5 Controversial But Effective Ways To Increase Financial Aid Eligibility
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- Опубликовано: 23 мар 2022
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Important websites:
studentaid.gov
An independent student is one of the following: at least 24 years old, married, a graduate or professional student, a veteran, a member of the armed forces, an orphan, a ward of the court, someone with legal dependents other than a spouse, an emancipated minor, or someone who is homeless or at risk of becoming homeless
If your parents are separated or divorced, the custodial parent is responsible for filling out the Free Application for Federal Student Aid (FAFSA). The custodial parent for federal student aid purposes is the parent with whom you lived the most during the past 12 months.
Federal student loans will be discharged due to the death of the borrower or of the student on whose behalf a PLUS loan was taken out.
What happens to my loans if I die?
If you die, then your federal student loans will be discharged after the required proof of death is submitted.
What happens to my parent’s PLUS loan if my parent dies or if I die?
Your parent's PLUS loan will be discharged if your parent dies or if you (the student on whose behalf your parent obtained the loan) die.
What proof of death is needed to discharge a loan?
The loan will be discharged if a family member or other representative provides the loan servicer acceptable documentation of the borrower's or parent's death. Acceptable documentation includes an original death certificate, a certified copy of the death certificate, or an accurate and complete photocopy of one of those documents. For more information about documentation requirements, contact your loan servicer.
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If you need help with the college process please fee free to contact us at info@principiaprep.com or call at 908-400-1363.
#College #loanforgiveness #financialaid
Regarding the new version of the FAFSA. When parents are divorced it asks that they use the income of whoever provides more financial support. In the case of 50/50 placement and custody, what are the metrics to use to determine that since it may not be the parent who makes the most money.
wow! thanks for just putting this out, u keep it REAL!
Ed, excellent job. Very much appreciate the info. My oldest child is in college and the information you have provided really helps parents make sense out of the FASFA form and the available grants. Thank you.
I am the "unofficial" college and career counselor at my high school and your videos are very helpful, as I have to learn all this stuff so I can help my students and their families. Thanks!
Thank you for watching the videos. If you need help with anything feel free to reach out . I help many college guidance offices.
I need a little help with the topic on unconditional circumstances on fafsa I'm still legally married but my husband abandoned my son and I a few years ago after I became disabled. My mother mother claims my son on her taxes because she had to become our caregiver. How does this situation work on my son's Fafsa the college sent a in for unconditional circumstances but I could use a little help
This is super good info, thanks!
He is so helpful! Thank you for your help Ed
needed information, thank you
Thank you for watching
Great stuff!
Thank you for watching
I liked this! Cedar Grove HS in NJ. Class of 2023
Hello, I am doing the FAFSA 23-24 school year. I usually answer ‘No’ to the parent assests questions but I did not get an option of Yes or No this time. Instead I got “Does it exceed $0.00?” Did I not get the Yes or No option for assets because I used the tax data retrieval form for IRS instead of filling manually? So, I’m supposed to combine what my parents have in their checking account, their saving account, and all the cash is their wallet? Does that include how much money is in their debit card? Only my father works so do i only use his information?
All I have are loans I do not have any grants. I’m OK with that but here’s my main question. How can I increase my loan amount so I can receive a bigger disbursement?
Hi, great job, and thanks for the effort. I've heard somewhere that opening a retirement account would be a way to utilize the cash sitting in savings and checking accounts and that retirement accounts don't need to be reported when filing for Fafsa. Can you please comment on that. Thanks
So what counts as separation? Does it have to be legal or can be informal, with two households and separate finances?
I have questions and need your input
This is regarding the 2021 fasfa tax section and what to put .
Scenario: returning student here.
I got married 2021 Oct.
In our ignorance we didn't filed tax together because we weren't married that entire year.
Going back to school 2023
It asked me "currently are you married?"
And now it's asking for partner 2021 tax info .
We didn't file together , will this affect us or get us in trouble etc?
Excellent video! Do you have 1-1 for questions and suggestions?
I do offer consultations through Zoom yes
Can you change the custodial parent after the mom has been for three years to the dad the last year? The parents are divorced and living separately and the child lives with the father now
What if my parents won't give their financial information for the FAFSA? can I be deemed an independent student?
hi im sorry to bother but I have a question regarding fafsa. I have fin aid and I am taking two classes anatomy 1 and chem 113. it is challenging and not passing anatomy. I plan to drop this. I completed my associates in early education and my gpa is a 3.6 right now. the deadline is tomorrow and they gave me an option to drop both classes nov 12. what do you recommend i do?
I’m thinking about legally getting married to my GF before this fall term starts. Would my fasfa then apply for the following term or would I have to wait 2 years to receive the financial aid? I’m really set on doing this if it can help me right away! Thanks for the help!
If you get married before filling out the fafsa you can put married on the form
Thank you 🙏 very helpful. Can I contact you for applying for financial aid ?
Yes I help many families through Zoom. 908-400-1363
How much is your charge??
How about things you can do if you're over a certain age. I'm going back to school and I just turned 35
Well over the age of 24 you are just using your own income info for the financial aid forms
After FAFSA is completed and college evaluates and officially offers aid, a parent may realize they will need to get another or even a third job to try to meet college expenses. However, if the parent increases income, can this affect the FAFSA info a college uses to evaluate aid and then cause the aid to decrease?
It will change the next year. Because they will check your wallet and under your bed every year to make sure not a dime is left
Can a student uses his/ her own income or lack income to qualify for more financial aids if student is married out of the Country and spouse isn’t present in the America
How about student over 55 FASFA grad school w income assets
Question! Would the financial aid fluctuate if the spouse isn’t a citizen at the time of marriage?
No it wouldn't since they would count the income
Thank you for the information Ed. Roxbury High School Class of 2024
Thank you for watching your high school has been counted
Is my 401k retirement money considered assets? Or my Roth IRA?
No
What about graduate loan’s increased aggregates?
You mean the $20,500
@@edzamoracollegeprepchannel3820 Hi Ed- no I am speaking about the higher aggregate above 138,000 for Health Professions- do you know anything about that?
These are WILD hahah!
I like your separated parents each living apart and have custodial parent to be person with lowest income fill out the FAFSA. I think you missed a key item and #3 is not correct or best practices of shielding asset disclosure. The small business exclusion allows the applicant to omit the net worth of a small business from the FAFSA. A small business has 100 full-time or full-time equivalent employees and is owned and controlled by the family. I personally own nothing in my own name for asset protection reasons, nothing to do with FAFSA but it would take a court order by some court somewhere to force my disclosure of my business assets. Best practice is for each parent to establish their own LLC or a Series of a Series LLC and transfer cash, non-exempt real estate or other valuable assets as art or collectables, etc. to the company. The assets of an LLC or Series of a Series LLC are private and confidential. Income may not be private, depending on your tax planning, but the underlying assets are out of sight. Moreover, you also failed to mention a parent's retirement savings are not to be disclosed or considered.
They actually ask for the business information and value as required information on the css. The css is required by 250 colleges to support the FAFSA. How are you getting around that?
@@nmuhammad3840 please carefully review the law, the business exclusion and what I wrote. The answer is no my clients never provide any information until someone obtains a court order to do so.
Not enough space here to explain business entity formation and the law. Again review the actual business exclusion rule. Technically if it’s a business entity asset it is not the individuals property. It’s the business entity property. My entities are taxed as a C corporation. Not a pass through. Different tax rates and deductions. Nothing is public record of the ownership of the property.
Can the parent plus loan hold a lien on your home if you own one in your name? If so, can I put the home in a revocable or irrevocable trust and avoid the lien?
Gay marrying your bro on paper and divorcing once you've graduated is the easiest of these
I’m
So boggled. My husband and I earn much less than $100k combined and we only got $5,550 in aid. The cash we have in the bank is 3 months of emergency money and I reported my investments which is definitely not enough for retirement at all!! I need to figure out the best next steps as she’s graduating in may. Thank you
Your answer is at 16:41 ruclips.net/video/BjXckeqExQ0/видео.html
You should be thankful you get that much to begin with
Scholarships
@@PrincessAsclepiusna frfr 😂
they said you don’t have to divulge retirements accounts
Thanks Ed Hanover Park hs class of 2024
IHA 2023