And we all know what happens after we do that: Those $300,000 condos just look so darn uninviting afterward. Parent data is used on the FAFSA to determine your expected family contribution, or EFC, a term that can give the impression that parents are on the hook for costs. All rights reserved. In the case of divorced parents, FAFSA (Free Application for Federal Student Aid) calculations are made using the income and assets of the parent that the student lived with the most during the 12 months before the date of the FAFSA form submission. Parent income only affects financial aid for dependent students. Having a copy of your recent federal income tax return will speed up the process. Our Financial Aid Office uses these forms to verify the information that For divorced parents: Because only the custodial parent assets are weighed on the FAFSA, do not include the other parent information. Being 24 years old at the time you fill out your FAFSA, or being in the process of earning a graduate degree, automatically qualifies you for independent student status. More specifically, do we have to report the income of a step parent on FAFSA? In other words, when they evaluate your grades, your writing, and, especially, your SAT or ACT scores, it’s helpful to know about the intellectual climate in which you (presumably) live. Get answers to common questions about deadlines, essays, applications and more. Depending on which form they used to file their tax return, here is where they can find where these figures are located within the form: The reason why they require your parent's information is because they want to see how much your family is expected to contribute based on their income levels. If all else fails, call the college admissions office and ask if they provide any assistance. Question: Why do college applications ask where my parents went to college, and will it help me or hurt me that they went to small, little-known state schools?The main reason that applications ask this question is to give admission officials a bit more insight into where you’re coming from. A child's eligibility for financial aid can be jeopardized if the custodial parent remarries. Join today to get matched to scholarships or internships for you! 5. Getting married qualifies you for independent status on your FAFSA application. Families must report assets owned by the parents and the child in their aid applications. Why we ask for your household income information. and Especially when applying to expensive schools. 92. If you are the offspring of a doctor or lawyer - let’s face it, you have a chance to … This gives a school a better sense of how many advantages an applicant had, or didn’t have. A college visit is a prime time to ask any burning questions you have. Parent income doe… What is the purpose of asking about parent's occupation/title during the college application process? We reached out to HHS who said we needed to ask the IRS and they told us it was a question for HHS since they are responsible for implementing the program. Here's how colleges evaluate the assets you report on the Free Application for Federal Student Aid (FAFSA), and how they factor them into your financial aid. For students, both child and parent, who never attended college, they’re making just $11,500 per year on their parents’ $35,200. This figure can be found on either Line 37 (1040), Line 21 (1040A), or Line 4 (1040EZ) of their Federal tax return. I also clicked the question mark and it says to estimate for the current year if necessary. Thread Do your parents income affect your college application? I’ve spoken with parents with family incomes of $70,000 per year who were quite sure they wouldn’t qualify for aid (at many schools, they would qualify for huge amounts of assistance) and parents making $700,000 who expected extensive grant funding (unless they have 6 kids in college simultaneously, it’s not going to happen). They are used to this question and it will not phase them a bit. Question: If an adult, age 34, lives at home with parents and adult siblings, do they have to count total household income as including everyone in the house or just theirs since they file income taxes as a single adult with no dependents? The college application process can be intimidating and complex leaving you wondering where to start. If your income details do not match HMRC records SFE will ask for evidence of your income. 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