Okay, so I recently submitted a FAFSA, got the EFC number etc. But then my dad passed away shortly after that, and the thing is, since the tax information is from last year, there's not exactly a spot in the FAFSA form that I can correct to reflect this change. And I know, like, in the FAFSA FAQs they say that if there have been any unusual circumstances, to contact the financial aid office of the school I'm going to, but I'm applying for my first year of college, so I still don't know which schools I'm even going to yet. So do I wait until the acceptances/rejections come out/decide on a school, and then contact that specific school's financial aid office? Also, I submitted the FAFSA before we did the taxes this year (using tax form of 2007 for reference), so I had put "Will File" but now that we've filed this year's tax form, should I go back and make the necessary corrections even though it's only a minimal change?
In your situation, you should contact the financial aid office of the school you think you will be applying to. Contact your first choice and explain your situation. They will manually change the information to fit your current situation. However, if you decide later not to go to that school, you will have to inform your new school of your situation. You can go back and make corrections now or wait and let your financial aid office make the changes for you later. It's quicker for them if you make the changes first. You will need to submit documentation to your school.
If you receive a pell grant and a cal grant, do you have to report that in your taxes?
I've been hearing mixed answers from people. Some told me that since it's a grant which means free money, you don't have to report it.
and some saying that if there's money left over that is not used for school purposes, you have to report it.
If you have excess fund, you can report it on your taxes. However, not many people choose to do so. That's probably why you hear mixed answers. You are suppose to report it, but I've known plenty of people who have not and nothing has happened.
hi, i have a question: Financial Aid is based on the family's income, so when they ask me about my parents' total cash, savings and checking accounts, if the amount is too much, can it affect my eligible for Financial Aid? Thanks!!!
Calculating assets is a way to determine your financial aid eligibility. If they are going to include your family asset, yes, it will affect your eligibility.
i was wondering if anyone could tell me what a 1099 form is
its required for the IDOC but i cant find anything in my parent's stuff, only 2008 tax returns
1099, usually 1099-MISC, looks similiar to W-2s. Some people have it, some people don't. Usually, if your parents are independent contracter, it's their version of a W-2. It's what they use to report information on their taxes. However, if both your parents received W-2s from their employer, then you won't find a 1099.
I signed up for fafsa and filled out all the necessary paper work and they told me to wait 4-5 weeks. What exactly am i waiting for?
Am i waiting to see if i qualify or not? Because if i do, how long after that do i have to wait to receive the money?
If you are talking about the current semester, it means that they are processing your paper work and will give you an award letter of how much financial aid you will receive in about 4 weeks or so. You will have to accept the aid and then you will receive it the money afterwards, so technically 6 weeks. However, if they aren't that busy, you might get it sooner.
If you are talking about next year, you won't receive money until the first day of the semester. Even if you have completed all your paper work and accepted your awards. You can't receive money until the semester begins.
How do I know if my application for the Cal Grant is summited? Like, I need to file the FAFSA (which I already did) and a GPA verification. I signed this paper for my school to send in the GPA verification but how do I know when and if they did send it in. Is there anything I need to do to make sure I get my Cal Grant? Thank you.
You can always double check with your school. Or, you can go to csac.ed.gov and sign up for a webgrant account (it's on the left hand called "Webgrants for students"). Here, you can monitor your Cal-Grant as well as which school is your number 1 choice. Make sure that the number 1 choice is the school you plan to attend. So change it when necessary. Otherwise, your Cal-Grant will be delayed.