Will I need to have some sort of documentation for checking/savings/cash accounts to show the balances at the time we are filling out our FAFSA? I’m just trying to gather all my paperwork for tomorrow. Any other tips or advice for a first timer?
No, the amount you put is pretty much accepted, and likely would only be challenged if something else suggested that you had a lot more money than what was claimed.
If you want, take a screenshot of your balances for your records.
Yes if you get verified I think they may ask for that.
I’m going to be paying some bills tonight but that won’t be reflected in my account balance until they actually post. Will they want me to use the actual amount available (after paying bills) or the balance the bank shows at the moment I file the FAFSA? We’re talking about relatively small amounts, like the difference of a few hundred dollars up to about $1500 if I pay as many bills as I’m able to, but we need every penny of aid we can get.
Also, is it ridiculous to file right when it opens at 1am central time? My husband thinks I’m crazy, but again, we need all the help that is possible.
It is NOT ridiculous!
FAFSA $$ can run out , so file asap.
Take some screenshots of your balances tomorrow.
Filing a couple of days later is not going to make a difference to your aid.
I didn’t see the part about paying bills. The above is right…just file FAFSA on Monday or when the payments show.
https://www.gpo.gov/fdsys/pkg/FR-2015-08-03/html/2015-18991.htm
The first criteria is income, then assets. And there is an asset protection allowance depending on age of older parent and if married or single. (See above link).
https://fsaid.ed.gov/npas/index.htm
Did you and your D sign up for your FSA ID yet? You should do that before you file FAFSA.
Do you have much in assets? You mention in another thread that you’re low income. If so, then maybe assets would be ignored anyway.
We have our IDs all set up.
Our assets are below the amount listed in the above link that mommdc posted, so that means they would be ignored? I do still want to have the proper documentation if we were to be selected for verification, though, so I will screen shot our checking account balances. That’s really all we have, so FAFSA looks to be pretty straightforward for us.