Minor with own income - do I fill out my own FAFSA?

Paying for College
1

Sorry it this question has been asked before. I started my own biz in 2018 with very small income. But in 2019 my company is doing pretty well. My questions are:

  • do I fill out my own FAFSA?
  • is it only based on 2018 income or is it based on 2019 income too?
  • do I have to put my parents info?

I’m not really expecting any aid but I’d like to try.

Also, one other question - on the common app, it asks the question “are you applying for need-based financial aid” - do people always answer “yes”? When do you actually answer “no”?

Thanks!

2

The FAFSA belongs to the student. A parent may fill it out, but it will always report student income and assets.

The FAFSA for academic year 2020-2021 will use 2018 income information. 2019 income information will be used on the 2021-2022 FAFSA.

Yes, unless you can answer “yes” to any of questions 45 through 57.

People do not always answer “yes.” Answer “no” if you are not applying for need-based financial aid. It’s a simple question. Don’t overthink it.

3

2018 income is used for the current FAFSA, but any assets you have, including money you earned in 2018 that you still have in savings, is entered onto the FAFSA and goes into the formula (and money you earned in 2019 that you have in savings too).

4

Thanks - one more question please

Can I file as financially independent (even though I live with them) so I don’t have to report my parents’ income?

5

Here is the 2020-2021 FAFSA:

https://studentaid.ed.gov/sa/sites/default/files/2020-21-fafsa.pdf

Can you answer “yes” to any of questions 45 through 57? If not, then you must report parent financial information on FAFSA. Your parents are at the front of the line with you to pay for your college education.

6

Thanks - I just looked at it and the answer is no.

7

Lots and lots of kids would like to file as independent on the FAFSA - so they could get pell grants, and lots more aid. If kids could say they were independent, who would use their parent’s income? Those rules are tight for a reason - parents are the first in line to pay.

OP: sounds like you’re doing well. Good Job! filling out FAFSA lets you get a student loan - any student can - if you want one.

8

If a half million dollars only qualifies as “pretty well” to you I can’t imagine what you think a good income is. If you file the FAFSA you can take the $5500/year federal student loan but I don’t know why you’d want to. Are you eligible for merit aid anywhere with a 3.5 GPA/21 ACT? How much can you/your parents pay for school?

9

Well…you looked at those questions…and clearly the answer for you is no. You are required to use both your financials and your parents.

If you have money in the bank from your business…why wouldn’t you want to use some of that to fund your college costs?

10

@thumper1 @austinmshauri @bgbg4us

I was thinking that I would get some help if I could file my FAFSA independently but I definitely can’t. So I’ll be using my parents’ income. My parents have a college fund for me but it’s not enough for 100% for 4 years, so I will be pay for the rest, or i get some sort of scholarship it can help pay for all 4 years.

11

Your parents income AND yours. You really need to be looking this stuff up.

And finding the right targets for your stats.

You don’t get FA just because you want it. Your assets will be generously tapped.