5 FAFSA Tips That Will Reduce Your EFC

[@michelleocampo7414]

Thank you for your help ! Really appreciated our phone call. I also want to warn folks NOT to use IRS DRT ( Data Retrieval Tool). It is not transparent and it screwed up our EFC because of an IRA rollover.

[@micaw7791]

Does it depend who claims the child on the taxes who fills out the fafsa ?

[@Ha123He]

Thank you for sharing your tips! I'm was worried because my EFC came out bigger than I wanted when I completed the FAFSA recently but I'm going to contact my financial aid office now to ask about special circumstances c:

[@concken1]

Did that work??

[@heather7957]

Explain how important it is to have the child listed as a dependent on your taxes even if you are already head of household. Divorced and I am the custodial parent. Are the new FAFSA rules for 2024/2025 settled yet? I’m doing my taxes now for 2022 tax year. We normally alternate years taking child as our dependent on the taxes. That is part of the divorce agreement. We can make alterations as long as it benefits the child. Should I keep them as my dependent (I am the lowest income parent) all college years going forward? I use the direct IRS tool linked on FAFSA. Is that “dependent” status a hard and fast new rule?? Very fuzzy….. can’t seem to get a solid answer in my searches.

[@mdmaharabbarchowdhury8795]

What do we have to do to get some scholarships that will fund for masters program. I know there’s no pell grant for masters program only student loans for masters programs which I don’t want to take

[@staceyl8849]

Do you lump sibling savings/checking acct info with parent savings/checking acct money? I have 3 kids with savings and checking accounts which I am on; one of which is saving up for a car. We obviously won't be using her money towards her brother's college fund, but wondering if I am supposed to count it. Also, my son, whom we're filling this forward out for still has me on his accounts. I imagine he will be including his checking/savings on his fafsa form. If I hypothetically include his $ on my form, we'd be counting that twice. What to do in this situation? Thank you!

[@fenixfire009]

The new form has no questions about saving, simply the income and authorizing irs linking.

[@dmc357]

I believe it asks for it in the child support section.

[@concken1]

What does it mean to be an 'independent student'?

[@kindree5414]

Hello, In California, the only grant a master’s student can receive is the State University Grant. When I apply for Fafsa and it asks me my assets, is there a limit for how many assets I can have to get the state university grant? Meaning, how much would be too much money in my banl account and would prevent me from getting the state university grant? Thank you!

[@marianneoriordan5285]

Inheritance .. invested it and can’t take it out now. It’s fluctuating everyday . Do I tell them it was a one time windfall and it’s losing money?

[@TheFAFSAGuru]

you list the value of it as of the day you fill out the FAFSA. and you can notify the FA office that it was an inheritance

[@Erikaaagz]

Does it matter what housing plan we put on the FASFA

[@natusfreedom472]

So fafsa uses 2 yrs back of tax return .. but what if , parent just started working 2023 .. and fafsa wanted 2022 ? Do they just use the lastest yr . Thxs like this year 2024 fall / 2025 child’s first year of college

[@allisonhaines5424]

Do they require a step parents income and checking/savings account information?

[@Unplugged704]

Yes

[@cammieroberts9666]

How do we arrange a call with you? We are the parents and in desperate need of help.

[@nathaliefeola-guerrieri9867]

When should you notify the FA offices on loss of income? Prior to or after FA awards is best? Thanks

[@TheFAFSAGuru]

prior to...so they can consider it before putting together the FA offer

[@Unplugged704]

We have 2 children coming up on college in a couple years. Wife and I have investment accounts worth $500K. If we put the investment account into a living trust (not a trust fund), is that trust excluded from our assets? I’ve read children’s trust funds must be included, however.

[@ctldvd]

If those investments are in retirement funds they are not included.

[@DMS20231]

Wait. I have a rental house deeded in my name alone (it was purchased with money I inherited) and is my individual property. Are you saying I can “separate” from my wife, go live in that house and then just use my wife’s numbers to fill out the FAFSA?

[@TheFAFSAGuru]

If you are separated living in different households... then the parent that provides the most support to the child is the one that fills out the FAFSA

[@Tonal236]

I’m totally confused on the EFC. Student aid website say it’s not the amount the family has to contribute. But every KZbin video says the opposite.

[@TheFAFSAGuru]

the truth is you could owe more than the actual EFC... and in some cases less...it is the number college financial aid offices use to determine financial aid. They subtract if from their cost of attendance to come up with a students financial need then meet anywhere from 30-100% of that need depending on the college.

[@zulaikhaayub4851]

Do I need to report money balance I have in my company employee stock purchase plan ('not 401K)?

[@TheFAFSAGuru]

Yes that would be considered an investment on your FAFSA

[@TC.....]

no that's considered a retirement plan

[@Songmyz]

Do brokerage/mutual fund account count as retirement?

[@Unplugged704]

People setup regular investment accounts and there are retirement accounts (IRA, Roth IRA and 401K, 503b)

[@ctldvd]

Nope. Need to be one of the ones @unlugged704 lilsted.

[@jennifersande9553]

Here’s a question. My husband didn’t listen to me and watch to some of your videos. He included information on our assets which isn’t required. Since its already submitted are we kind of screwed moving forward? I feel like it’s going to send up red flags.

[@TheFAFSAGuru]

you can go in and make a FAFSA correction which is what I recommend doing

[@HB-uf4dm]

So, Mutual Funds and Roth IRAs are basically counted against you?

[@ctldvd]

@@HB-uf4dm Roth does not count against you. Don't know about mutual funds, unless they're in retirement account, when they would not count either.

[@MsJ32]

Can you please tell me what to do so i dont make a detrimental mistake? My daughter and i are homeless. We live off of SSDI and very little food stamps. I am in the middle of a divorce and im confused because i dont want to lose any of our income but i want to find a career so i dont have to worry about living off of the government later. I can't physically work the jobs i use to. My bones are covered in arthritis i can't lose their help right yet.

[@bodyandsoulnaturally334]

Excellent advice ❤❤❤❤❤

[@marychepo]

Great info!!

[@taggmein8]

Thank you 😊

[@TheFAFSAGuru]

you're welcome!

[@user-pn7oo2ze1e]

Sit on your hands

[@mariannec2516]

Is a custodial savings bank account listed under student’s assets or parent’s assets ?

[@ctldvd]

good question, did you ever find this out? And do they need to be listed at all?