Question : How does FAFSA figure the financial aid you should receive?
I just completed my FAFSA. I've lived on my own for two years but I still need my parents tax information, which I think is ridiculous. Does anybody know how they figure what you are able to receive in financial aid?Well, I've already done all this. I've done my parents tax information, and mine. I just don't understand how they assume that if you're under 25, you still need your parents tax information.
- asked by Sara
All Answers:
Answer #1
They go by your income tax forms and that is howthey figure it. When I applied I had to send thema copy of my income taxes for the previous yearand they also go by how many dependants you have.
- answered by Liz B
Answer #2
The dependency requirements were decided on byCongress when they originally built the financialaid model. They believe that parents have aresponsibility toward helping their childrenattain their first degree. That is why it isridiculous. Ridiculous to think that your parentsshould help! I agree it does hurt a small factionof students though where the parents areridiculous and refuse to cooperate with the FAFSAinformation.Anyhow. The FAFSA collectsinformation about your family size, number ofpeople attending college, income earned andinvestment values and spits out a number calledthe EFC (Estimated Family Contribution). This isthe number that decides whether you are Pell granteligible, and is used by the Aid office todetermine your overall need and awards. I'm notgoing to get into the formula... it makes my headhurt and its been a long week. Give your Aidoffice a week after you have filed your FAFSA thentalk to them about when you can expect an awardsletter. If you have already been accepted, ordeposited with admissions, the award letter shouldcome pretty soon after they have a chance toprocess it.
- answered by Woelfe
Answer #3
follow the link on the bottom of this page. itwill take you to acalculator.
http://bestforeignmedicalschools.com/how-do-i-pay-for-school/
- answered by GeorgeC
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