FAFSA: Quick help with choosing parent to disclose

[SeaHusky]

Hi all,

My parents are divorced. I visit both equally from time to time, so I'm stuck on whose financial information I should disclose to FAFSA. For all intents and purposes, I am financially independent from both. My dad makes more than my mom. However, because my mom recently sold a condo we used to own, she has more current assets than my dad. She also financially supports my sibling (who is currently still an undergrad but won't be in 2020-2021). Would it be more prudent to select my mom because she makes less, or should I choose my dad because he currently has less assets than my mom?

I'm thinking it doesn't really matter because my parents most likely make too much for me to qualify for financial aid. Just wonder if any of you have any quick advice!

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[deleted927529]

I think it won't matter. From what I've seen, your EFC on your FAFSA for graduate programs depends only on your own income and disregards your parents. So, your parents' assets won't effect the amount of Stafford/Grad PLUS loans you're able to take out. On the note of your mom's assets, they're actually unchanged from before and after selling that condo. You would have needed to list that property as an asset of hers, anyway.

Parent income comes into play for institutional grants and money, usually from top private schools. They use FAFSA and often a separate financial aid application called CSS. I think, even though your parents are divorced (mine are too), that most schools will ask for info on both, anyway. But this may vary between schools.

To answer your question, it's easiest to just put down info from your custodial parent from before you were independent. It won't make a difference down the line.

 

[DrStephenStrange]

For undergrad, or Medical school, or a graduate program?

 

[SeaHusky]

For undergrad, or Medical school, or a graduate program?

Sorry, should have clarified: Med school!

 

[DrStephenStrange]

Sorry, should have clarified: Med school!

You don't need your parents info for medical school. You're in a graduate program, you're considered independent now, only your income matter.

 

[SeaHusky]

You don't need your parents info for medical school. You're in a graduate program, you're considered independent now, only your income matter.

Many adcoms at my interviews have said they need our parental information in order for us to qualify for institutional aid

 

[wysdoc]

Hi all,

My parents are divorced. I visit both equally from time to time, so I'm stuck on whose financial information I should disclose to FAFSA. For all intents and purposes, I am financially independent from both. My dad makes more than my mom. However, because my mom recently sold a condo we used to own, she has more current assets than my dad. She also financially supports my sibling (who is currently still an undergrad but won't be in 2020-2021). Would it be more prudent to select my mom because she makes less, or should I choose my dad because he currently has less assets than my mom?

I'm thinking it doesn't really matter because my parents most likely make too much for me to qualify for financial aid. Just wonder if any of you have any quick advice!

You use the custodial parent or the parent with whom you live more than 50% of the time.
It doesn't matter who "claims you" on their income tax form as a deduction.
If your custodial parent has remarried, the new spouse's income is also considered.
Most of this won't matter as you are considered an independent adult for grad school loans, but of course they want all this info anyway.

The FAFSA.gov website has excellent step by step answers to all these kinds of questions.

 

[SeaHusky]

I think it won't matter. From what I've seen, your EFC on your FAFSA for graduate programs depends only on your own income and disregards your parents. So, your parents' assets won't effect the amount of Stafford/Grad PLUS loans you're able to take out. On the note of your mom's assets, they're actually unchanged from before and after selling that condo. You would have needed to list that property as an asset of hers, anyway.

Parent income comes into play for institutional grants and money, usually from top private schools. They use FAFSA and often a separate financial aid application called CSS. I think, even though your parents are divorced (mine are too), that most schools will ask for info on both, anyway. But this may vary between schools.

To answer your question, it's easiest to just put down info from your custodial parent from before you were independent. It won't make a difference down the line.

Thank you! I’m only asking in regards to institutional aid; I’m aware that federal aid doesn’t care about parental income information.

 

[SeaHusky]

You use the custodial parent or the parent with whom you live more than 50% of the time.
It doesn't matter who "claims you" on their income tax form as a deduction.
If your custodial parent has remarried, the new spouse's income is also considered.
Most of this won't matter as you are considered an independent adult for grad school loans, but of course they want all this info anyway.

The FAFSA.gov website has excellent step by step answers to all these kinds of questions.

Thanks! I’ve lived on my own since the beginning of college (two years post-grad now), and I only visit my parents; I don’t live with them whatsoever.

In that case, would it just simply be my choice who the “custodial parent” is?

 

[DrStephenStrange]

Many adcoms at my interviews have said they need our parental information in order for us to qualify for institutional aid

For federal loans it won't matter, but if the goal is to get a scholarship or financial aid from the school on the basis of need, then yeah I see what you mean. In this case then, choose the one with the least income and don't mention assets.

 

[SeaHusky]

In this case then, choose the one with the least income and don't mention assets.

Thanks for the advice!

One quick question; FAFSA specifically asks for the total assets of the parent I disclose. Aren't we legally obligated to tell the truth and mention at least an estimate of her assets in this case? I wasn't aware we could simply refuse to answer. This is the first time I've dealt with FAFSA, so apologies if these questions are dumb!

 

[DrStephenStrange]

Thanks for the advice!

One quick question; FAFSA specifically asks for the total assets of the parent I disclose. Aren't we legally obligated to tell the truth and mention at least an estimate of her assets in this case? I wasn't aware we could simply refuse to answer. This is the first time I've dealt with FAFSA, so apologies if these questions are dumb!

Well, I always skipped that question when I was in undergrad, and never had any issues come up about it.

 

[82Scout]

I personally left out parental assets when I filled it out. I have been considered independent during my entire undergraduate education (prior military) and didn't fill it out then either. I've read it differs by school, so I will check with schools and update later if needed.