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Author Topic: Desperately need help with Financial Aid  (Read 1083 times)

gordonma

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Desperately need help with Financial Aid
« on: January 14, 2006, 02:49:08 PM »
Ok I have quite a few questions about filing for financial aid and the fafsa.

first, i need to file the fafsa asap correct? How can i do this however, if i still havent recieved my w-2s from last year. On the fafsa app do i need to include my parents income? Another thing is I only worked about 2 months last year from oct-dec so my year to date is significantly low. I have no money in the bank, savings etc, so theres practically nothing to put on the fafsa. Is this going to be some sort of problem? Will it look sketchy that im including practically nothing?

Once i figure out how to fill the fafsa out, wht do i do about sending the stuff to law schools? I heard u can only add 6 school codes at once. Then what do i do about the rest? I applied to quite a few and need the info sent to all schools. how do i do this?

any other help or info would be really appreciated! thank you so much everybody!

-mike
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Typhoon Longwang

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Re: Desperately need help with Financial Aid
« Reply #1 on: January 16, 2006, 01:43:29 AM »
first, i need to file the fafsa asap correct?

Yes, unless you or someone you know is going to bankroll you education.  The sooner you submit it, the better chance you'll have of getting grant money from the schools than if you waited until later (all other things being equal).


How can i do this however, if i still havent recieved my w-2s from last year.

It's easier than you think.  Get your very last pay stub from the job.  Most paystubs have the cumulative amount of taxes & income, in addition to the amounts for the payperiod.  You probably don't have any pre-tax deductions (retirement, medical insurance, etc) so your taxable income is your total income.  You could also call your jobs and ask them for the numbers you need.

You don't need to file your taxes immediately but you'll need to do at least a preliminary draft in order to complete the FAFSA.  If your final tax filing is different than what you put on the FAFSA, you can update the FAFSA and resubmit the finalized FAFSA to your schools.


On the fafsa app do i need to include my parents income?

If you can answer yes to any of the following questions then you won't need to supply your parent's info for the FAFSA (although the school might still ask for the information later)

Were you born before January 1, 1983?

At the beginning of the 2006-2007 school year, will you be working on a master’s or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.)?

As of today, are you married? (Answer “Yes” if you are separated but not divorced.)  “As of today” refers to the day that you complete your FAFSA online.

Do you have children who receive more than half of their support from you?

Do you have dependents other than your children/spouse who live with you and who receive more than half of their support from you, now and through June 30, 2007?

Are (a) both of your parents deceased, or (b) are you (or were you until age 18) a ward/dependent of the court?

Are you a veteran of the U.S. Armed Forces?  Answer “No,” you are not a veteran, if you (1) have never engaged in active duty in the U.S. Armed Forces, (2) are currently an ROTC student or a cadet or midshipman at a service academy, or (3) are a National Guard or Reserves enlistee activated only for training. Also answer “No” if you are currently serving in the U.S. Armed Forces and will continue to serve through June 30, 2007.  Answer “Yes,” you are a veteran, if you (1) have engaged in active duty in the U.S. Armed Forces (Army, Navy, Air Force, Marines, or Coast Guard) or are a National Guard or Reserves enlistee who was called to active duty for purposes other than training, or were a cadet or midshipman at one of the service academies, and (2) were released under a condition other than dishonorable. Also answer “Yes” if you are not a veteran now but will be by June 30, 2007.


Another thing is I only worked about 2 months last year from oct-dec so my year to date is significantly low. I have no money in the bank, savings etc, so theres practically nothing to put on the fafsa. Is this going to be some sort of problem? Will it look sketchy that im including practically nothing?

It won't look strange if you've been a student...if you were 35 it would be odd.  Schools will almost definitely ask for information about your parents since there's no way you have money to pay for school yourself.  Let your parents know the score so they can start getting their taxes and financial information together.


Once i figure out how to fill the fafsa out, wht do i do about sending the stuff to law schools?

You can use the FAFSA worksheet to begin collecting the information you'll need:
http://www.fafsa.ed.gov/fafsaws67bw.pdf

You submit everything online so it's pretty convenient.  You'll need to get an Education Department PIN in order to submit the FAFSA without a physical signature and the PIN can take two weeks so you should apply for it now if you don't have one:

http://www.fafsa.ed.gov/before004.htm


I heard u can only add 6 school codes at once. Then what do i do about the rest? I applied to quite a few and need the info sent to all schools. how do i do this?

That's true.  You fill out your FAFSA and submit it to the first 6 schools you want to submit to.  It takes them about 3 days (although they claim it can take longer) to produce a report for the schools.  After that report is produced you can edit the FAFSA and change the schools where you're submitting the FAFSA.  Then you send the FAFSA again to another 6 schools.  Wash, rinse, repeat until all the schools have your FAFSA.
 

gordonma

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Re: Desperately need help with Financial Aid
« Reply #2 on: January 16, 2006, 02:19:12 PM »
Thanks SOOO much Typhoon. Your informative post really helped me out. One quick follow question... when you say send the first 6 out then wait and send another 6 out, how will we know when the first 6 are ready to go? Is there any form of notification or do we just wait 3 days and do it?
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drama gal

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Re: Desperately need help with Financial Aid
« Reply #3 on: January 16, 2006, 03:30:40 PM »
Thanks SOOO much Typhoon. Your informative post really helped me out. One quick follow question... when you say send the first 6 out then wait and send another 6 out, how will we know when the first 6 are ready to go? Is there any form of notification or do we just wait 3 days and do it?

You should receive an email from FAFSA stating "...Your Federal Student Aid has been processed and the data will be made available to the school(s) you listed."
The reason birds can fly and we can't is simply that they have perfect faith, for to have faith is to have wings.

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maka nani

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Re: Desperately need help with Financial Aid
« Reply #4 on: January 16, 2006, 03:35:41 PM »
if you do the first 6, wait a week, take them down and put up 6 new ones, then make corrections based on your actual W2 data...then the first 6 schools won't get the update...so the FAFSA people say...so i sent it to 6 schools...just going to wait another two weeks until i get my real W2s and submit a correction, then send to 6 more schools so my original 6 get the corrected $$ info...yea that makes sense in my head anyway  :D
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drama gal

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Re: Desperately need help with Financial Aid
« Reply #5 on: January 16, 2006, 03:38:21 PM »
if you do the first 6, wait a week, take them down and put up 6 new ones, then make corrections based on your actual W2 data...then the first 6 schools won't get the update...so the FAFSA people say...so i sent it to 6 schools...just going to wait another two weeks until i get my real W2s and submit a correction, then send to 6 more schools so my original 6 get the corrected $$ info...yea that makes sense in my head anyway  :D

It makes perfect sense.
The reason birds can fly and we can't is simply that they have perfect faith, for to have faith is to have wings.

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maka nani

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Re: Desperately need help with Financial Aid
« Reply #6 on: January 16, 2006, 03:41:40 PM »
 :) good...i am dying to get my W2, 1099 and 1098T so i can get on with this already!
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verbal

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Re: Desperately need help with Financial Aid
« Reply #7 on: January 16, 2006, 03:55:55 PM »
not all schools will ask for your parents info. miami and wustl have told me personally that they dont. its a big factor for me as my parents look good on paper but dont really have any money.
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Typhoon Longwang

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Re: Desperately need help with Financial Aid
« Reply #8 on: January 16, 2006, 06:34:21 PM »
:) good...i am dying to get my W2, 1099 and 1098T so i can get on with this already!

A lot of lenders and schools will let you access your 1099s and 1098Ts online, so that may be an option.  And my wife's work even provides the W2 online.  With that info you can have your taxes perfect even if you don't have the official copies of documents.  It's worth looking into.

maka nani

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Re: Desperately need help with Financial Aid
« Reply #9 on: January 16, 2006, 09:22:15 PM »
yep i get my work W2 online...but im waiting for my slow school to send the 1098T and i won money so that is what im waiting for the 1099 for..if it was just the W2 i'd be set!
at least they are local places so i should receive them shortly after the 1/31 deadline
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