I have a question about filling in the FAFSA form?

Question

If you are listed as independent do you not have to put either your parents assets (checking & savings accounts included) or your (the student's) assets? So you don't have to put any assets down at all ? or just the student's?

Answer 1

You will have to inform what your assets and income are.  As for your parents, I think if you are claimed on their income taxes you will need to turn in their assets and income.  I know when I filled out that form I am not a dependent of my parents but I had to tell them my income and savings accounts, etc.  It helps them figure out how much you are elligible for.

Answer 2

This is a very good web site you can do it online is better and it will take just a few weeks. If you do it on paper it will take 6-8 weeks to receive a respond.  www.fafsa.com

Good luck!

Answer 3

It depends.  If you are going to a professional school, like law or medical and possibly grad.  The admission office will instruct you on this.  If you are an undergrad, then no.

Answer 4

As you fill out the form, you'll answer a series of questions that determine your dependency status. Keep in mind that it's only those questions that determine that status - for example, you're not independent just because you don't live with your parents, or because your parents aren't giving you any money for college, or because your parents don't count you as a dependent on their tax returns.

You are only an independent for federal student loan purposes if you can answer yes to one of the following questions:

Were you born before January 1, 1985?

Are you married (but not divorced)?

Do you provide more than 50% of the financial support for your own child or children?

Do you provide more than 50% of the financial support for a non-child dependent who lives in your home?

Are you an orphan, and have you been declared a ward of the court?

Are you an active duty member of the US military?

Are you a veteran of the US military?

If you can't answer "yes" to one of those questions, it doesn't matter what your relationship is with your parents, and whether they'll be helping you out with school - you're still a dependent student.

Assuming that you are, in fact, independent, you will need to provide information about your income and your assets. When you answer the dependency questions on the FAFSA form, you should be automatically directed to the next applicable section of the form (and instructed to skip the inaplicable sections). If you're doing this online, and the program isn't automatically advancing you forward (skipping certain questions), then you'll want to go back and double-check your answers to the dependency questions.

If you're a dependent, you'll need to provide similar financial information about your parents - again - it doesn't matter if they're helping you out or not - you still have to provide this information. If they won't cooperate and give you the info you need, that's bad - because the Department of Education doesn't consider that as a valid excuse for not providing your family's financials (yes, I know that's rough).

Anyway - yes, all applicants must provide - at the very least - their own financial information, regardless of whether they're independent or dependent.

I hope that helped.