We are filling out FAFSA for child #2. Child #1 who is 22, will be graduating with his Bachelors this May 2016. He will continue to live at home free of charge with no plans to move out. We have no idea when he will get a full time job but expect it may take some time. Do we include him in household size when filing 2016-17 FAFSA? (I did read somewhere that we can still claim him as a dependent for 2016 tax year when we file in 2017 since he will be full time student through May 2016).
What are your expectations for child #1 as far as providing support for him between July 1 of this year and June 30 of next year? The answer to that question will inform your answer about FAFSA household size.
From FAFSA:
How many people are in your parents’ household?
Include:
• yourself, even if you don’t live with your parents,
• your parents,
• your parents’ other children (even if they do not live with your parents) if (a) your parents will provide more than half of their support between July 1, 2016 and June 30, 2017, or (b) the children could answer “No” to every question in Step Three on page 5 of this form, and
• other people if they now live with your parents, your parents provide more than half of their support and your parents will continue to provide more than half of their support between July 1, 2016 and June 30, 2017.
Well like I said, he will continue to live at home and we will not charge him rent. So we will be covering all of those related expenses (housing, utilities, food, car insurance & repairs etc) as well as his cell phone until he gets on his feet. I just am not sure when he will actually be able to get a full time job. If he gets a job in June say (which I doubt!) then he may have decent income for 6 months of 2016 (though regardless he will still live at home free of charge). But he may not get a real job until much later in year or even not til 2017. I just don’t know. This is our first child that will be going out looking. I don’t know what the prospects are at this point. Luckily, we have not had to job search in quite a long time! I just wasn’t sure if the fact that he will no longer be a full time student, excludes him from our household size. And of course that he may or may not have a full time job.
No, it does not.
Are you saying he will be living at home…and will have NO job…at all?
No he would probably work a restaurant job or something while looking.
If he works at the restaurant, starting full time when he graduates, how much will he earn total for 2016?
I would say $10k if he can get them to give him enough hours.
At this point, you are planning for him to be a household member and that’s what the FAFSA question asks - at this time projecting for July 1, 2016 to June 30, 2017.
Don’t be surprised if it is questioned, but right now you have to answer with your best information. It doesn’t make a huge difference in EFC.
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I would say $10k if he can get them to give him enough hours
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Will you be able to show that you are spending over $10k on him between July 16 to June 17?
I don’t think you can count things like “free rent”. I think you have to count direct spending on him…his cell phone, his car insurance, his medical expenses.
What would he be spending the $10k on?
Paying back student loans!
His college loans are $1000 a month for repayment?
I would say make sure you are providing 1/2 of financial support - of can show documentation of 1/2 financial support. Be able to show check payments, including medical/dental etc.
Will you be able to show that you are spending over $10k on him between July 16 to June 17?
I would allow you to include him in your HH size (I work in financial aid).