I’m literally at a loss of what to do right now. I’m currently a senior who has previously received fin aid for all 6 semesters, but since my parents separated earlier this Spring I’ve been magically selected for the dreadful verification process. I’ve never been through the verification wringer, but suddenly the universe thought it would be a special time for this at the doorstep of my final semester. The kicker about all of this is that I’ve come to find out that my father has not filed his taxes and hasn’t for some time because he owes. It’s just weeks away from school and I do not know what to do. Before anyone suggests, my mother DID file her FAFSA as separated, but my school’s financial aid office insists that they need both parents’ information to put together a fin aid package. I’m so worried because even if my father does somehow file would that mean I’d have to wait until May to get his transcript (the last document needed to complete verification)? I’m so desperate and disgusted that I have to pay for my father’s mistakes especially since he’s not even the parent financially supporting me. Please-any advice is greatly appreciated!
Wait until May? When exactly does your dad plan to file?
I am so sorry that you’re going thru this.
Are your parents in divorce proceedings? If so, I think your dad may be required to file his taxes.
Is your school a FAFSA only school?
You may have to ask your school for a one semester leave of absence while this is getting worked out. If your last year requires a certain course sequence of courses only offered in the fall or spring, you may have to take a year off. If you have any student loans, you will have to start paying on them, so you would have to work this year.
Does your dad know that your FA is being delayed?
Can your mom talk to the school about this?
What school is this? If this is a FAFSA only school, why do they need your dad’s info?
I appreciate your responses! I go to Barnard. I think my mother is delaying any divorce proceedings because of the financial costs but plans on doing so soon.
Fortunately the remaining courses I need to graduate aren’t sequential so I could theoretically take a leave of absence but my main concern lies in when the IRS makes the transcripts accessible. I’m definitely no tax expert but I’ve been reading that the IRS files non-payers last (assuming my father does not pay), and only releases them in May. Even if he does file would it take weeks-almost a month?
My mother and I have both e-mailed the fin aid office and spoke to someone on the phone. My last resort is a meeting with the fin aid director, but honestly I’m pessimistic that it won’t help. My class dean also suggested that I meet with the fin aid director but offered little else.
You need to meet with the financial,aid director. That person can tell you what’s what. He or she can tell you the time line, what you need to do, etc.
When does your dad plan to file taxes? Is this 2014 taxes you are saying he hasn’t filed?
Tell your dad it is better to file and set up a pmt plan than to not file. The penalties are so much higher for nonfiling than for just nonpayment.
The challenge is that Barnard is not even going to consider giving her a package without the financial information from both parents. How did you make it through the process for the past 3 years? What information did your dad submit. Perhaps he can submit his W-2 forms in oder to give the school an idea of how much he made
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Before anyone suggests, my mother DID file her FAFSA as separated, but my school’s financial aid office insists that they need both parents’ information to put together a fin aid package.
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Barnard is a CSS Profile school (not FAFSA only), and it requires both parents’ info.
In the previous 3 years, how much did your parents have to pay each year for Barnard? WHO would be paying that amount this year if you got the same aid? Your mom? both parents?
Your mom probably needs to file ASAP and get some kind of orders in place…support, child support, and maybe help with paying for college.
I was never previously chosen for verification so I was able to get by with only my parents’ tax returns and W-2. However this is the only year they’ve requested an IRS tax receipt and since they’re now separated Barnard’s saying they need one for each. Since I live primarily with my mother I’m assuming my aid for this year will increase, but we can’t even gauge the amount without a review of my fin aid package.
My mother is pressuring me to go the private loan route, but I’m scared at the prospect of it. Barnard’s tuition has done nothing but go up in recent years and its insanely expensive.
No you aid will not necessarily increase, since Barnard has always used 2 parents income for aid. Only Pell Grant would happen if you mother is very low income on her own. That is may 5770.
You cannot get a private loan, only a parent can. No lender is going to lend to you.
Give the school everything you have now, and Dad’s W2. Tell him to file now asap or you won’t get to finish school. It is inevitable anyway. I don’t know if your parents could still file jointly for last year and amend the return if that would help all around. Might be worth looking into, but I am no tax person.
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My mother is pressuring me to go the private loan route, but I’m scared at the prospect of it. Barnard’s tuition has done nothing but go up in recent years and its insanely expensive.
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You can’t get a private loan, so tell your mom that SHE would have to get and qualify for that loan.
Your mom wants to take out a $60k+ loan for senior year? Yikes!
How much do you have in debt so far?
What is your career goal and major?
Tax transcripts are usually available 3 weeks after filing. I think you are confusing the schedule for those who filed on April 15. The tax transcript said they would be available about 3 weeks later for those who didn’t owe anything, and I think mid June for those who sent in a payment. At other times of the year, the processing may be faster. Since this June, you cannot get a transcript online and either have to order one to be sent to you or go to a IRS office to pick it up. Your father would have to get his own.
Are you sure your parents filed separately if they are still married?
It is also common for FAFSA verification to be required if there is a change in information. Both my kids were ‘selected’ because there was a big change in my income this year.
It sounds like the parents may have done Married Filed Separately…if the mom handled her side correctly, but dad didn’t (maybe didn’t have the right amount withheld) and now owes, then the mom may had to file separately just to get her side filed.
I don’t know how filing separately works. When married filing separately, if the wife is owed a refund, will she get that refund even if her H owes?
If so, then I can see why she filed separately. They’re separated, and he owes. She wouldn’t want her refund “eaten up” by what he owes. Just a guess.
Married filing separately is just as if the person was single or HOH and she files her own earnings (w-2, interest on accounts) and takes her own deductions which are usually half that of a married person (half the married personal deductions, one exemption). The biggest difference is that exemption is 1/2 the married, not the single standard deduction, and there are several credits and deductions that are just not available to a married filing separately, including the AOTC.
There are reasons it is more favorable for married people to file separately, including large medical expenses by one party, because of a pending divorce, legal issues. But you do lose those credits and deductions.
That’s too bad if MFS resulted in leaving up to $2500 in free money on the table (American Opportunity Tax Credit).
Good point. But if dad owes a bunch, then the mom may not have had any other choice.
http://barnard.edu/finaid/general-policies indicates that Barnard’s policy is to require your parents’ information even when you reach financial aid independence by federal standards. So basically Barnard is telling you to drop out and get lost if your father disqualifies you from getting any financial aid and you cannot pay the full amount (the “take a leave of absence and return when you are 24, married, or a military veteran” method won’t work at Barnard).
Perhaps you can find a low cost in-state public university that you can afford and commute to while working or living at one of your parents’ places and which admits senior-level transfers in your major? Then you can at least finish your bachelor’s degree. If your parents have parental pride in you attending Barnard instead of the local commuter state university, mentioning this plan may help convince them to deal with the financial aid situation.
If in their home state, the dad will be ordered to file his taxes as part of the divorce process, then maybe the student only has to take a year absence.