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FAFSA Mysteries

FAFSA Mysteries. www.collegenowgc.org. Question One. Give three (3) examples of assets that should be counted in question #41 (student) and #89 (parents): “As of today, what is the net worth of your parents’ investments, including real estate?”. Question Two.

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FAFSA Mysteries

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  1. FAFSA Mysteries www.collegenowgc.org

  2. Question One Give three (3) examples of assets that should be counted in question #41 (student) and #89 (parents): • “As of today, what is the net worth of your parents’ investments, including real estate?”

  3. Question Two If a student has $4,000 in his savings account on the day that he completes his FAFSA, but plans on buying a computer and other educational supplies, what is the answer to question # 40? • “As of today, what is your (and spouse’s) total current balance of cash, savings and checking accounts?”

  4. Question Three From the perspective of FAFSA reporting, when a family saves for college for its children, should the parents or the children be named as the owner of the account(s)?

  5. Question Four Where is federal work study wages earned reported on the FAFSA? • Here: #35 What was your (and spouse’s) adjusted gross income for 2011? • Or here: #43c. Taxable earnings from need-based employment programs, such as Federal Work-Study and need-based employment portions of fellowships and assistantships.

  6. Question Five Will an undergraduate student typically need to report his or her scholarships on question #43d? • “Taxable student grant and scholarship aid reported to the IRS in your adjusted gross income. Includes AmeriCorps benefits, as well as grant and scholarship portions of fellowships and assistantships.”

  7. Question six The student lives with her mother, brother and teen sister, who is expecting twins in August 2012. What number is the answer for Question #72? • “How many people are in your parents’ household?”

  8. Question seven Jon’s parents died when he was 11. His grandparents adopted him at age 12. • Is Jon dependent or independent on the FAFSA?

  9. Question eight Elaine is living with a family friend because her parents lost their jobs and are at risk of becoming homeless. Her parents provide the friend with a letter authorizing her to make health and education decisions for Elaine. • Is Elaine dependent or independent? Why?

  10. Question nine and ten Johnny is a 53-year old student at CCC. Marie is his 19-year old daughter who lives at and attends the University of Toledo. Johnny is on disability and does not file taxes. How will each of them answer the following question? • “How many people in your household will be college students in 2012-2013?” # 9. Johnny’s FAFSA #10. Marie’s FAFSA

  11. Question One Give three (3) examples of assets that should be counted in question #41 (student) and #89 (parents): • “As of today, what is the net worth of your (parents’) investments, including real estate?” • Summer home • Rental property • Stocks • Bonds • Non-retirement mutual funds • Money market accounts

  12. Question Two If a student has $4,000 in his savings account on the day that he completes his FAFSA, but plans on buying a computer and other educational supplies, what is the answer to question # 40? • “As of today, what is your (and spouse’s) total current balance of cash, savings and checking accounts?” • $4,000

  13. Question Three From the perspective of FAFSA reporting, when a family saves for college for its children, should the parents or the children be named as the owner of the account(s)? • Generally, saving should be done in the parents’ name(s) due to the asset protection afforded them

  14. Question Four Where is federal work study wages earned reported on the FAFSA? • Here: #35 What was your (and spouse’s) adjusted gross income for 2011? • Or here: #43c. Taxable earnings from need-based employment programs, such as Federal Work-Study and need-based employment portions of fellowships and assistantships. • Both

  15. Question Five Will an undergraduate student typically need to report his or her scholarships on question #43d? • “Taxable student grant and scholarship aid reported to the IRS in your adjusted gross income. Includes AmeriCorps benefits, as well as grant and scholarship portions of fellowships and assistantships.” • NO

  16. Question six The student lives with her mother, brother and teen sister, who is expecting twins in August 2012. What number is the answer for Question #72? • “How many people are in your parents’ household?” • Six

  17. Question seven Jon’s parents died when he was 11. His grandparents adopted him at age 12. • Is Jon dependent or independent on the FAFSA? • Dependent, because he was adopted before age 13.

  18. Question eight Elaine is living with a family friend because her parents lost their jobs and are at risk of becoming homeless. Her parents provide the friend with a letter authorizing her to make health and education decisions for Elaine. • Is Elaine dependent or independent? Why? • Dependent because not unaccompanied, not homeless, not in legal guardianship. • Only FAA can make determination of “at risk for homelessness.”

  19. Question nine and ten Johnny is a 53-year old student at CCC. Marie is his 19-year old daughter who lives at and attends the University of Toledo. Johnny is on disability and does not file taxes. How will each of them answer the following question? • “How many people in your household will be college students in 2012-2013?” # 9. Johnny’s FAFSA - Two #10. Marie’s FAFSA - One

  20. www.collegenowgc.org

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