3 big FAFSA mistakes that will cost you a lot of money!

[@Royalu2000]

3 FAFSA MISTAKES: 1) People still don't fill out the FAFSA: 2) Filling out the asset part incorrectly! The home value & retirement "DO NOT REPORT"; DO NOT REPORT business value. Business INCOME = YES (If you have over 100 employees then yes, otherwise if you are self-employed = NO!) 3) Parents Divorced or separated (don't have to be LEGALLY separated) and filling out the FAFSA; ONLY 1 PARENT NEEDS TO FILL OUT THE FAFSA (the custodial parent; ONLY 1 PARENTS INCOME needs to be filled out on the FAFSA).

[@veanne]

thank you

[@yourbedroompunk7601]

Thank you!!!

[@ashleyp02]

thank you so much!!

[@magagalaxy]

Thank you. So I do not have to count my military retirement pay? What about the disability I receive from the VA?

[@davidchavez1330]

Thanks bud

[@tabithaellis6506]

As a student who is self-supporting, the fact that my financial aid hinges on my parents' income and "expected family contribution" makes me very angry. I am only able to attend college because I am working nonstop to pay for it each year, which is greatly affecting my performance in school. If there is a way around this in the FAFSA (besides getting married or having a kid smh), I'd love to hear what options there are for students like me.

[@Glassessss]

You can only file independently when you hit age 26 I believe. It sucks but the only other way is to qualify for their work study program which can pay for the tuition if you're attending a community college.

[@PR0M3TH3U5]

@@vuton3877 true but they be taxing the hell out of us and not giving anything back, rather them tax less and then not give.

[@TinkerTotz]

If you want a particular job then you can search for grants or scholarships for that. Esspecially if you’re in a high demand field such as teaching or nursing. I think one is called TEACH and another is the Promise scholarship for medical professionals. Look up “student loan forgiveness for (chosen field)” You typically work one year of work for a qualified employer in your state for each year you receive aid. Your financial aid office at your school should be able to give you more info. Your tuition is covering these services so use them all! They should have free tutoring and an academic advisor services as a student. Highly encourage you to reach out to these three resources at your school.

[@YouTuber-zk4nn]

Don’t complain like you didn’t have a choice to go to college or not

[@TheFAFSAGuru]

the age is 24 to become an independent.. if you are fully self supporting living on your own making a decent income you could ask the financial aid office to do professional judgement and consider you independent, but it is very rare they will do that...

[@nylahburns9767]

Use the parent who doesn’t make the most money 😌

[@thiagogregory1]

LMFAOO YES

[@bagel3929]

Really? Is that allowed? I honestly don’t know

[@thiagogregory1]

@@bagel3929 Depends. If your parents are separated, divorced, just choose to live with one. It isn’t allowed if you have both in the same household

[@CharlesPhan]

umm verification process will check on that....

[@thiagogregory1]

@@Makuraudo Btw, good luck. Hope u get good aid

[@BoneGoddess]

I love that this video was recommended to me after i filled. But luckily it seems i did everything correct

[@8bigkid839]

Just did mine yesterday morning lmao

[@Mani-kx5xs]

Me too

[@TheFAFSAGuru]

sorry you didn't see it sooner!

[@alainn.23]

@@TheFAFSAGuru do you have a contact number? I'll need your guidance if possible please

[@laidbac]

Same 😂😂😂

[@Zenkaiii4]

The FAFSA and institutional scholarships are a great way of making college affordable. I go to a private institution in Michigan and they deal out loads of institutional scholarships based on GPA and/or SAT/ACT. You can get 8-12k per semester just from those alone. Pile on your FAFSA awards and all of a sudden you're paying less than 2k a semester, no loans required. Think about it people, $16,000 for a Bachelors degree or $124,000 from accrued interest. Don't fall into the trap of getting loans. Let your academic achievements be recognized so that you can be rewarded financially.

[@electric_deer2007]

Which university are you studying in ?

[@trexasaurus5322]

FAFSA is the reason why college is so expensive

[@sharonjones5173]

The FAFSA is time consuming and worthless.

[@joannachan483]

Please explain what is FAFSA?

[@erenthebombjaeger]

I only have my gpa grant which is 10k a semester but it’s still leaves A LOT for my dad to pay. He’s a single parent and doesn’t make great amount but for some reason I’ve gotten nothing besides that

[@marca2956]

The FAFSA does in fact ask for the parent's contributions to their retirement acct, taken from the W2, box 12. This is info that is required. Thanks.

[@TheFAFSAGuru]

Yes it asks for contributions made to retirement accounts...but the total value of retirement accounts is not reported as an investment on the FAFSA

[@marca2956]

@@TheFAFSAGuru Thanks for the clarification!

[@sandypgs1]

@@TheFAFSAGuru If the contributions have been going on for many years, how to determine only contributions from the total value of the portfolio? And is this only employee contribution or also employers contributions? Finally, outside of 401K, do any personal retirement accounts like Vanguard or Fidelity fall in this category also? Thanks a ton!

[@hannahb6727]

If money was pulled from 401k in the prior year does that have to be reported as an asset?

[@jprosey]

@@TheFAFSAGuru what about when you have they take your IRS tax information ..

[@ryleyraine8810]

I hate that the fafsa takes into account what my parents make and what their assets are, my parents refuse to help me whatsoever with college costs so I have to completely pay my own way through college and yet the fafsa bases how much aid I qualify for off of my parents

[@TheFAFSAGuru]

I know that can be very frustrating for sure...

[@alazeigrajeda909]

Yesss the same goes for paying to sign up for collages I have to pay for the collages I want to apply too which is 70 dollars just for one and it’s not fair my dad isn’t paying for that I’m paying for that with the money I’m making for work

[@alexisvela1]

If you're an actual adult then you don't have to include your parents info on the FAFSA. But if your still living off or with your parents then you will still count as a dependant. So go get a job and live on your own and boom, no more having your parents info on your FAFSA

[@misseselise3864]

don’t put in your parents’ financial info in 🤷 like you said, their income has nothing to do with your schooling and it doesn’t seem like they plan on paying for what fafsa doesn’t cover

[@CristianMartinez-cf8oh]

@@alexisvela1 that’s actually not true I’ve been living on my own since I was 18 that has nothing to do with it you have to be at least 24, married, veteran etc. So maybe do some research before you try bashing people for something you clearly know nothing about.

[@rodrivrodri7011]

I wish FASFA give out grants to Grad students :(

[@hotcheetosncheese]

I know 🥺🥺🥺

[@nicholasferguson6499]

You can't get a grant if you're a grad student?? :O

[@aly5041]

@@nicholasferguson6499 nope you mostly have enough for 6 years

[@assassin7250]

Get a job I’m kidding..

[@bambaking6265]

How is grad student life?

[@emileegrace3989]

Both of my parents passed, and I’m 18, so I have no legal guardians and filling out the FAFSA was nerve racking! But also quick because I got exempted from so much of the information. I’m still a little nervous I didn’t do it correctly 😬

[@TheFAFSAGuru]

I'm so sorry for your loss :-( It is nervewracking to fill out the forms

[@ElLie-cl1qj]

My condolences on losing your parents. I will say a prayer for you, my friend 🙏

[@Raven-vt5vx]

Hi I’m sorry for your loss I’m in the same similar situation with one of my parents did u get approved?

[@emileegrace3989]

@@Raven-vt5vx yeah, my Pell grant covered a ton. Granted, my University isn’t terribly expensive. I’m sorry you’re dealing with that:(

[@Raven-vt5vx]

@@emileegrace3989 thank you 💛

[@howtodoit4204]

Taking money from poor people because they did a small mistake is the biggest fraud ever.

[@TheFAFSAGuru]

it's easy to make a mistake and these applications are processed electronically with no way for the system to know a mistake was made which is why it's so important for people to be careful or get help filling it out

[@pearlphlox]

@@TheFAFSAGuru No one wants to help me fill mine and I think I made a mistake :(

[@yoatziuwu]

@@pearlphlox same my parents dont know how to read so i had to do tis on my own.

[@misseselise3864]

it’s not fraud at all. the money was never their’s to start with. they weren’t given $1000 then told to pay back $500, they were just given $500

[@sana-se2kl]

@@pearlphlox right. I went several times to financial aid in my school and they tell me I have to do it on my own. I literally have many questions that dont know how to answer and ended up putting a wrong information.

[@dinasingleton6811]

I listed separation and the date. My husband lived 1,500 miles away for 2 years. The university made me change the FAFSA because we were legally separated.

[@mrschristyjane]

They made you change it to what?

[@DrewDiddy7703]

I'm lost...You said you listed "Seperated" and the school made you change it to "Seperated". 🤔🤔🤔🤔🤔🤔 Wouldn't need to change it since you Already filed that way

[@malaplava4865]

I just filled out the form yesterday for my son and surprisingly I filled out correctly. Now we wait 😩

[@aubreyhubert6671]

I’m so glad I signed up for fasfa they gifted me a lot of money. I’m starting school soon

[@gissellesalazar3061]

I’m doing it on my own bc my prents do not support me going to college

[@Blitzonu01]

Unless people are basically homeless fafsa does not give anyone anything , how did you complete it? Did you put your parents

[@eyan12]

thank god this was recommended i was literally filling out the fafsa this morning gotta finish it now

[@TheFAFSAGuru]

Glad it helped!

[@aysia9604]

i haven’t even started my fafsa yet so i’m glad i found this.

[@TheFAFSAGuru]

me too!

[@Ruby-eq1qg]

you are amazing and im glad theres people like you in this world

[@TheFAFSAGuru]

Thank you so much!

[@heatheranncomalander7277]

@@TheFAFSAGuru is

[@jehanmuharam8359]

@@TheFAFSAGuru Hello thank you so much for this information. I have a question, I start school on spring. Due to some issues I submitted my fafsa early October. Will I not get any aid for this year?

[@averynmitchell]

I'm so grateful to have stumbled upon this video. I have a friend who qualifies for the Federal Pell Grant even though both of her parents combined make a six-figure income; significantly more than my single mother and I do not qualify for. At first, I was appalled at how FAFSA determines who gets need-based aid, and how many students out there who really need aid aren't getting it. For the first time, I am wondering if I'm filling out my FAFSA wrong.

[@TheFAFSAGuru]

a family that makes 6 figures does not qualify for pell grant unless they are self employed and they make their income look like less on their taxes.

[@averynmitchell]

@@TheFAFSAGuru Thank you!

[@teeybannister]

What about married with 5 dependents making about $120/ year. Wife not working. Filed jointly. Do we qualify??

[@TRose-hc9pv]

Well said. I work at a financial aid office and we always try to get them these tips.

[@TheFAFSAGuru]

thank you, sorry I didn't see this sooner, and I worked in financial aid offices for years, admire the work you do!

[@dawudj2286]

hi what do I do. I was offered financial aid this week for Fall and Spring but needed Spring and Summer . I had some things on checklist and thats done. I logged on and saw what I was awarded. I planned on going back to chage some things after I had message to do so. I recently put down English as a major and it went through but no longer wanted Fall. Its already October and its NOvember in a few days !!!

[@AugustusAsgeir]

I'm from the ghetto of Chicago, my parents divorced wen I was 4 and unfortunately they still don't make much.... so my EFC has always been 0. I moved out at 17 , in my early twenties now and just getting back in school. I'm on the cusp of 24 so fafsa won't let me file independent even though I've been paying my own rent since 18.... with that said tho I'm just extremely grateful that I'm back in college and can get that degree so I can make more money

[@SniperWolfKing77]

That's odd, you should be classified as an independent by the time you are 23 and not have to report parent income.

[@TheFAFSAGuru]

Good for you!

[@candymccann1]

When you’re actually poor so you get the max 🤣😭

[@kayg3635]

what’s the max

[@juliannaferguson7812]

Depends on how much each college charges for the year/semester

[@katherinelemus5111]

@@kayg3635 depends.. some get up to $10k a year at community college & 4k in uni 😙

[@merialysborges3523]

Not super true. My parents don't make alot of money (not even average fam of 4 salary) and I still get pretty much nothing in FAFSA......... it sucks

[@stefannymartinez3007]

Was gonna say this 😭

[@dk1472]

When I graduated high-school, I had left a very abusive relationship, I had two kids, because as part of that relationship, sex was not a choice, nor was I supposed to use birth control. I ended up living in a homeless shelter for battered women until I could graduate and leave. When I went to my local college, they refused to give me assistance as I did ot have reportable income and therefore did not qualify. Our system is so broken.

[@katgreer6113]

thats sad...

[@LauraVolpintesta]

The good news is this is helpful. The horrible news is I completed my FAFSA yesterday and this popped into the top of my KZbin feed this morning- I think it’s gross that I’m Being tracked , that you tube is feeding me things based on my life off of you tube that KZbin has nothing to do with. I must have used google to visit the fafsa site. I hate that this kind of tracking is going On and it makes me angry and sad at the same time. I feel really gross about this right now and rethinking my whole relationship to technology. I never ever searched for anything related to this topic on KZbin. Yuck.

[@joyce_zhong]

Thank god I did everything correct. Recommended after literally just finishing filling it out 🤠

[@darienaguilar7484]

God*

[@JayneRohlfing]

Thank goodness for random youtube recommendations! We had already submitted the FAFSA but I was able to go back in and change the investment part because I had included our 401k. THANK YOU!

[@TheFAFSAGuru]

I'm so glad you caught that! It's a costly mistake!

[@PhoenixIsGray]

This is so important!!!! Thank you for spreading awareness and helping others learn about this

[@KtallionKHayes]

1

[@TheFAFSAGuru]

Thank you! happy to help others!

[@chuckbaxter5909]

We made these mistakes and would have to get my daughter to college in the fall with zero financial aid. We will be contacting her this week!

[@TheFAFSAGuru]

So glad you found this video!

[@danab5356]

Great information thanks for sharing. When I spoke with my son’s financial aid office about my separation. They informed me that I was required to include my estranged spouse’s tax information in spite of his refusal to share his tax information with me. The office then told me to call the IRS to obtain his information 😦. When I attempted to complete my son’s FAFSA with only my income listed the computer system rejected the information stating that my prior application reported a higher income and the electronic form would not allow me to proceed. 😞 Long story short after several phone calls. My ex had a change of heart and provided his tax information. However the amount owed toward college tuition is higher because I am forced to add two incomes when in actuality there’s only one household income. 😫

[@TheFAFSAGuru]

Is that because you live in the same household? That would be the only case where both incomes would need to be counted... That is strange! I would follow up on that.

[@danab5356]

@@TheFAFSAGuru I appreciate your feedback. We no longer reside in the same household. We’ve been apart for over a year. I’ll be sure to follow up as you’ve recommended. Thanks again 💯✨😊

[@jessie1697]

and this is why i love youtube, thank you (even tho I knew the tips) but it is still good to listen and understand from an expert :) all blessings

[@sdmods619]

My daughter was an honor student with high GPA with every award you could imagine. Worked herself to tears all through grade school and she didn't get shit because I had no idea of these tips. We also didn't waive Healthcare because we weren't paying attention which cost us alot. Also didn't realize I had to fill this out every year so had to pay partially out of pocket because I was last minute.

[@sdmods619]

Fucking robbery if you don't do your research to avoid gotchas. Feels like I got scammed.

[@SniperWolfKing77]

I was an honor student with a 4.10 GPA and I arrived in college with 21 credits already. Even though I have a single mother that worked for years to get us out of the gutter, I didn't get nothing except a $1500 loan. I will still fill it out, but the fafsa is a joke to me. To get substantial relief from the fafsa, you need to basically have a single parent with 2 children that makes under 30k a year (how do you even live on that?)

[@sdmods619]

@@SniperWolfKing77 I wonder if there are any parents out there that thought ahead and divorced and thought of everything just to get the max. Then when they got what they needed, remarried :)

[@TheFAFSAGuru]

I'm sorry you didn't see this sooner. The whole process can be confusing

[@melissatheron8153]

@@SniperWolfKing77 You're so right, you literally have to be below the poverty line to get aid. We have 3 children and none of them are going to receive financial aid because both parents work. They've all done exceptionally well in grade and high school, but because they have two working parents, they don't qualify for a dime. And it's so frustrating that we have to fill this form out every year knowing we won't qualify. Offering a federal loan that has to be paid back is NOT financial aid.

[@evegua4977]

I see this was 2 yrs ago, very good information … although what would be good guidelines apply to older adults to get help with fanfare? Thank you for your time …

[@BGCflyer]

I didn’t realize you can’t deduct your partner student loans from you assets. Also, when you apply, apparently you have to report what is in your checking and savings account at the time of application. So, I learned that if you want to reduce the amount of money to report in your savings account, do it before you apply.

[@jacky1493]

in a part of the application it asks for the amount on your bank account, but this refers to money specifically meant to be used for college. if you do not have a 529 or any account specifically for college funding, then you don’t have to report it.

[@acedricw]

@@jacky1493 for the parents. It is the current amounts in your checking and savings accounts as of the day reported. Also pre-paid/529 account cash value specific to the child.

[@julia.md2b707]

Holy crap! This is incredible. I definitely included my father’s retirement and business values.

[@TheFAFSAGuru]

Glad you found this video... make sure you correct the FAFSA

[@julia.md2b707]

@@TheFAFSAGuru Thank you. I actually went back and looked. I didn't make the mistake on the FAFSA but on my school's own form, they require business value and home value. I think we might have overinflated business value, but either way it's really hard to calculate for a small business.

[@bradleybell9581]

@@TheFAFSAGuru How long do you have from the date you submitted it? It says my estimated loan is 9,000 but we got a lot more than that our first year of health professional school. I may have made a mistake...

[@mr.anonymous3103]

I’m gonna put all my savings on my retirement account before reporting the fasfa.

[@TheFAFSAGuru]

That’s a great place to put it because retirement is a protected asset and you don’t have to report it on the FAFSA

[@debbieelwood8200]

@@TheFAFSAGuru what about 401k? Isn’t that reportable? Thank you!

[@ppumpkin3282]

True the FAFSA doesn't consider retirement assets or homes an asset, but many schools require you to file a supplemental statement disclosing that info. And some consider your home value an asset.

[@JackieWeni]

I thought the FAFSA specifically asked for retirement totals? We do not have to report IRAs?

[@JBreeze4598]

Good day, @ 2:07 you said "do not have to report retirement" I need to ask where can I find that? thanks for the help.

[@sharaerussell33]

I highly recommend teens to get a part time job that help out at home. Your tax return makes you fall into the the low income bracket ,that qualifies you for A LOT.

[@vinnysaccount]

But since they are under 26, they will still ask for parents information right?

[@sharaerussell33]

@@vinnysaccount No not at all. If you are not a dependent on their taxes any more they will only use the students income. I am 24 and recently started school using FASFA however I had a small part time job. It qualified me to get all 6 years paid for ,book vouchers ,and i do get federal refunds from FASFA within the first 3 weeks of each starting term.

[@Trojehem]

@@sharaerussell33 That's because you're 24. Under the age of 24 you have to use your parents information as well. So having a part time job would increase the households income.

[@marwahnur286]

@@sharaerussell33 wait, so technically if you work and get tax returns but still live with your parents you could potentially use your tax returns and get more fafsa because your income would obviously be lower?

[@marwahnur286]

@@Trojehem damn, I thought i found a loop hole 🙃

[@rufus5208]

Wow, this is such valuable information! I will make corrections to my FAFSA. Thank you ma'am.

[@TheFAFSAGuru]

Glad it was helpful!

[@bennavarro1142]

Hey you have the Santa Cruz logo on your profile pic. What’s up bro you from Santa Cruz as well?!!

[@acrobizer1238]

My wife and I started saving in a 529 when each were born, as soon as they came home from the hospital with a social security number. Encouraged each to work to have skin in the game in lieu of assuming that debt is the answer. Three kids later, all debt free and no reason for FAFSA. Just sayin, if there is a will, there is a way.

[@TheFAFSAGuru]

that's awesome! Kudos to you!

[@karlabarrios5890]

great for you, but some students dont have parents that can save from birth. i am an immigrant and my parents can't afford to pay for my college. I must work my ass off and get financial aid and scholarships

[@acrobizer1238]

@@karlabarrios5890 Two generations ago my parents were in your shoes, and seeing that I took early action on my kids. I can tell you’ll be successful, therefore in your case, if you choose to have children, you can do what I did.

[@emguanue]

VERY IMPORTANT QUESTION For 2 semesters I was awarded pell grant and I passed all my classes for those semesters. When I renewed my fafsa for the following year, I didn't get grant and my financial aid office to me that my past grant had being rescinded and I have to pay back the grant given to me. NEED HELP!!!

[@resolute1922]

From my experience the biggest mistake is that applicants simply don't read, especially, the question mark/more information by each question.

[@TheFAFSAGuru]

yes for sure.... that little question mark is so helpful

[@sharaerussell33]

And to be honest every screen tells you wat they want and need from you.

[@Kingdoperks]

My mom working record has been completely disappeared, plus she is self employed and right now I'm studying at UTI with a tuition of 38,000$ but thanks to her FAFSA took off 15,000$.

[@charliedang3904]

So I filled out last year’s FAFSA with my parents retirement and home value. What will happen if I choose not to fill that out this year?

[@dreamsdeep1076]

You won’t be getting aid support from government for 2021-2022.

[@j.davila4523]

@@dreamsdeep1076 so if i don't fill 2020-2021 form, i can't fill out the 2021-2022?

[@dreamsdeep1076]

@@j.davila4523 Yes. That will mean you have to pay for that one year you did not had the chance to file

[@goofydumbgoofyhobtch2765]

Also you can’t claim any scholarships without a data even if you are accepting no fed money

[@TheFAFSAGuru]

you don't have to report those things, so it could help you get more aid possibly

[@bernfran1313]

Thanks. Any tips for people over 50 going back to school looking for funding?

[@lfms2660]

Wow, literally wish I saw this when I’ve started schooling. I’ve been filling out the assets, so wrong... I’m graduating from my master...

[@TheFAFSAGuru]

I'm so sorry to hear that!

[@sharonvitale6137]

HI.You talk about not having to report retirment. But 89A asks for this info??

[@jerrys9226]

What if you have shared custody, equal time, who fills out the FAFSA?

[@TheFAFSAGuru]

Jerry S Typically you would go with the parent with him the child resided with the most in the last year but if everything is completely 50-50 then my suggestion would be to go with a parent who makes the least income and remember if the parent is remarried step parents income is also included on the FAFSA

[@BestCollegeAid]

Jerry S keep in mind that CSS Profile schools offer non custodial parent asset waivers!

[@AugustaWilliamsJr]

Pick one parent

[@sairyndenizard8135]

ThankU for all this great info!!! Hv 3 college students; one recent graduate w/a Bachelor degree and we wld lk to verify if she won’t b able to continue filling for financial aid as we hv heard that after you hv finished your 4yrs degree you won’t qualify any more?...

[@TheFAFSAGuru]

you're welcome! students can still fill out the FAFSA when they go on to graduate school but will no longer be eligible for the federal pell grant. Typically graduate students can borrow $20,500 per year in direct student loans

[@shujayethossain6554]

Can I change my marital status to single from married after submitting my fafsa? I filed for 2020-2021 and my 2018 tax return is single tax return and fafsa pulled a random verification. My wife is not American,doesn’t live here or never came here. Thank you

[@JuicyFruitDarling]

curious as well

[@TheFAFSAGuru]

If you’re married you cannot list that you’re single on the FAFSA… It’s OK that you were selected for verification you can just explain the circumstances and they will want to know if she had any income

[@LadyPoochieLe]

This will most likely comes down to financial aid judgement. They will definitely look at her income tho

[@AllMedia13]

Thank God.

[@floridabby1793]

What if I have certain amount in savings will that affect me?

[@TheFAFSAGuru]

Any money you have in your savings or checking accounts can impact your financial aid it just depends on the amounts and how much income you have

[@kolabone3739]

If you have more than $20k saved and attend a public college with average tuition of $5k, will that affect the fafsa amount available from the school ?

[@steveakeman8371]

@@kolabone3739 Take it out of the bank and invest it. You can remove what $$ you put into certain funds without penalty or tax. You can't take earnings out without tax. Double check with a fiduciary advisor. You have some special tax circumstances in your favor for school expenses too.

[@s.o.n.y.p.i.x]

I had a question what if one parent/my husband we files jointly together and receives Social Security Benefits would I report that for Parent #2 ? I put down my total wages and gross income but not his I was really curious about that.

[@robingarcia8388]

Can my daughter fill out her own FAFSA for grad school even though we still claim her on our taxes? She is paying for grad school on her own.

[@makinziehunterclark9832]

Students report parent income until they are 24 years old, married, or legally emancipated. Even if she is an independent in her own taxes and paying for her tuition on her own.

[@tylerderynck7268]

@@makinziehunterclark9832 students are independent if they are applying/in grad school. So no parent info in that case

[@brookewilson5902]

What if my only parent doesn’t work, hasn’t filed taxes, and doesn’t have any w2’s? Need help asap filling out fafsa

[@umaimanaveed9314]

Should I appeal for more financial aid from a college before or after accepting their acceptance offer? So I could finally choose which college to go to after comparing their financial offers, etc

[@TheFAFSAGuru]

you should appeal within a couple of weeks of receiving the aid offer and before you commit to the college

[@yadirarivera2387]

@@TheFAFSAGuru what does this mean? I got my financial aid offer a few days ago. Do I just ask them for more financial aid?

[@BlissfulB2000]

My parents file together but do I have to put them both on the fafsa? They always say my EFC is to high.

[@Indigenousgirl1]

Thank you very much for your tips, it is greatly appreciated.

[@TheFAFSAGuru]

My pleasure!

[@kathycostello2681]

Hello - thank you so much for this information. Do all these tips still apply if we're filling out the FAFSA form in 2022 (for 2023-2024)? We are currently filling this out (and I filled out the asset portion and DID include the value of my husband's s-corp, but saw nothing indicating that perhaps this $ didn't need to be included since he only has 6 employees). If I don't need to include this, I won't, but wanted to make sure all this info is still applicable. Again - thank you for these tips!! 🙂

[@TheFAFSAGuru]

hi there yes, it is still applicable

[@rulas1000]

If my assets are under a trust, will that be consider by them when making a decision?

[@kindree5414]

Hello, I am doing the FAFSA 23-24 school year. I usually answer ‘No’ to the parent assests questions but I did not get an option of Yes or No this time. Instead I got “Does it exceed $0.00?” Did I not get the Yes or No option for assets because I used the tax data retrieval form for IRS instead of filling manually? So, I’m supposed to combine what my parents have in their checking account, their saving account, and all the cash is their wallet? Does that include how much money is in their debit card? Only my father works so do i only use his information?

[@lilianavela524]

What did you do?? I'm having the same struggles. I don't know what do l need to write.

[@kindree5414]

@@lilianavela524 sorry i’m late but i put the amount of money they had in their joint bank account and the money they had in their wallets. along with that, my dad had a separate account for his business but he had less than 100 employees so the assets/net worth of his company was not required since he doesn’t have that many employees.

[@stephh.lopeez]

I have a question, I live with my grandparents and they don’t pay taxes, Are they a requirement, or will that affect me?

[@shea2655]

They don't need to file but they will have to estimate how much that they made in 2019

[@TheFAFSAGuru]

it depends on their circumstances and if they are required to file but don't

[@Petuniatruth]

"If you completed fewer credits than required and/or had a break in attendance due to an allowable circumstance as outlined in the Eligibility Determination Form" WHAT IS A VALID ALLOWABLE CIRCUMSTANCE?

[@madisonhylland2063]

Should you avoid putting the business value on the css profile too?

[@TheFAFSAGuru]

No you have to report business value on the CSS profile that form is different than the FAFSA.

[@SoriKante]

Please I need help, I am 17 and want to apply for college, but idk what to do. Can I get help with the process

[@matteakowalski2542]

Will it look bad if I have like nothing in my checking account? I’ve been working my butt off since March, but a lot of my money went towards a dependable vehicle (I travel a lot for my job, and since my family lives in the country rather than city), school trip (which isn’t happening so I’ll get the money back soon), and gas/other expenses..

[@TheFAFSAGuru]

no not at all

[@lindseyslifeNstyle]

Does the divorce and separation info have to do with the birth parents? My husband is my sons step dad. We’ve been putting my husband on the Fasfa the past two years. Should I only be putting myself? Biological father is not around.

[@TheFAFSAGuru]

if you are remarried you need to include your spouses income even if he is the step parent so you have been doing it correctly

[@ahmedmuslim4382]

Hi, they asking about how much money I have in my bank account , how should I understand this ? Thanks

[@TheFAFSAGuru]

They just want to know how much money you have in your cash savings or checking account as of the day you fill out the FAFSA

[@ahmedmuslim4382]

The FAFSA Guru ok,is there any certain min amount should be there? To get the aid ? Thanks

[@ahmedmuslim4382]

Thank you very much , one more question plz ,if I have like 20k , still will give me the Aid or there is limitation ? Thanks

[@sherrie5124]

@@TheFAFSAGuru Only cash account or should mutual fund (non-retirement) account also be reported?

[@Vanessa.ra1819]

I always put $0. They don’t need to know my business lmfaooooo. Nah but idk my money in my account could be snatched any day and be $0 or I could need it and it could be zeroed out. That’s how I see it. So that’s why

[@marinasilluminations]

Thank you for this info! I always run to to problems when i fill it out because of my separation. Most likely i have missed that question.

[@TheFAFSAGuru]

You are so welcome!

[@areumkim4393]

This may sound like a dumb question, but I've heard different answers from my peers, If I am graduating in 2021 does that mean I can fill out the fafsa right now? I've heard that we need to wait for the upcoming October in order to do so but other sources say that the fafsa is a cycle so you can apply as early as October 2019 if your a 2021 graduate. Some clarification would be greatly appreciated.- confused rising senior

[@TheFAFSAGuru]

No you need to wait for the FAFSA that is released this October

[@anishsattaram3793]

tomorrow lol

[@abigailantoine6316]

@@anishsattaram3793 right

[@MommaGofSI]

Question: If the parents filed separate during the tax year for the requested FAFSA information, but they currently back together, do you combine their income or put the custodial parent's income when asked.

[@hsinglu]

If my parents have 2 others houses as rental properties, do I need to list those two houses as assets on FASA?

[@TheFAFSAGuru]

yes the total value, net value minus debt owed on those properties would be listed as a parent investment on the FAFSA

[@KOKIwriter]

What do you mean by "VALUE of the BUSINESS" . What about the money in the Checking Account of a Small Business?

[@TheFAFSAGuru]

You do not have to report business value or assets on the FAFSA

[@CleanMusicLover229]

If I applied for FAFSA in August of this year, for the fall semester, do I renew it for the 2021-2022 school year?

[@TheFAFSAGuru]

Yes

[@dawsonwolff927]

I reported my fathers business worth to fafsa! So I do not put in the value of the business and rather the amount in brings in each year?

[@indirabriseno7707]

Great info because😭📷📹 south west collage!! have a terrible helping or people who live in the south & san Di ego ca!!!!

[@kayle5175]

How about if I completed my bachelors from a different country then relocated and would like to attend a health profession at a community college in the US can I still get Aid?

[@purplefarmdog4047]

Hello. Thanks for the tips. However , I wish I'd seen this video earlier. I filed a few days ago and they already processed the application. Is there a way to go back in and change the info.unfortunately I am one of those that did all that you said not to do. Thanks for the advice.

[@eb6195]

Yes, just login and do an update on your account.

[@brittneythompson2041]

Hey what if my parents don’t remember when they separated? My parents been separated along time ago since I was in elementary school

[@margiejb8112]

So do not put the value of home?

[@TheFAFSAGuru]

Margie JB No you do not include the value of your primary residence on at your FAFSA

[@margiejb8112]

The FAFSA Guru thank you! I saw ur first video n adjust my kid saving n after submitting view another video n that’s when I learned about it from ur advise ahhhhhh so now it wouldnt let me change. I guess I have to wait 3-5 days?! So what happens to my savings I’m reporting? I have Checking n savings. Do I combine. With bills n stuff the numbers goes down

[@jdurando21]

@@margiejb8112 maybe you should go to college with that atrocious spelling .

[@margiejb8112]

Jakob Durando LMAOOOO I would but unfortunately, I’m not interested in joining you at CLOWN college. Thanks! 😆

[@TheFAFSAGuru]

Jakob Durando Maybe you should unsubscribe to my channel if you are going to make comments like this on my posts… They are not welcome

[@falinmouton]

What if.....on my taxes I filed Married/Jointly. But, all of that previous tax year, ex was not in the home and we were in process of divorce and we got none of his income except the child/spousal support which I reported to FAFSA, so the income on our "joint" taxes isn't the income our home received nor will receive in future years. I was court ordered to file jointly for the final year and it just happened to overlap with the FAFSA timing, so now it looks like I made a healthy living, but in reality, husband cut bait, and we were surviving on child/spousal support the entire year....FAFSA says just upload the taxes, but I'm worried it's going to negatively affect the financial aid offered as it's just not an accurate depiction of what our actual income in the home is/was.

[@Lindseyhannah1995]

Here’s a question: I was having trouble getting access to my tax forms to find the exact numbers me and my husband each made for our income. I knew the ballpark amount for each of us so I rounded it and submitted that a month ago. I got a financial aid offer and accepted it. I finally got my tax papers the other day and I was off by like $200 for the total. Do I need to contact someone to correct it or is it fine the way it is?

[@TheFAFSAGuru]

You can go into the FAFSA and make a correction... that amount of money will not likely impact anything

[@margokerby1533]

I'm a senior citizen going back to school. Is my social security income used to determine eligibility for financial on the FAFSA? Thank you!

[@TheFAFSAGuru]

you don't have to report untaxed social security benefits on the FAFSA

[@孙仲伦]

When you had financial aid but lost eligibility from failing classes REEE

[@Javierisnotatryhard]

Reeeeeee

[@m3o245]

@@Javierisnotatryhard seriously

[@TheFAFSAGuru]

thats tough you can appeal that you know but within a certain timeframe

[@ashleivera9383]

So I recently got married in March and I was wondering if I had to update my FAFSA to married eventhough we don’t file taxes together nor live together.

[@dakotadenali9678]

I’m a student filling out the FAFSA. On the form, it allows you the option to provide your personal assets as a student (amount in checking and savings accounts) or to skip answering those questions. Would it be best to fill out that or to skip answering those questions to get more aid? Also, do my parents and I fill out one application using my student along with their finances obviously, or do we file two applications (one as a student and one as a parent)? Thank you.

[@TheFAFSAGuru]

Dustin Dakota If you have the option to skip your assets then you do not have to report it… Only people who have a certain income have the option to skip reporting their assets so my recommendation would be to not count them

[@mothertoothfairy7515]

@@TheFAFSAGuru what is the income level to be able to skip reporting assets on FAFSA and what are the specific assets they want reported?

[@Adamsg0505]

Thank you for the info. Very informative

[@maryclaireyabut9010]

Will you still get aid if you do it a little bit later than expected?

[@poke-talia268]

Yes. It is on a first come first serve basis, but you are still likely to get aid.

[@TheFAFSAGuru]

yes

[@miksilv4576]

Does VA disability and Military retirement need to be reported on FAFSA?

[@TheSlipperyNUwUdle]

If I’m planning on going to school in spring do I start financial aid now?

[@Shadow-kq4yc]

yes! definitely do your FAFSA now! start applying to scholarships as well.

[@TheFAFSAGuru]

sorry I missed this!

[@chrisle6040]

So I’m a little confused now. My parents filed a joint tax return last year but they just recently got divorced. How would I fill out my custodial parent’s tax information? Is there a way to calculate it or separate it out from the joint tax return?

[@TheFAFSAGuru]

you would indicate divorced on FAFSA and not use the IRS data retrieval tool and enter your custodial parents info manually

[@Kelly-dl7xn]

Hello! I have a question, my parents live in another country and I moved to the US two years ago, I'm a US citizen. My aunt is my legal guardian and she has been taking care of me ever since I came, including financially. My school counselor tells me I should put my aunt (legal guardian) since she is the head of the house, but FAFSA tells me that legal guardians don't count as parents, although they haven't provided me financially except for special occasions. Who should I put as my parent?

[@TheFAFSAGuru]

If the legal guardianship was designated by the court that qualifies you to fill out the FAFSA as an independent student without parent info

[@Sahh_YouTube]

Hey thank you for making this video! I know this Is like 3 years old lol i was just wondering if i start doing stocks/Investing my own personal money. will I lose my grants/ federal aid ?

[@melvinvasquez-gomez2797]

I just submitted my FASFA and it says i need to wait in order to get a Expected Family Contribution (EFC). Is it because I put the same number for the gross and net income? Will I be able to change the information once it is processed?

[@Czar1249]

I think my dad reported the house on the FAFSA all five years :/ now I'm off to grad school and it's too late. Hopefully a lot of people avoid that mistake from your video.

[@sdmods619]

I just filled it out for the second year. So you mean the next 2 years I don't have to report it? Or will it be on record? It's a interrst only heloc so we have zero equity since forever on it

[@serenity2975]

This year will be my second time filling FAFSA. So last year, I put the new house my family was living in as a parental asset, should I do that this year? Would it look bad if you were given the option to skip assets and do skip?

[@TheFAFSAGuru]

You do not have to report primary residence value as a parent asset on the FAFSA.

[@serenity2975]

The FAFSA Guru Hi thank you for responding. I put it last year on FAFSA, so I was wondering if it would look weird if I do not put it again this year.

[@josephhanrahan4705]

Hi. Nothing in the application asks for the money drawn from an S-corp. Not part of W-2 or the other noted boxes of the 1040. Is this drawn money to be put anywhere on application?

[@daniela.hector6258]

Me watching this as a junior taking notes 💀💀💀

[@rosesanderson306]

What would be the best route to take as a grandparent?

[@TheFAFSAGuru]

In what way? If you are a legal guardian to your grandchild then you would fill out the FAFSA instead of the parent

[@tiffanytiffany1983]

Hi, am 18 years old and currently a high school senior living with my adopted mother. I basically take care of my needs including feeding. She’s not claiming me on her tax. Do you think I will qualify for financial aid if I apply as an independent person?

[@jamalawad888]

Hey Tiffany. To answer your question, yes is my answer. I know this because I'm 19 and I filed by myself as independent and I got a great amount of grant.

[@babyedits2004]

A girl in my class announced she received a full ride to college and shes an independent. Im sure youll be fine

[@mdmaharabbarchowdhury8795]

Can you put up things needed to be considered to fill out FAFSA for doing Masters program

[@TheFAFSAGuru]

yes I will do a video on it

[@TheRealestRT]

This is a wealth of knowledge

[@joeyjohnson7299]

I have a friend who is 52, she's 5 years divorced and wants to attend college for the first time. She was married over 20 years and collects 2800 a month for their but his job's retirement pension. The cost of living in LA is crazy but she manages. She is super smart and I am hoping they give her the financial support she needs. The FAFSA she filled out asked her to include her last year's taxes. She didn't know if she should include this as income on her application and after listening to you at the GURU I am wondering if she made the mistake you mentioned regarding retirement. She just had the courage to finally do this for herself but I know she is stressed to the point of giving up. I have assured her that it was going to be ok, to hang in there and that I would try to seek out the information she needs. Please advise and thank you very much.