How does FAFSA figure the financial aid you should receive?

Question

I just completed my FAFSA. I've lived on my own for two years but I still need my parents tax information, which I think is ridiculous. Does anybody know how they figure what you are able to receive in financial aid?

Answer 1

They go by your income tax forms and that is how they figure it. When I applied I had to send them a copy of my income taxes for the previous year and they also go by how many dependants you have.

Answer 2

The dependency requirements were decided on by Congress when they originally built the financial aid model.  They believe that parents have a responsibility toward helping their children attain their first degree.  That is why it is ridiculous.  Ridiculous to think that your parents should help!  I agree it does hurt a small faction of students though where the parents are ridiculous and refuse to cooperate with the FAFSA information.

Anyhow.  The FAFSA collects information about your family size, number of people attending college, income earned and investment values and spits out a number called the EFC (Estimated Family Contribution).  This is the number that decides whether you are Pell grant eligible, and is used by the Aid office to determine your overall need and awards.  I'm not going to get into the formula... it makes my head hurt and its been a long week.  

Give your Aid office a week after you have filed your FAFSA then talk to them about when you can expect an awards letter.  If you have already been accepted, or deposited with admissions, the award letter should come pretty soon after they have a chance to process it.

Answer 3

follow the link on the bottom of this page.  it will take you to a calculator.

http://bestforeignmedicalschools.com/how...