questions . . .
and answers
Q. How often do I complete the FAFSA?
A. Complete the FAFSA every year you attend college.
Q. Can I use estimated income to complete the FAFSA?
A. It's best to complete your taxes early and use actual tax information. However, some colleges have early deadlines that may require you to estimate your income.
Q. How do assets affect financial aid?
A. The premise of the financial aid formula is to determine a student's eligibility based on the following factors: household income, assets, family size, number of students in college, etc.
PARENT: The Department of Education's philosophy is to protect a portion of parental assets for retirement and financial emergencies. The specific amount depends on the age of the oldest parent in the household.
STUDENT: In contrast, the student is not nearing retirement or responsible for family emergencies. Therefore, the student is allowed an 80% asset protection, thus 20% of their assets are expected to be available for college expenses.
To learn how your assets will affect your financial aid, use our College Funding Estimator.
Q. Should I complete the FAFSA if I don't think I'll qualify for financial aid?
A. Yes. Regardless of family income, you can qualify for the Unsubsidized Stafford Loan.
Q. My parents are divorced (or separated). Whose income and asset information do I use?
A. Use the income of the parent you lived with the most in the last 12 months.
Q. Why is my step-parent information required on the FAFSA?
A. The federal government requires income and asset information from the parent/step-parent the child lives with - even if the step-parent doesn't provide support for you and plans no monetary help for college.
Q. When can I apply for financial aid without my parent's information?
A. Independent students do not use parent information on the FAFSA. You're considered independent when you are:
- age 24 by December 31 of that school year
- a graduate student
- married
- an orphan or ward of the court
- a veteran, or
- you have dependents that live with you and receive more than half of their support from you.
- On active duty in the US Armed Forces for purposes other than training
Q. My family had huge unexpected expenses this year, but there's no place to report it on the FAFSA. What should we do?
A. Contact the college financial aid office to discuss your special circumstances.
Have other financial aid questions? Contact EducationQuest for answers.
