Home     Log in    XML, RSS Subscribe Feed (RSS)     XML, RSS Comments Feed

Archive for the ‘College Planning’ Category

« Older Entries

Filing the 2009 FAFSA Form: Part III

January 20th, 2009 by Krayton M Davis | 2 Comments | Filed in College Planning

Demonstration: How to File the FAFSA Form

Filing the FAFSA form is required for all students who anticipate to receive federal student aid. It is used by colleges to determine your financial aid eligibility for all federal student loans, grants and many non-federal college scholarships.

You can submit the FAFSA form anytime after January 01 for the year you plan to attend school. For 2009, your FAFSA form submission will cover aid requirements for the 2009-10 academic year (July 2009-June 2010). You should submit your FAFSA form as soon as possible. Colleges have submission deadlines including many state aid agencies.

We will review the paper worksheet for the FAFSA form. Use the paper form in this exercise as your worksheet. You can then use the worksheet once you are ready to file your FAFSA form electronically: download the paper FAFSA worksheet.

The application segregates the form using a color for parents: the section colored in purple is for the parent.

Let’s review the financial section of the application.

PARENT ASSET INFORMATION

questions 91-93:

These questions try to determine the total amount of assets your parents have.  As you can imagine, the less amount of assets, the more financial aid the student can be qualified.

The parent will take the information from their tax return and enter into each of boxes provided. If the answer is zero, enter zero. Don’t leave the questions blank.

The goal is to minimize the worth by the time you file the FAFSA form. Your best answer should be $0 or close to $0. But we know that any savvy parent will have savings. Our recommendation is to place the money elsewhere instead of bank accounts prior to submitting the FAFSA form.

Investments include real estate (not the home you live in), stocks, bond and other securities. This line item will also include 529 college savings plans and 529 pre-paid tuition plans. Parent’s financial investments are given less weight when considering financial aid than the student’s financial investments. We will review this later.

  • Important Note: If the student must report parental information on the FAFSA form, the value of all 529 plans owned by the parent must be reported as assets under the parent information. If the 529 account is owned by a student who must report parental information, the value of the account is not reported. If the account is owned by a student (or the student’s spouse) who is not reporting parental information, the value is to be reported as an investment for the student.

question 89: net worth does not include the farm or home that you reside. See notes on Page 3 of the paper application.

for questions 94-95:

You will need to turn to the worksheet on Page 8 to answer the next 2 questions. The right side (purple) is for the parents’ information. Most of these questions can be answered from your tax return. If the answer is zero, enter $0.

STUDENT FINANCIAL INFORMATION

(questions 34-45) These questions are about the student only. If the student is married, it includes the student and spousal information. It is highly recommended that you have your tax returns completed or nearly completed and ready to file prior to answering the next questions. It will avoid potential mistakes and filing delays.

question 34: students should always file a tax return even if you don’t have any income. A filed 1040 form with zero income will add additional documentation that demonstrates financial aid.

question 35: answer this question correctly. Basically, if the student makes less than $100,000, does not itemize deductions, does not receive income from his or her own business or farm and does not receive alimony, he or she is eligible to file 1040A or 1040EZ.

questions 36-38: this information is from your W-2, or from your IRS Form 1040 – lines 7 + 12 + 18 + Box 14 of IRS Schedule K-1; or from 1040-A, line 7; or from 1040EZ, line 1. (questions 40-42) These are critical questions when estimating your eligible financial aid. So answer the questions correctly. Don’t leave it blank. If zero, enter $0.

You will need to turn to the worksheet on Page 8 of the worksheet. The left side of the worksheet is for the student and the student’s spouse if married. The right side is for the parent if the parent is required to file this form.

questions 41-43:

The goal is to minimize the worth by the time you file the FAFSA form. Your best answer should be $0 or close to $0. Our recommendation is to place the money elsewhere instead of bank accounts prior to submitting the FAFSA form.

Investments include real estate (not the home you live in), stocks, bond and other securities. This line item will also include 529 college savings plans and 529 pre-paid tuition plans.

PARENT HOUSEHOLD

These are questions about your parents’ household and residency status

question 96: this includes yourself and your parents, even if you don’t live with them. It also includes:

  • all siblings if the parents provide more than 50% support (even if the siblings don’t live with the parents)
  • any other persons if your parents provide more than 50% support (i.e., grandparents or relatives)
  • any new persons living with your parents where the parent will provide more that 50% support from July 1, 2008 and June 30, 2009 (i.e., babies on the way). The more you can list within the household, the better.

question 97: this number should never be zero. The number should include the student and any other students from question 66 who will be attending college from July 1, 2009 and June 30, 2010.

LIST OF COLLEGES

SECTION 5

You will now list the colleges or universities that will receive your FAFSA information. Colleges use this information to develop a financial aid package upon your acceptance. How Many Colleges: if you submit your FAFSA form online, you can add up to 10 colleges. The maximum number of college submissions is 10. If you add more than 10, it will replace the original 10 that you had entered.

It is best to enter the school code to avoid entering in the full name of the college and address. You can find the school code at: FAFSA school code listing.

That’s it. It’s a big form. But if you and your parents have all of the documentation ready, it should be fairly easy to fill out. Next time, we will review tips on how best to maximize your financial aid eligibility.


Tags: , ,

Filing the FAFSA Form for 2009: Part II

January 15th, 2009 by Krayton M Davis | No Comments | Filed in College Planning

Demonstration: How to File the FAFSA Form

Filing the FAFSA form is required for all students who anticipate to receive federal student aid. It is used by colleges to determine your financial aid eligibility for all federal student loans, grants and many non-federal college scholarships.

You can submit the FAFSA form anytime after January 01 for the year you plan to attend school. For 2009, your FAFSA form submission will cover aid requirements for the 2009-10 academic year (July 2009-June 2010). You should submit your FAFSA form as soon as possible. Colleges have submission deadlines including many state aid agencies.

We will review the paper worksheet for the FAFSA form. Use the paper form in this exercise as your worksheet. You can then use the worksheet once you are ready to file your FAFSA form electronically: download the paper FAFSA worksheet.

The application segregates the form using a color for parents: the section colored in purple is for the parent.

Let’s begin.

FAFSA FORM SECTION ONE: STUDENT INFORMATION

questions 1-13:

Questions 1-13 are self explanatory. It is asking for the student’s name, address, date of birth, social security number, telephone and email address.

TIP:
The FAFSA form notes that you can leave questions blank if they do not apply to you. That’s true. But we discourage it. Anything left blank can delay your processing especially if it’s a question that most other students can answer.

For example in question 11, it asks for the student’s driver license number. This question may not apply to some students. But to many other students, it does. So leaving this question blank could possibly delay your processing. If you don’t have a driver license number, enter your State ID number. If you don’t have a state ID number, you might want to get one.

Double check your answers. An incorrect entry, such as transposing your social security number, can kill your application. Make sure your entries are correct before electronically submitting the form.

Question 13 asks about your email address. The government (and the colleges that receive your FAFSA form) will use this email address to communicate with you. So make sure it is a correct, working address. Communication will be required to process your aid request quickly.

questions 14-15:

This group of questions asks about the student’s citizenship and residency status.

questions 16-15:

  • Question 16: applies to the student, not the parent, on the date of your FAFSA submission.
  • Question 17: if you are a single student, you can leave this question “blank”.
  • Question 18: this is the state where you legally reside. Do not put the state where you were born or where you will attend school, unless the school is in the state where you legally reside.
  • Question 20: if your parents haven’t moved since January 01, 2004, or if you are a legal resident of the state since that time, mark “yes”. If you moved into the state after January 01, 2004, enter the month and year you moved into the state or became a resident of the state where you currently reside.
  • Questions 22: male students age 18-25 must register with selective service in order to receive financial aid.
  • Question 23: answer this question truthfully. Note, the question asks whether you have been convicted for possession while you were receiving federal student aid. It is not asking about convictions prior to receiving financial aid.

questions 24-31:

  • Questions 24-25: this information is used by some colleges to award scholarships to applicants who may be the first in their family to get a college degree. Don’t leave it blank. Some colleges award scholarships to families with certain education backgrounds.
  • Questions 29-30: do not leave these questions blank. enter what degree and your enrollment status. If you don’t know at the moment, enter at least full time. Note that students enrolled less than half-time do not qualify for most federal student aid.
  • Question 31: federal work study is employment based work (both on- and off-campus) to help pay for tuition. Student loans include Perkins, Stafford and PLUS loans. Enter both work-study and student loans. This does not obligate you in any way.

SECTION 2: STUDENT DEPENDENCY STATUS

(questions 48-60)
These next few questions determine your dependency status. You must answer all questions.

  • If you answer "no" to all of the questions, your parents will need to complete the next section, SECTION 3.
  • If you answer "yes" to any of the questions, your parents do not need to file. The student can skip to SECTION 4. However, some health-care related colleges may require parental information even if you answer "yes" to any of these questions. Check your college for information.

SECTION 3: PARENTAL INFORMATION

Your parents will complete SECTION 3 if you answered "no" to all of the questions in SECTION 2.

(questions 48-60)
These questions ask about your parents’ marital status on the date you file your FAFSA form. If your parents are separated or divorced, you must determine who the primary parent for this form is.

Who is the Primary Parent: The primary parent is the parent you lived with more during the past 12 months. If you did not live with more than one over the other, the primary parent is the parent that provided more financial support during the past 12 months.

If the primary parent is remarried as of today, then the stepparent’s information must be provided as the other parent for financial aid.

If your parent is widowed or single, answer the questions about that parent. If your widowed parent is remarried as of today, your stepparent’s information must be entered as the other parent.

Grandparents, foster parents and legal guardians are not considered parents on this form unless they have legally adopted you.

Federal law provides that, under very limited special circumstances, you may submit the FAFSA with parental information. Review the information in SECTION 3 on what constitutes special circumstances.

(questions 83-84, 77-81, 85)

  • Question 83: check what tax return your parents will file or intent to file for 2008
  • Question 84: determine whether your parent’s were eligible to file File a 1040A or 1040Z. See the instructions on the worksheet.
  • Questions 77-81: check what benefits your parents received in 2007 or 2008 the include
    • supplemental security income
    • food stamps
    • free or reduced price school lunch
    • temporary assistance for needy families
    • special supplemental nutrition program for Women, Infants, and Children

      (see the comments on the worksheet for explanation of benefits received)

  • Question85: answer whether either of your parents is a dislocated worker as of the day you submit your FAFSA form.

This is a good stopping point. Your next step is to gather your parent’s tax and financial information (asset balance, cash, savings, and checking account information). Starting Monday, we will go over the financial information for both parent and student and offer tips on how best to answer that question.


Tags: ,

Filing the FAFSA Form for 2009

January 13th, 2009 by Krayton M Davis | 2 Comments | Filed in College Planning

So What’s This Talk about the FAFSA Form

Briefly, the FAFSA form is a U.S. Department of Education form that the student (and parents of dependent students) must file in order to qualify for federal student aid. It is used by colleges to determine your financial aid eligibility for all federal student loans, grants and many non-federal college scholarships.

You can submit the FAFSA form anytime after January 01 for the year you plan to attend school. For 2009, your FAFSA form submission will cover aid requirements for the 2009-10 academic year (July 2009-June 2010). You should submit your FAFSA form as soon as possible. Colleges have submission deadlines including many state aid agencies.

Required Documentation

You must have the following documents in order to file your FAFSA form properly. Don’t underestimate the importance of these documents when filing your FAFSA form. Leaving questions unanswered will delay your financial aid processing:

  • social security number and driver license
  • alien registration card (if you are not a U.S. citizen)
  • 2008 completed tax returns
  • W-2 and all 1099 forms
  • records of untaxed income, such as Social Security benefits, AFDC or ADC, child support, welfare, pensions, military subsistence allowances, and veterans benefits
  • current bank and mortgage statements
  • medical and dental expenses during the past year that was not covered by medical insurance
  • business and/or farm records
  • current investment records for stock, bonds, mutual funds, CDs, and money market accounts

About the tax return: you will need your tax return filed or about to be filed prior to completing the FAFSA form. You can file your FAFSA form and estimate your return; but you will need to come back and update the information if your filed return is different.

Note that the Federal Government will check your FAFSA form with your tax returns. Make sure the information you submit on your FAFSA form matches your filed tax return.

Who Must File the FAFSA Form

  • Every student who is requesting college financial aid.
  • Parents of “dependent students”.
  • “Independent students” will file on their own behalf and their spouse, if married. Parents of “independent students” do not need to file.
  • Use this dependency status worksheet to determine whether you are a “dependent” or “independent” student.

Filing Demonstration (on Thursday)

We will review the paper application for the FAFSA form this Thursday. We will use the paper application in this exercise as your worksheet. You can then use the worksheet once you are ready to file your FAFSA form electronically: download the paper FAFSA form file

The application segregates the form using a color for parents: the section colored in purple is for the parent.


Tags: , ,

Introducing SayCampusLife

December 18th, 2007 by Matthew C. Keegan | 1 Comment | Filed in College Planning, College Search

Campus Talk Has Just Gotten A Whole Lot Better!

nBuy Associates, the owner of this blog, is proudly announcing the introduction of its newest blog, SayCampusLife. This blog covers just about everything related to college life from admission, to living, education, sports and more.

SayCampusLife is geared toward university students, alumni, friends and family members as well as to fans of collegiate sports. Krayton M Davis and Matt Keegan, the two bloggers associated with SayEducate, will be the bloggers for the new blog too.

SayEducate will no longer include topics related to college, instead from this point forward those topics will appear on SayCampusLife. All of the college-related articles currently featured on SayEducate will remain in place.

We will be covering a variety of topics on SayCampusLife including:

  • NCAA football — the 2007 -2008 bowl season just now getting underway.
  • College admission tips and advice.
  • Surviving dorm life.
  • Paying for college without paying for it forever.
  • Conference chat — which college basketball conference is the best and why.
  • Preparing your first resume.
  • And more!

Like SayEducate, SayCampusLife will be updated on daily basis, so please check back in often, feel free to register with both blogs, and leave related comments where applicable.

We hope to see you there!


Tags: , , , , , , , ,

« Older Entries