Comments on: How to Save Money and Time Completing the FAFSA http://parentingmyteen.com/2009/how-to-save-money-and-time-completing-the-fafsa/ The Parenting My Teen Podcast is a show all about you and your teens. Tue, 22 May 2012 19:44:51 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Delta Kneisley http://parentingmyteen.com/2009/how-to-save-money-and-time-completing-the-fafsa/comment-page-1/#comment-437125 Delta Kneisley Tue, 17 Apr 2012 05:40:52 +0000 http://parentingmyteen.com/2009/how-to-save-money-and-time-completing-the-fafsa/#comment-437125 There can be more than 2 perspectives to a subject. There can be more than 2 perspectives to a subject.

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]]> By: h&r block tax return calculator http://parentingmyteen.com/2009/how-to-save-money-and-time-completing-the-fafsa/comment-page-1/#comment-18642 h&r block tax return calculator Mon, 26 Apr 2010 08:00:12 +0000 http://parentingmyteen.com/2009/how-to-save-money-and-time-completing-the-fafsa/#comment-18642 add. child tax credit is not the same, on the line where they ask for child tax credit you would put 0 add. child tax credit is not the same, on the line where they ask for child tax credit you would put 0

]]> By: M Fallon http://parentingmyteen.com/2009/how-to-save-money-and-time-completing-the-fafsa/comment-page-1/#comment-4552 M Fallon Wed, 08 Apr 2009 21:21:41 +0000 http://parentingmyteen.com/2009/how-to-save-money-and-time-completing-the-fafsa/#comment-4552 I want to point out that the federal deadline for the federal aid application for the 2009-2010 academic year is not in 2009 (as stated in the post). The deadline is June 30, 2010. The 18-month window allows students and families to apply for aid if their financial circumstances change or if they are entering college in the second half the year. Some college costs may be paid retroactively with this aid, which are usually federal loans. Yes 70% of all state and college aid deadlines fall before April 15, 2009 but you do have an 18-month window if you need it. Because the federal student aid application (FAFSA) is daunting to some U.S. law authorizes 2 options for students - either prepare it yourself and file for free on the Dept. of Education's web site OR pay a professional FAFSA preparer to do it for you. This approach is similar to having a professional tax preparer help you with income taxes. The government's computer review doesn't catch all errors and these errors could reduce your aid award, and other errors can cause rejection which means there could be less money available by the time your error is corrected and your application accepted. So be very careful if you don't use a professional FAFSA preparer. If you choose a professional FAFSA preparer make sure the company has an A+ Better Business Bureau rating, uses people to review each answer to ensure accuracy, receives high ratings from past clients, and has the goal of making you eligible for the most aid possible. With the average student aid award of $9,500 at stake (2007), help from a professional FAFSA preparer can relieve some of the stress of finding money for college. Let me add to the tips about preparing your FAFSA: Don’t include untaxed Social Security as income. The law changed this year. Reporting it will inflate your expected family contribution and lower the amount of aid for which you are eligible. Children of divorced parents typically believe that the parent they live with is their legal guardian and that they are in a legal guardianship. This is not true in all cases. A wrong answer will incorrectly change the student’s dependency status to “independent” and impact the aid calculation. More families are withdrawing funds from retirement accounts early – sometimes it’s taxed and sometimes it’s not. Counting these funds in both adjusted gross income and untaxed income will inflate your expected family contribution and decrease aid. If you or a family member has had their job eliminated, you may be eligible to answer “yes” to the “dislocated worker” question. You need to meet one of four criteria on the day that you submit your FAFSA. Student Financial Aid Services is seeing that one in every 10 families has a member whose job has been eliminated. Being a “dislocated worker” affects how your assets are treated and could even reduce your expected family contribution to zero. Don’t include your primary residence or family-owned business (less than 100 employees) as an asset, or you will be inflating your expected family contribution and lowering your potential for aid. Not all businesses are treated the same when calculating assets. Different rules apply to family-owned businesses employing fewer than 100 people. Getting this wrong won’t reject your FAFSA, but it could lower the amount of aid for which you are eligible. List your last name exactly as it appears on your Social Security card or your FAFSA will be rejected. Double-check all numbers. That sounds simple, but transposing numbers is one of the most common mistakes and will affect your aid award. I want to point out that the federal deadline for the federal aid application for the 2009-2010 academic year is not in 2009 (as stated in the post). The deadline is June 30, 2010. The 18-month window allows students and families to apply for aid if their financial circumstances change or if they are entering college in the second half the year. Some college costs may be paid retroactively with this aid, which are usually federal loans.

Yes 70% of all state and college aid deadlines fall before April 15, 2009 but you do have an 18-month window if you need it.

Because the federal student aid application (FAFSA) is daunting to some U.S. law authorizes 2 options for students – either prepare it yourself and file for free on the Dept. of Education’s web site OR pay a professional FAFSA preparer to do it for you. This approach is similar to having a professional tax preparer help you with income taxes.

The government’s computer review doesn’t catch all errors and these errors could reduce your aid award, and other errors can cause rejection which means there could be less money available by the time your error is corrected and your application accepted. So be very careful if you don’t use a professional FAFSA preparer.

If you choose a professional FAFSA preparer make sure the company has an A+ Better Business Bureau rating, uses people to review each answer to ensure accuracy, receives high ratings from past clients, and has the goal of making you eligible for the most aid possible.

With the average student aid award of $9,500 at stake (2007), help from a professional FAFSA preparer can relieve some of the stress of finding money for college.

Let me add to the tips about preparing your FAFSA:

Don’t include untaxed Social Security as income. The law changed this year. Reporting it will inflate your expected family contribution and lower the amount of aid for which you are eligible.

Children of divorced parents typically believe that the parent they live with is their legal guardian and that they are in a legal guardianship. This is not true in all cases. A wrong answer will incorrectly change the student’s dependency status to “independent” and impact the aid calculation.

More families are withdrawing funds from retirement accounts early – sometimes it’s taxed and sometimes it’s not. Counting these funds in both adjusted gross income and untaxed income will inflate your expected family contribution and decrease aid.

If you or a family member has had their job eliminated, you may be eligible to answer “yes” to the “dislocated worker” question. You need to meet one of four criteria on the day that you submit your FAFSA. Student Financial Aid Services is seeing that one in every 10 families has a member whose job has been eliminated. Being a “dislocated worker” affects how your assets are treated and could even reduce your expected family contribution to zero.

Don’t include your primary residence or family-owned business (less than 100 employees) as an asset, or you will be inflating your expected family contribution and lowering your potential for aid.

Not all businesses are treated the same when calculating assets. Different rules apply to family-owned businesses employing fewer than 100 people. Getting this wrong won’t reject your FAFSA, but it could lower the amount of aid for which you are eligible.

List your last name exactly as it appears on your Social Security card or your FAFSA will be rejected.

Double-check all numbers. That sounds simple, but transposing numbers is one of the most common mistakes and will affect your aid award.

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