This will be our first year to be filling out a FAFSA for two students. We want to get it done for our youngest D ASAP as she is a HS senior and we want her to be eligible for as much aid as possible. D16 has no income. D13 is working has income and will be in next week to do her FAFSA. The FAFSA asked you to total all non retirement assets for the day you are doing the FAFSA. I assume I can do each child’s FAFSA on a separate day and list different assets as checking account balances will change. Am I correct?
Yes, you are correct. The assets are listed as if the date of filing for each separate FAFSA. So they could be different if filed in different days.
Thank you.
As others have said, when you file on different days, the amounts will vary.
However, it appears that both of your DDs will be/are attending publics that don’t meet need.
Younger DD is instate for Ohio State and will likely get a merit award, is that correct? Will her EFC be low enough to get a Pell Grant?
Older DD is at an OOS public. While her EFC will go down because of younger sis, are you expecting Purdue to give more aid? Does older DD have a large merit award there that leaves little to pay?
Older d has a co-op and in the past her university has met her need. Because of her coop and the timing of when things were billed and the aid was posted it looks like she had a lot more aid than she was billed for. We are concerned it will really increase her EFC.
Younger D has been given merit at all 4 schools she has applied to. Her 3 in state choices are now within $500 of one another. We have enough saved that with a job, and summer work and loans we should be able to cover the instate cost, however we are hoping that she’ll not have to borrow too much. She wants to be a Physical Therapist and that will require 3 years of post undergrad work. Because of a one time windfall I am thinking we may not get the Pell grant this year. I’ll know tonight.
Your daughter’s financial aid will not increase her EFC.
That is good news! It is my understanding that she may need to pay taxes on the portion not used for QEE.
If your older DDs scholarships and grants exceeded her qualified tuition, fees and books in 2015, then yes she will report that amount as taxable scholarship income on her tax return. Depending on her W2 income she might have to pay taxes on the amount (as your dependent she will have a standard deduction of $6300).
But when you fill out her income on the FAFSA, you will report her total AGI and then in question 44d it will ask the ‘amount of taxable scholarships included in AGI’ and you will put that amount and it will then be subtracted from her available income and not affect EFC.
Thanks momdc. That puts my mid at ease. We finished D16’s FAFSA today. D13 will do hers next Saturday.