Does your college meet full financial need? If not…this all might not matter…at all…except that you would not qualify for a Pell Grant (did you receive one this year?).
Isn’t the FAFSA asking about year 2015 support? That has already happened.
I just becmae resident alien so did not submit fafsa on 2015
No I mean the 2016/17 FAFSA would ask about income and support from parents received in 2015, right?
That is in the past, you cannot change that now.
I have been in US since Jan 2016 so I put 0 about 2015
This is interesting. Why is it when posters come on CC to ask if they “give” their parents their summer work money to hold for them until after they graduate it’s not okay because the money is really theirs, but in this case it’s okay for OP to refer to the thousands and thousands of dollars her parents are gifting her as a “loan”? It’s either okay to hide money or it’s not.
You mean that $4,000 as loan from parent either be fine or not okay?
Well then if you have not received any support from your parents for your bills in 2015 you can put $0 on the 2016/17 FAFSA for question 45j, and on the 2017/18 FAFSA because they are both asking about year 2015 income.
Then on the 2018/19 FAFSA it will ask about year 2016 income.
When you completed yoir 2016-2017 FAFSA, you were required to list ALL income from 2015…whether you resided here…or not.
Were you married when you completed the 2016-2017 FAFSA?
How old are you?
21, I married Jan 6th this year and I completed 16-17 FAFSA on May 2016
What’s in the past is done.
If loans are made in the future with parties executing a legal document, then it’s a loan, not a gift.
No one is saying to hide money.
What if my parent forgives all of my debt after I graduate so I do not need to pay back and the money will be gift, do I have to return all FAFSA benefit (ex. fee wiaver, pell grant…) ?
No.
Except this isn’t a loan, @Madison85, it’s a gift. And there’s no intention of it ever being a loan. Classifying the ~$50k/year as a loan, when there’s no intention of it ever being repaid, makes OP and her husband Pell eligible ($10k/year). If they lived in my state, they’d qualify for a state tuition grant too (another $10k/year). Why should the taxpayers give a family whose parents can afford to gift them ~$1,000/week an additional $20k/year?
Their income isn’t $10k, it’s $60k. That’s what OP should report on the FAFSA. Intentionally misreporting income on a federal form is fraud. And yes, if it’s ever discovered OP could face penalties and all the grants would have to be repaid.
I don’t think UC means discretionary loans from parents.
$20k/year? You mean $48k/year.
Clearly you have not read the OP’s other thread where he states he has $200k in his checking account and has adopted the advice of posters in this thread to describe his parents’ 4k/month support payments a “loan”.
I thought if a loan is forgiven, it becomes taxable income to the borrower?
@NoDollar, how many years are you going to go to college here? Is it for an undergraduate degree or graduate degree?
If you start this fall, all income you earned and support your parents gave you in 2015 is reported on the FAFSA.
Then for the 2017/18 FAFSA the year 2015 counts again.
Anything that you receive this year or next year won’t matter unless you are going to be in college for 2018/19 and 2019/20. Also there is no Pell, just loans for grad school.
Since you are 21, I wonder if you have already gone to college in your home country.
@PrimeMeridian, if OP indeed has $200,000 in the bank then he is probably counting on qualifying for simplified needs method on the FAFSA, where if you make under $50k a year and can file a 1040EZ or 1040A, then assets aren’t counted.
His $4k a month support from parents plus $9.5 k income of spouse would be over that limit.
What’s been done in the past is a gift.
Future amounts could be a loan.
@NoDollar, in your other thread you said you are starting at a UC for fall 2017?
If that is correct, then why did you fill out the FAFSA for 2016/17?
If you get accepted at a UC and start in 2017, you would file the 2017/18 FAFSA with the income you and your spouse made in 2015, and any cash support your parents gave you in 2015.
Where did the $200,000 in your bank account come from, was that also a gift from your parents?
Clearly, what you are doing is trying to figure out a way to “hide” your parent gift of $48,000 a year…and your $200,000 savings…for financial aid gain.
And you married and came here just in January.
You DO need to understand that if you put your current income of $9500 (your wife) only on these forms, it is HIGHLY likely you will be selected for verification by the university financial aid office. They are going to wonder ho you pay all of your expenses (and there are two of you) on that amount. The schools can then request ANY documentation of your assets, including bank statements to prove assets were correctly. They will also scrutinize that $4000 a month “loan” from your parents,
It is the school’s job to make sure that they are NOT awarding financial aid based on fraudulent information on the FAFSA form. And the burden of proof will be on YOU.
If the school determines you knowingly provided inaccurate information for financial aid gain, you run the risk of losing not only your aid, but also your admission spot to the college.
To me, you are sounding like you are looking for a way to skirt reporting ALL of your money.
If you have these assets, why not be honest? If your parents can afford to send you $4000 a MONTH, perhaps,they have the resources to pay for you to go to college?
Oh…and one more thing…colleges also frown on marriages of convenience just for independent financial aid status.