Fafsa 2009

[TMP-SMX]

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I could put it in a CD and make maybe 2-3% a year, minus comissions. I'm not sure if that is worth the effort. I could put it in the stock market and actually lose money.

Find an online high yield savings account. That way you can take the money out if needed. I've seen a few around 3% now. A lot between 2 and 3 though. Just make sure when you find a lender for your staffords there are no upfront fees. (Discover had no fees last year).

 

[ar2388]

Find an online high yield savings account. That way you can take the money out if needed. I've seen a few around 3% now. A lot between 2 and 3 though. Just make sure when you find a lender for your staffords there are no upfront fees. (Discover had no fees last year).

yay citi screwed me. they initiated fees this year and not the prior three years i used them

 

[Excelsius]

Find an online high yield savings account. That way you can take the money out if needed. I've seen a few around 3% now. A lot between 2 and 3 though. Just make sure when you find a lender for your staffords there are no upfront fees. (Discover had no fees last year).

I remember several months ago it wasn't hard to find 5%> APY. They must have dramatically gone down.

In terms of savings though, it is not usually a good idea. I am not yet familiar with med school finances, but FAFSA specifically asks about your assets. If you save enough money, eventually your EFC will increase. A better way to do this would be to open an account under someone else's name, such as your grandfather or your uncle.

 

[funkymunkytoes]

If I transfer all my savings into my grandfather's savings account, can I leave it off FAFSA?

 

[TMP-SMX]

I remember several months ago it wasn't hard to find 5%> APY. They must have dramatically gone down.

In terms of savings though, it is not usually a good idea. I am not yet familiar with med school finances, but FAFSA specifically asks about your assets. If you save enough money, eventually your EFC will increase. A better way to do this would be to open an account under someone else's name, such as your grandfather or your uncle.

Correct. Actually that is what my fiancée did with our money from our engagement party putting the account in her name. Let's just say the account APY has dropped a lot since then. (1.5 years ago).

However, the loan money itself would not be considered as income or even as assets only the interest would. It specifically states to not include loan money as savings. Though all of it is irrelevant as I'm telling someone to do this who doesn't need the money in the first place and isn't going to be eligible for need-based aid anyway. So having a higher EFC doesn't matter (unless it is extremely high) in which case they wouldn't be able to get sub staffords in the first place.

If I transfer all my savings into my grandfather's savings account, can I leave it off FAFSA?

You can do this, though it is kind of fraud. I'm just going to say it probably isn't going to make any difference to what kind of aid you are going to get. If you have gobs of money in savings you have either been working for many years and you aren't going to get any need-based aid (due to high W-2s) or your parents have gobs of money. Either way, you are probably just going to get your Staffords and not much else. So you can transfer money all you want but chances are it won't matter. You can estimate your EFC on this calculator. See if it makes any difference. If your personal (not including parental) CoA-EFC is 0 you aren't getting any sub staffords. Assuming your CoA is 40,500 (the max stafford) then your EFC would have to be 32k or less to get the full $8500 in sub staffords. Your CoA will likely be higher than this though especially at more expensive schools.

 

[What up doc]

TMX or ne1 who has filled out FAFSA before, I have a question:

So I see that they verify your parent annual income by using your tax return...

but how do they verify your Parent Asset Informtion (Q91), my parents are being nebulous about their assets (it is disrespectful in my family 2 be too probing about financial stuff) and I'm trying to explain to them that they have to tell me everything. But I was wondering if anyone who has filled out FAFSA knows just how they go about verifiying the information put in this column. thanks!

 

[236116]

TMX or ne1 who has filled out FAFSA before, I have a question:

So I see that they verify your parent annual income by using your tax return...

but how do they verify your Parent Asset Informtion (Q91), my parents are being nebulous about their assets (it is disrespectful in my family 2 be too probing about financial stuff) and I'm trying to explain to them that they have to tell me everything. But I was wondering if anyone who has filled out FAFSA knows just how they go about verifiying the information put in this column. thanks!

They only do it if your numbers are odd. Really high or low. It's called verification. "Normal" numbers usually get a pass.

 

[What up doc]

They only do it if your numbers are odd. Really high or low. It's called verification. "Normal" numbers usually get a pass.

thanks. has this happened 2 u? how would they verify assets? is it like an IRS tax audit or sumthin? nebody else ne idea?

 

[236116]

thanks. has this happened 2 u? how would they verify assets? is it like an IRS tax audit or sumthin? nebody else ne idea?

they have a form and you have to send copies of the paperwork

 

[TMP-SMX]

is it a bad thing to wait until like April to fill out the fafsa?

Depends what kind of aid you want. The need-based stuff and scholarships is first-come first-serve. However, many schools are extremely slow giving out aid so it may not harm you. If you just want staffords it doesn't really matter when you fill it out as long as it is before you start school. Either way, it is in your interest to get it done ASAP.

 

[SDN2013]

so shoudl I just fill one out now? I was waiting because I wanted to find out whether if I get waitlisted/accepted/rejected at WashU before filling it out.

 

[236116]

so shoudl I just fill one out now? I was waiting because I wanted to find out whether if I get waitlisted/accepted/rejected at WashU before filling it out.

sooner is better, anything besides a stafford goes fast....

 

[ar2388]

if you have your taxes done, then fill it out now. I will probably do it in feb because I want to wait to have my taxes all done.

 

[MarylandDude]

My Fafsa is already in. I put down the schools at which I been accepted, waitlisted, and even the ones I haven't heard from on list of schools section. This is the way I was advised to do it by a financial aid officer I spoke to. I was told that it won't make a difference whether or not I'm accepted or rejected later. It will simply save me the trouble of having to go back in and add schools to the list later in the cycle.

 

[WaterBird]

If I transfer all my savings into my grandfather's savings account, can I leave it off FAFSA?

Depending on how much money you have saved, you might also have to pay substantial gift taxes on this transfer. For 2009, the maximum untaxed gift allowance is $13k. A gift larger than that, you have to pay gift tax, and I believe the recipient also has to count the gift as income once you pass that max.

I have no idea how much you have saved, but besides this whole thing being a bit dicey, you might end up making a tax mess for you and grandpa.

I'm not a tax expert, so take this as "stuff to look into" not authority.

 

[ar2388]

Depending on how much money you have saved, you might also have to pay substantial gift taxes on this transfer. For 2009, the maximum untaxed gift allowance is $13k. A gift larger than that, you have to pay gift tax, and I believe the recipient also has to count the gift as income once you pass that max.

I have no idea how much you have saved, but besides this whole thing being a bit dicey, you might end up making a tax mess for you and grandpa.

I'm not a tax expert, so take this as "stuff to look into" not authority.

sigh.. basically we will all get f*cked over again and again and again. welcome to the real world?

 

[vadd0]

I am using all my savings for paying my education. More importantly, I am done with Fafsa and have a EFC of 0.

 

[What up doc]

I am using all my savings for paying my education. More importantly, I am done with Fafsa and have a EFC of 0.

if u got an EFC of 0, then wat r u payin 4?

and can sum1 else comment on my question above? do they do audits?

 

[rkells]

Just some really dumb questions about financial aid-- it seems I've been so worried about admissions that I've completely forgotten about financial aid!

For the FAFSA (for class of 2013), do we fill out the FAFSA 2008-09 or 2009-10? Also, is it already considered "late"?

 

[Bcblazer]

You're wanting financial aid for the upcoming school year, so that would be 2009-1010. And you're definitely not late. Check out the other FAFSA thread.

 

[Jolie South]

you would fill it out for the coming academic year, so fill it out for 2009-2010.

It is not already considered late. Many people are still waiting on their W2s so they can have the appropriate income information to file taxes and fill out the FAFSA.

 

[rkells]

I love you guys (the collective knowledge that is SDN), first you get my ass accepted into medical school, and now you're helping me find a way to pay for it all. Truly, I love you.

 

[scarletgirl777]

if u got an EFC of 0, then wat r u payin 4?

and can sum1 else comment on my question above? do they do audits?

You have to include full copies of your tax forms when you apply, if not with FAFSA, then with Need Access or whatever school specific forms you have. If your family has assets that they earn interest on, then this will be on the form.

As for doing audits? Don't know. I filled out CSS Profile (worst effing form ever) for undergrad. They wanted all kinds of crazy documentation for all kinds of ridiculousness, and my sister's school wanted extra documentation after we passed it in🙄. I noticed that one med school I applied to (can't remember which one) actually mentions this form, so I would err on the side of yes, you could be audited; it's good to keep all receipts!

 

[Jolie South]

I'm merging this with the other FAFSA 2009 thread.

 

[TMP-SMX]

sigh.. basically we will all get f*cked over again and again and again. welcome to the real world?

It's not a big deal. If you have over 13k in savings you aren't likely to get much in terms of need-based aid anyway. As I said, almost everyone is eligible for the full $8500 in subsidized stafford loans.

 

[ATB Pre Med]

You may want to add your taxes, and your parent(s)'s taxes also. Just to be on the safe side. I had the same issue this year, and it was kind of nerve wrecking. I think if you're over 23, you can file as independent, otherwise add your parents.

 

[TMP-SMX]

You may want to add your taxes, and your parent(s)'s taxes also. Just to be on the safe side. I had the same issue this year, and it was kind of nerve wrecking. I think if you're over 23, you can file as independent, otherwise add your parents.

If you were born in 1985 or before you are an independent along with if you are married, a veteran, orphan, have legal dependents other than a spouse, or going to graduate school. You don't have to enter parental information but you should for medical school if you want need-based aid. EVERYONE is independent on the FAFSA when going to medical school. The reason for the parental information is to separate who actually needs the need-based aid. This has been discussed here many times and especially in the financial aid forum. What are you worrying about? The FAFSA walks you through everything.

 

[funkymunkytoes]

If I transfer the money from one of my savings accounts (~$7000) into my grandfather's savings account, can I leave it off FAFSA? Maybe I was feeling altruistic the day before I filed FAFSA and decided that my grandfather needs to enjoy his retirement more...

 

[skijumpbump]

Depending on how much money you have saved, you might also have to pay substantial gift taxes on this transfer. For 2009, the maximum untaxed gift allowance is $13k. A gift larger than that, you have to pay gift tax, and I believe the recipient also has to count the gift as income once you pass that max.

I have no idea how much you have saved, but besides this whole thing being a bit dicey, you might end up making a tax mess for you and grandpa.

I'm not a tax expert, so take this as "stuff to look into" not authority.

If the person with the savings wanted to get even more sketchy and really hide this money with out paying taxes on it I have an idea. One could take out all of their savings in cash, then place it in a safe deposit box. I read this in another FAFSA thread somewhere. This may be illegal so I would look into this before going ahead and doing it.

In my case I have student loans from college and I have some savings. Does anyone think it is a good idea to pay off some of those undergraduate loans with my savings before submitting my FAFSA?

 

[What up doc]

You have to include full copies of your tax forms when you apply, if not with FAFSA, then with Need Access or whatever school specific forms you have. If your family has assets that they earn interest on, then this will be on the form.

As for doing audits? Don't know. I filled out CSS Profile (worst effing form ever) for undergrad. They wanted all kinds of crazy documentation for all kinds of ridiculousness, and my sister's school wanted extra documentation after we passed it in🙄. I noticed that one med school I applied to (can't remember which one) actually mentions this form, so I would err on the side of yes, you could be audited; it's good to keep all receipts!

hmmm okay i see. so wait, if its not on the tax return, then you dont have to report it? i have a copy of my parents tax return, and it doesnt have anything about assets....perhaps i dont have the whole thing? the copy i have is only 2 pages...lol sum1 pweese explain, (this is why i think i need 2 get an mba, financially illiterate ha) 🙄

 

[236116]

hmmm okay i see. so wait, if its not on the tax return, then you dont have to report it? i have a copy of my parents tax return, and it doesnt have anything about assets....perhaps i dont have the whole thing? the copy i have is only 2 pages...lol sum1 pweese explain, (this is why i think i need 2 get an mba, financially illiterate ha) 🙄

if your numbers are not within a normed range, you'll get listed for verification and will have to provide proof of all assets, etc.

 

[scarletgirl777]

hmmm okay i see. so wait, if its not on the tax return, then you dont have to report it? i have a copy of my parents tax return, and it doesnt have anything about assets....perhaps i dont have the whole thing? the copy i have is only 2 pages...lol sum1 pweese explain, (this is why i think i need 2 get an mba, financially illiterate ha) 🙄

You almost certainly do not have the whole thing lol. My experience is that people with dependents and mortgages and bank accounts have very long tax forms. There should be "schedules" attached.

Also, the things that they asked for verification about were not even taxes. These forms ask for estimates of things like medical expenses and elder care and car value and stuff, and my sister's school was asking for receipts. You have to report everything, and it's better to just go ahead and do it.

 

[vadd0]

You almost certainly do not have the whole thing lol. My experience is that people with dependents and mortgages and bank accounts have very long tax forms. There should be "schedules" attached.

Also, the things that they asked for verification about were not even taxes. These forms ask for estimates of things like medical expenses and elder care and car value and stuff, and my sister's school was asking for receipts. You have to report everything, and it's better to just go ahead and do it.

Sometimes I think they're more thorough than the IRS.

 

[ButImLETired]

Hey, I apologize if this has been answered already, but do we need the W2 only or the entire tax return for the FAFSA? Thanks!

 

[236116]

Hey, I apologize if this has been answered already, but do we need the W2 only or the entire tax return for the FAFSA? Thanks!

all of it. 🙁

 

[chad5871]

I'm really worried about this because my Dad files for an extension EVERY year (his taxes are usually turned in around October) and I told him that he needed to have his taxes filed ASAP or else I wouldn't get need-based aid... but I still don't think he gets it.

Priority deadline at my first choice among my current acceptances is March 1st.

 

[MyGoalIsMD]

I have no problem with doing the FAFSA, but I hate having to coordinate with my parents (who have never supported me). At least I only have to do this four times...

I feel your pain.

 

[BlindInTheMire]

Yes....Most private schools (Georgetown, Boston U, etc) require that you provide parental information on your FAFSA regardless. Most state schools do not require that you include parental information. If you fail to provide parental information to the private schools that require it good luck getting any financial aid from them

... so what do those without parents do? Should I supply them with a ouija board for contact info?

 

[236116]

... so what do those without parents do? Should I supply them with a ouija board for contact info?

If there's not an option on their form, shoot them an email. They have a notation they can make.

 

[NoMoreAMCAS]

I'm assuming everyone else here was told at their interviews to fill out the FAFSA for 2009-2010 whether they have been accepted or not, so hopefully someone can help me.

If I fill out the FAFSA as a student entering graduate/professional school, can I also fill one out as a student pursuing another year of undergrad? If I am not accepted to medical school I would like to do another year of undergrad and pursue another degree. Just want to have all my bases covered, anyone else in this situation or know how to solve it?

 

[WaterBird]

If the person with the savings wanted to get even more sketchy and really hide this money with out paying taxes on it I have an idea. One could take out all of their savings in cash, then place it in a safe deposit box. I read this in another FAFSA thread somewhere. This may be illegal so I would look into this before going ahead and doing it.

It's still an asset. There is nothing illegal about putting your cash in a safe deposit box. However,
1) You won't get interest
2) If you don't list it as an asset that is fraud. Fraud is no joke. 👎

 

[WaterBird]

So if my parents claim me as a dependent for tax purposes, it won't affect my finaid package?

According to UC schools you are considered financially independent only if you are going to graduate/professional school and are not claimed as a dependent.

Whether or not your parents claim you as a dependent has an impact on your residency, as well as any school-based aid. It does not affect the Stafford, at least from what I understand.

 

[236116]

I'm assuming everyone else here was told at their interviews to fill out the FAFSA for 2009-2010 whether they have been accepted or not, so hopefully someone can help me.

If I fill out the FAFSA as a student entering graduate/professional school, can I also fill one out as a student pursuing another year of undergrad? If I am not accepted to medical school I would like to do another year of undergrad and pursue another degree. Just want to have all my bases covered, anyone else in this situation or know how to solve it?

I would definitely ask your FA office. There's a question that asks which degree you're pursuing...

 

[ButImLETired]

Ok so let me get this straight.

We have to get our W2s and our parents' W2s, which we're going to have to send to the finaid offices.
Using those W2s we have to file state and federal tax returns. The federal ones also go to the finaid offices.
Then, we fill out the FAFSA.
Then, depending on the school, we also fill out NeedAccess.
Also depending on the school, we may need to fill out an independent application that's school-specific.

Wow, I never thought I'd miss secondaries...

 

[iduwanna]

Thanks for all of the info, but one ?

What happens if a student has dismal credit (multiple bk's) and enrolls at a VERY expensive school?

Will she be able to get loans to cover it?

 

[236116]

Ok so let me get this straight.

We have to get our W2s and our parents' W2s, which we're going to have to send to the finaid offices.
Using those W2s we have to file state and federal tax returns. The federal ones also go to the finaid offices.
Then, we fill out the FAFSA.
Then, depending on the school, we also fill out NeedAccess.
Also depending on the school, we may need to fill out an independent application that's school-specific.

Wow, I never thought I'd miss secondaries...

FAFSA first. If you're selected for verification, then school will have forms and you have to send them w-2s, tax returns, etc. Regardless of verification, your school might require NeedAccess or its own form.

Hooray higher education!!

Thanks for all of the info, but one ?

What happens if a student has dismal credit (multiple bk's) and enrolls at a VERY expensive school?

Will she be able to get loans to cover it?

Federal loans have little-to-no credit requirements. Private loans, on the other hand... unless you can get a co-signer.

 

[linguini]

I'm really worried about this because my Dad files for an extension EVERY year (his taxes are usually turned in around October) and I told him that he needed to have his taxes filed ASAP or else I wouldn't get need-based aid... but I still don't think he gets it.

Priority deadline at my first choice among my current acceptances is March 1st.

My parents don't file for an extension but they do their taxes on the last day possible. I doubt I can convince them otherwise especially since, according to my father, "my money is none of their [med schools'] business!" Yay...

Anyways, would it be okay for me to estimate my parents' tax returns based on 2007 and submit the FAFSA soon? And then when I get their official tax returns from 2008 in April, I'd make the appropriate changes (should be minor changes)? Or do schools need to have official 2008 information from my parents and me by March?

 

[scrubslover]

My parents don't file for an extension but they do their taxes on the last day possible. I doubt I can convince them otherwise especially since, according to my father, "my money is none of their [med schools'] business!" Yay...

Anyways, would it be okay for me to estimate my parents' tax returns based on 2007 and submit the FAFSA soon? And then when I get their official tax returns from 2008 in April, I'd make the appropriate changes (should be minor changes)? Or do schools need to have official 2008 information from my parents and me by March?

I talked to one of my schools' financial aid office and they said it's fine to estimate from 2007 and then make the changes once your parents have filed. Some schools have Feb 10th deadlines, so they can't expect us to have the exact numbers. They said an estimate is fine.

 

[Bibbed]

So my parents make a fair amount ( > 200k), and I have a pretty legit amount of savings ( > 50k) from an inheritance. My parents won't be helping me with tuition and I'm not trying to dip into my savings for medical school. Is there any chance I'll receive financial aid?

 

[kastle6797]

I love you guys (the collective knowledge that is SDN), first you get my ass accepted into medical school, and now you're helping me find a way to pay for it all. Truly, I love you.

Amen brother (or sister)