So basically im trying to apply to UCs as well as other private colleges with financial aid. Im a first gen student so my mom and I are just starting to map out how to fill out the FAFSA and stuff. My mother only makes about 3,000 a month which surely will qualify us for financial aid but my father just recently passed away a few months ago and we haven’t cashed the life insurance check in yet. Does anyone have any advice where we should put the money so it doesn’t affect our chances of receiving good financial aid? Or is there some way we can explain that we dont have a steady income and this sudden surge of money is only from a life insurance?
THANK YOU!!
Welcome to CC
I am sorry for your loss.
Are you in-state for the UCs’
Are you eligible for free or reduced lunch?
If yes, make sure that you apply for it when school is back in session. Is your mother’s 3k/month before or after taxes?
What is her gross income? if it is under $49,000, you may be eligible for the simplified needs test where her assets are not counted
Hi there,
first off thank you I really appreciate it, and yes Im in state and I am eligible for free/reduced lunch. Her gross income is less than 49,000 so my question is where we can find the simplified needs test and if you know how to apply to be eligible?
The fafsa uses skip logic. When you answer the series of questions it will Determine if you are eligible for simplified needs and skip the questions about your assets
Please submit your FAFSA ASAP after it becomes available in October.
If you are applying for 2018-2019, 2016 tax year info will be used. If your dad was still alive then, remember that your mom should only report HER earnings from 2016. She will indicate “widowed” on your FAFSA. But it’s very possible that your parents did joint taxes in 2016 if your dad was alive then.
You should make sure you have all of your dad’s w-2 forms from 2016, as well as your mom’s. You might get selected for verification. And you will need to document your dad’s income…and your mom’s.
Better to get this all submitted as early as possible in the process.
I’m sorry for your loss, and I hope this all works out for you.
So sorry for the loss of your beloved dad.
I’m not sure that dad’s income info is needed. At the time FAFSA is filed, mom will not be listed as married. She will be listed as widowed and her income alone will be listed on FAFSA, even though dad’s income will also be on the 2016 info. Dad’s info is subtracted out and only mom’s info is included.
Yes…that’s what I said. DAD income will need to be subtracted from income on the 2016 tax return if the parents filed a joint return.
Only the mom’s income will be required.
What I meant in my post above (which I thought was clear)…this student’s parent 2016 tax return if a joint return was filed…will include the dad. Therefore, the income and such won’t match what is put on the FAFSA. The student will need documentation of dad’s income (w-2 or whatever) so the school will be able to verify why the tax return has one income, and the fafsa a lower one.
So sorry to hear of your loss OP. Sending best wishes to you and your family.
Thank you very much for the specifics, I truly appreciate it!
Thank you for the advice!!