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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Does anyone work in Financial aid or a FAFSA expert?
We are preparing for my SD to go to college next year and I have some questions re: tax returns and 529 impact on financial aid. Anyone familiar with this stuff or have a recommendation of who to speak with? Her guidance counselor is clueless with everything having to do with the college application process (which is frightening but that's a whole other story) and I'm not sure who else would know the answers to my questions.
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Posted 2/11/16 12:54 PM  |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Does anyone work in Financial aid or a FAFSA expert?
We are going through the same hell now, for my SS. There is a phone number on the website that you can call 24/7. DH called them on Sunday and they were very helpful. Maybe they can answer your questions
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| Posted 2/11/16 1:11 PM |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: Does anyone work in Financial aid or a FAFSA expert?
I'm a HS guidance counselor/college advisor, and I also work with families privately.
The short answer is this: A 529 is looked at by a college as a parent asset. Her financial aid package will not be affected as much as a savings account in the student's name. It's understood that parent assets fund many things, but a larger percentage of student assets can be used to fund college attendance.
PM me with specific questions.
If you go to the website, fafsa.ed.gov, there's a phone number that you can call. They're busy this time of year, so I recommend checking out the Chat option as well.
Message edited 2/11/2016 7:53:54 PM.
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| Posted 2/11/16 1:19 PM |
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EandF
LIF Adult
Member since 11/11 1674 total posts
Name:
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Re: Does anyone work in Financial aid or a FAFSA expert?
Posted by TheDivineMrsM
I'm a HS guidance counselor/college advisor, and I also work with families privately.
The short answer is this: A 529 is looked at by a college as a parent asset. Her financial aid package will not be affected as much as a savings account in the student's name. It's understood that parent assets fun many things, but a larger percentage of student assets can be used to fund college attendance.
PM me with specific questions.
If you go to the website, fafsa.ed.gov, there's a phone number that you can call. They're busy this time of year, so I recommend checking out the Chat option as well.
I have a long time before I need to worry about this but do you know what a custodial account is considered, parent or child asset? I really need to figure out how to invest the kids' $$.
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| Posted 2/11/16 6:49 PM |
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ziamaria
I love this boy!
Member since 4/07 3372 total posts
Name:
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Re: Does anyone work in Financial aid or a FAFSA expert?
We're going through the same thing right now and have been told that this year's return will count twice. It is also frustrating, because as a stepmother, I don't have any legal rights to my stepson, even though we have custody of him -- yet, my income is required for his fafsa....how is that fair? If I'm not allowed to do particular things for him (i.e., medical forms, school requests, etc.) why should my money be factored in?!?
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| Posted 2/12/16 4:49 AM |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: Does anyone work in Financial aid or a FAFSA expert?
Posted by ziamaria
We're going through the same thing right now and have been told that this year's return will count twice. It is also frustrating, because as a stepmother, I don't have any legal rights to my stepson, even though we have custody of him -- yet, my income is required for his fafsa....how is that fair? If I'm not allowed to do particular things for him (i.e., medical forms, school requests, etc.) why should my money be factored in?!?
Double check with FAFSA on that. I've never heard of anyone's tax return counting twice.
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| Posted 2/12/16 8:32 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Does anyone work in Financial aid or a FAFSA expert?
Posted by TheDivineMrsM
Posted by ziamaria
We're going through the same thing right now and have been told that this year's return will count twice. It is also frustrating, because as a stepmother, I don't have any legal rights to my stepson, even though we have custody of him -- yet, my income is required for his fafsa....how is that fair? If I'm not allowed to do particular things for him (i.e., medical forms, school requests, etc.) why should my money be factored in?!?
Double check with FAFSA on that. I've never heard of anyone's tax return counting twice.
It's going to count twice because the deadlines change for next year's form, so the 2015 tax return will be used for this year's FAFSA and next year's
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| Posted 2/12/16 9:18 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Does anyone work in Financial aid or a FAFSA expert?
Posted by ziamaria
We're going through the same thing right now and have been told that this year's return will count twice. It is also frustrating, because as a stepmother, I don't have any legal rights to my stepson, even though we have custody of him -- yet, my income is required for his fafsa....how is that fair? If I'm not allowed to do particular things for him (i.e., medical forms, school requests, etc.) why should my money be factored in?!?
I agree - all of my income and assets (investment accounts etc) have to go on the FAFSA for my SS too. It really doesn't seem fair.
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| Posted 2/12/16 9:19 AM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Re: Does anyone work in Financial aid or a FAFSA expert?
Posted by chilltocam
Posted by ziamaria
We're going through the same thing right now and have been told that this year's return will count twice. It is also frustrating, because as a stepmother, I don't have any legal rights to my stepson, even though we have custody of him -- yet, my income is required for his fafsa....how is that fair? If I'm not allowed to do particular things for him (i.e., medical forms, school requests, etc.) why should my money be factored in?!?
I agree - all of my income and assets (investment accounts etc) have to go on the FAFSA for my SS too. It really doesn't seem fair.
Is it possible that they count your income because you are married to the legal guardian and therefore your income would support your stepson? I feel like with FAFSA they want to know every last penny of income.
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| Posted 2/12/16 9:30 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Does anyone work in Financial aid or a FAFSA expert?
Posted by Kitten1929
Posted by chilltocam
Posted by ziamaria
We're going through the same thing right now and have been told that this year's return will count twice. It is also frustrating, because as a stepmother, I don't have any legal rights to my stepson, even though we have custody of him -- yet, my income is required for his fafsa....how is that fair? If I'm not allowed to do particular things for him (i.e., medical forms, school requests, etc.) why should my money be factored in?!?
I agree - all of my income and assets (investment accounts etc) have to go on the FAFSA for my SS too. It really doesn't seem fair.
Is it possible that they count your income because you are married to the legal guardian and therefore your income would support your stepson? I feel like with FAFSA they want to know every last penny of income.
Yes, I guess that is the reasoning, but technically I have no legal rights or responsibilities towards him. His mother pays child support and has legal rights towards him, even though he does not live with her. I think they do it because it is "easier" to include the income of one household - the one where the child lives, rather than part of the income from one parent's household and part of the income from the other parent's household.
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| Posted 2/12/16 9:38 AM |
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BargainMama
LIF Adult
Member since 5/09 15660 total posts
Name:
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Re: Does anyone work in Financial aid or a FAFSA expert?
Posted by ziamaria
We're going through the same thing right now and have been told that this year's return will count twice. It is also frustrating, because as a stepmother, I don't have any legal rights to my stepson, even though we have custody of him -- yet, my income is required for his fafsa....how is that fair? If I'm not allowed to do particular things for him (i.e., medical forms, school requests, etc.) why should my money be factored in?!?
...same reason why kids who live on their own at 18, etc., should not have to use their parent's income to get financial aid. It's ridiculous.
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| Posted 2/12/16 9:45 AM |
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pugmama
April already?
Member since 3/06 5297 total posts
Name:
Erica
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Re: Does anyone work in Financial aid or a FAFSA expert?
I am a financial aid advisor at Stony Brook. Feel free to contact me with questions.
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| Posted 2/12/16 9:57 AM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: Does anyone work in Financial aid or a FAFSA expert?
Posted by BargainMama
Posted by ziamaria
We're going through the same thing right now and have been told that this year's return will count twice. It is also frustrating, because as a stepmother, I don't have any legal rights to my stepson, even though we have custody of him -- yet, my income is required for his fafsa....how is that fair? If I'm not allowed to do particular things for him (i.e., medical forms, school requests, etc.) why should my money be factored in?!?
...same reason why kids who live on their own at 18, etc., should not have to use their parent's income to get financial aid. It's ridiculous.
Yeah, I was on my own at 17/18. I had to get a note from my doctor to say that I was living on my own and not getting support from my father.
How my medical doctor would be the end all be all is beyond me, but that is what it took.
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| Posted 2/12/16 10:10 AM |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: Does anyone work in Financial aid or a FAFSA expert?
Posted by Blazesyth
Posted by BargainMama
Posted by ziamaria
We're going through the same thing right now and have been told that this year's return will count twice. It is also frustrating, because as a stepmother, I don't have any legal rights to my stepson, even though we have custody of him -- yet, my income is required for his fafsa....how is that fair? If I'm not allowed to do particular things for him (i.e., medical forms, school requests, etc.) why should my money be factored in?!?
...same reason why kids who live on their own at 18, etc., should not have to use their parent's income to get financial aid. It's ridiculous.
Yeah, I was on my own at 17/18. I had to get a note from my doctor to say that I was living on my own and not getting support from my father.
How my medical doctor would be the end all be all is beyond me, but that is what it took.
Because you need someone to vouch for your situation that's worked with you in a professional capacity. Things have changed, and it's absurd what kids have to go through for a dependency override now. And let's not get into what they have to do for a non-custodial parent waiver for the CSS Profile...
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| Posted 2/12/16 11:19 AM |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: Does anyone work in Financial aid or a FAFSA expert?
Posted by Kitten1929
Posted by chilltocam
Posted by ziamaria
We're going through the same thing right now and have been told that this year's return will count twice. It is also frustrating, because as a stepmother, I don't have any legal rights to my stepson, even though we have custody of him -- yet, my income is required for his fafsa....how is that fair? If I'm not allowed to do particular things for him (i.e., medical forms, school requests, etc.) why should my money be factored in?!?
I agree - all of my income and assets (investment accounts etc) have to go on the FAFSA for my SS too. It really doesn't seem fair.
Is it possible that they count your income because you are married to the legal guardian and therefore your income would support your stepson? I feel like with FAFSA they want to know every last penny of income.
This. You're married to the custodial parent, so your info counts.
Message edited 2/12/2016 11:20:44 AM.
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| Posted 2/12/16 11:20 AM |
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ziamaria
I love this boy!
Member since 4/07 3372 total posts
Name:
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Re: Does anyone work in Financial aid or a FAFSA expert?
I know why they do it -- more income, less aid. I'm just saying that it isn't fair since I can't do anything for him legally, yet my income gets tied into it. :/
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| Posted 2/12/16 5:45 PM |
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