The FAFSA offers a “Simplified Formula” that eliminates asset reporting for low-income families– those with household incomes below $50,000. There are some eligibility limitations, primarily designed to limit the Simplified Formula to those who truly have low incomes, not those who are able to manage or artificially reduce their incomes. In the past, in order to qualify for the Simplified…
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FAFSA
Now that I said that many people don’t need to rush to do the FAFSA on Day 1, there are circumstances where you do want to do it as soon as possible:
It’s the big day: the FAFSA is here! So, you need to file it right away, right? Not exactly. First, schools generally won’t do anything with your FAFSA until they have an application from your student, so the earliest you need it done is the end of this month if you’re applying Early Decision or Early Action. Remember that the…
Divorced parents who share custody of their children often wonder who should fill out the FAFSA. And even in cases where custody is not joint, there may be questions.
Student income seems pretty straightforward on the surface. Students get an income protection allowance of $6,840 plus the same tax allowances as parents. Income in excess of the allowance is assessed at 50%. Given the prevailing minimum wage, it would appear that student income is not much of a factor. However, there are a few big items that get added…