3 big FAFSA mistakes that will cost you a lot of money!
HTML-код
- Опубликовано: 31 июл 2019
- To sign up for The FAFSA Guru Newsletters for important information and updates about the financial aid process and maximizing your aid offers, click this link, eepurl.com/dBB9j1
Simple FAFSA mistakes can cost you thousands of dollars! I've worked with hundreds of families helping them navigate the college planning and financial aid process, and have seen these mistakes over and over again, causing families to miss out on thousands of dollars in financial aid.
*
*
*
I have spent 30+ years working in higher education, helping thousands of students find the financial aid they need to make college a reality. She knows exactly what you need to do to maximize your funding and minimize your debt.
I offer one on one consultations and can help with anything financial aid related which you can schedule below. go.thryv.com/site/fafsaguru/o...
To schedule a free 10 minute consult call with me to get your financial aid questions answered or learn more about my programs/services click here, go.thryv.com/site/fafsaguru/o...
___________________________
You’ve been asking and here it is!!! 😁😀
Registration for my Financial Aid Academy for the 22/23 year (for parents of rising high school seniors) is officially open! 🙌
This virtual program begins September 1st 2022 and runs through May 31st 2023. But spots will fill up fast!
There are three different levels of service in the Academy for you to choose from, depending on how closely you want to work with me throughout the senior year financial aid process.
✨BASIC, PLUS and PRO.
Last year the PLUS and PRO levels filled up and I had to cut off registration early as I limit the number of families in these levels so that I can provide quality services to them.
___________________
How The Financial Aid Academy was born. 🤩
When I started this business I quickly realized that 90% of my clients and people reaching out to me for questions were parents of high school seniors navigating the overwhelming financial aid process for the first time.
Often times they came to me in sheer panic 😫when the financial aid offers rolled out not knowing how they were going to afford college tuition.
_________________
So I set out to create an AFFORDABLE coaching program specifically for them that spanned the entire senior year to help them:
✅ Get prepared before that time came so there were no surprises
✅ Better understand the financial aid process and feel less stressed navigating it
✅ Fill out the FAFSA and CSS Profile (if required) correctly and avoid common mistakes that could cost them thousands of dollars
✅ Stay on track and not miss important deadlines
✅ Find colleges their families could
✅ Access all the financial aid they are entitled to
✅ Maximize their financial aid offers
✅ Feel more secure and confident while having direct access to a professional who has worked in the financial aid field for over 30 years.
I have helped hundreds of families navigate the overwhelming financial aid process and get the best aid offers possible through my Financial Aid Academy.
On average, families who enroll in the Academy receive an additional $25,000 in financial aid over the course of 4 years on top of their regular financial aid offers! 💰
Click the link below to learn more.
www.thefafsaguru.com/fafsa-fi...
Use the parent who doesn’t make the most money 😌
LMFAOO YES
Really? Is that allowed?
I honestly don’t know
@@bagel3929 Depends. If your parents are separated, divorced, just choose to live with one. It isn’t allowed if you have both in the same household
umm verification process will check on that....
@@Makuraudo Btw, good luck. Hope u get good aid
3 FAFSA MISTAKES:
1) People still don't fill out the FAFSA:
2) Filling out the asset part incorrectly! The home value & retirement "DO NOT REPORT"; DO NOT REPORT business value. Business INCOME = YES (If you have over 100 employees then yes, otherwise if you are self-employed = NO!)
3) Parents Divorced or separated (don't have to be LEGALLY separated) and filling out the FAFSA; ONLY 1 PARENT NEEDS TO FILL OUT THE FAFSA (the custodial parent; ONLY 1 PARENTS INCOME needs to be filled out on the FAFSA).
thank you
Thank you!!!
thank you so much!!
Thank you. So I do not have to count my military retirement pay? What about the disability I receive from the VA?
Thanks bud
Taking money from poor people because they did a small mistake is the biggest fraud ever.
it's easy to make a mistake and these applications are processed electronically with no way for the system to know a mistake was made which is why it's so important for people to be careful or get help filling it out
@@TheFAFSAGuru No one wants to help me fill mine and I think I made a mistake :(
@@pearlphlox same my parents dont know how to read so i had to do tis on my own.
it’s not fraud at all. the money was never their’s to start with. they weren’t given $1000 then told to pay back $500, they were just given $500
@@pearlphlox right. I went several times to financial aid in my school and they tell me I have to do it on my own. I literally have many questions that dont know how to answer and ended up putting a wrong information.
As a student who is self-supporting, the fact that my financial aid hinges on my parents' income and "expected family contribution" makes me very angry. I am only able to attend college because I am working nonstop to pay for it each year, which is greatly affecting my performance in school. If there is a way around this in the FAFSA (besides getting married or having a kid smh), I'd love to hear what options there are for students like me.
You can only file independently when you hit age 26 I believe. It sucks but the only other way is to qualify for their work study program which can pay for the tuition if you're attending a community college.
@@vuton3877 true but they be taxing the hell out of us and not giving anything back, rather them tax less and then not give.
If you want a particular job then you can search for grants or scholarships for that. Esspecially if you’re in a high demand field such as teaching or nursing. I think one is called TEACH and another is the Promise scholarship for medical professionals. Look up “student loan forgiveness for (chosen field)”
You typically work one year of work for a qualified employer in your state for each year you receive aid. Your financial aid office at your school should be able to give you more info. Your tuition is covering these services so use them all! They should have free tutoring and an academic advisor services as a student. Highly encourage you to reach out to these three resources at your school.
Don’t complain like you didn’t have a choice to go to college or not
the age is 24 to become an independent.. if you are fully self supporting living on your own making a decent income you could ask the financial aid office to do professional judgement and consider you independent, but it is very rare they will do that...
I love that this video was recommended to me after i filled. But luckily it seems i did everything correct
Just did mine yesterday morning lmao
Me too
sorry you didn't see it sooner!
@@TheFAFSAGuru do you have a contact number?
I'll need your guidance if possible please
Same 😂😂😂
I hate that the fafsa takes into account what my parents make and what their assets are, my parents refuse to help me whatsoever with college costs so I have to completely pay my own way through college and yet the fafsa bases how much aid I qualify for off of my parents
I know that can be very frustrating for sure...
Yesss the same goes for paying to sign up for collages I have to pay for the collages I want to apply too which is 70 dollars just for one and it’s not fair my dad isn’t paying for that I’m paying for that with the money I’m making for work
If you're an actual adult then you don't have to include your parents info on the FAFSA. But if your still living off or with your parents then you will still count as a dependant. So go get a job and live on your own and boom, no more having your parents info on your FAFSA
don’t put in your parents’ financial info in 🤷 like you said, their income has nothing to do with your schooling and it doesn’t seem like they plan on paying for what fafsa doesn’t cover
@@alexisvela1 that’s actually not true I’ve been living on my own since I was 18 that has nothing to do with it you have to be at least 24, married, veteran etc. So maybe do some research before you try bashing people for something you clearly know nothing about.
The FAFSA and institutional scholarships are a great way of making college affordable. I go to a private institution in Michigan and they deal out loads of institutional scholarships based on GPA and/or SAT/ACT. You can get 8-12k per semester just from those alone. Pile on your FAFSA awards and all of a sudden you're paying less than 2k a semester, no loans required. Think about it people, $16,000 for a Bachelors degree or $124,000 from accrued interest.
Don't fall into the trap of getting loans. Let your academic achievements be recognized so that you can be rewarded financially.
Which university are you studying in ?
FAFSA is the reason why college is so expensive
The FAFSA is time consuming and worthless.
Please explain what is FAFSA?
I only have my gpa grant which is 10k a semester but it’s still leaves A LOT for my dad to pay. He’s a single parent and doesn’t make great amount but for some reason I’ve gotten nothing besides that
Both of my parents passed, and I’m 18, so I have no legal guardians and filling out the FAFSA was nerve racking! But also quick because I got exempted from so much of the information. I’m still a little nervous I didn’t do it correctly 😬
I'm so sorry for your loss :-( It is nervewracking to fill out the forms
My condolences on losing your parents. I will say a prayer for you, my friend 🙏
Hi I’m sorry for your loss I’m in the same similar situation with one of my parents did u get approved?
@@Raven-vt5vx yeah, my Pell grant covered a ton. Granted, my University isn’t terribly expensive.
I’m sorry you’re dealing with that:(
@@emileegrace3989 thank you 💛
I wish FASFA give out grants to Grad students :(
I know 🥺🥺🥺
You can't get a grant if you're a grad student?? :O
@@nicholasferguson6499 nope you mostly have enough for 6 years
Get a job
I’m kidding..
How is grad student life?
The FAFSA does in fact ask for the parent's contributions to their retirement acct, taken from the W2, box 12. This is info that is required. Thanks.
Yes it asks for contributions made to retirement accounts...but the total value of retirement accounts is not reported as an investment on the FAFSA
@@TheFAFSAGuru Thanks for the clarification!
@@TheFAFSAGuru If the contributions have been going on for many years, how to determine only contributions from the total value of the portfolio? And is this only employee contribution or also employers contributions? Finally, outside of 401K, do any personal retirement accounts like Vanguard or Fidelity fall in this category also? Thanks a ton!
If money was pulled from 401k in the prior year does that have to be reported as an asset?
@@TheFAFSAGuru what about when you have they take your IRS tax information ..
When you’re actually poor so you get the max 🤣😭
what’s the max
Depends on how much each college charges for the year/semester
@@kayg3635 depends.. some get up to $10k a year at community college & 4k in uni 😙
Not super true. My parents don't make alot of money (not even average fam of 4 salary) and I still get pretty much nothing in FAFSA......... it sucks
Was gonna say this 😭
I just filled out the form yesterday for my son and surprisingly I filled out correctly. Now we wait 😩
i haven’t even started my fafsa yet so i’m glad i found this.
me too!
When I graduated high-school, I had left a very abusive relationship, I had two kids, because as part of that relationship, sex was not a choice, nor was I supposed to use birth control. I ended up living in a homeless shelter for battered women until I could graduate and leave. When I went to my local college, they refused to give me assistance as I did ot have reportable income and therefore did not qualify. Our system is so broken.
thats sad...
you are amazing and im glad theres people like you in this world
Thank you so much!
@@TheFAFSAGuru is
@@TheFAFSAGuru Hello thank you so much for this information.
I have a question, I start school on spring. Due to some issues I submitted my fafsa early October. Will I not get any aid for this year?
thank god this was recommended i was literally filling out the fafsa this morning gotta finish it now
Glad it helped!
I listed separation and the date. My husband lived 1,500 miles away for 2 years. The university made me change the FAFSA because we were legally separated.
They made you change it to what?
I'm lost...You said you listed "Seperated" and the school made you change it to "Seperated". 🤔🤔🤔🤔🤔🤔
Wouldn't need to change it since you Already filed that way
This is so important!!!! Thank you for spreading awareness and helping others learn about this
1
Thank you! happy to help others!
Thank you so much for your advice and help. This is so important!
You are so welcome!
I’m so glad I signed up for fasfa they gifted me a lot of money. I’m starting school soon
I’m doing it on my own bc my prents do not support me going to college
Unless people are basically homeless fafsa does not give anyone anything , how did you complete it? Did you put your parents
Well said. I work at a financial aid office and we always try to get them these tips.
thank you, sorry I didn't see this sooner, and I worked in financial aid offices for years, admire the work you do!
hi what do I do. I was offered financial aid this week for Fall and Spring but needed Spring and Summer . I had some things on checklist and thats done. I logged on and saw what I was awarded. I planned on going back to chage some things after I had message to do so. I recently put down English as a major and it went through but no longer wanted Fall. Its already October and its NOvember in a few days !!!
Thank god I did everything correct. Recommended after literally just finishing filling it out 🤠
God*
Thank you! You are just what we needed!
Glad I could help!
My mom working record has been completely disappeared, plus she is self employed and right now I'm studying at UTI with a tuition of 38,000$ but thanks to her FAFSA took off 15,000$.
Thank you very much for your tips, it is greatly appreciated.
My pleasure!
Thank goodness for random youtube recommendations! We had already submitted the FAFSA but I was able to go back in and change the investment part because I had included our 401k. THANK YOU!
I'm so glad you caught that! It's a costly mistake!
GREAT HELP!!!! THANK YOU!!!
and this is why i love youtube, thank you (even tho I knew the tips) but it is still good to listen and understand from an expert :) all blessings
I'm from the ghetto of Chicago, my parents divorced wen I was 4 and unfortunately they still don't make much.... so my EFC has always been 0. I moved out at 17 , in my early twenties now and just getting back in school. I'm on the cusp of 24 so fafsa won't let me file independent even though I've been paying my own rent since 18.... with that said tho I'm just extremely grateful that I'm back in college and can get that degree so I can make more money
That's odd, you should be classified as an independent by the time you are 23 and not have to report parent income.
Good for you!
I'm so grateful to have stumbled upon this video. I have a friend who qualifies for the Federal Pell Grant even though both of her parents combined make a six-figure income; significantly more than my single mother and I do not qualify for. At first, I was appalled at how FAFSA determines who gets need-based aid, and how many students out there who really need aid aren't getting it. For the first time, I am wondering if I'm filling out my FAFSA wrong.
a family that makes 6 figures does not qualify for pell grant unless they are self employed and they make their income look like less on their taxes.
@@TheFAFSAGuru Thank you!
What about married with 5 dependents making about $120/ year. Wife not working. Filed jointly. Do we qualify??
Thank you for the info. Very informative
Thank you! This clarified a lot.
So glad!
Great info because😭📷📹 south west collage!! have a terrible helping or people who live in the south & san Di ego ca!!!!
My wife and I started saving in a 529 when each were born, as soon as they came home from the hospital with a social security number. Encouraged each to work to have skin in the game in lieu of assuming that debt is the answer. Three kids later, all debt free and no reason for FAFSA. Just sayin, if there is a will, there is a way.
that's awesome! Kudos to you!
great for you, but some students dont have parents that can save from birth. i am an immigrant and my parents can't afford to pay for my college. I must work my ass off and get financial aid and scholarships
@@karlabarrios5890 Two generations ago my parents were in your shoes, and seeing that I took early action on my kids.
I can tell you’ll be successful, therefore in your case, if you choose to have children, you can do what I did.
Thank for sharing your knowledge.🙋🏾♀️
You are so welcome
I appreciate your response
Holy crap! This is incredible. I definitely included my father’s retirement and business values.
Glad you found this video... make sure you correct the FAFSA
@@TheFAFSAGuru Thank you. I actually went back and looked. I didn't make the mistake on the FAFSA but on my school's own form, they require business value and home value. I think we might have overinflated business value, but either way it's really hard to calculate for a small business.
@@TheFAFSAGuru How long do you have from the date you submitted it? It says my estimated loan is 9,000 but we got a lot more than that our first year of health professional school. I may have made a mistake...
Wow, literally wish I saw this when I’ve started schooling. I’ve been filling out the assets, so wrong... I’m graduating from my master...
I'm so sorry to hear that!
Thanks for the information
Thank you this was very good on information
Wow, this is such valuable information! I will make corrections to my FAFSA. Thank you ma'am.
Glad it was helpful!
Hey you have the Santa Cruz logo on your profile pic. What’s up bro you from Santa Cruz as well?!!
Great information thanks for sharing. When I spoke with my son’s financial aid office about my separation. They informed me that I was required to include my estranged spouse’s tax information in spite of his refusal to share his tax information with me. The office then told me to call the IRS to obtain his information 😦. When I attempted to complete my son’s FAFSA with only my income listed the computer system rejected the information stating that my prior application reported a higher income and the electronic form would not allow me to proceed. 😞 Long story short after several phone calls. My ex had a change of heart and provided his tax information. However the amount owed toward college tuition is higher because I am forced to add two incomes when in actuality there’s only one household income. 😫
Is that because you live in the same household? That would be the only case where both incomes would need to be counted... That is strange! I would follow up on that.
@@TheFAFSAGuru I appreciate your feedback. We no longer reside in the same household. We’ve been apart for over a year. I’ll be sure to follow up as you’ve recommended. Thanks again 💯✨😊
Very informational! Thank you so much! GOD BLESS YOU 🙌 NEW SUB
Thank you so much for that information.
You are so welcome!
My daughter was an honor student with high GPA with every award you could imagine. Worked herself to tears all through grade school and she didn't get shit because I had no idea of these tips. We also didn't waive Healthcare because we weren't paying attention which cost us alot. Also didn't realize I had to fill this out every year so had to pay partially out of pocket because I was last minute.
Fucking robbery if you don't do your research to avoid gotchas. Feels like I got scammed.
I was an honor student with a 4.10 GPA and I arrived in college with 21 credits already. Even though I have a single mother that worked for years to get us out of the gutter, I didn't get nothing except a $1500 loan. I will still fill it out, but the fafsa is a joke to me. To get substantial relief from the fafsa, you need to basically have a single parent with 2 children that makes under 30k a year (how do you even live on that?)
@@SniperWolfKing77 I wonder if there are any parents out there that thought ahead and divorced and thought of everything just to get the max. Then when they got what they needed, remarried :)
I'm sorry you didn't see this sooner. The whole process can be confusing
@@SniperWolfKing77 You're so right, you literally have to be below the poverty line to get aid. We have 3 children and none of them are going to receive financial aid because both parents work. They've all done exceptionally well in grade and high school, but because they have two working parents, they don't qualify for a dime. And it's so frustrating that we have to fill this form out every year knowing we won't qualify. Offering a federal loan that has to be paid back is NOT financial aid.
This is a wealth of knowledge
Thank you so much ❤️🙏🏻
Thank you for this!!!
You're so welcome!
If my assets are under a trust, will that be consider by them when making a decision?
From my experience the biggest mistake is that applicants simply don't read, especially, the question mark/more information by each question.
yes for sure.... that little question mark is so helpful
And to be honest every screen tells you wat they want and need from you.
Thanks a lot for this information!
No problem!
Thank God.
I’m gonna put all my savings on my retirement account before reporting the fasfa.
That’s a great place to put it because retirement is a protected asset and you don’t have to report it on the FAFSA
@@TheFAFSAGuru what about 401k? Isn’t that reportable? Thank you!
True the FAFSA doesn't consider retirement assets or homes an asset, but many schools require you to file a supplemental statement disclosing that info. And some consider your home value an asset.
I thought the FAFSA specifically asked for retirement totals? We do not have to report IRAs?
I just submitted my FASFA and it says i need to wait in order to get a Expected Family Contribution (EFC). Is it because I put the same number for the gross and net income? Will I be able to change the information once it is processed?
We made these mistakes and would have to get my daughter to college in the fall with zero financial aid. We will be contacting her this week!
So glad you found this video!
thank you daddy fasfa... you hooked me up while i was in college
you're welcome!
Me watching this as a junior taking notes 💀💀💀
I highly recommend teens to get a part time job that help out at home. Your tax return makes you fall into the the low income bracket ,that qualifies you for A LOT.
But since they are under 26, they will still ask for parents information right?
@@vinnysaccount No not at all. If you are not a dependent on their taxes any more they will only use the students income. I am 24 and recently started school using FASFA however I had a small part time job. It qualified me to get all 6 years paid for ,book vouchers ,and i do get federal refunds from FASFA within the first 3 weeks of each starting term.
@@sharaerussell33 That's because you're 24. Under the age of 24 you have to use your parents information as well. So having a part time job would increase the households income.
@@sharaerussell33 wait, so technically if you work and get tax returns but still live with your parents you could potentially use your tax returns and get more fafsa because your income would obviously be lower?
@@Trojehem damn, I thought i found a loop hole 🙃
The good news is this is helpful. The horrible news is I completed my
FAFSA yesterday and this popped into the top of my RUclips feed this morning- I think it’s gross that I’m
Being tracked , that you tube is feeding me things based on my life off of you tube that RUclips has nothing to do with. I must have used google to visit the fafsa site. I hate that this kind of tracking is going
On and it makes me angry and sad at the same time. I feel really gross about this right now and rethinking my whole relationship to technology. I never ever searched for anything related to this topic on RUclips. Yuck.
👍..thanks lady.
I didn’t realize you can’t deduct your partner student loans from you assets. Also, when you apply, apparently you have to report what is in your checking and savings account at the time of application. So, I learned that if you want to reduce the amount of money to report in your savings account, do it before you apply.
in a part of the application it asks for the amount on your bank account, but this refers to money specifically meant to be used for college. if you do not have a 529 or any account specifically for college funding, then you don’t have to report it.
@@jacky1493 for the parents. It is the current amounts in your checking and savings accounts as of the day reported. Also pre-paid/529 account cash value specific to the child.
Will it look bad if I have like nothing in my checking account? I’ve been working my butt off since March, but a lot of my money went towards a dependable vehicle (I travel a lot for my job, and since my family lives in the country rather than city), school trip (which isn’t happening so I’ll get the money back soon), and gas/other expenses..
no not at all
Great advice, thank you!
You are so welcome!
love your vid!
Hello. Thanks for the tips. However , I wish I'd seen this video earlier. I filed a few days ago and they already processed the application. Is there a way to go back in and change the info.unfortunately I am one of those that did all that you said not to do. Thanks for the advice.
Yes, just login and do an update on your account.
This may sound like a dumb question, but I've heard different answers from my peers, If I am graduating in 2021 does that mean I can fill out the fafsa right now? I've heard that we need to wait for the upcoming October in order to do so but other sources say that the fafsa is a cycle so you can apply as early as October 2019 if your a 2021 graduate. Some clarification would be greatly appreciated.- confused rising senior
No you need to wait for the FAFSA that is released this October
tomorrow lol
@@anishsattaram3793 right
Thanks for your simple tips
You are so welcome!
Thank you for this info! I always run to to problems when i fill it out because of my separation. Most likely i have missed that question.
You are so welcome!
Should you avoid putting the business value on the css profile too?
No you have to report business value on the CSS profile that form is different than the FAFSA.
If I applied for FAFSA in August of this year, for the fall semester, do I renew it for the 2021-2022 school year?
Yes
This is very useful! Thanks!
You're welcome!
Actually, filling out the fafsa and borrowing money is the biggest mistake you can make. Pay cash, go to school in state, get a degree in the STEM field, stay away from the garbage degrees
If my parents have 2 others houses as rental properties, do I need to list those two houses as assets on FASA?
yes the total value, net value minus debt owed on those properties would be listed as a parent investment on the FAFSA
When you had financial aid but lost eligibility from failing classes REEE
Reeeeeee
@@Javierisnotatryhard seriously
thats tough you can appeal that you know but within a certain timeframe
I see this was 2 yrs ago, very good information … although what would be good guidelines apply to older adults to get help with fanfare? Thank you for your time …
Thank you!!!
You're welcome!
Can my daughter fill out her own FAFSA for grad school even though we still claim her on our taxes? She is paying for grad school on her own.
Students report parent income until they are 24 years old, married, or legally emancipated. Even if she is an independent in her own taxes and paying for her tuition on her own.
@@makinziehunterclark9832 students are independent if they are applying/in grad school. So no parent info in that case
Can I change my marital status to single from married after submitting my fafsa?
I filed for 2020-2021 and my 2018 tax return is single tax return and fafsa pulled a random verification. My wife is not American,doesn’t live here or never came here.
Thank you
curious as well
If you’re married you cannot list that you’re single on the FAFSA… It’s OK that you were selected for verification you can just explain the circumstances and they will want to know if she had any income
This will most likely comes down to financial aid judgement. They will definitely look at her income tho
Thank you for your information also did you shave off your eyebrows or are they very light
Thankyou so much for the info
You're welcome!
Should I appeal for more financial aid from a college before or after accepting their acceptance offer? So I could finally choose which college to go to after comparing their financial offers, etc
you should appeal within a couple of weeks of receiving the aid offer and before you commit to the college
@@TheFAFSAGuru what does this mean? I got my financial aid offer a few days ago. Do I just ask them for more financial aid?
Fafsa guru. I am having trouble filling it out. Me and my wife or not together but she use my same address on her everything. Do I add her name in it ?
833auto if you’re separated and not living together then only one parents information needs to be provided on the FAFSA
Question: If the parents filed separate during the tax year for the requested FAFSA information, but they currently back together, do you combine their income or put the custodial parent's income when asked.
Thank you for this video.
My pleasure!
Here’s a question: I was having trouble getting access to my tax forms to find the exact numbers me and my husband each made for our income. I knew the ballpark amount for each of us so I rounded it and submitted that a month ago. I got a financial aid offer and accepted it. I finally got my tax papers the other day and I was off by like $200 for the total. Do I need to contact someone to correct it or is it fine the way it is?
You can go into the FAFSA and make a correction... that amount of money will not likely impact anything
What if you have shared custody, equal time, who fills out the FAFSA?
Jerry S Typically you would go with the parent with him the child resided with the most in the last year but if everything is completely 50-50 then my suggestion would be to go with a parent who makes the least income and remember if the parent is remarried step parents income is also included on the FAFSA
Jerry S keep in mind that CSS Profile schools offer non custodial parent asset waivers!
Pick one parent
🙏 thank you for this
You’re welcome 😊
Soo helpful, thank you.
Glad it was helpful!
So I filled out last year’s FAFSA with my parents retirement and home value. What will happen if I choose not to fill that out this year?
You won’t be getting aid support from government for 2021-2022.
@@dreamsdeep1076 so if i don't fill 2020-2021 form, i can't fill out the 2021-2022?
@@j.davila4523 Yes. That will mean you have to pay for that one year you did not had the chance to file
Also you can’t claim any scholarships without a data even if you are accepting no fed money
you don't have to report those things, so it could help you get more aid possibly
This year will be my second time filling FAFSA. So last year, I put the new house my family was living in as a parental asset, should I do that this year? Would it look bad if you were given the option to skip assets and do skip?
You do not have to report primary residence value as a parent asset on the FAFSA.
The FAFSA Guru Hi thank you for responding. I put it last year on FAFSA, so I was wondering if it would look weird if I do not put it again this year.
Thank you.
You're welcome!
Thank you so much
You're most welcome
What if I have certain amount in savings will that affect me?
Any money you have in your savings or checking accounts can impact your financial aid it just depends on the amounts and how much income you have
If you have more than $20k saved and attend a public college with average tuition of $5k, will that affect the fafsa amount available from the school ?
@@kolabone3739 Take it out of the bank and invest it. You can remove what $$ you put into certain funds without penalty or tax. You can't take earnings out without tax. Double check with a fiduciary advisor. You have some special tax circumstances in your favor for school expenses too.
I’m a student filling out the FAFSA. On the form, it allows you the option to provide your personal assets as a student (amount in checking and savings accounts) or to skip answering those questions. Would it be best to fill out that or to skip answering those questions to get more aid? Also, do my parents and I fill out one application using my student along with their finances obviously, or do we file two applications (one as a student and one as a parent)? Thank you.
Dustin Dakota If you have the option to skip your assets then you do not have to report it… Only people who have a certain income have the option to skip reporting their assets so my recommendation would be to not count them
@@TheFAFSAGuru what is the income level to be able to skip reporting assets on FAFSA and what are the specific assets they want reported?
Unfortunately, approved papers, such as asylum papers, have a part in assessing your financial eligibility. I'd been waiting for some of my papers to be approved, but I hadn't heard back from those people, so I hadn't previously qualified. My financial condition frequently spirals out of control. I'm not sure if you can assist me in this matter.
Edit: subbed
Thank you so much!!! Very helpful.
Cynthia Martinez so glad you found this helpful!
Hi, they asking about how much money I have in my bank account , how should I understand this ? Thanks
They just want to know how much money you have in your cash savings or checking account as of the day you fill out the FAFSA
The FAFSA Guru ok,is there any certain min amount should be there? To get the aid ? Thanks
Thank you very much , one more question plz ,if I have like 20k , still will give me the Aid or there is limitation ? Thanks
@@TheFAFSAGuru Only cash account or should mutual fund (non-retirement) account also be reported?
I always put $0. They don’t need to know my business lmfaooooo. Nah but idk my money in my account could be snatched any day and be $0 or I could need it and it could be zeroed out. That’s how I see it. So that’s why
Hello! I have a question, my parents live in another country and I moved to the US two years ago, I'm a US citizen. My aunt is my legal guardian and she has been taking care of me ever since I came, including financially. My school counselor tells me I should put my aunt (legal guardian) since she is the head of the house, but FAFSA tells me that legal guardians don't count as parents, although they haven't provided me financially except for special occasions. Who should I put as my parent?
If the legal guardianship was designated by the court that qualifies you to fill out the FAFSA as an independent student without parent info
Great information!
Good... glad it helped!
Thank you very much for your video!! I wish I have seen it one week before!! My son linked my FSA id and the amount of help the FAFSA would award him became significantly lower... We're so distressed
Glad it helped!