<p>I just submitted my FAFSA today, and my confirmation email stated that I qualify for the highest loan ($5,500). Does that mean that I probable won't qualify for financial aid? My mom doesn't work, and my dad makes 100,000 a year. There is 6 of us in my family, 4 in college on the FAFSA form. I'm just trying to get a general idea. From what I've read it's really gone both ways. But just tell me what you know! THANK YOU!!</p>
<p>What was your EFC?</p>
<p>The confirmation email said 027760, but that doesn’t make much sense because of the amount of dependents and number in college. But I am possibly reading the wrong number and this is not off the official FAFSA form.</p>
<p>It definitely does not make sense (unless your family has very large assets). You need to double check your figures.</p>
<p>Well I know my dad has business assets, but we were under the impression they do not count due to the fact that they are not family assets. But we will recheck and resubmit</p>
<p>Did you enter the business assets on FAFSA? </p>
<p>The rule for business assets not being counted is:
If that is the case, you should not report the assets. Otherwise you report it and the asset does count.</p>
<p>Ok. I have another small question. I already submitted my FAFSA but the information is obviously incorrect because he only has 5 employees, will I be able to make a correction?</p>
<p>Yes. It may be a couple of days before you can. </p>
<p>Also, be prepared for some questions from your schools about the large change in information (shouldn’t be a problem if you can back up the information, but the question may be asked).</p>
<p>Thank you so much! I was so worried!</p>
<p>You’re welcome. Good luck.</p>
<p>See [Correcting</a> or Updating Your FAFSA | Federal Student Aid](<a href=“http://studentaid.ed.gov/fafsa/next-steps/correct-update]Correcting”>http://studentaid.ed.gov/fafsa/next-steps/correct-update)</p>
<p>*There is 6 of us in my family, 4 in college on the FAFSA form. *</p>
<p>You have 3 siblings that are undergrads? or are some in grad school?</p>
<p>Swimcat…so a family with a small business can “hide” huge savings accts by making them to be “business assets”? If so, another huge hole. HUGE hole.</p>
<p>Mom2…the business accounting would need to be for the business accounts. They MUST be kept separate from the regular family accounts. Any money drawn as salary or compensation from the business is are ported on the FAFSA. </p>
<p>For those going to Profile schools, the values for the business are NOT exameot from reporting for financial aid purposes, and many allowable tax deductions are not allowed as deductions for financial aid purposes.</p>
<p>I very seriously doubt that there are huge numbers of small business owners sheltering huge amounts of personal money in their business accounts…which is what you are implying.</p>
<p>*Mom2…the business accounting would need to be for the business accounts. They MUST be kept separate from the regular family accounts. Any money drawn as salary or compensation from the business is are ported on the FAFSA. *</p>
<p>I realize that.</p>
<p>And, yes, I do think that for those going to FAFSA only schools, there would be an incentive to draw a minimal salary and keep money in the business IF the result meant qualifying for more aid. Would most do it? No. Most business owners don’t have kids in college…and some that do have their kids go to a CSS school. </p>
<p>however, we’ve seen many times people doing financial gymnastics in order to qualify for more aid.</p>
<p>No, we’re really not hiding anything. It’s a rental company business but it falls under the category of a small business due to the fact that it provides a service due to Section 8(state housing) and all houses are in the companies name. We didn’t know that we weren’t supposed to include them, so now we have to make changes. All the houses have debt on them, so I can promise there’s no acrobatics going on here! :)</p>