FAFSA and reduced lunch

Paying for College
1

I have recently had a major change in my financial situation. I just applied for reduced lunch and would like to use it this year on the FAFSA application. The app asks for 2013 and 2014 benefits. Does anyone know if 2015 benefits would be accepted? I don’t qualify to use the 1040 form due to rental income, so I think my only chance to qualify for 0 EFC is this. My income for 2014 was less than 20,000.

2

No, you can’t use the 2015 benefits to answer this question on the FAFSA. However, you very well may have a 0 EFC, anyway … so it wouldn’t matter in that case.

3

You will have to use the 2014/2015 next year.

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X-posted with Kelsmom

4

Does your less than $20,000 income include your rental income?

You will also need to include the equity in these rental properties as assets on your FAFSA.

5

Thank you. I hope that is the case, because it is the actual situation. No money available for her college anymore. Do you have any other recommendations for maximizing any grants or loans? Thanks.

6

What’s the amount of the rental loss on page 1 of 1040 coming from Schedule E, page 2?