Yes, you can add additional schools to the Profile and submit.
Yes, you will be asked to complete the supplemental questions.
Financial question for kelsmom, I hope 529 issues are appropriate!
When my daughter was born, we opened a 529 for her and contributed what we could each month. Unfortunately, she was not able to go to college due to special needs. During the COVID shutdown, I, the owner of the account, began taking online courses and completed my degree, spending about $2000 in the process. We still had the 529, so I thought Iād make a withdrawal at the end of the year to cover those expenses. Then my daughter was so excited about my progress, she too began taking online courses, also at very modest cost.
I did not realize that I would have to change the beneficiary to myself, and then back to her. And Iāve no idea if the changes can be retroactive, so I can at least cover my own expenses from this spring and summer, and then cover her costs going forward.
Can you help?
Unfortunately, all 529 questions were handled outside my office (one of the very few things that were!), and I donāt have any experience. I know others here are very knowledgeable. Maybe @BelknapPoint knows the answer?
It sounds like you are asking if your own education expenses are 529 qualified expenses if you change the 529 beneficiary designation from your daughter to you after your expenses have been incurred, and perhaps paid. I donāt know the answer to that question, but Iām guessing that it would be a problem, especially if your daughter incurred and/or paid higher education expenses in the same time frame that you incurred/paid your own expenses, and you are hoping to change the beneficiary to cover both sets of expenses. This would be an obvious attempt to try and avoid the rule that a 529 account can only have one beneficiary at a time. I will give you the same advice even if I was claiming to know the answer: consult with a trusted tax professional.
It would be nice if we could cover both our expenses with the 529, but I understand thatās not likely to be possible, and the amount of overlap was relatively small, anyway.
What Iām most curious about is whether or not I can change the beneficiary retroactively, submit my own expenses from earlier this year, and then change the beneficiary back to her and at least take care of her expenses going forward.
FAFSA submitted?
I filled out the FAFSA without a problem and created my own (parent) FAFSA IDā¦it took awhile to receive the codes via text and email to confirm my account but I received them just before the 30 minutes expired and did get my ID. However, I have still been unable to create my daughterās IDā¦have tried multiple times and we sit there waiting for an hour and neither the email or the text with confirm codes to confirm the ID has ever come through.
Have tried multiple times over multiple days. Anyone else having this problem?
2ndthreekids ā my neighbor called me about this same thing for her kid. He wasnāt not receiving the emails for verification of the account. No idea; but I gave her the idea of using his gmail account rather than his iCloud account; and it came right through. Maybe that would make a difference? good luck!
Itās possible some email servers are blocked. Itās probably best to set up a Gmail account for the student. Let us know if the email is the issue.
Does anyone know if your child borrows the max FAFSA amount over 4 years ($27K) - what is the monthly payment due and time period? I am guessing this is a ādumbā question, but I canāt find confirmation of my math anywhere and just want to set expectations and I donāt trust my math 
Thank you.
Itās not a dumb question at all. But itās hard to answer it āfor sure.ā Thatās because the interest rate can vary each year (itās set for the life of that yearās loan, but each new year will likely have a new rate). Here is a for-instance, though: https://www.iwu.edu/financial-aid/sampleloanrepaymentschedule.pdf. In the example, the standard 10-year repayment is $280/month. There are other repayment options, as well.
We submitted the FAFSA last week and received our EFC. It was higher than I expected, and higher than the EFC I have gotten when filling out net price calculators, about $5-10k higher. Is that unexpected? I thought FAFSA EFC would be lower than what we would get from the institutional NPCs.
I think the $280/mo repayment is a good guess. My daughter borrowed about $22k total, with interest rates of ~3.75 to 4.25, and her payments are, I think, about $220/mo.
The CSS Profile is requiring that we complete a āStudentās Non-Tax Filerās Statementā and they are asking how much money DS21 received, and from what source, in 2019.
This is ludicrous. He was 16 years old in 2019 and I donāt pay my kid anything; I just take care of his needs. What amount of money should I put into this silly, required field?
gmail accounts were not working but i tried another email address with our internet provider and that worked! thank you!
@Culbreath, did you have a rollover in 2019? That seems to be the problem du jour!
@sherimba03 , itās a standard form. He has to list any sources of income (job, babysitting, shoveling snow, day trading, interest, dividends, etc) and any money he received (other than from parents). If itās 0, thatās fine.
@kelsmom no, just standard W2 income. The other things I entered were pre-tax 401k contributions and pre-tax HSA contributions (I think this was under other untaxed income). Maybe I need to take a second look at those fields.
@Culbreath so you are saying you absolutely did not do a retirement account rollover in 2019?
When did you do the net price calculators?
Same form and rules for an 18 year old filing FAFSA and having to report income when he was 16 years old as a 22 year old being asked how much he made as a 20 year old. Many 16 year olds make money and do file tax returns.
My 13 year old nephews made about $3000 in 2019 because they are umpires and refs for the sports leagues. Most of the money is paid in cash so they do not file tax returns to get a refund. This year they made very little because of covid.