yeah and she will be in college too
you would say 3
I am 24 and my parents are funding my college. I think because of my age, I apply myself as a student. They can't apply for me. I have a question regarding the bank account question. Would I still benefit from transfering my savings over to my parents' account? If so, how long do I leave it there for? Also, because I didn't work in 2020, I have the option to skip the questions about my assets. I do work now, though. Should I answer those questions? Thank you!
skip the questions if you can...and technically you shouldn't just move money there temporarily to to avoid reporting it on the FAFSA. if you were under 18 having your parents hold money for you in their account is different than being 24.. so you should report whatever you have in your accounts on the FAFSA
What if the parent and the child are both enrolling at the same time. Can that split the household family contributions ?
The FAFSA no longer considers parents in college when it comes to the number of people in the household who are in college, unfortunately.
Can you un-submit your Fafsa
Why would you un-submit?
@@Hugo-tf5tf so I can only have one parent on it instead of both of them
@@BxRell you can edit it but I don’t think unsubmitting is a thing
@@p.t.9171 okay thanks
no but you can make FAFSA corrections however once you put 2 parents on you can't take one off and you need to contact the financial aid office to do that.
Website is a joke. No one does it because it’s not possible to complete.
Wdym
@@Hugo-tf5tf the website is very quirky. Typical government bullshit.