College Financing Web Resources
When is the deadline for the FAFSA?
To meet the deadlines you should submit the form as soon as possible after
January 1st of your student’s senior year, and no later than March 1st. If there
are no errors on your FAFSA submission, it will typically be processed in about
four weeks. You can check the status of a submitted FAFSA at www.fafsa.ed.gov.
If you apply for the FAFSA online you could receive your SAR (Student Aid
Report) in a matter of days.
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Can I start to fill out the FAFSA online before receiving my
income tax returns?
Yes, you can and you should. Send in the form as soon as possible after January
1st. Do not wait until your taxes are done. Although it is better to do your
taxes early, it is okay to use estimates of your income, so long as they aren’t
very far off from the actual values. You will have an opportunity to correct any
errors later. Note: In order to meet deadlines, tax returns may be prepared but
not mailed until April 15th. In this way, actual tax return information may then
be used for FAFSA form completion.
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How does a student get the federal ID number needed to
electronically sign the FAFSA?
The federal ID number, or PIN as it is called, can be applied for via the
following website: www.pin.ed.gov. Once you have completed the brief application form, the PIN
is mailed to you within three business days.
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If a student's parents are divorced, do both parents fill-out the
FAFSA?
No. The parent who is designated as the custodial parent is the one who is
responsible for filling out the FAFSA. Typically the custodial parent is the one
who has lived with the child the most over the last 12 months. A reminder:
Income information is required on the FAFSA for any custodial step-parent.
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What are the criteria for being declared an “independent”?
You can be considered independent if you:
- Were born before January 1, 1983
- Are married
- Are a veteran of the U.S. Armed Forces
- Have children who receive more than half of their support from you
- Are an orphan or ward of the court
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What if a family has two students in college at the same time? If
the parent(s) already have a loan for the first student, can they apply and
qualify for an additional loan for the second child?
Yes, you can. The number of children in college is one of the most influential
factors in financial aid. The government and colleges and universities are aware
that having two or more children in college places greater demands upon the
family. They often adjust their financial aid awards based on situations like
this.
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If a parent takes out a PLUS Loan for their student’s freshman
year, will the parent need to be making payments on that loan as well as loans
for all subsequent years while the student is still in college? Is there a way
to consolidate these PLUS Loans into one reasonable payment?
The answer to both questions is yes. Generally, repayment must begin within 60
days after the final loan disbursement for the period of enrollment for which
you borrowed. There is no grace period for these loans. You have two options to
consolidate PLUS loans. Direct PLUS Consolidation Loans are available from the
U.S. Department of Education. Federal Family Education Loan (FFEL) Consolidation
Loans are available from participating lenders such as banks, credit unions, and
savings and loan associations.
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Is there a “best” way to list or set up a family’s combined
assets (both parent’s and student’s) to qualify for the most money?
Indeed, there is. However, one of the challenges of college financing is that
each family’s individual financial situation is unique. There is no ‘one size
fits all’ approach. A strategy that works for one family might not work, or
could be detrimental, to another. This is where you really need the advice of an
experienced college-financing expert to determine the best strategy for you and
your family.
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What do you do if the student’s parents are divorced and one
parent refuses to help pay for college?
Some colleges recreate the original family on paper and believe that both
parents are responsible for funding their child’s education. In cases where one
parent refuses to assist, most colleges will require documentation of
non-support. Some schools will not adjust their policy. However, this varies
from school to school.
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If a student lives with a grandparent, but the grandparents do
not have legal custody of him or her, can the grandparent(s) apply for financial
aid on behalf of the child without the parent's income coming into play?
No. The parent who has legal custody of the student will be the person who is
expected to contribute to the cost of the student's college education.
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