I’ve been doing the fafsa and financial aid application by myself, so I don’t understand a lot of things and my parents are not able to help me. I haven’t gotten my aid yet.
I submitted the wrong document through IDOC and now my school sees some businesses that my parents have some stake in and they’re asking about it. Those businesses haven’t been doing well at all due to covid but they did relatively well in 2019. Will the school ask for schedule k-1? They already asked for schedule 1 and schedule e. Will my aid be affected by this? Will the stake in those businesses make my parents seem richer than they actually are (they’re not that wealthy, only one of those businesses generated an income in 2019 and it was <50k).
Again, I don’t really understand tax documents nor do I fully understand how these businesses will affect my aid. It never came up on the fafsa and now I’m wondering if I did that part wrong too.