<p>I filed FAFSA today for my D's oos colleges. She wanted me to do a second round with her 2 instate. We qualified for the automatic 0 but it asked if I wanted to report optional student income and asset information. I didn't expect this and didn't enter any but am wondering if I can/should when I revise next week.</p>
<p>One instate school, Albany College of Pharmacy, will not notify until March and we're not sure if they are need blind for admissions. Of course, this is her current favorite! Any thoughts?</p>
<p>I would leave it blank unless any of the schools ask for it.</p>
<p>Even if you report it, it will not change the EFC (our State does not give dependent students the option of not entering the information even when they qualify for automatic - I believe this varies by State). The EFC formula will just ignore the student information once the criteria for automatic 0 have been met.</p>
<p>It is likely you will be verified as you have a 0 EFC. If you have been selected for verification there will be a * next to your EFC (they say it is random but we have been selected every time - I am assuming because our EFCs are always low). To save yourself time have copies of the required information ready to go. (Usually tax returns, copies of W2s etc). The schools may have verification forms available for download - both my kid's school do, even the one where it is impossible to find most things on the site. i don't wait to be told - I get the stuff together and mail it as soon as I see that * .</p>
<p>I have run across students whose families filled out the FAFSA incorrectly, and the changes made during verification showed that they were not eligible for auto 0 or simplified needs (neither of which uses asset info). At that point, I had to ask for asset info. If they had entered the optional asset info, I would not have had to hold up their aid while waiting for the asset form. That's about the only reason I can see why you might want to fill out the asset info. Same with student info - if you really aren't auto 0, you'll need to provide that & it might hold up aid for a period of tme. If you think you filled out the FAFSA correctly (it's not all that hard, if you followed the directions), you really don't need to do the optional asset section or provide student income info.</p>
<p>kels,</p>
<p>do i need to include father's SS info if he is dead and I indicated widowhood and date of that?</p>
<p>what would make someone have an auto zero???</p>
<p>If I am verified, do they need my banking statements, like my checking account statement?</p>
<p>THANKS</p>
<p>You can just put that you are widowed; don't put your H's ssn.</p>
<p>Auto 0 is for AGI less than $30,000/year AND 1) eligible to file 1040A or 1040EZ or 2) someone in household received federal means tested benefits at some time during 2007 or 2008 (free/reduced lunch, TANF, WIC, SSI) or 3) dislocated worker (by definition in instructions). If you meet the criteria, you have a 0 EFC regardless of your assets.</p>
<p>Different schools require different info for verification. You may be asked for a statement that shows what was in your bank accounts ON THE DAY you filed your FAFSA. If your assets aren't used in the formula, though, you won't need to provide any info on them for FAFSA schools - Profile schools may still want the asset info). To be honest, assets are not required to be verified by the federal government - but if the school feels that they have conflicting info, they may ask for verification (for example, if you have a ton of interest income but no reported cash or investments, the school might want proof that you really didn't have any money when you filed the FAFSA). Also, schools may choose to verify assets if they want.</p>
<p>SCM and Kelsmom - Thanks for the replies! I did a little research over the weekend and it seems like my asset info, and her income and asset info (almost nonexistent as 529 and savings bonds are in my name and she doesn't have a job) might be required to be offered certain aid like a Perkins loan or FSEOG. Is that correct? If so, will the colleges individually ask me for that info or should I, when I actually file my taxes and update the FAFSA, enter that info voluntarily? And would I enter the info as of 1/1/09, when I first filed FAFSA, or the date when I make the corrections?</p>
<p>I assume that the $21,900 asset protection allowance includes stocks, bonds, 529's, real estate other than my home, etc. but does not include the value of my IRA accounts. (Forgive me for ignorance, but the ifap guide doesn't spell it out and I didn't get to that point in the FAFSA questionaire.) So, if I have $100,000 in assets (hypothetical) less the $21,900 times 5.64% would yield $4,405 - would this then be her new EFC and affect Pell, etc. or just allow the FA office to determine who was truly in need of the limited funding available for FSEOG and Perkins loans?</p>
<p>I'm definitely not trying to hide any assets - but, due to my mother's recent death, currently have an extra house in my name which doesn't really belong to me! My share would be under $20K, but it's on the market for $100K. Had hoped to sell it by now but buyers are having a really hard time getting financing. Should I just not do the optional asset reporting this year?</p>
<p>Where did you read that FSEOG and Perkins require you to report assets? I have never heard that. My daughter gets both the FSEOG and a small Perkins. As our state does not give the option of not reporting assets, I don't know if it would have made a difference if we hadn't. I must say I am curious why we do not get the option to omit the assets. We have a state grant ($1,000) that is dependent on having an EFC below 1500 but, as far as I know, financial aid officers don't have to look deeper that the EFC to award it.</p>
<p>As far as I know the EFC as calculated by FAFSA determines your Pell eligibility. I don't think a finaid officer can change that if the 0 is legitimate based on your income and the automatic 0 rules as they currently stand.</p>
<p>Will be interesting to hear from Kelsmom and Nikkil on this.</p>
<p>I believe the automatic zero will stand under the less than $30K/School Lunch participation rule. The required asset reporting for FSEOG/Perkins may be a school policy - this is a small, specialized, FAFSA only school in NY. This particular school also has a policy of verifying everyone, although I thought one of the federal websites I looked at also referred to both income and assets as the criteria for these. Hopefully, I'm just dazed and confused! Do you think I should email the FA office for clarification or wait til asked? I don't mind her forgoing eligiblity for Perkins/FSEOG, but had planned for a Pell grant.</p>
<p>It is possible that a school may request additional asset info to award campus-based money (Perkins & FSEOG are campus-based). This is because the school gets a limited amount of $ to award & is trying to maximize awards for the neediest students. Pell would not be affected - if you are auto 0, you are auto 0. If your child is eligible for ACG, that also would not be affected (it can only be reduced if grant/scholarship money totals more than need).</p>
<p>You can update with asset info to be on the safe side. You shouldn't lose anything by doing so.</p>
<p>Interesting. I did not know they could/would do that for the SEOG or Perkins. Last year I was wondering if my D would qualify for the SEOG as,although she did have a 0 EFC, I thought they might take into account her merit aid and decide she did not meet the 'neediest student' criteria. She did get SEOG so only had to have a small amount in loans. This year she should (I hope) qualify for the SMART grant. If she gets that and the SEOG it would mean all her loans and part of her WS would go away. So I am curious again to see if they take that into account (will be happy either way - she likes the WS so having it will be fine, but if it goes away it would give her the opportunity to gt involved in some other things which would also be nice). I don't know what their criteria is for SEOG so it is always interesting to see.</p>
<p>The regs for awarding campus based aid give the schools some leeway. However, SEOG is supposed to be awarded first to students with 0 EFC. I don't know if some schools might take other things into account, to be honest. I know that we do a set amount of SEOG for certain EFC groupings, and we continue to award it to students that way until it's gone (which is why the priority deadline is important).</p>
<p>Does anyone know if NJ needs the option asset section filled out on FAFSAfor NJ TAG grant?</p>