probably some typical FAFSA questions

[tufts02]

ok i have a few questions i hope someone can help answer...

1) when i have to put down my net worth do i have to include the amount of money i have in mutual funds that are linked to my parents?

2) i've determined that i need to put down my parents' information. however, my dad usually gets an extension to october to file his taxes. so...how am i supposed to provide his federal income tax return if he doesn't have it or wont have it any time soon?

3) do you guys know how much is the basic cut off from getting subsidized loans and what not.

thanks for any help you give me

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[mpp]

Hope I can answer your questions.

For the mutual funds it would depend on what "mutual funds linked to your parents" means. If these accounts are in your name then they are your assets and you need to report them. If they are in your parent's name(s) then they would be included in your parent's assets. If they are in a retirement account (IRA, 401(k), 403(b), etc.) then you do not have to report them.

If you are required to have the parental information I think you need to estimate the figures needed. If this is not possible, check with the individual school(s) to see what they would like you to do. The financial aid office at any of the schools you have been accepted to should be happy to help you out. You might be able to leave the information off for now provided you send a copy of the tax extension to the office.

I don't think there is any specific EFC cutoff for the subsidized loans. I believe the school will determine how to distribute these. There maximum amount of Stafford loan disbursement is $38,500 per year, of which $8,500 can be subsidized.