Official 2006 FAFSA Thread

[OSUdoc08]

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what do we do after our fafsa has been processed by the gov't? do we just wait until the school's contact us regarding their institutional loans, or should we call the schools we have listed on the form to make sure they received the information?

out of the 5 schools that i have listed, i have been only accepted to one of them. However, I am still waiting for the other 4 schools to tell me in feb/march whether or not i am accepted to their programs. Would it be useless to try to fill out the accepted school's institutional loan program before I find out my status at other schools? Thanks 🙂

Yes. You will recieve a financial aid package from the school.

 

[FutureDocDO]

Yes. You will recieve a financial aid package from the school.

When can we expect to receive schools' financial aid package? I'm hoping we'll get them before the second deposit deadline of March 15th. Thanks.

 

[OSUdoc08]

When can we expect to receive schools' financial aid package? I'm hoping we'll get them before the second deposit deadline of March 15th. Thanks.

I didn't recieve mine until June. It varies school to school.

(FYI: I was accepted in November, and my FAFSA was complete on January 2nd.)

 

[FutureDocDO]

I didn't recieve mine until June. It varies school to school.

(FYI: I was accepted in November, and my FAFSA was complete on January 2nd.)

That sux! Thanks for the info. I submitted my FAFSA this morning.

 

[MDDM]

All right, I need to get this topic straight. It has been scratched on the surface in multiple posts thus far, but no one gave a definitive answer. When it comes to parental information, people have been saying that it factors in institutional aid and not in federal aid. Does that mean that for federal aid purposes, they wouldn't care even if your parents were millionaires? Another scenario... Let's say your parents have some savings they're saving up for retirement, which lets say, accounts for $100,000 in a savings account. Would the school expect them to touch this money and pay for you? Would it affect the amount of federal aid you get? As far as I recall, a financial aid officer in one school said that parental information can never hurt you; it can only work in your favor. But then again I do not want to take any risks, so I would really like to verify this statement from a second, reliable source. I really wish some expert on this parental information matter can answer these questions.

 

[NapeSpikes]

None of that should affect federal aid. I put down what my parents had for their retirement (in the 10's of thousands) that they've been working on for decades, and my EFC was still zero.

 

[OSUdoc08]

All right, I need to get this topic straight. It has been scratched on the surface in multiple posts thus far, but no one gave a definitive answer. When it comes to parental information, people have been saying that it factors in institutional aid and not in federal aid. Does that mean that for federal aid purposes, they wouldn't care even if your parents were millionaires? Another scenario... Let's say your parents have some savings they're saving up for retirement, which lets say, accounts for $100,000 in a savings account. Would the school expect them to touch this money and pay for you? Would it affect the amount of federal aid you get? As far as I recall, a financial aid officer in one school said that parental information can never hurt you; it can only work in your favor. But then again I do not want to take any risks, so I would really like to verify this statement from a second, reliable source. I really wish some expert on this parental information matter can answer these questions.

For med school:

Federal aid includes

-Unsub Stafford
-Sub Stafford
-Perkins

(the federal government cannot legally use your parental information to consider this money for you)

I have never filled out parental information on the FAFSA, because it is not required for the above aid.

If you want scholarships & grants through your school, then they will then consider your parental info.

 

[TracksuitsRock]

For med school:

Federal aid includes

-Unsub Stafford
-Sub Stafford
-Perkins

(the federal government cannot legally use your parental information to consider this money for you)

I have never filled out parental information on the FAFSA, because it is not required for the above aid.

If you want scholarships & grants through your school, then they will then consider your parental info.

Sorry we are bombarding you with questions, but I am worried about this part too...

I, like you, did not include parental information on the FAFSA because it is not required for federal funding. However, one of my schools, which requires parental info for institutional loans and scholarships, said I will not even receive an offer letter without sending my parents' tax return. Does this mean they would not even give me federal funding?

Is it up to the school to decide how much federal funding I get from what my FAFSA says? Does this mean even though the government does not consider parental information, that the school can "ration out" the federal money to me, for example if my EFC was a high number only give me the difference in Staffords? Or is all that money still my right, and I can supplement my EFC with the federal funding that I deserve as an independent?

No school has given me a straight answer of whether it will hurt me to include their info. So frustrating! But there might be something I'm just not getting.... Thanks for your help.

 

[OSUdoc08]

Sorry we are bombarding you with questions, but I am worried about this part too...

I, like you, did not include parental information on the FAFSA because it is not required for federal funding. However, one of my schools, which requires parental info for institutional loans and scholarships, said I will not even receive an offer letter without sending my parents' tax return. Does this mean they would not even give me federal funding?

Is it up to the school to decide how much federal funding I get from what my FAFSA says? Does this mean even though the government does not consider parental information, that the school can "ration out" the federal money to me, for example if my EFC was a high number only give me the difference in Staffords? Or is all that money still my right, and I can supplement my EFC with the federal funding that I deserve as an independent?

No school has given me a straight answer of whether it will hurt me to include their info. So frustrating! But there might be something I'm just not getting.... Thanks for your help.

The Stafford loan money is yours, no matter what. That is $38,500. If that is enough for you, then fine.

The Perkins loan ($6,000) is actually given out at the discretion of the school. My school, for example, only gives it to out of state students, who pay a much higher tuition rate.

However, as I've said before, I never filled out the parental information.

Simply ask your school if you will be able to get Stafford & Perkins without parental info.

 

[TSisk23]

Im not sure if this was answered so I'll ask...if you have yet to file taxes what should you put for the total income tax for the previous year? Even if you can guess I wouldnt have a clue on a reasonable guess. Can anyone else tell me if they know or maybe with they themselves put? Thanks a lot.

 

[OSUdoc08]

Im not sure if this was answered so I'll ask...if you have yet to file taxes what should you put for the total income tax for the previous year? Even if you can guess I wouldnt have a clue on a reasonable guess. Can anyone else tell me if they know or maybe with they themselves put? Thanks a lot.

It won't make much of a difference, since you will go back and file a FAFSA correction with the actual values later. Try to make an educated guess.

Your paycheck should give you a yearly total, so find an old paycheck.

 

[TSisk23]

It won't make much of a difference, since you will go back and file a FAFSA correction with the actual values later. Try to make an educated guess.

Your paycheck should give you a yearly total, so find an old paycheck.

Thanks a lot...i just breezed through a new 1040 to get a rough idea. I appreciate the help.

 

[beponychick]

You're straight out wrong. As a medical student, the federal government considers your income to be zero. Prior to my first year, I worked full time. I still recieved maximum aid to include Perkins and full sub & unsub Stafford. If you make $100,000 or didn't work at all, you will be eligible for maximum loans as a medical student because the federal government assumes you will quit your job prior to matriculation.

As far as the Perkins, they are handed out first come, first serve. The date you submit is does not matter if you are 1 person over the limit.

Even if they come up with an EFC of 15,000? I can still get maximum federal aid? (38,500?)

 

[Wolfgang12345]

Even if they come up with an EFC of 15,000? I can still get maximum federal aid? (38,500?)

Yeah, that's my question too. My EFC is over $16,000 and my income is the only one listed (my husband is applying for a green card). So come July, our income is zero, but the federal government still thinks we can shell out $16k of our own money. 😱

 

[chattkis]

Yeah, that's my question too. My EFC is over $16,000 and my income is the only one listed (my husband is applying for a green card). So come July, our income is zero, but the federal government still thinks we can shell out $16k of our own money. 😱

I have the same question. I'm so afraid I wont get any loans just because I made good investment decisions. blah.

 

[MollyMalone]

To beponychick:

Budget - EFC = Need. If your school's budget (tuition + expenses) minus your EFC is greater than 38,500, then you can still take out the full amount of federal loans. If not, then you can take out whatever the "Need" amount is in federal loans. You can always get private loans for any additional amount you wish to borrow.

ETA: At my school, at least, there is a form you can fill out to certify that your income will be drastically reduced since you will no longer be working. They will then recalcuate so that the income doesn't count against you (or not as much, I'm not entirely sure). Check with your school's financial aid office.

 

[Elastase]

WAY too many pages for me to look through but here goes:

My parents own a small business and file a joint return.

For the question asking: How much did the student’s father/stepfather earn from working (wages, salaries, tips, combat pay, etc.) in 2005 (question 76)? Answer this question whether or not the student’s father filed a tax return.


Do I put in the amount for BOTH father/mother? Or fill in father and leave mother blank? What do you think I should do?

 

[C.P. Jones]

WAY too many pages for me to look through but here goes:

My parents own a small business and file a joint return.

For the question asking: How much did the student’s father/stepfather earn from working (wages, salaries, tips, combat pay, etc.) in 2005 (question 76)? Answer this question whether or not the student’s father filed a tax return.


Do I put in the amount for BOTH father/mother? Or fill in father and leave mother blank? What do you think I should do?

isn't there a separate question later on for if your parents own a business, farm, etc?

 

[Doctor Bagel]

To beponychick:

Budget - EFC = Need. If your school's budget (tuition + expenses) minus your EFC is greater than 38,500, then you can still take out the full amount of federal loans. If not, then you can take out whatever the "Need" amount is in federal loans. You can always get private loans for any additional amount you wish to borrow.

ETA: At my school, at least, there is a form you can fill out to certify that your income will be drastically reduced since you will no longer be working. They will then recalcuate so that the income doesn't count against you (or not as much, I'm not entirely sure). Check with your school's financial aid office.

minor correction here -- you're eligible for up to $38,500 in staffords a year, and $8500 can be subsidized. The remaining $30000 is unsubsidized and totally not need dependent. Provided that you have a need of at least $8500, you'll be eligible for the full $38,500 unless you're hitting the $189k maximum lifetime limit or something like that. Consequently, even without an income adjustment, almost all of us can borrow the full stafford amount.

 

[GujjuNo1]

Need some advice....

These are the steps for my school (1) fafsa (2)apply for federal loan (3)entrance loan counseling (4) scholarship app.

My question is on no2. - when I go to this site, i have four lender options....(1) amsouth (2) ed america (3)sun trust (4) total higher education. Which one should I choose?

Also - Should I take steps 2 through 4 before I get the fin aid package?

Thanks

 

[phenylalanine]

I am soooo confused on this EFC thing.... my EFC is like 15000... does that mean I have to contribute 15000 to my education?? (which i can't, the majority of my savings are going to my sister for her college tuition, should I have reflected this under the section about my savings???? instead of putting the amount right now, I should have put the amount that's going to be left in it after my sister eats it away this june???? AHHHHHHHHHH)

 

[NapeSpikes]

Need some advice....

These are the steps for my school (1) fafsa (2)apply for federal loan (3)entrance loan counseling (4) scholarship app.

My question is on no2. - when I go to this site, i have four lender options....(1) amsouth (2) ed america (3)sun trust (4) total higher education. Which one should I choose?

Also - Should I take steps 2 through 4 before I get the fin aid package?

Thanks

I'd hold off on no. 2 and 3. For 2, you should wait and see what you really need. Entrance loan "counseling" is usually just a piece of paper you have to sign after you get the fin aid packet.

 

[NapeSpikes]

I am soooo confused on this EFC thing.... my EFC is like 15000... does that mean I have to contribute 15000 to my education?? (which i can't, the majority of my savings are going to my sister for her college tuition, should I have reflected this under the section about my savings???? instead of putting the amount right now, I should have put the amount that's going to be left in it after my sister eats it away this june???? AHHHHHHHHHH)

Can you open an account for your sister and hand off the money to her now? Then you can just correct your savings amount on your fafsa, and that should lower your efc considerably.

 

[GujjuNo1]

I'd hold off on no. 2 and 3. For 2, you may not even need outside loans. Entrance loan "counseling" is usually just a piece of paper you have to sign after you get the fin aid packet.

I thought No2. was for federal stafford loans (and not outside loan). I had also thought that filling out FAFSA would all I need for federal stafford loans (yep....I am confused!!).

Which one of the above statement is true?

 

[NapeSpikes]

I thought No2. was for federal stafford loans (and not outside loan). I had also thought that filling out FAFSA would all I need for federal stafford loans (yep....I am confused!!).

Which one of the above statement is true?

Sorry, mis-read your post. Please see my edit.

For your second question, filling out the fafsa makes you eligible for these fed loans, but you still have to sign up for them and choose how much you want to borrow. I wasn't aware you had to pick your lender for a fed loan, though.

 

[Doctor Bagel]

I thought No2. was for federal stafford loans (and not outside loan). I had also thought that filling out FAFSA would all I need for federal stafford loans (yep....I am confused!!).

Which one of the above statement is true?

You do have to select a lender for staffords, but you don't have to do that anytime soon. Basically, your school will send you an award statement that will very likely include a substantial amount of Staffords. At that point, you can research the various lenders, and your school might very well have a list of preferred lenders. Lenders have different incentives, but what you'll discover is that they're all pretty much identical. Anyway, the big gist of this post is that this isn't something you have to worry about until several months from now. Staffords are lended directly through banks, but they're guarnanteed by the federal government. Consequently, it's not like a bank is going to refuse you for the loan.

 

[Doctor Bagel]

I am soooo confused on this EFC thing.... my EFC is like 15000... does that mean I have to contribute 15000 to my education?? (which i can't, the majority of my savings are going to my sister for her college tuition, should I have reflected this under the section about my savings???? instead of putting the amount right now, I should have put the amount that's going to be left in it after my sister eats it away this june???? AHHHHHHHHHH)

You might want to check out the nontrad forum because we've discussed this extensively over there. Nontrads generally get hit with huge EFCs that are partially based on work earnings that aren't going to be there when we go to school. Anyway, the EFC doesn't mean much. The only federal programs that are affected by it are subsidized staffords and maybe Perkins (schools have a lot of discretion with Perkins, though, so I doubt the effect is huge with those). Subsidized staffords are only $8500 per year, so as long as the difference between your EFC and the cost of attendance is at least $8500, you'll be able to borrow the full subsidized stafford amount. Unsubsidized staffords and private/alt loans are not need based, so you can get the full amount of those regardless of the size of your EFC.

If your school has lots of need-based institutional aid, they might use your EFC in determining your need for that. In that case, you probably want to contact the financial aid office of your school to discuss your savings account and the fact that the money goes to your sister.

 

[phenylalanine]

You might want to check out the nontrad forum because we've discussed this extensively over there. Nontrads generally get hit with huge EFCs that are partially based on work earnings that aren't going to be there when we go to school. Anyway, the EFC doesn't mean much. The only federal programs that are affected by it are subsidized staffords and maybe Perkins (schools have a lot of discretion with Perkins, though, so I doubt the effect is huge with those). Subsidized staffords are only $8500 per year, so as long as the difference between your EFC and the cost of attendance is at least $8500, you'll be able to borrow the full subsidized stafford amount. Unsubsidized staffords and private/alt loans are not need based, so you can get the full amount of those regardless of the size of your EFC.

If your school has lots of need-based institutional aid, they might use your EFC in determining your need for that. In that case, you probably want to contact the financial aid office of your school to discuss your savings account and the fact that the money goes to your sister.

thank you!! thiis is very helpful!!

 

[princessd3]

When you make corrections does that "slow-down" your application or should schools already have received a copy when you originally submitted the app?

 

[Doctor Bagel]

When you make corrections does that "slow-down" your application or should schools already have received a copy when you originally submitted the app?

It took one day for them to process my corrections, so nope, no real slow down. 🙂

 

[tigress]

Yah, I'm planning on submitting corrections tomorrow (I decided to add parental info after all). It originally got processed in one day, so hopefully the same is true for corrections!

 

[MollyMalone]

minor correction here -- you're eligible for up to $38,500 in staffords a year, and $8500 can be subsidized. The remaining $30000 is unsubsidized and totally not need dependent. Provided that you have a need of at least $8500, you'll be eligible for the full $38,500 unless you're hitting the $189k maximum lifetime limit or something like that. Consequently, even without an income adjustment, almost all of us can borrow the full stafford amount.

Thanks for the correction!

 

[Elastase]

You might want to check out the nontrad forum because we've discussed this extensively over there. Nontrads generally get hit with huge EFCs that are partially based on work earnings that aren't going to be there when we go to school. Anyway, the EFC doesn't mean much. The only federal programs that are affected by it are subsidized staffords and maybe Perkins (schools have a lot of discretion with Perkins, though, so I doubt the effect is huge with those). Subsidized staffords are only $8500 per year, so as long as the difference between your EFC and the cost of attendance is at least $8500, you'll be able to borrow the full subsidized stafford amount. Unsubsidized staffords and private/alt loans are not need based, so you can get the full amount of those regardless of the size of your EFC.

If your school has lots of need-based institutional aid, they might use your EFC in determining your need for that. In that case, you probably want to contact the financial aid office of your school to discuss your savings account and the fact that the money goes to your sister.

Exlawgirl: What if you no longer have that money earned from the past year? I spent almost the amount of my EFC on applying (flights, fees, etc.) Does having a high EFC reject you from getting need based scholarships/grants? Or do they look more at your parent information for determining that?

From what I understand, kids that are coming straight out of college have EFC=0, and they all can't be coming from broke families, etc...

 

[FutureDoc2005]

Exlawgirl: What if you no longer have that money earned from the past year? I spent almost the amount of my EFC on applying (flights, fees, etc.) Does having a high EFC reject you from getting need based scholarships/grants? Or do they look more at your parent information for determining that?

From what I understand, kids that are coming straight out of college have EFC=0, and they all can't be coming from broke families, etc...

Guys, sorry if this question sounds dumb...but I'm new to this and can't figure it out..

So it turns out that I have only filled out the 1040 tax return once individually in the past couple years and the others included in my parent's tax returns...should I just say that for 2005, I will not file as well and save myself some trouble...or do you guys think this is a bad idea...

And if you put that you will file, do you have to provide the info at a later time. Thanks.

 

[drchekhov]

Just submitted tonight—darn mother wouldn't get me her numbers, but at least it's better than in undergrad years, when she never gave them to me until the end of March.

Anyway, my last five years as an undergrad, my father has had to sign my FAFSA with his PIN. I'd expected the same thing for this year even though I'm applying as an independent. But my impression of the submission screen is that he won't need to do it this year. Am I correct?

 

[dajimmers]

Just submitted tonight—darn mother wouldn't get me her numbers, but at least it's better than in undergrad years, when she never gave them to me until the end of March.

Anyway, my last five years as an undergrad, my father has had to sign my FAFSA with his PIN. I'd expected the same thing for this year even though I'm applying as an independent. But my impression of the submission screen is that he won't need to do it this year. Am I correct?

I don't think any of us required the PIN either. Get copies of you're parents taxes and W2s though, you'll probably need to send them in for each school's institutional aid.

 

[SailCrazy]

... Let's say your parents have some savings they're saving up for retirement, which lets say, accounts for $100,000 in a savings account. ...

If your (or anyone else's parents) are saving for retirement by sticking money in a savings account, they are in serious need of some sound investment advice.
--EDIT-- I say that sincerely, not sarcastically. That is a horrible place for a big chunk of change.

None of that should affect federal aid. I put down what my parents had for their retirement (in the 10's of thousands) that they've been working on for decades, and my EFC was still zero.

Also, your parents' home and official retirement plan are not included in their FAFSA disclosures.

 

[SailCrazy]

Is the FAFAS-determined EFC the number that each med school's fin. aid office uses, or do they have discretion to change it?

Despite being an independent nontrad, I included my parents' information so that I would be eligible for institutional aid, grants, etc. I was pleasantly surprised to see my EFC come back lower than I anticipated. Is there any chance that schools (namely Michigan) will look at my parents' info more than the FAFSA did and not award me the same grants, etc that someone else with my low EFC might receive?

Thanks for the info! 👍

--EDIT-- I guess what I'm asking is: Could my low EFC be a result of my status as an independent (based upon my age) & not factor in my parents' financial info (which will be considered by financial aid offices?)

 

[OSUdoc08]

Is the FAFAS-determined EFC the number that each med school's fin. aid office uses, or do they have discretion to change it?

Despite being an independent nontrad, I included my parents' information so that I would be eligible for institutional aid, grants, etc. I was pleasantly surprised to see my EFC come back lower than I anticipated. Is there any chance that schools (namely Michigan) will look at my parents' info more than the FAFSA did and not award me the same grants, etc that someone else with my low EFC might receive?

Thanks for the info! 👍

--EDIT-- I guess what I'm asking is: Could my low EFC be a result of my status as an independent (based upon my age) & not factor in my parents' financial info (which will be considered by financial aid offices?)

Your EFC is not based on any parental information. The EFC determines your eligibility for loans only. Institutional grants and scholarships may use other criteria to determine who is eligible.

 

[peace84]

perhaps this has already been answered, but i really don't want to read through all these pages. for the question "money received, or paid on the student's behalf, not reported elsewhere on this form" does this include college tuition if our parents pay for it? in the explanation to the question it says: Enter the total amount of cash support you received in 2005 from a friend or relative (other than your parents, if you are a dependent student). Report the amount if it is not reported elsewhere on this application. I was a dependent student in 2005 when I received money, but for 2006 i will be an independent student. So do I have to include money they paid on my behalf?

 

[NapeSpikes]

I was a dependent student in 2005 when I received money, but for 2006 i will be an independent student. So do I have to include money they paid on my behalf?

I would put it only if it was a significant amount because it might look fishy if all your loans, grants, own income, etc., does not add up to your tuition and living expenses.